Advice Please

Goldytap

Hi Im Sarah, 20 frm south west. I live in rented accomadation.

Basicully im £2000 in debt, which dosnt sound a lot but im stuck.

I have a £1200 overdraft, which the bank is reducing nextmonth, also I have a £100 overdraft on another account which again is being reduced. Both are currently maxed out. I have a credit card which has a £250 limit. I also have a few store cards and items purchased on finance.

Ive tried to get a loan to get rid of the overdraft and cards but im not being accepted anywhere-I havnt applied for any in the last few months but before I did try, then i relised what affect it had on my credit rating. I Have since checked my rating and it is very poor. Now im desparete to get a loan to cover it all, as im going on holiday next month and have been told how much money im meant to be taking with me and ive now started panicking! I know its probably not the best idea to go on holiday but its been organised for ages and i thought i would have had this all in control by now.

So in a nutshell-im up to my maximum limit in everything, I cant get a loan, and I cant reduce it.

Any advice would be so much appericaited as i really dont know what to do.

Thanks

Sarah x

Goldytap

Monthly Budget SummaryAmount(£)Total monthly income1,200
Monthly expenses (incl. secured loans)1,166.9
Available for debt repayments33.1
UNsecured debt repayments75
Surplus-41.9
Personal Balance Sheet SummaryAmount(£)Total Assets (things you own)1,200
Total Secured Debt-0
Total Unsecured Debt-2,000
Personal net worth-800
Income, Expense, Debt & Asset Details
IncomeAmount(£)Monthly income after tax1100
Other income100
Total monthly income1200
ExpensesAmount(£)
Rent550
Council tax90
Electricity40
Gas40
water Rates35
Telephone (land line)20
Mobile phone25
TV Licence27.9
Groceries etc.130
Clothing10
Petrol/diesel90
Road tax12

Car Insurance35
Car maintenenance (including MOT)15
Medical (prescriptions, dentists, opticians etc.)7
Contents Insurance10
Other Insurance10
Presents (birthday, christmas etc.)10
Emergency Fund10
Total monthly expenses1166.9
Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)
Halifax overdraft1200
Other overdraft100
Vanquis220
Store card110
Black Horse-retail120
Littlewoods350

~Beanie~

Goldytap wrote: »

Monthly Budget SummaryAmount(£)Total monthly income1,200
Monthly expenses (incl. secured loans)1,166.9
Available for debt repayments33.1
UNsecured debt repayments75
Surplus-41.9
Personal Balance Sheet SummaryAmount(£)Total Assets (things you own)1,200
Total Secured Debt-0
Total Unsecured Debt-2,000
Personal net worth-800
Income, Expense, Debt & Asset Details
IncomeAmount(£)Monthly income after tax1100
Other income100
Total monthly income1200
ExpensesAmount(£)
Rent550 - Is this just you, can you get a lodger?
Council tax90
Electricity40 - this is high, can you switch supplier (via quidco)
Gas40 - as above
water Rates35
Telephone (land line)20
Mobile phone25
TV Licence27.9
Groceries etc.130 - You could definately cut this is it is just for you
Clothing10
Petrol/diesel90
Road tax12

Car Insurance35 - can you shop around and get this any cheaper?
Car maintenenance (including MOT)15
Medical (prescriptions, dentists, opticians etc.)7
Contents Insurance10
Other Insurance10
Presents (birthday, christmas etc.)10
Emergency Fund10 - You can't afford this at the mo
Total monthly expenses1166.9
Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)
Halifax overdraft1200
Other overdraft100
Vanquis220
Store card110
Black Horse-retail120
Littlewoods350

I can't see an awful lot for you to cut back on to be honest, is there any chance of getting a lodger or someone to share the rent with you?

I don't see how you can afford to go on holiday either. Have you already paid or would you lose money by cancelling now? Can you find anyone to go in your place? I have just had to cancel a holiday to Menorca as I simply can't afford it. I felt guilty letting everyone down but they have found someone else to take my place in the villa so no-one is having to pay more to cover me and I can save the £500 it would have cost me.

andan

Hi Goldytap and welcome. Beanie has given you some good advice and there are a few things you can cut down on. Have you made sure that you are getting a single person's entitlement for council tax? Is there any way you could get a second job for a while, just so that you can cover yourself better, especially seeing as you are meant to be going on holiday. Best of luck with it all.

daisykinn1

Half your wages goes on rent could you move into houseshare?

Also have you tried AQA? It's working from home basically.

Goldytap

Thanks for all the advice, its all being taken in.

I alreadyhave a second job-thats the other income thats shown. its helpinga great deal but im gnnasee if i can do some more hours. i kinda wish i could scrap the holiday but its in 3 weeks time so i cant now-but my parents are leanding me £300 in euros for the holiday and so i should be ok with my contribution as well. The 550 rent is because my housemates are moving out and im paying that at the moment until i find a 1 bedroom place for myself and the council tax is with my 1 person discount. I will have a lookand see if i can reduce the gas/electric-thats what it is at the moment with 3 of us here so should go down anyway. will look into aqa.

thanks again guys!