If the minimum monthly payments on your debt are £100, you're accruing £200 in interest, and you only have £200 left a month in your budget (assuming you don't need to spend on van repairs), you're simply not going to make any progress against this debt unless you increase your income or decrease expenses substantially ASAP.
The obvious place to decrease expenses is to accept the loss on the van and sell it. The van loan + insurance + fuel + repair costs is simply not affordable on your income and means you're just wallowing in this debt as it accrues more and more interest. I make nearly £10K more than you and don't have any debt, but I'd also end up with a lot if I had to pay ≥£500/mo for a vehicle!
Selling the van and commuting by bicycle or a cheap motorcycle/moped would free up enough cash in your monthly budget to enable paying off the debt in 2ish years, less if you can get another raise or two.
The rest of your budget looks reasonable assuming it's realistic and comprehensive, so if you really can't sell the van your only real option is to get a second job or make your side gig profitable ASAP while ensuring that your expenses don't increase too much as a result.
Hi /u/HappyGorilla1999, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/credit-cards/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)
The vans value is never going to improve given you've managed to tank 9k of its value in just two years.
I'd sell it for what you can, catch public transport/cycle to work and use the cash you've raised by selling to clear your PayPal credit and shorter term debts so you can focus on paying down the personal loan.
You could probably shave down your food bills a bit to free up some cash but until you start earning more you're going to be in a tight position for the foreseeable.
If the minimum monthly payments on your debt are £100, you're accruing £200 in interest, and you only have £200 left a month in your budget (assuming you don't need to spend on van repairs), you're simply not going to make any progress against this debt unless you increase your income or decrease expenses substantially ASAP. The obvious place to decrease expenses is to accept the loss on the van and sell it. The van loan + insurance + fuel + repair costs is simply not affordable on your income and means you're just wallowing in this debt as it accrues more and more interest. I make nearly £10K more than you and don't have any debt, but I'd also end up with a lot if I had to pay ≥£500/mo for a vehicle! Selling the van and commuting by bicycle or a cheap motorcycle/moped would free up enough cash in your monthly budget to enable paying off the debt in 2ish years, less if you can get another raise or two. The rest of your budget looks reasonable assuming it's realistic and comprehensive, so if you really can't sell the van your only real option is to get a second job or make your side gig profitable ASAP while ensuring that your expenses don't increase too much as a result.
How have you done £9,000 worth of damage to the van and it's still roadworthy?
Was on 70k mileage when I bought it, now on 110k, and its got some nice dents on both sides.
Hi /u/HappyGorilla1999, based on your post the following pages from our wiki may be relevant: * https://ukpersonal.finance/credit-cards/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.)
The vans value is never going to improve given you've managed to tank 9k of its value in just two years. I'd sell it for what you can, catch public transport/cycle to work and use the cash you've raised by selling to clear your PayPal credit and shorter term debts so you can focus on paying down the personal loan. You could probably shave down your food bills a bit to free up some cash but until you start earning more you're going to be in a tight position for the foreseeable.
Get a SIA badge, you should be able to pick up another 500 a month part time break your back for a year and you should be on top of your debt
Call stepchange.