Had my lightbulb moment this week, about 50k in debt, now where do I start?

SouthernSoftie

Well I have contacted CCCS who recommend a DMP that should get me debt free in just over 6 years.

Can't wait for the ADS to contact me, as they told me CCCS license had been revoked and they were no longer a charity.

iwanttosavemoney2008

SouthernSoftie wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 1600
Benefits................................ 115
Other income............................ 0
Total monthly income.................... 2815

Monthly Expense Details
Mortgage................................ 699
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 142 is this to cover debts as it seems very high also ask to pay over 12 months instead of 10
Electricity............................. 70 this is very high use a copmparison site to get this cheaper and use electric less
Gas..................................... 18
Oil..................................... 0
Water rates............................. 46 again this seems high are you paying arrears? ask to pay over 12 months
Telephone (land line)................... 18
Mobile phone............................ 45 check you phones tab at the top of this page and get them cheaper using martins advice
TV Licence.............................. 11
Satellite/Cable TV...................... 59 cancell if you cant drop to the £16 package
Internet Services....................... 5
Groceries etc. ......................... 300 for 3 people that is rediculas i feed 5 on £200 do a food budget write a menu and only buy whats on that
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 30
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15 get a prepayment cert thyey are 10.25 per month for 10 months
Pet insurance/vet bills................. 10
Buildings insurance..................... 15
Contents insurance...................... 10
Life assurance ......................... 114 what??? this is way too high get some new quotes!!!
Other insurance......................... 12
Presents (birthday, christmas etc)...... 30
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1804

Assets
Cash.................................... 0
House value (Gross)..................... 280000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 282000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 117000...(699)......0
Total secured debts........... 117000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Capital One cc.................433.......13........16.67
Goldfish cc....................10133.....203.......20.94
Marbles........................10219.....255.......24.9
Northern Rock loan.............19900.....237.......0
MBNA cc........................448.......16........30.39
Cahoot loan....................7555......154.......15.9
Cahoot cc......................0.........0.........0
Total unsecured debts..........48688.....878.......-

Monthly Budget Summary
Total monthly income.................... 2,815
Expenses (including secured debts)....... 1,804
Available for debt repayments........... 1,011
Monthly UNsecured debt repayments....... 878
Surplus(deficit if negative)............ 133

Personal Balance Sheet Summary
Total assets (things you own)........... 282,000
Total Secured debt...................... -117,000
Total Unsecured debt.................... -48,688
Net Assets.............................. 116,312

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

i added my comments in red someone else will give you better advice on those cc's than i can so i will leave it to them

congrats on your lbm good luck getting your finances sorted

SouthernSoftie

Thank you. In reply to your red items....

Council tax is actually £170 per month, that's what I worked it out as paid 12 monthly. It's a 4 year old house so I can't argue on the band.

The electricity is a set amount, it was found through Uswitch as was the gas one, both with EDF. However, I haven't done a comparison for a while.

The water rates are 6 monthly and we are metered. The bill I have just got, and can't pay is for £285, so CCCS have suggested asking to pay it off over 12 months which would make the monthly payment £70 per month until it is paid off.

My mobile is only £15, the OH's is £30 and he hasn't had it a year yet.

Groceries is and estimate, I did a big shop today and spent £51.
I am going to meal plan I think.

The medical doesn't include any prescriptions, that is my Denplan payment or I would lose my dentist.

The life assurance is from when we got our 1st mortage 4 years ago, in case me or the OH die to pay off the mortgage in full.

Deep_In_Debt

Hi and welcome.
I've just had a quick look through your post - apologies if I'm repeating what has been said - I've just got home from work and am shattered!!

Anyway, your water seems high. I had a water meter fitted free by my local water authority a couple of years ago. Since then, my bill has reduced from £32 per month to £10 per month, so it might be worth giving your water board a call to see if they do it and if you are likely to save. It also makes you more aware of the water you use like not leaving the tap running when you clean your teeth, wash up in the sink instead of using dishwasher, loading the washing machine once a week instead of several times, etc, etc.

I've started my weekly shop in Lidl. I've saved a lot since I've started shopping there and much of the food tastes nicer than Tesco own and it's cheaper. Do you have a Lidl, Netto or Aldi near you?

Well done on your LBM - it's quite a relief when it happens! Good luck.

SouthernSoftie

Deep_In_Debt wrote: »

Hi and welcome.
I've just had a quick look through your post - apologies if I'm repeating what has been said - I've just got home from work and am shattered!!

Anyway, your water seems high. I had a water meter fitted free by my local water authority a couple of years ago. Since then, my bill has reduced from £32 per month to £10 per month, so it might be worth giving your water board a call to see if they do it and if you are likely to save. It also makes you more aware of the water you use like not leaving the tap running when you clean your teeth, wash up in the sink instead of using dishwasher, loading the washing machine once a week instead of several times, etc, etc.

I've started my weekly shop in Lidl. I've saved a lot since I've started shopping there and much of the food tastes nicer than Tesco own and it's cheaper. Do you have a Lidl, Netto or Aldi near you?

Well done on your LBM - it's quite a relief when it happens! Good luck.

We shower, and I only used the dishwasher when it's full, usually every other day. I'll always wash little bits up by hand anyway, and only ever do laundry when I have a full load.

Thank you, I have an Aldi's in the next town and a Lidl further away, no netto. We do use Aldi sometimes though I tend not to the the OH as he seems to think if it's cheaper you can buy more.
We are supposed to be getting a Lidl in our town soon.

and yes, I believe my lightbulb has been glimmering a while but I ignored it!:cool:


Where can you get those water hippos as I will need 3?

Surfbabe

Don;t need a water hippo - a plastic milk bottle (small one) filled with water and the lid on tightly works just as well !!!!

SouthernSoftie

Surfbabe wrote: »

Don;t need a water hippo - a plastic milk bottle (small one) filled with water and the lid on tightly works just as well !!!!

Now why didn't I think of that? Thank you:rolleyes:

lucielle

I feed a family of 6 on £336 per month including dog and cat. It helps to shop online then you can't be tempted. Any comparisons you do make sure you go through quidco then you can get the cash back, same for insurance. HTH
L

Deep_In_Debt

Yep, plastic milk bottles work just as well.

After a while on this forum, you will pick up all sorts of money saving tips. That's what we're here for!

I find shopping in Lidl helps me. I don't have the temptations of Tesco like clothes, CD's, DVD's etc and just buy what I need, not what I want.

My lbm glimmered for a while then went out but I think a switch was flicked somewhere and it suddenly became blinding and I'm so glad it did.

Good luck.

wanttobeasaver

Southernsoftie,

Good luck with your diary.............

Take a look over at the moneysaving old style you get some great tips on groceries reciepes etc