My super scary soa

Tigger1983

Honestly I have spent the whole day at the computer trying to reduce some of the outgoings. I've cut phone and bb combined down to 25 a month, mobile companies both said no as we are contracted, will let you know how the shopping goes and am joining in with the £10 a day lot by signing up to as many mystery shopping things as I can find!! We are also looking to move as A the rent is very high for us and B oil is astronomical!!! There is no gas in our village so it's not optional, but when we move in feb oil was about 45p per litre (i think) it's now 68!! It's working out a lot more expensive than anywhere I've ever lived before, and I think that's partly what has brought us to a crisis point. We are ever optimistic though and OH :A has promised as much help as he can muster (most of the big debts are mine from uni and sheer stupidity when it comes to money).

Off to go and do my Avon bit now with a woman who talks to me as though I am "staff" said with a very elongated A. Never mind lol.

Tig x

waddy_2

hi hope ur ok and pleased ur gettibg all this advice. sorry to repeat wot others have said but mobile phone usage should at least be reduced. your £100 for entertainment is mad if you are worried about your debt. since really watching what i buy on food have managed to cut food bill to bout £180 a month without fresh stuff and thats feeding 2 ever hungry teenage kids! it wont hurt to buy the basic brands at least till ur sorted. good luck.

Tigger1983

I'm trying....weekly shop target for this week is £30 (I'll reduce it more next time), but t-mobil and O2 wont let us reduce our monthly plans...we're both on one of the lowest they have anyway, but we're both locked into contracts where suprise suprise we can go up to a higher rate, but not down.

bank_of_slate

Hi Tigger.
Sorry to sound negative but all your figures are very 'rounded'
Are they the exact figures from going through statements or guesstimated ones?
...Linda xx

Welshlassie

Tigger1983 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 800

Total monthly income.................... 2200

Monthly Expense Details
Rent.................................... 590
Council tax............................. 128 is this over 10 or 12 months
Electricity............................. 35 have you checked this is the cheapest, check out Quidco and if you switch you should be able to get cashback as well
Oil..................................... 45
Water rates............................. 30
Telephone (land line)................... 11
Mobile phone............................ 50
TV Licence.............................. 12
Internet Services....................... 30
Groceries etc. ......................... 280 old style board, try online shopping as well using the fress delivery codes on these boards you may find you don't spend anywhere near as much as you would usually
Clothing................................ 50 manage with what you have for the time being
Petrol/diesel........................... 80 can you car share, use public transport, walk?
Road tax................................ 30
Car Insurance........................... 40 is this the cheapest again check quidco
Car maintenance (including MOT)......... 30
Other travel............................ 60 what does this cover?
Medical (prescriptions, dentist etc).... 25 if you get alot of prescriptions you may be better off getting a prepaid certificate
Pet insurance/vet bills................. 25 is this the cheapest you can get
Contents insurance...................... 25 as for other insurances
Haircuts................................ 10
Entertainment........................... 100 you can't afford this presently, you need to cut alot if not all of this
Emergency fund.......................... 50 you are 202 short every month this is your emergency at the moment. How much do you have saved presently, this can be used to pay off one of the highest rate cards.
Total monthly expenses.................. 1736

Assets
Car(s).................................. 2500
Total Assets............................ 2500

Unsecured Debt
Description....................Debt......Monthly...APR
HSBC loan......................14500.....311.......8.9
HSBC cc........................700.......50........19.9 are these figures the minimum payments or what you are voluntarily putting towards them?
Tesco cc.......................4250......130.......19.9
overdrafts.....................1000......50........0
littlewoods....................250.......25........0
barclaycard....................1300......25........0
virgin cc......................4000......75........0
Total unsecured debts..........26000.....666

Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including secured debts)....... 1,736
Available for debt repayments........... 464
Monthly UNsecured debt repayments....... 666
Surplus(deficit if negative)............ -202

Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total Unsecured debt.................... -26,000
Personal net worth...................... -23,500


So there you have it, 202 short every month! :eek:

Any ideas? Totally stuck on what is the best way to go, most of the options dont sound friendly.

I've left some comments above in red. Put your figures into a snowball calculator www.whatsthecost.com/snowball.aspx to see the best order to pay them off, it will also give you a debt free date which I bet you'll then have the incentive to try and beat.

Well done on getting started facing up to these debts and welcome to MSE