advice on my debt :)

terriandco

hi i hope soa is correct im not very good at these things. please could you help me work out what i am doing or not doing!i was using a payment scheme for the loan, credit card and one catalogue. this was costing £100 per monthi have now cancelled this as it would come out of the bank and then i would be charged by the bank for going overdrawn.i am making £8 monthly payments for 1 catalogue and i have contacted the other with an offer of payment.. i am mostly worried about the credit card and loanas im not really sure what to do with these. the loan is in my husbands name. my rent arrears i am paying a little bit more each week.also i am trying to find a job to help. any advice please? muchly grateful[tt]Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 360
Partners monthly income after tax....... 0
Benefits................................ 444
Other income............................ 0
Total monthly income.................... 804

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 80
Management charge (leasehold flat)...... 0
Council tax............................. 40
Electricity............................. 40
Gas..................................... 30
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 19.98
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 170
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..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 422.98

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
credit card....................1575......50........16.9
catalogue......................346.4.....0.........0
catalogue......................272.08....8.........0
phone..........................73........0.........0
overdraft......................900.......0.........0
loan...........................13000.....0.........0
Total unsecured debts..........16166.48..58........-

Monthly Budget Summary
Total monthly income.................... 804
Expenses (including secured debts)....... 422.98
Available for debt repayments........... 381.02
Monthly UNsecured debt repayments....... 58
Surplus(deficit if negative)............ 323.02

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -16,166.48
Personal net worth...................... -16,166.48

MrsTinks

According to your SOA you have £323 to put towards debts each month but I am guessing that's not actually the case? So... question is - where is this money going?

terriandco

k, after talking to my husband which would have been a good idea before i started! we spend about 340 on groceries a month this includes nappies, wipes etc. i just cant think of where its going we dont have any other luxuries, never have haircuts because we dont have the money to. we bike everywhere so no transport costs. im positive that i dont spend more on bills than what i have put down. i did a minimum payment on the credit card and it says it would take me 29 yrs to repay

Horace

See if you can switch your credit card payments to a 0% balance transfer card - MSE has some good tips on the best ones to get.

Swap where you do your shopping, use places like Lidl and Aldi - this will cut down the grocery bill as well as the nappy costs etc. You could, dare I say it, switch to reusable nappies:eek:

Look at moneysaving old style to get tips on meal plans etc, they also help to cut down on spending.

If you have any clothes etc, that you no longer wear/want why not put them on ebay or sell them at a carboot?

HTH and good luck.

MrsTinks

terriandco wrote: »

k, after talking to my husband which would have been a good idea before i started! we spend about 340 on groceries a month this includes nappies, wipes etc. i just cant think of where its going we dont have any other luxuries, never have haircuts because we dont have the money to. we bike everywhere so no transport costs. im positive that i dont spend more on bills than what i have put down. i did a minimum payment on the credit card and it says it would take me 29 yrs to repay

Right... That can definitely be reduced - start off with a spending diary and log EVERY PENNY! Get over on the Old Style board for ideas on how to reduce your food bills etc (or even better get Martins book for Old Style -think the cheapest place at the moment is play.com... remember to get cashback from quidco!).

Have you thought about changing from disposable nappies to cloth? Same with wipes - maybe change to face cloths with a little warm water than wipes? The OS ladies have a tonne of tips so definitely worth a look!