I need help

mandstevo

Hi

Im new on here so not sure what to expect can someone help me sort my finances out im in a mess and dont know what to do.

xx

bank_of_slate

Hi Mandstevo
Welcome!

Firstly read the sticky at the top of the thread for newcomers, then when you have worked out a full SOA come back and post it, i the meantime, you could tell us a bit about yourself.
We're all in a similar situation to varying degrees so there'll be no judgement, just help and support
...Linda xx

mandstevo

Thank you for your reply. Im 22 and this is my current situation - i think this is what your after!

Car on Finance - 10K outstanding (this is going in September though)

Loans - £2300

Overdraft at Bank - £700

This may not seem like much to you all but i feel im sinking!

Amanda x

Shineyhappy

Hi Amanda and welcome to MSE!

I think we will need a little more information I am afraid before anyone can really give any advice.

If you find out the interest rates you are paying on those debts and your minimum monthly payments. As well as that we will need all your incomings and outgoings for each month, things like rent/mortgage, bills, food spends, car bills etc this way its easier to see the full picture.

What happens in September?

beanielou

Hi & welcome
Pop up your SOA & we will see if we can help.

mandstevo

My car is being returned in september - apparantly i have to have it for 18 months before i can return it and the car debt is cleared. When i got the car on finance, my situation and finances were fine but now things have changed and they are shocking.

Hope this helps -

Monthly Incomings:
My salary - £960 per month
Benefits - £0 (not entitled)
TOTAL - £960

Monthly Outgoings:
Mortgage/Rent - £260
Council Tax - £92
Gas - unsure not had my first bill yet i am pushing for this though
Electric - £15
Water - £32
TV License - £11
Mobile - £35
Food - £60
Car Insurance - £46
Petrol - £45
Catalogue payments - £80 minimum payments
Overdraft - £700
Car Payment - £255.57
Loan - £97.50

All the above is monthly payments

manda x

bank_of_slate

Hi Amanda, I hope this is helpfull!
...Linda xx

mandstevo wrote: »

My car is being returned in september - apparantly i have to have it for 18 months before i can return it and the car debt is cleared. When i got the car on finance, my situation and finances were fine but now things have changed and they are shocking.

Hope this helps -

Monthly Incomings:
My salary - £960 per month
Benefits - £0 (not entitled)
TOTAL - £960

Monthly Outgoings:
Mortgage/Rent - £260
Council Tax - £92 Are you entitled to a single person discount?
Gas - unsure not had my first bill yet i am pushing for this though
Electric - £15
Water - £32 Have you tried a water meter? I bet this would come down.
TV License - £11
Mobile - £35 This is high, can you negotiate a lower monthly payment?
Food - £60 Again- pretty high for one person, do you plan meals, make a shopping list and stick to it
Car Insurance - £46
Petrol - £45
Catalogue payments - £80 minimum payments The APR on this will be sky high! it is unlikely to reduce if you're just paying the minimum
Overdraft - £700
Car Payment - £255.57
Loan - £97.50

All the above is monthly payments

Amanda x

mandstevo

There is my partner who lives with me. We split the following:

Rent
Council tax
water
tv
electric

its mainly my loans im wanting help with the bog standard stuff eg bills are split

amanda x

mandstevo

Also i dont think my phone bill i can do anything with as im on contract with Orange for 18 months and i upgraded last year so they wont help will they?

amanda x

bank_of_slate

If your income has dropped since taking these out, it's worth you talking to CCCs to see if you can do a DMP.
...Linda xx

phoenixchick

My car is being returned in september - apparantly i have to have it for 18 months before i can return it and the car debt is cleared. When i got the car on finance, my situation and finances were fine but now things have changed and they are shocking.

Hope this helps -

Monthly Incomings:
My salary - £960 per month
Benefits - £0 (not entitled)
TOTAL - £960

Monthly Outgoings:
Mortgage/Rent - £260
Council Tax - £92
Gas - unsure not had my first bill yet i am pushing for this though
Electric - £15 - Check on Uswitch for the cheapest dual fuel deal - go through a site like quidco and you could get cashback too
Water - £32
TV License - £11
Mobile - £35 - Contact your provider and see if you can downgrade your package, you will not be cancelling the contract so they may well do it - I knocked £5 off a month by doing this, and still have 6 months of the contract left.
Food - £60 -Is this just for you?
Car Insurance - £46
Petrol - £45
Catalogue payments - £80 minimum payments -Try contacting them to see if they will allow you to pay a smaller amount for a few months.
Overdraft - £700
Car Payment - £255.57
Loan - £97.50

This leaves you with -£69.07 a month, presuming you don't pay anything back on your OD. Are these the amounts you pay or are some of them shared? You say that you split: rent, council tax, water, tv, electric - so are the amounts above the total or your share. If they are your share do you split 50/50? Do you both earn the same? Could your OH pay a bit more until September?

Once the car goes you will have £346.57 more (although I presume you will need to spend something on public transport), so possibly £200+ more a month to chuck at other debts.

Hope this helps. Well done for taking the first step.