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

macdady

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
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!

Hi lancsMacca,

Hope your well mate. Have you thought about moving some of your credit card debts? Plenty of 0% and life of balance transfers out there if your credit score is good?

If your credit score isn't great then you could shuffle some of the higher debts over to the lowest interest cards as this will save you money over the long term.

Some useful links below regarding credit card debts.

credit card shuffle - http://www.moneysavingexpert.com/cards/cut-credit-card-interest

Best Balance transfer credit cards -
http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards

The snowball calculator is very good as it gives you advice on which cards to pay off first. Also gives you an indicator as to when you'll be debt free, depending on how much money you can use to pay off the debts.
http://www.whatsthecost.com/snowball.aspx?country=uk

Have a good weekend,

Mac

LancsMacca

macdady wrote: »

Hi lancsMacca,

Hope your well mate. Have you thought about moving some of your credit card debts? Plenty of 0% and life of balance transfers out there if your credit score is good?

If your credit score isn't great then you could shuffle some of the higher debts over to the lowest interest cards as this will save you money over the long term.

Some useful links below regarding credit card debts.

credit card shuffle - http://www.moneysavingexpert.com/cards/cut-credit-card-interest

Best Balance transfer credit cards -
http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards

The snowball calculator is very good as it gives you advice on which cards to pay off first. Also gives you an indicator as to when you'll be debt free, depending on how much money you can use to pay off the debts.
http://www.whatsthecost.com/snowball.aspx?country=uk

Have a good weekend,

Mac

Cheers Mac everything is well thanks, hope everything is fine with you as well, thank you for the links I will have a look at them shortly. Could do with a credit card with a much lower APR it's just getting one that might be tricky!

I spent £7 yesterday on a haircut but that was it, hoping not to spend anything today but we'll see how that goes. Back in work tomorrow so need to plan ahead, can't be spending any money at work either!

Anyone else watching the England game tonight? Think I might have it on, it'll probably work well and send me to sleep!

LancsMacca

Not been able to post anything the last couple of days. All I can do at the moment is work and sleep, last shift tomorrow though so I should be able to look at this a bit more then!

I've bought food at the airport the last couple of days, nothing hugely costly but it all adds up and with a bit more planning I wouldn't have spent anything at all. I've booked to do 3 days overtime as well which should net me an extra £300 this month!

Hopefully if I can get regular overtime I should be able to get this debt shifted a lot quicker! :j

bank_of_slate

Good for you Lancs, keep checking back!
Try to get into the habit of packing a lunch, I frequently think "Oh for god sake, I can't be bothered" but I make myself do it!
Don't over do it on the overtime! Yes more money is great but not if you're exhausted and ill!
...Linda xx

LancsMacca

Cheers Linda. Having a chill out day today, got a couple of days off work before I start again on Saturday.

I've spoken to my mum about my finances and she's offered to lend me some money this month should I need it. Think I will need some for petrol at least to keep me going for the rest of the month.

The last few days I've only spent on food at the airport to keep me going throughout the day. I have brought food with me but not enough to keep me going through a 12-hour day! I've spent £6.71 over the 3 days I've been working. WHSmith's seeming to be the worst culprits. £1.39 for a bottle of diet coke! What was I thinking?! I also bought a monthly football magazine costing £3.99.

£34.75 has gone out of my NatWest account today for my laptop. £3.99 has also gone out for a monthly internet subscription.

Now I'll try and make a bit more money instead of spending it all the time!

LancsMacca

Just received my online account details from Alliance & Leicester so I've had a look at my account to find I'm over my overdraft. Very puzzled by this as I have been transferring money over but according to my account no money has ever been received!

I've gone through my NatWest account where the money has gone from and the payments have been taken. This totals £100 that has gone and has just seems to have disappeared!

What can I do about this? Will I have lost that money? I've checked the transfer details and they're correct. I'll get onto NatWest now and see whats going on. :mad:

bank_of_slate

We have a machine at work full of crisps at 55p a time, so instead I buy my own from the supermarket (whichever are on buy one get one free) and take those in.
Try buying some multi packs of Coke in the supermarket and take those in!
...Linda xx

LancsMacca

LancsMacca wrote: »

Just received my online account details from Alliance & Leicester so I've had a look at my account to find I'm over my overdraft. Very puzzled by this as I have been transferring money over but according to my account no money has ever been received!

I've gone through my NatWest account where the money has gone from and the payments have been taken. This totals £100 that has gone and has just seems to have disappeared!

What can I do about this? Will I have lost that money? I've checked the transfer details and they're correct. I'll get onto NatWest now and see whats going on. :mad:

After many, many calls to NatWest and Alliance & Leicester I finally sorted to query out, somehow the payments had been going to MBNA but they had been refunded some days later so I've not lost any money at all!

Think I should be checking my statements I bit more carefully!

Already planning ahead Linda, got some stuff ready for tomorrow to bring in with me. I shouldn't be spending anything tomorrow with a bit of luck!

LancsMacca

I've had a look at the first link given to me by macdady about the credit card shuffle. I've phoned both credit card companies who are unwilling to reduce the APR I'm currently paying. MBNA suggest I try get a personal loan which should give me a lower APR.

After trying that I've followed a link to MoneySupermarket.com and filled in a form that says I've a Fair Credit Rating and listed a number of credit cards that I have a good chance of being accepted on.

I've found a deal with Barclaycard which is 0% on balance transfers for 12 months, 2.5% handling charge and is a typical 14.9% APR. Before I apply for this would this be a good option for me?

Naomim

bank_of_slate wrote: »

Have a look at Martin's page on mobiles http://www.moneysavingexpert.com/utilities/#Mobiles

Lots of advice about getting your current provider to reduce the tariff, normally you threaten to leave to another provider
...Linda xx

I just wanted to recommend this link to you. I used it 2 days before my contract was due up and got a new contract reduced from £25pm to £15 and I get far more than I was paying out for in the first place.

Naomi x