Its scarey when you write it all down

mar1e

Oh dear oh dear oh dear, This is frightening I have done the snowball and I am finding that useful. The one good thing to say I suppose is I am up to date with all payments and have never missed any, however saying that I dont particularly want any of the debts listed either. So with the help of the PAD and the NSD threads and continue with my payments Im hoping to get rid of these as soon as is possible

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 2132.45
Partners monthly income after tax....... 0
Benefits................................ 699.8
Other income............................ 175
Total monthly income.................... 3007.25
Monthly Expense Details
Mortgage................................ 958.3
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 73
Electricity............................. 38
Gas..................................... 38
Oil..................................... 0
Water rates............................. 59.44
Telephone (land line)................... 22
Mobile phone............................ 25
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 15
Car Insurance........................... 39
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 314
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2065.69

Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 143500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 130000...(958.3)....0
Total secured debts........... 130000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Egg CC.........................6019......128.......23
mint...........................3150......75........28
Cap one 1....................761.......38.9......32
Tax credit overpaymen..........473.04....39.42.....0
cap 1 ACC 3....................1020......51.32.....33
next...........................541.94....51.08.....26.49
halifax........................1439.6....28.88.....19.9
cap 1 ACC 2...................360.8.....39.17.....33
littlewoods....................1835......250.......0
Aqua...........................1248......48.92.....33.9
barclaycard....................346.38....7.35......27
CITI...........................246.63....8.82......38
simply be......................542.6.....27.4......28
vanquis........................229.......20........41
oli............................15.02.....5.........0
Total unsecured debts..........18228.01..819.26....-

Monthly Budget Summary
Total monthly income.................... 3,007.25
Expenses (including secured debts)...... 2,065.69
Available for debt repayments........... 941.56
Monthly UNsecured debt repayments....... 819.26
Surplus(deficit if negative)............ 122.3
Personal Balance Sheet Summary
Total assets (things you own)........... 143,500
Total Secured debt...................... -130,000
Total Unsecured debt.................... -18,228.01
Net Assets.............................. -4,728.01
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

crazyhazy

Is there any way you can reduce some of your outgoings? How many people is your grocery budget for? the old style board has lots of tips for reducing shopping costs. Have you got the best deals for car & home ins?

paybacktime2008

Is your mortgage interest only? Might be worth switching for a year and use extra money to bash the credit cards.

mar1e

There are 5 people in my household. Car insurance is with Halifax and it was the cheapest deal at the time taken in October with £40 cash back through quidco to as was the house insurance. I have done the SOA as tax credit have recently informed me that I have overpayments dating back to 2002 at approx £5900 so they are asking me to do an income and expenditure with them. This is what prompted me to do the SOA so I dont forget anything.

Marie

mar1e

paybacktime2008 wrote: »

Is your mortgage interest only? Might be worth switching for a year and use extra money to bash the credit cards.

No It was a new mortgage taken out in May of this year I was not able to take out a interest only but they did allow me to extended the terms for 2 years to release some cash.

slummymummyof3

Are you doing your childcare vouchers through your employer? You can save some money this way.
You could probably chop your grocery bill quite considerably by bulking out chilli/spag bol with lentils etc. Cooking from scratch without jars of sauces will make a big difference.
Bulk buy when there are bogof offers on items that you use regularly and stock up -perhaps get a friend to go halves with you.

Smamfer

Good luck on your journey, being up to date with everything starts you off on the right foot as you are already budgeting for things that need paying, plus by looking through the boards and threads im sure you will, like many others find ways to cut back and bargain hunt.

May i ask though if its not too personal, how with a very good salary do you manage to get nearly £700 in benefits! ... i bring home about half of what you do and only get about 150 a month

Wookey

Hi there, its allways scary when you take a hard look at where its all going, you are + though which is a big help.

Secured Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 130000...(958.3)....0
Total secured debts........... 130000....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Egg CC.........................6019......128.......23
mint...........................3150......75....... .28
Cap one 1....................761.......38.9......32
Tax credit overpaymen..........473.04....39.42.....0
cap 1 ACC 3....................1020......51.32.....33
next...........................541.94....51.08.... .26.49
halifax........................1439.6....28.88.... .19.9
cap 1 ACC 2...................360.8.....39.17.....33
littlewoods....................1835......250...... .0
Aqua...........................1248......48.92.... .33.9
barclaycard....................346.38....7.35..... .27
CITI...........................246.63....8.82..... .38
simply be......................542.6.....27.4......28
vanquis........................229.......20....... .41
oli............................15.02.....5........ .0
Total unsecured debts..........18228.01..819.26....-

You have quite a number of debts but a lot of them are for quite small sums yet they have a fairly high min payment, vanquis at 41% apr should be cleared asap, i would also get the oli one cleared as its only £15, 2 months max would see them removed and will free up £25 extra to throw at next, chucking your £120+£25 should see it cleared in about another 5 months. After that then work on either the aqua or the cap 1 acc 3 debt, personally i would target the one with the higher min payment as it will free more money up once its cleared and apr's are very similar.

If you can make good savings on your household budgets then with a bit of effort you can make good inroads into a lot of these quite quickly. GL in your quest.

mar1e

Smamfer wrote: »

Good luck on your journey, being up to date with everything starts you off on the right foot as you are already budgeting for things that need paying, plus by looking through the boards and threads im sure you will, like many others find ways to cut back and bargain hunt.

May i ask though if its not too personal, how with a very good salary do you manage to get nearly £700 in benefits! ... i bring home about half of what you do and only get about 150 a month

I have 4 children of school age £225.80 is Child benefit and £474 is tax credits which include child care

mar1e

slummymummyof3 wrote: »

Are you doing your childcare vouchers through your employer? You can save some money this way.
You could probably chop your grocery bill quite considerably by bulking out chilli/spag bol with lentils etc. Cooking from scratch without jars of sauces will make a big difference.
Bulk buy when there are bogof offers on items that you use regularly and stock up -perhaps get a friend to go halves with you.

Yes i do pay for child care via my salary. I do cook from scratch I use the slow cooker alot due to being out at work during the day

mar1e

Wookey wrote: »

Hi there, its allways scary when you take a hard look at where its all going, you are + though which is a big help.

Secured Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 130000...(958.3)....0
Total secured debts........... 130000....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Egg CC.........................6019......128.......23
mint...........................3150......75....... .28
Cap one 1....................761.......38.9......32
Tax credit overpaymen..........473.04....39.42.....0
cap 1 ACC 3....................1020......51.32.....33
next...........................541.94....51.08.... .26.49
halifax........................1439.6....28.88.... .19.9
cap 1 ACC 2...................360.8.....39.17.....33
littlewoods....................1835......250...... .0
Aqua...........................1248......48.92.... .33.9
barclaycard....................346.38....7.35..... .27
CITI...........................246.63....8.82..... .38
simply be......................542.6.....27.4......28
vanquis........................229.......20....... .41
oli............................15.02.....5........ .0
Total unsecured debts..........18228.01..819.26....-

You have quite a number of debts but a lot of them are for quite small sums yet they have a fairly high min payment, vanquis at 41% apr should be cleared asap, i would also get the oli one cleared as its only £15, 2 months max would see them removed and will free up £25 extra to throw at next, chucking your £120+£25 should see it cleared in about another 5 months. After that then work on either the aqua or the cap 1 acc 3 debt, personally i would target the one with the higher min payment as it will free more money up once its cleared and apr's are very similar.

If you can make good savings on your household budgets then with a bit of effort you can make good inroads into a lot of these quite quickly. GL in your quest.

I have used the snowball tool to help sort through these debts which I have found very useful so I am working with what that dictates for now.