Just Been Paid Already Skint. Think I Might Need Some Help!

LancsMacca

Hi everyone, as the title above suggest I'm struggling at the moment with my finances, well I say at the moment it's been quite a while! Last few months in particular have been a struggle. I need to be more moneywise and get my finances organised!

I've spent pretty much all day finding out what I owe and I've done my SOA as below...

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 975
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 975

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 139.53
Rent.................................... 150
Management charge (leasehold flat)...... 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 55
TV Licence.............................. 0
Satellite/Cable TV...................... 36
Internet Services....................... 3.99
Groceries etc. ......................... 50
Clothing................................ 50
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 89.25
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 15
Entertainment........................... 60
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 838.77

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5500
Other assets............................ 0
Total Assets............................ 5500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 7000.....(139.53)...0
Total secured debts........... 7000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................2499......50........26.5
Capital One....................1048.89...14........21.6
NatWest........................1573.11...0.........0
Alliance & Leceister...........248.79....10........3.5
Barclays.......................500.68....7.........3.5
Total unsecured debts..........5870.47...81........-

Monthly Budget Summary
Total monthly income.................... 975
Expenses (including secured debts)....... 838.77
Available for debt repayments........... 136.23
Monthly UNsecured debt repayments....... 81
Surplus(deficit if negative)............ 55.23

Personal Balance Sheet Summary
Total assets (things you own)........... 5,500
Total Secured debt...................... -7,000
Total Unsecured debt.................... -5,870.47
Personal net worth...................... -7,370.47

There we go! Might not be completely accurate as I've had to make a rough guess on a few items. All of my payments have been paid for the month now but with every little money left at all and not getting paid again until the 26th things are really tight for me now.

I've browsed through the website before and it's helped me on a few things, hopefully now it'll get my debt sorted out as well, feels like a noose around my neck at the moment, I'm in a situation where I feel I can't do anything.

Any hints and suggestions welcome!

sparky0107

LancsMacca wrote: »

Hi everyone, as the title above suggest I'm struggling at the moment with my finances, well I say at the moment it's been quite a while! Last few months in particular have been a struggle. I need to be more moneywise and get my finances organised!

I've spent pretty much all day finding out what I owe and I've done my SOA as below...

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 975
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 975

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 139.53
Rent.................................... 150
Management charge (leasehold flat)...... 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 55
TV Licence.............................. 0
Satellite/Cable TV...................... 36 Cancel or reduce to minimum package £21
Internet Services....................... 3.99
Groceries etc. ......................... 50
Clothing................................ 50
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 89.25 Very high, try looking for better insurance but go through cashback sites to earn money
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 15
Entertainment........................... 60
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 838.77

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5500
Other assets............................ 0
Total Assets............................ 5500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 7000.....(139.53)...0
Total secured debts........... 7000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................2499......50........26.5
Capital One....................1048.89...14........21.6
NatWest........................1573.11...0.........0
Alliance & Leceister...........248.79....10........3.5
Barclays.......................500.68....7.........3.5
Total unsecured debts..........5870.47...81........-

Monthly Budget Summary
Total monthly income.................... 975
Expenses (including secured debts)....... 838.77
Available for debt repayments........... 136.23
Monthly UNsecured debt repayments....... 81
Surplus(deficit if negative)............ 55.23

Personal Balance Sheet Summary
Total assets (things you own)........... 5,500
Total Secured debt...................... -7,000
Total Unsecured debt.................... -5,870.47
Personal net worth...................... -7,370.47

There we go! Might not be completely accurate as I've had to make a rough guess on a few items. All of my payments have been paid for the month now but with every little money left at all and not getting paid again until the 26th things are really tight for me now.

I've browsed through the website before and it's helped me on a few things, hopefully now it'll get my debt sorted out as well, feels like a noose around my neck at the moment, I'm in a situation where I feel I can't do anything.

Any hints and suggestions welcome!

Hiya and welcome,
try the following links

www.whatsthecost.co.uk
www.spendingdiary.co.uk

Some very claver people will be along soon to help you out, I've added some comments in red next to your SOA, try ringing sky. threaten to leave, they usually do deals with you to get you to stay, or just reduce your package to the minimum deal.

HTH, and once again welcome

LancsMacca

Thanks for the comments sparky. The satelite subscription with Sky is being cancelled on the 27th June as the account was in my mum's name. Would I be able to agree a better package if I then put the account in my own name, threaten to move to Virgin?

Don't think I can do anything with the Car Insurance, I've just renewed my insurance for the year. My premium went up from last year when someone decided to smash my car up a bit! :mad:

I used the guide on here to get the payments down as low as possible, if I hadn't used the guide I fear the payments could have been a lot higher!

RAS

Can you go onto freeview for a while?

LancsMacca

I suppose I could do, what channels would you get free with sky? Just the same ones as one freeview?

pinkshoes

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 139.53
Rent.................................... 150 cheap!!
Management charge (leasehold flat)...... 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 55 :eek: you can get some amazing deals for £20 nowadays
TV Licence.............................. 0
Satellite/Cable TV...................... 36 cancel it - a luxury item for the rich!
Internet Services....................... 3.99
Groceries etc. ......................... 50
Clothing................................ 50 £600 a year on clothes?? Try TKMaxx and Matalan!
Petrol/diesel........................... 100 How many mpg does your car do?
Road tax................................ 0
Car Insurance........................... 89.25 :eek: Shocking!! I'd buy a very old car and insure it 3rd party!
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 15
Entertainment........................... 60
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 838.77

Your car looks like a killer expense. What do you drive, how far do you commute, and how come your insurance is so high? Could you not sell it and use public transport? If your car is worth £5500, i'd say you were driving something far more expensive than your salary supports!!

If you've got internet, then you really don't need to spend £50 a month on a phone, as you can have free/cheap calls via internet, then spend £10 a month on a contract that gives you 100 free mins anytime, and 100 texts.

sparky0107

LancsMacca wrote: »

Thanks for the comments sparky. The satelite subscription with Sky is being cancelled on the 27th June as the account was in my mum's name. Would I be able to agree a better package if I then put the account in my own name, threaten to move to Virgin?

Don't think I can do anything with the Car Insurance, I've just renewed my insurance for the year. My premium went up from last year when someone decided to smash my car up a bit! :mad:

I used the guide on here to get the payments down as low as possible, if I hadn't used the guide I fear the payments could have been a lot higher!

Hi again,
For the sake of a phone call, I would try Sky and see what they come up with. As for the car insurance, give it a go on www.quidco.co.uk also www.moneysupermarket.co.uk

Also your mobile phone bill is high, can you move to another tarrif or change contracts

Good Luck

Deep_In_Debt

Hi I notice you've got nothing for council tax? Can you cut back the entertainment and holiday cost for a while?

LancsMacca

pinkshoes wrote: »

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 139.53
Rent.................................... 150 cheap!!
Management charge (leasehold flat)...... 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 55 :eek: you can get some amazing deals for £20 nowadays
TV Licence.............................. 0
Satellite/Cable TV...................... 36 cancel it - a luxury item for the rich!
Internet Services....................... 3.99
Groceries etc. ......................... 50
Clothing................................ 50 £600 a year on clothes?? Try TKMaxx and Matalan!
Petrol/diesel........................... 100 How many mpg does your car do?
Road tax................................ 0
Car Insurance........................... 89.25 :eek: Shocking!! I'd buy a very old car and insure it 3rd party!
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 15
Entertainment........................... 60
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 838.77

Your car looks like a killer expense. What do you drive, how far do you commute, and how come your insurance is so high? Could you not sell it and use public transport? If your car is worth £5500, i'd say you were driving something far more expensive than your salary supports!!

If you've got internet, then you really don't need to spend £50 a month on a phone, as you can have free/cheap calls via internet, then spend £10 a month on a contract that gives you 100 free mins anytime, and 100 texts.

Thanks pinkshoes.

I know the joys of living at home still! Although I would like the chance to be able to move out one day!

My mobile contract runs out in December, not sure if I can do anything about it now, perhaps get it down to a cheaper deal until then.

I do spend a bit too much on clothes, might be an idea to try the places you've mentioned!

My car is a big drain on my finances. I bought a new Citroen C1 last year, was a bit of a hurried decision suddenly was without a car and needed to get one asap. With hindsight perhaps a cheaper used car would have been a better choice!

I work at Manchester Airport so it's a 50 mile round-trip 4 days a week which is a lot but the car is very good with fuel. Insurance is so high because someone decided they wanted to smash some of my windows and bust the lock last year.

I owe £6,288 on the car and it's only worth £5,500 so selling isn't an option really, I work various hours as well, some very early starts and very late finishes so public transport is out of the question really. Would take an age as well to get there and back.

LancsMacca

sparky0107 wrote: »

Hi again,
For the sake of a phone call, I would try Sky and see what they come up with. As for the car insurance, give it a go on www.quidco.co.uk also www.moneysupermarket.co.uk

Also your mobile phone bill is high, can you move to another tarrif or change contracts

Good Luck

I'll give Sky a call shortly and see what they can do. Looking at my mobile contract now, seeing how much I can reduce it by.

Would I be able change my car insurance even though I've just renewed? I went through the guide on here and reduced it already by around £700 than what I was orignally being quoted!

Deep In DebtHi I notice you've got nothing for council tax? Can you cut back the entertainment and holiday cost for a while?

I'm not contributing anything towards council tax at the moment, just paying rent. The entertainment and holiday costs are being cut back, some of the entertainment money goes on watching football which thankfully is on it's holidays for a couple of months! Not got any holidays planned either for the rest of the year so I shouldn't be needing any money for this.

LancsMacca

I've had a look at the mobile tariffs for O2, strangely very hard to find if you've already got a contract with them, wonder why that might be?!

Anyways think I might go for the Online 25 they've got. 200 mins and 400 texts for £25. Should be enough for me for a month. They're shut now though for the night so I'll give them a call in the morning.

Been looking around to see if there's anything I can put on ebay, got a few things to list. I'll get that done tomorrow when I'm not so tired!