my debt free diary

Mrst2b_2 · 30 January 2009 at 10:23AM

Hey

This is my first post, i have been a lurker on here for a while and got a lot of tips from you guys so thanks

.

We are at the stage now where we are thinking about selling our house (which has now fallen into negative equity) and me moving back in with my parents and OH moving back with his parents until we can clear all this debt

our mortgage is on a fixed rate which is why it is sooo expensive and we would have to pay £4000 to get out of it, which we just cant afford even tho it would save us £300 a month!!

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 1000
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2200
Monthly Expense Details
Mortgage................................ 820
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 15
Gas..................................... 25
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 11.5
Satellite/Cable TV...................... 19
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 10
Petrol/diesel........................... 150
Road tax................................ 10
Car Insurance........................... 60
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 6
Life assurance ......................... 8
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1619.5

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 137000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 135000...(820)......7.2
Total secured & HP debts...... 135000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
alliance & leciester...........10000.....230.......16
Debenhams credit card..........3500......135.......17.5
barclaycard....................1700......35........0
OH's nana......................3000......100.......0
Lloyds.........................5000......160.......12
Total unsecured debts..........23200.....660.......-

Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including HP & secured debts). 1,619.5
Available for debt repayments........... 580.5
Monthly UNsecured debt repayments....... 660
Amount short for making debt repayments. -79.5
Personal Balance Sheet Summary
Total assets (things you own)........... 137,000
Total HP & Secured debt................. -135,000
Total Unsecured debt.................... -23,200
Net Assets.............................. -21,200
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

I do make comission on my job but its not guarenteed and varies a lot from month to month so thats why i have not included it in the above.

Thanks for reading

xxx

catherine_h_2 · 30 January 2009 at 10:50AM

Mrst2b wrote: »

our mortgage is on a fixed rate which is why it is sooo expensive and we would have to pay £4000 to get out of it, which we just cant afford even tho it would save us £300 a month!! Whens this up??? I'm in same situation and ours is up in 2010 but we're trying to get a deposit together now as at the mo you need min 10% deposit:mad: , preferably more if you can, to get the better rates:mad: :mad:
Don't wanna scare you but it's worth thinking about

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 1000
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2200
Monthly Expense Details
Mortgage................................ 820
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120 Is this over 10 or 12months?
Electricity............................. 15
Gas..................................... 25
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 50 Can this be reduced?
TV Licence.............................. 11.5
Satellite/Cable TV...................... 19 Cancel and go freeview
Internet Services....................... 0
Groceries etc. ......................... 250 This can definitely be reduced for just 2 of you, theres some great recipes on the old style boards and if you get branded products drop to supermarket own, no difference except the price!
Clothing................................ 10
Petrol/diesel........................... 150 Can this be cut down?
Road tax................................ 10
Car Insurance........................... 60
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 6
Life assurance ......................... 8
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1619.5

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 137000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 135000...(820)......7.2
Total secured & HP debts...... 135000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
alliance & leciester...........10000.....230.......16 Is this a cc or loan? Either way change to lower APR if u can
Debenhams credit card..........3500......135.......17.5 Get rid and change to 0%
barclaycard....................1700......35........0
OH's nana......................3000......100.......0
Lloyds.........................5000......160.......12
Total unsecured debts..........23200.....660.......-

Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including HP & secured debts). 1,619.5
Available for debt repayments........... 580.5
Monthly UNsecured debt repayments....... 660
Amount short for making debt repayments. -79.5
Personal Balance Sheet Summary
Total assets (things you own)........... 137,000
Total HP & Secured debt................. -135,000
Total Unsecured debt.................... -23,200
Net Assets.............................. -21,200
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

I do make comission on my job but its not guarenteed and varies a lot from month to month so thats why i have not included it in the above.

Hi there, I've added a few comment which I hope are helpful

Have you thought about keeping a spending diary to find out where the odds and ends go??? It's v.educational if scary:D
Also any commission you do earn, use to pay off debts and don't let it get sucked into your normal spending, me and OH have just learnt that you can get a lot cleared just be doing this ontop of your normal payments, it's effectively free money if everything else has been taken into account

Mrst2b_2 · 30 January 2009 at 11:02AM

hey

thanks for your reply

we can switch our existing mortgage from fixed to variable with the same company, we wud jus need the £4000 to do it

Our mobiles and sky are on contracts and our concil tax is already over 12 months

we cant cut down on petrol cos OH jus uses it for work on back but will def try cuttin down on the shoppin bill

our credit ratings rnt too good so we cant get a 0% credit card anymore, and we tried ringing barclaycard to ask if we can balance transfer debenhams to them but they wont up the limit

and thats the same with the loan

we never ever go out or buy ourselves anything

when we bought the house i had a much higher paid job but got made redundant so thats why we are now struggling

all i wanna do is pay it all off, i already work 40 hours overtime a month but i am lookin for a second job as is OH

we have been to see OH parents to explain our situation so am hopin maybe they could loan us some money to pay off the things with the higher interest rates and then pay them monthly, we will just have to wait and see

thanks so much for your reply

xxx

catherine_h_2 · 30 January 2009 at 11:56AM

Rubbish isn't it........but theres a light at the end of the tunnel and nothing worth having is ever easy, unfortunately:D I am in a similar situation, I have no life at the moment:mad: , it's all save save save and then I feel guilty if I spend on something I don't need (it was lipstick today:o, might be skint but at least I'm skint and pretty :rotfl: )

Just a thought about council tax.....have you checked you're in the correct banding??? Think theres an article about it somewhere!
Also can OH car share to work??? Assuming he doesn't travel for his work:D
Keep a reminder to cancel contracts once they're up, it's amazing how easy it is to forget!

I'm sure it will all work out for you, and even if your OHs parents can't help out, it must be a relief being able to tell them.And hopefully they'll start to give you both money for birthdays etc.....:rotfl:

oh and have a clear out and Ebay for England

*sending positive vibes your way*

xxx

Fire_Fox · 30 January 2009 at 8:11PM

Can you take in a lodger? If you have two double bedrooms then eBay clothes you don't need and move into the smaller bedroom, and let the larger one. If you only have a single spare room you might find someone young or a weekday only professional let. It's not ideal, but I would have thought better than living separately.

my debt free diary

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