LP's 2009 masterplan

LilacPixie

SOA as of May 2009.

By that time the debt figures will of changes slightly to reflect payments made between now and then.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1310
Partners monthly income after tax....... 1200
Benefits................................ 200
Other income............................ 0
Total monthly income.................... 2710
Monthly Expense Details
Mortgage................................ 404
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 20 Current amount paid by DD may change
Gas..................................... 20 Current amount paid by DD may change
Oil..................................... 0
Water rates............................. 0 None in scotland they in with ctax
Telephone (land line)................... 10 Part of a 3 for £35 deal
Mobile phone............................ 60 2 mobiles
TV Licence.............................. 12
Satellite/Cable TV...................... 10 Part of a 3 for £35 deal
Internet Services....................... 15 Part of a 3 for £35 deal
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 160 guess based on £20 p/w p/c
Road tax................................ 20 360 per year at current rates
Car Insurance........................... 97 OH big car young age!!
Car maintenance (including MOT)......... 20 we save this amount for MOT
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 15 Oldests gymnastics classes
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 9
Buildings insurance..................... 11
Contents insurance...................... 11
Life assurance ......................... 16
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 70
Total monthly expenses.................. 1468

Assets
Cash.................................... 500
House value (Gross)..................... 87000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 91500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 53250....(404)......6.3
Total secured debts........... 53250.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Student Loans..................9277.94...270.......0
Next Directory.................600.......60........26.49
GE Money.......................9342.94...150.4.....13.42
Car HP.........................1106......276.......0 only 1st May, June,July and August remaining
MBNA...........................362.18....25........34.9 Hopefully will be gone by may
Total unsecured debts..........20689.06..781.4.....-

Monthly Budget Summary
Total monthly income.................... 2,710
Expenses (including secured debts)...... 1,468
Available for debt repayments........... 1,242
Monthly UNsecured debt repayments....... 781.4
Amount left after debt repayments....... 460.6
Personal Balance Sheet Summary
Total assets (things you own)........... 91,500
Total Secured debt...................... -53,250
Total Unsecured debt.................... -20,689.06
Net Assets.............................. 17,560.94
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

LilacPixie

Rough SOA for Feb, March and April:

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 420
Partners monthly income after tax....... 1200
Benefits................................ 200
Other income............................ 0
Total monthly income.................... 1820
Monthly Expense Details
Mortgage................................ 404
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 10
Internet Services....................... 15
Groceries etc. ......................... 250
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 97
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 9
Buildings insurance..................... 11
Contents insurance...................... 11
Life assurance ......................... 16
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 70
Total monthly expenses.................. 1233

Assets
Cash.................................... 500
House value (Gross)..................... 87000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 91500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 53250....(404)......6.3
Total secured debts........... 53250.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Student Loans..................9277.94...270.......0
Next Directory.................600.......60........26.49
GE Money.......................9342.94...150.4.....13.42
Car HP.........................1106......276.......0
MBNA...........................362.18....25........34.9
Total unsecured debts..........20689.06..781.4.....-

Monthly Budget Summary
Total monthly income.................... 1,820
Expenses (including secured debts)...... 1,233
Available for debt repayments........... 587
Monthly UNsecured debt repayments....... 781.4
Amount short for making debt repayments. -194.4
Personal Balance Sheet Summary
Total assets (things you own)........... 91,500
Total Secured debt...................... -53,250
Total Unsecured debt.................... -20,689.06
Net Assets.............................. 17,560.94
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.


:eek: :eek: :eek: :eek:

Oh well its only £200 to find per month. I would like to stress that we have a £500 overdraft on our bank account that we never use so no payments will be defaulted on its more a case of trying to stay out of the overdraft and not use credit card.

I have around £400 of cashback validated in quidco so that will also help.

I am thinking the most obvious thing to do is stop paying into the emergancy fund for 3 months and pare back the grocery spends to bare minimum.

Boy am I now regretting spreading our council tax payments our over 12months instead of 10

moo2moo

Are you sure the amount for benefits is correct? Child benefit goes up in January by £1.20 per week for the first child and 65p for the second child. Child tax credits also increase in April.

£97 in car insurance a month is astronomical. We pay half that and have 2 cars one of which is 2 years old and does 25,000 miles per year with a £50 excess in the event of an accident.

No clothes?With 2 growing children this should be included, even if its just to cover shoes. Mine go through 3 pairs a year each at £18 a pair.

Even if you have an NHS dentist you need to allow something to cover their charges as soon as you are able.

Are the mobiles PAYG or contract?

Temporarily I'd stop the emergency fund and if you do have cupboards full of food use that instead of buying more. Tell the OH you need to empty it to defrost the freezer.

Using the pre-tax figure you supplied the on-line tax and NI calculator says that your OHs take home pay will be £1216.80 each month.

nbbradshaw

Firstly, Good Luck LilacPixie in settling your debt and creating your dream.

You've obviously been listening to a lot of the advice on this site as you're SOA is good except for that car insurance!. Ok we maybe a little older than you and Mr Pixie but we run 2 cars (a band 4 and a band 17) for about 1/3 of your total cost (net of quidco cashbacks). Can you not re-run the cars through the comparison sites and specialist insurers to find out if it's cheaper to switch insurers now rather than waiting for the renewal time?

LilacPixie

Cheers NBbradshaw - Car insurance is the lowest we can get using every conceivable comparison engine I could find.
We have a 9 and a 14, Mr Pixie drives the 9 but at 24 with 2 years no claims and 3 points and licence for 4 years it is a bit of a problem. Not to mention it is modified (need the rolling eyes smily) I on the other had drive the 14 and only £21 of the 97 a month is mine!!! I even had a look at a two car policy, it will save us about £150 a year but only once OH has 3 years no claims which is June. We actually got £240 cashback with our current two policies but that paid our two MOT's in mid 2008. Two cars are essential because of where we live and where we work not to mention the cars are actually one of our few luxury items as neither of us smoke or drink but we do both like our cars.

Moo2Moo - I don't knowif you noticedbut the botton SOA is the pared back minimum for 3 months until I got back to work. Toddler has just went up to a size 6 so we have new shoes. I really can't see her needing others within 3 month but if so then we use some of the £500 wehavein an instant access account from the emergancy fund. Both girls wardrobes are also bursting with current and next size up clothes. We do all have NHS dentists obviously I and the girls are free. Check ups not due until May any emergancy for OH before then will come from our emergancy fund.

I don't think the benefit figures are exact but not far off. we get £123 every 4 weeks in child benefit and £81 ctc but that drops to £40 in July 09. As I said beofrejust a totally rough SOA to see where we are

The main thing is we are able to meet all bills for 3 months

LilacPixie

Ha it only took me almost a month but the complaint forms for the financial ombudsman about welcome finance are complete and ready to send.

I am still worried about money especially over the next 3-4 months until I return to work. On paper we are gonna be OK so I guess I need to just keep strong and only buy the bare minimum of things. Petrol falling in price seems to be helping us, I put £47 in my car on the 22nd December and that filled it. Today I still have over half a tank left. I am quite proud of myself.

Meals are planned for the week, no groceries should need bought until friday and I need to drive minimally (baby clinic to get baby weight on thursday)

LilacPixie

I am pathetic at keeping this thing updated. Well i still have not put petrol in my car :):) So proud or myself. I would imagine I will have to fill her at the weekend tho as I am sitting between the quarter and the empty.

OH got his first monthly payslip. £1220 which is around what we expected, Our energy supplier is putting the direct debt up to £94 amonth for our utilities based on increased usage. increased usage of tumble dryer i'm afraid. It isn't practical to peg out while living in a flat, in winter, with 2 under 3. :rolleyes:

Since OH started his current job he has been on the tax code 603 w1 which apparently doesn't take into consideration the fact he didn't earn for several weeks in mid 2008 as he has a few weeks off for the end of pregnancy, birth, aftermath nor the £60 adjusment we all received in september. aparently he should be due a small rebate If thats true then its all going on the MBNA card.

LilacPixie

See I told you I was absolutly pants at keeping a diary going.

News here is as follows. Car insurance renewals are both in, quotes are now a combined £724(including the interest for paying monthly) instead of the £1180 we were paying. OH points have now expired and he is now over 25. Monthly DD is now £81 but thats over 9 payments instead of 12 plus we switched via quidco for £150 cashback so I am On my soa I will call insurances £81 a month and on our payment free months we can make extra debt payments.

Our council 'froze' council tax this year so that is another plus point. Negitive point is there will probably be zero pay rise for me in April. It is totally expected but was sort of hoping for even a few hundred a year. I hope the tax free allowance will change because that will also make a diffrance.

OH never paid a penny tax in Feb because of paying too much earlier in the year so the MBNA card is now clear but is sitting open. I did call to close and the offered me a 0% BT so i am holding and waiting. Unfortunatly they do not class OH Next Directory account as a credit/store card or I would of switched that.

I have been a bit naughty and have taken a 0% on purchases for 9 months credit card from my bank. It is currently empty but I think we will need to use it soon as it is the prefered option rather than OD. I go back to work 4th May and won't get paid until 29th so I will need petrol for a 30 mile commute 3/5 times a week plus I am heavier than I was before pregnancy so i will need 2 suit jackets, 3-4 pairs of trousers and some shirts. I cannot see me dropping 2 dress sizes in less than 2 months. :rolleyes: Limit is only £500 so no space for insurances or they would be on it.

Quidco has paid out £210 of the £400 validated cashback That is currently our grocery shop money for the month. I have payments pending for multiple mystery shops too which will just bolster our finances a bit and hopefully mean less if no no use of the CC.

My mind is now turning to other debts, We have no MBNA card. Next is sitting at around £520 and should me cleared with first wage end of May, last car hp payment is 1st August.

That means that by september we should only have GE Money loan, my student loan and mortgage left but with a surplus of around £1000 per month. :eek: :eek: . GE month does allow OP's but I think there is a small penalty involved. I wonder if it would be better to save for a settlement. Either way We could be down to student loan and mortgage by mid 2010. :eek:

I keep swearing I will have a proper look at matched betting, so that is on my hit list for this week.

boredofbeingathome

I wonder if it would be better to save for a settlement. Either way We could be down to student loan and mortgage by mid 2010.

I would try for that LP, sounds like it may well be cheaper especially if they charge for overpayments. If the term goes longer you may get a reduction instead.

LilacPixie

The oenalty is something silly like £5 admin charge for every OP which could soon mount up if we overpay 2-3 times a month which may be possible. Ideally i was looking at making a fixed OP plus then adding an additional OP of any cash left at end of month plus quidco/scratchcard/mystery shopping money.

Mortgage I can only OP by £500 a month penalty free so I don't even have the option of putting OP to mortgage.