Where do I begin with my debts???

arghindebt

I opened a think banking account to try and help but it's proving a lot of hassle.


I owe around £1900 on an Egg card, 0% until I believe May next year. Around £4000 on a LV card (but £3000 is a friends debt, yes I know bad idea don't ask ) plus £1000 in HSBC overdraft, around £600 on Additions (£300 is the same friends) £100 on Next Directory and it's just confusing. I have no idea when I have money coming in or out and where I thought the new bank account would help it isn't.

The friend is giving me money, just not regularly. Apparently I'll be getting around £100 a week from them now, starting in two weeks.

I considered a loan or something to consolidate debt but am not accepted for any. Not entirely sure why, I haven't missed payments or anything but have lived here for only 6 years (although I'm British) so maybe that's it.

Where do I start???

christhesparky_2

always pay the one with the highest interest rate first , and minimum payments on the rest

10past6

Hi & welcome to the forum

First and foremost, I wouldn't have a consolidation loan, never a good idea I know from my own experience, and most members on here will agree, consolidation loans are never a good idea.

A good place to start to help will be if you can post your SOA (Statement of Affairs) click here to complete your SOA

arghindebt

okay here is my soa

I haven't included money for presents or clothes or anything. The way I look at that is it's not a monthly expense, it's optional when I have the cash. I'm sure I've missed loads though cos I don't have any money!!!

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 715
Partners monthly income after tax....... 0
Benefits................................ 550
Other income............................ 671
Total monthly income.................... 1936

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 775
Management charge (leasehold flat)...... 0
Council tax............................. 16
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 20
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 325
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 17
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 10
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1326

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
LV.............................4000......80........17.9
Egg............................1900......50........0
HSBC...........................1000......0.........10
Next...........................100.......10........30
additions......................600.......50........29.9
Total unsecured debts..........7600......190.......-

Monthly Budget Summary
Total monthly income.................... 1,936
Expenses (including secured debts)....... 1,326
Available for debt repayments........... 610
Monthly UNsecured debt repayments....... 190
Surplus(deficit if negative)............ 420

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -7,600
Personal net worth...................... -7,600

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

arghindebt

I've guessed APRs and monthly payments based on what I recall from last statements.

arghindebt

any advice?

completelyspent

Hello,

Your grocery bill is quite high..how many people is that for?
Also, your water bill might be cut if you go on a meter? (depending on how many people are using it-definitely worth it for one or two people). It might also be worth trying to cut down your mobile phone tariff and also your TV licence seems too high for monthly? Your council tax seems low...assume that is a shared bill?

arghindebt

Groceries are for me and two children, can't get it lower no matter how hard i try.

Water bill is on a metre. Mobile bill I've just started a n ew contract go with a very generous allowance so i know i wont go over. tv license is 33 for a few more months as its a new licence then goes down to is it 16 a month? 11?

completelyspent

It's 11 pound something for the TV licence. It might be worth looking at the old style boards for ideas for recipes to try and cut down on grocery shopping. It is also worth signing up to Quidco and some survey sites to get a bit of extra income for birthdays etc

10past6

arghindebt wrote: »

Groceries are for me and two children, can't get it lower no matter how hard i try.

Hi

I think your groceries are very high, if you break it down that's £80.00 pw, seems very high.

Consider joining this thread, the members in there will advise how the thread works.

Also, consider joining this thread, again, anything you're not sure of, just ask.

I'm sure you'll find both threads beneficial.

tallyhoh

Should the buildings insurance be contents insurance? why is your council tax so low, is it an error?
Try keeping a spending diary if you should have money but its not there. Make sure you write everything down, even a mars bar, its surprising what it goes on, mine was sweets!