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  • FIRST POST
    • CashOut
    • By CashOut 11th Jul 19, 11:13 AM
    • 5Posts
    • 2Thanks
    CashOut
    Help and Advice - Small Amount of Debt
    • #1
    • 11th Jul 19, 11:13 AM
    Help and Advice - Small Amount of Debt 11th Jul 19 at 11:13 AM
    Hello my fellow Debt-Free Wannabe's

    First time posting (and first time visiting the site actually), I'm hoping for some advice to take control of my debt situation before it spirals out of control.

    Financial Background;- I have 3 defaults on my credit file from Feb-2014 meaning I can't get a consolidation loan or 0% balance transfer credit card, this also has impeded me to some degree for getting pretty much anything where a credit check is required. My credit score has sat at around the 500 points mark since the defaults and never goes up.

    I have taken a look at the SOA link in this sub-forum but it looks a little complex and I don't have the figures or details for a lot of the information required to pull together a fully comprehensive list (I'm guessing without this it's going to be very hard to help me?), I'll try my best to complete it below but will apologize now for any gaps.

    Statement of Affairs and Personal Balance Sheet

    Monthly Income Details

    Monthly income after tax................ 1880
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1880


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 300
    Rent.................................... 275
    Management charge (leasehold property).. 0
    Council tax............................. 133
    Electricity............................. 65
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 32
    Telephone (land line)................... 15
    Mobile phone............................ 130
    TV Licence.............................. 13
    Satellite/Cable TV...................... 0
    Internet Services....................... 32
    Groceries etc. ......................... 200
    Clothing................................ 50
    Petrol/diesel........................... 150
    Road tax................................ 13
    Car Insurance........................... 33
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 10.4
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 5
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 50
    Haircuts................................ 5
    Entertainment........................... 75
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1586.4



    Assets

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



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 0........(0)........0
    Hire Purchase (HP) debt ...... 0........(300)......0
    Total secured & HP debts...... 0.........-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Capital One....................1300......80........30
    Aqua...........................2500......80....... .35
    Total unsecured debts..........3800......160.......-



    Monthly Budget Summary

    Total monthly income.................... 1,880
    Expenses (including HP & secured debts). 1,586.4
    Available for debt repayments........... 293.6
    Monthly UNsecured debt repayments....... 160
    Amount left after debt repayments....... 133.6


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -3,800
    Net Assets.............................. -3,800


Page 1
    • Candyapple
    • By Candyapple 11th Jul 19, 12:12 PM
    • 3,332 Posts
    • 2,806 Thanks
    Candyapple
    • #2
    • 11th Jul 19, 12:12 PM
    • #2
    • 11th Jul 19, 12:12 PM
    The biggest thing that stands out to me me is £130 for mobile phone as that is a ridiculous amount. Are you in contract? Is it possible to switch to a SIM only deal?

    The £300 per month - I take it this is for car finance? Can you not sell/ trade in for a cheaper model?

    Groceries at £200 per month for 1 person again is very high. You could easily cut this back to £120 per month. Have a look at the Old Style board for ideas on how to cut back and meal plan.

    Clothing - are you really buying £50 worth of clothes every month?

    Presents - are you really spending £600 per year on presents? Can you not limit this to a lower amount or make a pact with family to say only buy for children and not adults?

    If you really and truly do have £133 spare each month to throw towards debt, then if you made some cut backs to the above subjects, you could easily add another £300 to this figure, making your total £433 to put towards clearing debt.

    Enter the figures into the below and see what a massive difference paying £133 per month gets you vs paying £433:
    http://www.whatsthecost.com/snowball.aspx
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • MallyGirl
    • By MallyGirl 11th Jul 19, 12:13 PM
    • 3,862 Posts
    • 9,304 Thanks
    MallyGirl
    • #3
    • 11th Jul 19, 12:13 PM
    • #3
    • 11th Jul 19, 12:13 PM

    Statement of Affairs and Personal Balance Sheet

    Monthly Income Details

    Monthly income after tax................ 1880
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1880


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 300
    Rent.................................... 275
    Management charge (leasehold property).. 0
    Council tax............................. 133 single person discount, paid over 12 months?
    Electricity............................. 65
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 32 are you on a meter? I pay less than that for a family with 2 big messy dogs
    Telephone (land line)................... 15
    Mobile phone............................ 130 This is a crazy amount to be paying for a phone, given your salary. Have you tried getting a better deal - when does this one expire?
    TV Licence.............................. 13
    Satellite/Cable TV...................... 0
    Internet Services....................... 32
    Groceries etc. ......................... 200 You could bring this down a bit for 1 person
    Clothing................................ 50 wear what you have for a bit
    Petrol/diesel........................... 150
    Road tax................................ 13
    Car Insurance........................... 33
    Car maintenance (including MOT)......... 0 None at all?
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 10.4
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 5
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 50 That is £600 per year - might want to be less generous till the debt is gone
    Haircuts................................ 5
    Entertainment........................... 75
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1586.4



    Assets

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



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 0........(0)........0
    Hire Purchase (HP) debt ...... 0........(300)......0
    Total secured & HP debts...... 0.........-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Capital One....................1300......80........30
    Aqua...........................2500......80....... .35
    Total unsecured debts..........3800......160.......-



    Monthly Budget Summary

    Total monthly income.................... 1,880
    Expenses (including HP & secured debts). 1,586.4
    Available for debt repayments........... 293.6
    Monthly UNsecured debt repayments....... 160
    Amount left after debt repayments....... 133.6
    Do you have any left?

    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -3,800
    Net Assets.............................. -3,800


    Originally posted by CashOut
    You could make some changes and get this under control
    • CashOut
    • By CashOut 11th Jul 19, 12:55 PM
    • 5 Posts
    • 2 Thanks
    CashOut
    • #4
    • 11th Jul 19, 12:55 PM
    • #4
    • 11th Jul 19, 12:55 PM
    Hey,

    Thank you for the replies, I've tried to quote them to make this reply process easier but this is the strangest forum I've ever used and the "multi-quote" function doesn't work, the standard "quote" function removes the previous quote and the single quote opens an empty thread reply so please bear with me.

    Council Tax - Apologies I've typed the value without the single person discount, it should be £99

    Water Rates - Based on bill left by the previous tenant (I've only just moved into the flat so have no idea what the monthly usage would be).

    Mobile Phone - Contracted until November, planning on swapping to a SIM only package (£10-20 pcm).

    Car - Yes the car is the £300 pcm, I could sell it but it wouldn't clear the finance and I wouldn't qualify for a new finance agreement so it would mean I'm still paying for the car but then have no car at all (I require a car for work).

    Groceries - I'll take a look at this, I was under the impression that £200 was cheap at only £1.66 per meal each day.

    Clothing - The value was an assumption, I don't buy something each month, but a new winter coat (£150-£200 for example) would eat up a large proportion of that value and that's before basics.

    Car Maintenance - Car is too young for an MOT, service is included in the monthly agreement and mileage I get from work covers the wear-and-tear on the vehicle.

    Presents - Yeah give or take based on the year so far, I'm at the age where everyone is getting married, moving into their own homes, milestone birthdays and that's before factoring in family so things have been a little high as of late.

    Assets: Car's - I don't own any vehicles, it's on a HP agreement so not mine (technically).

    Amount Left - Usually a little more than that, I tend to finish the month with around £150 in my current account and had been splitting this across the two credit cards (this is a new thing as my previous accommodation was more expensive so left me very little at the end of the month).
    • Willing2Learn
    • By Willing2Learn 11th Jul 19, 12:59 PM
    • 3,798 Posts
    • 3,390 Thanks
    Willing2Learn
    • #5
    • 11th Jul 19, 12:59 PM
    • #5
    • 11th Jul 19, 12:59 PM
    Have you tried the CapitalOne eligibility checker for their Balance Transfer card? When I was struggling with a bad credit file and low debt, CapitalOne gave me second card when I applied for their BT card (I already had their standard card). If you could BT the Aqua debt on to a 0% CapitalOne BT card then that would provide you with a little more wiggle room.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • dan958
    • By dan958 11th Jul 19, 1:26 PM
    • 203 Posts
    • 385 Thanks
    dan958
    • #6
    • 11th Jul 19, 1:26 PM
    • #6
    • 11th Jul 19, 1:26 PM
    Yeah, some really high outgoings there on silly things like £130 a month for a phone contract. Are you buying phone contracts for multiple people or something?!

    As Candyapple said, £120 is perfectly doable for 1 person a month. Make sure you are doing some home cooking rather than ready meals, as you can really save money that way. Oats, rice, beans (black beans, kidney beans etc), lentils are all really cheap.
    Last edited by dan958; 12-07-2019 at 12:08 PM.
    • getmore4less
    • By getmore4less 11th Jul 19, 6:12 PM
    • 36,900 Posts
    • 22,743 Thanks
    getmore4less
    • #7
    • 11th Jul 19, 6:12 PM
    • #7
    • 11th Jul 19, 6:12 PM
    If you are getting paid mileage that needs putting on the SOA.
    Car costs are disproportionate to income.

    Why will you need a £10-£20 phone contract plenty of decent ones at £5-£10.

    Could you drop the land line,
    Could go catchup and no bbc drop the TV licence.

    Clothes is very high make stuff last longer, winter coat should last 5-10years.
    Still wearing mine from 2013 loads of years left in it.
    Audit what you have a budget essentials like underwear then shop at TK and other budget stores.


    Start a spending diary so you know where the money is going and update the SOA as you get better data.

    If you think more carefully about where you want to spend money you will soo get rid of the debt and can start saving for important things and not commitment to a expensive contract.
    • CashOut
    • By CashOut 11th Jul 19, 7:12 PM
    • 5 Posts
    • 2 Thanks
    CashOut
    • #8
    • 11th Jul 19, 7:12 PM
    • #8
    • 11th Jul 19, 7:12 PM
    If you are getting paid mileage that needs putting on the SOA.
    Car costs are disproportionate to income.

    Why will you need a £10-£20 phone contract plenty of decent ones at £5-£10.

    Could you drop the land line,
    Could go catchup and no bbc drop the TV licence.

    Clothes is very high make stuff last longer, winter coat should last 5-10years.
    Still wearing mine from 2013 loads of years left in it.
    Audit what you have a budget essentials like underwear then shop at TK and other budget stores.


    Start a spending diary so you know where the money is going and update the SOA as you get better data.

    If you think more carefully about where you want to spend money you will soo get rid of the debt and can start saving for important things and not commitment to a expensive contract.
    Originally posted by getmore4less
    Iím unsure how I would even add something like mileage to a SOA, I donít have a set amount of mile that I do in a month, this year alone Iíve had variants from £60 to £600 in mileage claims, unfortunately itís too unpredictable to even consider including it so itís better not factored at all.

    Yeah the cars probably a little more expensive than I should have went for, circumstances were different two years ago I guess.

    Cheapest SIM only contract on my providers website is £13 pcm with less than sufficient data (250mb pcm), so an additional ďbolt-onĒ would be required to make it fit my current usage putting it at around £18 pcm.

    If I drop the landline I would then lose the internet so most likely a no-go.

    I would have to educate myself around the legality with a TV license, I always just assumed that because I own and watch a TV then I would need it.

    Iíll take a look at the clothing, tbh Iíd always thought £600 a year was reasonable as it really doesnít go far, winter coat, two new work suits with additional trousers, two packs of shirts and shoe repairs each September would be around that alone. Iíve never heard of TK before, almost all my work stuff comes from Next, not really sure where else you would buy stuff like that tbh...? As for casual stuff I mainly pickup basics at Primark these days.

    Iíll have a look into a spending diary, any advice on an app based one thatís easy to use?

    Hopefully thatís then plan and also why Iím looking at it today when the total is sub £5000 and still ďmanageableĒ as I donít want to be back here in 3-5 years with £30000-£50000 racked up as (no offence intended) some of the horror stories on this forum literally scare the sh!t out of me!
    • enthusiasticsaver
    • By enthusiasticsaver 11th Jul 19, 7:34 PM
    • 8,918 Posts
    • 20,683 Thanks
    enthusiasticsaver
    • #9
    • 11th Jul 19, 7:34 PM
    • #9
    • 11th Jul 19, 7:34 PM
    As others have said the clothes, mobile costs, presents and groceries are high and entertainment can be brought down. Depends on how hard core you want to be on clearing the debt but you are paying very high interest rates so my advice would be cut back to bare bones for a year.

    On that Aqua debt for example you are only paying £80 a month and the monthly interest is almost £73 so only around £7 a month is going to reduce the balance. It will never be paid off at that rate. That should be the one you focus on first as it is the highest interest rate and the highest balance so your most expensive debt. The Capital one is better at only £32.50 interest per month so that is going down faster. I would reduce the payment on that one to minimum and direct it to the Aqua until it is gone.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • enthusiasticsaver
    • By enthusiasticsaver 11th Jul 19, 7:43 PM
    • 8,918 Posts
    • 20,683 Thanks
    enthusiasticsaver
    If you input those figures into a snowball calculator you will see that it will take you more than 3 years to clear the debts and cost you over £2200 in interest. If you can increase the monthly payment to £200 and pay £40 to Capital One (assuming that is higher than the minimum) and £160 to Aqua you will be debt free in just over 2 years and pay just over £1000 in interest assuming you do not get a 0% deal in those 2 years.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Mrsn
    • By Mrsn 11th Jul 19, 7:49 PM
    • 175 Posts
    • 146 Thanks
    Mrsn
    Groceries is totally doable on much less. I spend £220 a month for 2 adults, 2 children, small dog and this includes toiletries. We very rarely eat the same meal more than once a month and utilise the leftovers.

    Clothing allowance whilst might not seem much to you a new winter coat of that price is a luxury not a necessity.... you can get one for a 3rd of that price from the likes of primark or supermarket brands. I appreciate it’s different to what your used to but for a temporary measure it’s not unreasonable.
    • enthusiasticsaver
    • By enthusiasticsaver 11th Jul 19, 7:52 PM
    • 8,918 Posts
    • 20,683 Thanks
    enthusiasticsaver
    Try this link

    http://www.whatsthecost.com/snowball.aspx
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • enthusiasticsaver
    • By enthusiasticsaver 11th Jul 19, 7:57 PM
    • 8,918 Posts
    • 20,683 Thanks
    enthusiasticsaver


    Hopefully thatís then plan and also why Iím looking at it today when the total is sub £5000 and still ďmanageableĒ as I donít want to be back here in 3-5 years with £30000-£50000 racked up as (no offence intended) some of the horror stories on this forum literally scare the sh!t out of me!
    Originally posted by CashOut
    You may consider the debt small and manageable but you will pay up to £1265 per year on interest on that £3800 if you do not make some inroads into paying it off. That is more than 2 years worth of your clothing budget just on debt interest.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • getmore4less
    • By getmore4less 11th Jul 19, 8:05 PM
    • 36,900 Posts
    • 22,743 Thanks
    getmore4less
    Change your provider if the best they can do is £13.

    Plenty of contract with plenty of data for less than that and unlimited calls/text.

    https://www.hotukdeals.com/tag/broadband-phone-service


    Mileage you need to guess for the year it offsets your running costs.

    You may be subsidising the company by using your own car.
    Last edited by getmore4less; 11-07-2019 at 8:10 PM.
    • zippygeorgeandben
    • By zippygeorgeandben 11th Jul 19, 8:47 PM
    • 1,011 Posts
    • 1,401 Thanks
    zippygeorgeandben
    I'm really struggling to understand how someone thinks £130 is a good deal for a phone? It's astronomical. Like Dan says, is this for more than one contract?
    Also £75 per month for entertainment, what do you get for this? Concerning that you had debts from 2014 and don't seem to have learnt the lesson of living within your means. You're fortunate to have such a small monthly rent bill.
    Changes need to be made!
    Savings as of July 2019

    Savings account 1 - £8594.26
    Savings account 2 - £2500.00
    Current account - £5321.44
    Total - £16,415.70
    • getmore4less
    • By getmore4less 11th Jul 19, 9:33 PM
    • 36,900 Posts
    • 22,743 Thanks
    getmore4less
    If you don't want to guess the mileage payments then change the fuel to only the personal miles.

    The work miles get paid by the allowance.
    • getmore4less
    • By getmore4less 11th Jul 19, 10:03 PM
    • 36,900 Posts
    • 22,743 Thanks
    getmore4less
    Two work suits a year?

    You don't get paid enough if the job need 2 expense suits a year make them last longer.

    Look for stuff in the big sales periods and stock up in advance when stuff is cheap

    Next is expensive even in the sales.

    Try house of frazer or John Lewis sales current 50% they go 75% if lucky they will still have your sizes.
    https://www.johnlewis.com/browse/men/all-mens-suits/all-offers/_/N-7dnqZ1yzvw1q?intcmp=cp_menswearoffers_smbl5_suitso ffers_x200619

    See if you can downgrade your current mobile contract to a lower tariff.

    If you need more then one of the cheap ones may still be cheaper on top.

    Must be a seriously good phone on a £130pm contract.

    When this one breaks £100-£150 buys a good phone good for a few years add £10pm sim £200py against over £1,500py
    • CashOut
    • By CashOut 11th Jul 19, 10:21 PM
    • 5 Posts
    • 2 Thanks
    CashOut
    As others have said the clothes, mobile costs, presents and groceries are high and entertainment can be brought down. Depends on how hard core you want to be on clearing the debt but you are paying very high interest rates so my advice would be cut back to bare bones for a year.

    On that Aqua debt for example you are only paying £80 a month and the monthly interest is almost £73 so only around £7 a month is going to reduce the balance. It will never be paid off at that rate. That should be the one you focus on first as it is the highest interest rate and the highest balance so your most expensive debt. The Capital one is better at only £32.50 interest per month so that is going down faster. I would reduce the payment on that one to minimum and direct it to the Aqua until it is gone.
    Originally posted by enthusiasticsaver
    If you input those figures into a snowball calculator you will see that it will take you more than 3 years to clear the debts and cost you over £2200 in interest. If you can increase the monthly payment to £200 and pay £40 to Capital One (assuming that is higher than the minimum) and £160 to Aqua you will be debt free in just over 2 years and pay just over £1000 in interest assuming you do not get a 0% deal in those 2 years.
    Originally posted by enthusiasticsaver
    You may consider the debt small and manageable but you will pay up to £1265 per year on interest on that £3800 if you do not make some inroads into paying it off. That is more than 2 years worth of your clothing budget just on debt interest.
    Originally posted by enthusiasticsaver
    Ideally Iíd like to be clear in a year or less, but I think thatís a little optimistic and most likely unrealistic. Iíll take a look at shuffling the payments around so I can clear down the higher interest card first and then focus on the lesser one. I doubt Iíll get a 0% deal so unfortunately Iíll be stuck on the higher interest rates for the duration.

    Groceries is totally doable on much less. I spend £220 a month for 2 adults, 2 children, small dog and this includes toiletries. We very rarely eat the same meal more than once a month and utilise the leftovers.

    Clothing allowance whilst might not seem much to you a new winter coat of that price is a luxury not a necessity.... you can get one for a 3rd of that price from the likes of primark or supermarket brands. I appreciate itís different to what your used to but for a temporary measure itís not unreasonable.
    Originally posted by Mrsn
    How do you manage to spend so little on groceries? If we were talking exclusively food at £200 thatís only £1.66 per meal, if you add coffee, washing powder, toiletries etc etc for the month itís going to be considerably less.

    Iíll take a look at Primark and Supermarket brands for coats, tbh Iíd never seen overcoats in Esther but itís possible that Iíve just never noticed them. How good quality are these clothes when it comes to the other main items I buy (work jackets / trousers / shirts) as I usually buy one lot from Next and they manage to keep me for the entire year (suits x 2 = £200 / extra trousers x 2 = £70 / shirts £90 / shoe maintenance £50).

    Try this linkl]
    Originally posted by enthusiasticsaver
    Thanks, Iíll take a look at it now

    Change your provider if the best they can do is £13.

    Plenty of contract with plenty of data for less than that and unlimited calls/text.

    Mileage you need to guess for the year it offsets your running costs.

    You may be subsidising the company by using your own car.
    Originally posted by getmore4less
    I donít know if itís ďthe best they can doĒ, but itís their lowest advertised price on their website (provider is EE). Tried to follow that link but my ad-blocker shows it as ďspam / advertisingĒ - once on the website I canít decipher whatís going on, the first ďdealĒ is £360, maybe I need to spend some more time on it but the website looks rather tacky and confusing.

    Like I said, itís rather hard to guess it, I can go weeks with little to no travel and then get a phone call and have the next three weeks racking up 100 miles a day, thatís why I donít factor it in as itís not a reliable source and itís easier to work out things excluding it.

    Iím not sure what you mean (I guess everyone who drives to work is subsidising their employer as they are taking the hit on travel costs?). I live in the same town as ďmy officeĒ but a requirement of my role is to travel to multiple locations when required. Fortunately because I live where I work I get true mileage for all of my travel at a rate of 0.45p per mile and my employer have purchased county council parking permits for each city I frequent so I never have any parking charges.

    I'm really struggling to understand how someone thinks £130 is a good deal for a phone? It's astronomical. Like Dan says, is this for more than one contract?
    Also £75 per month for entertainment, what do you get for this? Concerning that you had debts from 2014 and don't seem to have learnt the lesson of living within your means. You're fortunate to have such a small monthly rent bill.
    Changes need to be made!
    Originally posted by zippygeorgeandben
    Who said £130 was a ďgood dealĒ... looks back through thread, canít see anyone claiming that, honestly I know itís a terrible deal and I donít utilise the annual upgrade option so Iíll be glad once Iím finished with it this November (the original package was a phone, watch and headphones which I agreed to almost two years ago and Iíve regretted it for at least the last year after encountering employment / relationship problems resulting in my current financial difficulties).

    The £75 covers my gym membership (£35), online game subscription service (£9) and the remaining £31 covers my monthly ďpub ní grubĒ night out with friends.

    Iím not sure what you mean by ďconcerning that you had debts from 2014 and donít seem to have learnt the lesson of living within your meansĒ the defaults resulted from a disagreement over payments owed with one particular lender that I had three individual accounts with (top and bottom I withheld payment because I believed I was in the right and they were in the wrong, advice later is that I should have made payments and not withheld them while we argued over the terms).

    Yeah thatís one bonus, the place is tiny (bedroom / bathroom / kitchen-living-diner), itís in a high-crime area where you wouldnít walk around during the day (never mind at night) but itís enough for one person and includes parking bays for residents.

    Yes I realise, you donít need to be all exclamation marks about it... it wouldnít be here if I wasnít looking to facilitate change to better my financial situation for the better.
    • theoretica
    • By theoretica 11th Jul 19, 10:25 PM
    • 5,940 Posts
    • 7,364 Thanks
    theoretica
    Iíll take a look at the clothing, tbh Iíd always thought £600 a year was reasonable as it really doesnít go far, winter coat, two new work suits with additional trousers, two packs of shirts and shoe repairs each September would be around that alone. Iíve never heard of TK before, almost all my work stuff comes from Next, not really sure where else you would buy stuff like that tbh...? As for casual stuff I mainly pickup basics at Primark these days.
    Originally posted by CashOut

    It isn't so much a question of what is reasonable in the abstract as what is possible to cut down and when you consider your debts are a better use for the money. I buy a lot second hand, it can take longer finding the right thing in the right size and condition but was an excellent way of dressing above my means as a student and I continued.
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
    • CashOut
    • By CashOut 11th Jul 19, 10:32 PM
    • 5 Posts
    • 2 Thanks
    CashOut
    If you don't want to guess the mileage payments then change the fuel to only the personal miles.

    The work miles get paid by the allowance.
    Originally posted by getmore4less
    Fuel is only personal miles, work isnít factored in.

    Two work suits a year?

    You don't get paid enough if the job need 2 expense suits a year make them last longer.

    Look for stuff in the big sales periods and stock up in advance when stuff is cheap

    Next is expensive even in the sales.

    Try house of frazer or John Lewis sales current 50% they go 75% if lucky they will still have your sizes.

    See if you can downgrade your current mobile contract to a lower tariff.

    If you need more then one of the cheap ones may still be cheaper on top.

    Must be a seriously good phone on a £130pm contract.

    When this one breaks £100-£150 buys a good phone good for a few years add £10pm sim £200py against over £1,500py
    Originally posted by getmore4less
    :O expensive suits? I buy the cheapest ones at £99 lol!? Not sure what you mean... salary doesnít dictate presentation, I know lots of other ďyoung professionalsĒ also only earning around the £30k mark who all are expected to wear suits for work... with regular washing the trousers and shirts are about ready to throw away after a year of daily wearing, next to the jackets they are paired with they look considerably faded and deteriorated. Isnít John Lewis designer (Armani / Hugo Boss, where suits start at £400?), Iíll take a look at their website after I reply to this post.

    Yes I can down-grade my contract, itís £650 to break contract and pay the remaining balance, I have enough free credit on either credit card to accommodate this so will look at doing it now. The contract was for an iPhone X, Apple Watch and EarPods, in hindsight this was a little silly of me to agree to but at the time money wasnít like it is 18 months later, fortunately I didnít take my annual upgrade so it only has 5 months remaining which Iíll look to pay off now as advised. The phone Iíve got is still in ďmintĒ condition so I will just add a SIM contract to is and save over £100 a month.
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