Help please!

backontrack_2

Hi all. Not sure if anyone can help but anything you can spot to help me get my costs down (it's for both of us) would be so helpful. These costs arose because of moving back to the UK after being abroad and needing to buy furniture and stuff, not reckless spending on shoes (if only!). Thanks so much for your support x Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1194
Partners monthly income after tax....... 840
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2034

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 30
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 58
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 25
Entertainment........................... 48
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1257

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....................500.......20........15
vanquis........................700.......20........20
next...........................800.......70........33
hsbc...........................1000......20........16
lloyds.........................600.......20........15
argos..........................700.......0.........20
Total unsecured debts..........4300......150.......-

Monthly Budget Summary
Total monthly income.................... 2,034
Expenses (including secured debts)....... 1,257
Available for debt repayments........... 777
Monthly UNsecured debt repayments....... 150
Surplus(deficit if negative)............ 627

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -4,300
Net Assets.............................. -4,300

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

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

Gemmzie

The surplus is massive which means you can afford to pay a lot more off your debts! I'd go for £500 and save £150 as an emergency fund leaving you £127 as a buffer for your outgoings.

Have a look at the snowball - https://www.whatsthecost.com - as I reckon you can batter those debts down pretty well

SouthernSoftie

backontrack wrote: »

Hi all. Not sure if anyone can help but anything you can spot to help me get my costs down (it's for both of us) would be so helpful. These costs arose because of moving back to the UK after being abroad and needing to buy furniture and stuff, not reckless spending on shoes (if only!). Thanks so much for your support x Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1194
Partners monthly income after tax....... 840
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2034

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 30
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50Is that for one or two mobiles? It is high eitherway. I'm assuming as you haven't been back long you can't get a landline or are signed into a contract with your mobiles? Otherwise that is high.
TV Licence.............................. 12
Satellite/Cable TV...................... 58That could be cut down a bit to clear those debts, unless again you have not had the contract long, worth a try though.
Internet Services....................... 0
Groceries etc. ......................... 400Is that for two??!!! If so you need to get onto the money saving old style board for lots of tips to cut down as that is very high.
Clothing................................ 30You could cut that down for a bit too.
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 25Per month for two? Again hgh
Entertainment........................... 48Depends how quick you want those debts gone as that could also be cut down.
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1257

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....................500.......20........15
vanquis........................700.......20........20
next...........................800.......70........33
hsbc...........................1000......20........16
lloyds.........................600.......20........15
argos..........................700.......0.........20
Total unsecured debts..........4300......150.......-

Monthly Budget Summary
Total monthly income.................... 2,034
Expenses (including secured debts)....... 1,257
Available for debt repayments........... 777
Monthly UNsecured debt repayments....... 150
Surplus(deficit if negative)............ 627

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -4,300
Net Assets.............................. -4,300

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

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

You've got quite a lot to play with, and if you cut down you could really get those debts sorted.

Put them all into this snowballer and it will tell you in which order to pay what to get the most from your repayments....
http://www.whatsthecost.com/snowball.aspx

backontrack_2

Thanks - this is with two mobiles - we are locked in a contract, and the 48 entertainment is gym membership as we don't go out or drink or anything . Thanks for the advice

tyllwyd

Your SOA looks pretty healthy - the bit that looks bad to me is the interest rates on your debts. Is Next really 33 % interest? You need to get that paid off asap (and if you get the catalogues, cancel them because they cost a fortune over the year!!)

Have you looked at the snowball calculator at the 'whatsthecost' website to make sure you are paying the debts off in the most efficient way?

GeorgeUK

When was the last ime you took out credit? It may be possible to get a 0% card such as virgin money and transfer some of the high interest debt to 0% for 15 months.

Barneysmom

GeorgeUK wrote: »

When was the last ime you took out credit? It may be possible to get a 0% card such as virgin money and transfer some of the high interest debt to 0% for 15 months.

Yes that's a brilliant idea, pay off everything with a 0% cc and then cut the card up so you can't use it again. Pay that bill off with as much cash per month as possible.
Plus if you could really try and cut down on that large food bill, you could see that debt shrink pretty rapidly.
Or cut down on the food bill and put the saving away towards a break next summer? A treat?

sidnee

Water rates - £0? Are they included in rent?
Car insurance/Tax/.Petrol - I take it you don't own a car...
Internet - £0?
Food - is ridiculously high....!!

Looks like a 0% card is where you need to go... then transfer your highest APR's onto it in order (if the credit limit is lower than the total debt) and pay as much as you can off the rest - the interest rates are crippling!