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Any Suggestions or Help
Smjo
Posts: 8 Forumite
I don't know if I should have posted a new thread or not but just wanted some help or suggestions . I am currenlty over 12,000 in debt and it seems to be getting worse. I try and follow a careful budget , although I have two young children. Our joint monthly income is £2050 but so much of this is swallowed up in debt repayment and a morgage of £750 - Any suggestions on how to save money welcome
Total Debt August 2008 £12,303.33:mad:
Virgin CC £194.93 Argos 220.00 Car Loan £1017.87Northern Rock Loan £4000 Abbey CC £4725 (0%)
HSBC £4.57 Next £162 Store Card £379.05
0
Comments
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do you have a SOA you can post and we can have a look and see what your spending and repaying in debt?0
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Hi & welcome to MSE!
Why dont you pop up a SOA & we will do our best to help.
Sure someone will be along wth a link for you soon.
On a positive note sure you will pay off HSBC soon which will give you a boost!I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Here is a breakdowen of spending
£ 10.00
Virgin minimum
£ 125.00 Utility Warehouse ( Gas & Electric) £ 27.66 Apex Car Insurance £ 15.34 Next Mark £ 5.00 Abbey Credit Card Minimum £ 40.00 ING Car Account £ 20.00 ING Clothes £ 20.00 ING Christmas £ 6.00 ING School Stuff £ 100.00 Childcare £ 131.73 Northern Rock £ 19.85 First National (Kitchen Table)£8.97Tesco DVD Rental £ 27.83 Talk Talk (Carphone Warehouse) £ 30.99 Apex Home Insurance £ 742.22 Morgage £ 117.86 Car Repayment £ 9.95 TV Licence £ 12.95 Legal & General £ 21.00 Water £ 19.00 Sky £ 111.00 Council Tax £ 1,622.35
I spend about £60.00 on shopping (aldis) and 20.00 on petrolTotal Debt August 2008 £12,303.33:mad:Virgin CC £194.93 Argos 220.00 Car Loan £1017.87
Northern Rock Loan £4000 Abbey CC £4725 (0%)
HSBC £4.57 Next £162 Store Card £379.050 -
Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
think this is right
[tt]
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1022.78
Partners monthly income after tax....... 854.77
Benefits................................ 205.8
Other income............................ 0
Total monthly income.................... 2083.35
Monthly Expense Details
Mortgage................................ 744
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 111
Electricity............................. 50
Gas..................................... 75
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 27.66
Mobile phone............................ 0
TV Licence.............................. 9.95
Satellite/Cable TV...................... 19
Internet Services....................... 0
Groceries etc. ......................... 60
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 27
Car maintenance (including MOT)......... 45
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 100
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 30.99
Contents insurance...................... 0
Life assurance ......................... 12.95
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1373.55
Assets
Cash.................................... 0
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 125900
Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 102000...(744)......6.6
Total secured debts........... 102000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Abbey CC.......................4725......5.........0
Virgin Credit Card.............194.93....10........18
Northen Rock...................4000......130.......7
Furniture Store................362.......19.95.....28
Next Acc.......................162.46....16........0
Car loan.......................1017.25...117.......0
Argos..........................220.......8.........28
Total unsecured debts..........10681.64..305.95....-
Monthly Budget Summary
Total monthly income.................... 2,083.35
Expenses (including secured debts)....... 1,373.55
Available for debt repayments........... 709.8
Monthly UNsecured debt repayments....... 305.95
Surplus(deficit if negative)............ 403.85
Personal Balance Sheet Summary
Total assets (things you own)........... 125,900
Total Secured debt...................... -102,000
Total Unsecured debt.................... -10,681.64
Net Assets.............................. 13,218.36
Created using the SOA calculator at https://www.makesenseofcards.com. [/tt]
======== 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.Total Debt August 2008 £12,303.33:mad:Virgin CC £194.93 Argos 220.00 Car Loan £1017.87
Northern Rock Loan £4000 Abbey CC £4725 (0%)
HSBC £4.57 Next £162 Store Card £379.050 -
Hi there, welcome and the hard bit is done now.
A few quick observations about your SOA:
a) your debt total in your signature and that in your SOA don't match
b) do you really only spend £60 a MONTH on groceries??The good you do comes back to you.DFW Long haul supporters No: 134
0 -
think this is right
[tt]
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1022.78
Partners monthly income after tax....... 854.77
Benefits................................ 205.8
Other income............................ 0
Total monthly income.................... 2083.35
Monthly Expense Details
Mortgage................................ 744
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 111
Electricity............................. 50 - This seems very high, are you paying off arrears?
Gas..................................... 75 - as above
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 27.66
Mobile phone............................ 0
TV Licence.............................. 9.95
Satellite/Cable TV...................... 19
Internet Services....................... 0
Groceries etc. ......................... 60 - per month for 4 of you? I can't feed myself on that much
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 27
Car maintenance (including MOT)......... 45
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 100
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 30.99
Contents insurance...................... 0
Life assurance ......................... 12.95
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1373.55
Assets
Cash.................................... 0
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 125900
Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 102000...(744)......6.6
Total secured debts........... 102000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Abbey CC.......................4725......5.........0
Virgin Credit Card.............194.93....10........18
Northen Rock...................4000......130.......7
Furniture Store................362.......19.95.....28
Next Acc.......................162.46....16........0
Car loan.......................1017.25...117.......0
Argos..........................220.......8.........28
Total unsecured debts..........10681.64..305.95....-
Monthly Budget Summary
Total monthly income.................... 2,083.35
Expenses (including secured debts)....... 1,373.55
Available for debt repayments........... 709.8
Monthly UNsecured debt repayments....... 305.95
Surplus(deficit if negative)............ 403.85
Personal Balance Sheet Summary
Total assets (things you own)........... 125,900
Total Secured debt...................... -102,000
Total Unsecured debt.................... -10,681.64
Net Assets.............................. 13,218.36
Created using the SOA calculator at www.makesenseofcards.com. [/tt]
======== 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 have a surplus of £400 so should be managing fine. Have you tried keeping a spending diary to see where this goes?
0 -
think this is right
[tt]
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1022.78
Partners monthly income after tax....... 854.77
Benefits................................ 205.8
Other income............................ 0
Total monthly income.................... 2083.35
Monthly Expense Details
Mortgage................................ 744
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 111
Electricity............................. 50 *can you not get a duel deal for gas & elec*?
Gas..................................... 75
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 27.66 *seems quite high - have you tried for a lower deal?*
Mobile phone............................ 0
TV Licence.............................. 9.95
Satellite/Cable TV...................... 19
Internet Services....................... 0
Groceries etc. ......................... 60 *Is this per week / month?*
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 27
Car maintenance (including MOT)......... 45 *This is high*
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 100
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 30.99
Contents insurance...................... 0 *Why no contents insurance?*
Life assurance ......................... 12.95
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1373.55Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
Soorry - I spend about 60.00 per week or 240 a month - the £27.99 inlcudes line rental and broad band (talk talk) reccommended on one of the emails and the bulidings and contents are paid combined for £30.99. I live on a pretty strci budget but only may the minimun so debt never really seems to go down.Total Debt August 2008 £12,303.33:mad:Virgin CC £194.93 Argos 220.00 Car Loan £1017.87
Northern Rock Loan £4000 Abbey CC £4725 (0%)
HSBC £4.57 Next £162 Store Card £379.050 -
will try the diary and see where the money goesTotal Debt August 2008 £12,303.33:mad:Virgin CC £194.93 Argos 220.00 Car Loan £1017.87
Northern Rock Loan £4000 Abbey CC £4725 (0%)
HSBC £4.57 Next £162 Store Card £379.050
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