Slowly giving up - advise needed

enthusiasticsaver

Worm352 said:

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]

Number of adults in household........... 2

Number of children in household......... 2

Number of cars owned.................... 1[b]

Monthly Income Details[/b]

Monthly income after tax................ 2800

Partners monthly income after tax....... 1000

Benefits................................ 160

Other income............................ 0[b]

Total monthly income.................... 3960[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 0

Secured/HP loan repayments.............. 0

Rent.................................... 815

Management charge (leasehold property).. 0

Council tax............................. 150

Electricity............................. 90

Gas..................................... 80

Oil..................................... 0

Water rates............................. 49

Telephone (land line)................... 0

Mobile phone............................ 30

TV Licence.............................. 15

Satellite/Cable TV...................... 0

Internet Services....................... 36

Groceries etc. ......................... 800

Clothing................................ 30

Petrol/diesel........................... 60

Road tax................................ 17

Car Insurance........................... 69

Car maintenance (including MOT)......... 25

Car parking............................. 0

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 10

Medical (prescriptions, dentist etc).... 30

Pet insurance/vet bills................. 0

Buildings insurance..................... 0

Contents insurance...................... 0

Life assurance ......................... 70

Other insurance......................... 0

Presents (birthday, christmas etc)...... 20

Haircuts................................ 20

Entertainment........................... 20

Holiday................................. 0

Emergency fund.......................... 0[b]

Total monthly expenses.................. 2436[/b]

[b]

Assets[/b]

Cash.................................... 0

House value (Gross)..................... 0

Shares and bonds........................ 0

Car(s).................................. 1000

Other assets............................ 0[b]

Total Assets............................ 1000[/b]

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Barclays loan..................15700.....576.......29.9

MBNA loan......................7300......277.......14.9

Tesco loan.....................7500......121.......12.9

Fluid card.....................1600......90........44.9

Argos card.....................900.......150.......0

Creation.......................650.......54........28.5

Lloyds card....................550.......35........21.9

Vanquis card...................1850......75........32.9[b]

Total unsecured debts..........36050.....1378......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 3,960

Expenses (including HP & secured debts). 2,436

Available for debt repayments........... 1,524

Monthly UNsecured debt repayments....... 1,378[b]

Amount left after debt repayments....... 146[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 1,000

Total HP & Secured debt................. -0

Total Unsecured debt.................... -36,050[b]

Net Assets.............................. -35,050[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

My SOA...

What is your advise looking at it ? Should I keep paying every month untill I can work extra hours, or think about going for DMP?

How many  of those loans were used to consolidate debt previously?

The soa is obviously incorrect if you do not have £146 spare each month. You need to check bank statements to see how much you really are spending. 

The interest rates are high so I would go for a DMP. Paying a third of your income to unsecured debt when you have no other assets beyond a low value car and are in rented (so might be insecure) accommodation is not a good option.  Your credit record will be affected if you default (a pre requisite to a DMP) so you will need to  save to cover unexpected car costs or a deposit for a new rental should you lose your current home. 

RAS

Worm352 said:

The €20 for presents its what I spend a year divided by 12 months. It's not being put aside, we just buy presents when the time comes. 

This demonstrates that you need another basic bank account, or maybe instant access saver. 

Everything that is to be spent monthly stays in the standard account. Anything that you pay less frequently, like presents, clothes, holidays, car maintenance, possibly insurance (a lot are cheaper if paid annually) goes into the second account. That way when the money is needed, most of the time it's sat in the second account.

If you look ahead each month and work put what's going to be needed in the next three months, you can top up this account a bit more and reduce the amount going into the emergency fund for a little while and tip the balance back once you are over the hump.