Am I Getting There???????

hopehope

Hi all,

I am another lingerer and I have been for ages:rolleyes: , but I have had my lightbulb moment:T and I plan to get out of this debt that I am in once and for all!!
Any help, ideas etc are greatly appreciated.
So here goes with my debt

Virgin Card- £1440
Barclays Overdraft- £520
HBOS Overdraft- £3500:eek:
Mum- £150.

My outgoings are
152- council tax
35- mobile phone (contract getting cancelled in March)
60-phone/internet/tv package- I have tried getting this cheaper but they say that they cant do it any cheaper!!
47- car insurance (again due for renewal April I can get for £25)
225- car finanace
75- nursery fees
480- mortgage
32- insurance-life/buildings and contents
50- direct debit to Virgin credit card- I am paying way over minimum payment
77- electricity
22-OH contact lenses.

So my total direct debits each month are £1254

Our joint incomes are £2030.

I am hoping to pay another £600 to Virgin card but my car is due its MOT so I have to wait and see what the damage is for that!!!

I have cut right back on groceries. I filled my fridge, freezer and cupboards last weekend and spent £90 so all I should need to buy over the next few weeks are milk, bread, cheese.

I am also going away for three nights with friends but I am putting stuff on ebay topay for this.

I was going to post SOA but I dont know how to get it??????

Sorry for going on and on but I need to get this cleared

xxxxxxxxxxx

MrsTinks

The link to do an SOA is http://www.makesenseofcards.com/soacalc.html

well done for taking the first steps!

bank_of_slate

Make sure you join a cashback site like Quidco and renew your car insurance through it!
...Linda xx

hopehope

Well here goes I just hope that I have done it correctly??:rolleyes:


[tt]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 1030
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2030
Monthly Expense Details
Mortgage................................ 480
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 152
Electricity............................. 77
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 60
Mobile phone............................ 35
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 70
Road tax................................ 15
Car Insurance........................... 47
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 75
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 12
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1414

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 5500
Other assets............................ 0
Total Assets............................ 135500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 85000....(480)......6
Total secured debts........... 85000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
virgin card....................1440......50........15
barclays overdraft.............520.......0.........NaN
hbos overdraft.................3500......0.........NaN
mum............................150.......0.........0
Total unsecured debts..........5610......50........-

Monthly Budget Summary
Total monthly income.................... 2,030
Expenses (including secured debts)...... 1,414
Available for debt repayments........... 616
Monthly UNsecured debt repayments....... 50
Amount left after debt repayments....... 566
Personal Balance Sheet Summary
Total assets (things you own)........... 135,500
Total Secured debt...................... -85,000
Total Unsecured debt.................... -5,610
Net Assets.............................. 44,890
[/tt]

:T :T :T :T :T :T :T :T :T :T :T :T :T :T

hopehope

I am just about to start listing on ebay - a task that I hate!!!!
OH going to take the pictures for me but I get left to do the liting , packing etc

Oh well, all worth it really!!

Thanks for your help!! xxx

whatatwit

Hi, well done for posting.

Your council tax looks high, are you paying off arrears?

Your SOA shows a healthy surplus, do you have that much money left over?

It might help to keep a spending diary for a while and keep a note of all your grocery spends as this is where the money tends to vanish to.

Looks as though you will soon be debt free.

**kym**

The council tax was my immediate thought too - these seems a lot for a £130k house - are you paying over 10 months or twelve?

And again a spending diary to keep track of where that supposed surplus actually goes... if you can keep within the spending limits you've quoted above, a £566 surplus each month will repay your unsecured debts in only 10 months - is this your target?

One more small thing - the contact lens bill seems high - i wear 30 day leave-in breathables from specsavers and these are £13 per month with aftercare and solutions - previously i paid £22 for the same product from optical express - and i believe its even cheaper from online providers. Only a small one but every little helps!

Good luck x

hopehope

Hi there,
no I am not paying council tax arrears- I pay over 10 months, but I am going to look in to spreading it over 12 months.
On the plus side I do not have to pay any council tax for the next 2 months whoopee!!!:p
I do not have a clue where our money goes although I have been paying about £200-400 per month on our credit card so I have reduced it quite a bit so far as it was about £2500.
I am just so impatient and I want it all paid off now:o lol!!

Thanks to everyone that is giving me ideas-
I am going to keep a spending diary and try to write it all on here to keep me motivated.

My hubby is hopeless with money and paying bills etc so I deal with all our money so it is good to talk to other people and get good ideas,
Thanks all xxx

hopehope

Hi Kym,

regarding council tax I am a band D and live in an area where the council tax is very high- that cost is for a 2 bed terrace by the way:eek:

My OH used to use those lenses but he prefers the ones he uses now- daily lenses- they have came down by £3 as they use to be £25.

My aim is to debt free asap as I hate the feeling of owing money.

Alot of our debt was built up when I went on SMP after having my baby.
We had saved money for the baby coming but ended up buying a bigger house to accomodate us all and I now work part time whreas before baby I worked full time.

We are getting there slowly but surely.

Thanks again everyone for their suggestions:T :T

Numpty_Monkey

Just a quick note aboit your phone, you can get phone/broadband packages for under £20
And check all your insurance costs use comparison sites and get them through cashback sites
Martins article explains it all
http://www.moneysavingexpert.com/insurance/

Well done on the spending diary:T

How much are you paying on the ODs?

hopehope

Hi,
thanks numpty monkey.

I have looked in to the comparison sites and found that my car insurance will work out £22 cheaper- thats due for renewal in April so will defo change.
My building and contents insurance is the cheapest I can get.
Life insurance I will look in to as well.

My OH is far too attached to our Virgin Plus box so there is no way he would give that up

Thanks for your ideas you have defo gave me some things to investigate, lol xx