Finally had my LBM!

Tom_sharples

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 695
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 695
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 60
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 10
Car Insurance........................... 130
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................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 305

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 400
Other assets............................ 0
Total Assets............................ 400

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds TSB CC..................1214.65...100.......27.9
Lloyds TSB overdraft...........1559.72...100.......0
Co-operative O/D...............200.......20........0
Total unsecured debts..........2974.37...220.......-

Monthly Budget Summary
Total monthly income.................... 695
Expenses (including HP & secured debts). 305
Available for debt repayments........... 390
Monthly UNsecured debt repayments....... 220
Amount left after debt repayments....... 170
Personal Balance Sheet Summary
Total assets (things you own)........... 400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,974.37
Net Assets.............................. -2,574.37
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

There we go people. I still live at home with the parents thats why i have no utility bills or anything like that. This is what I would like my finances to be starting from the end of april. However not sure what Lloyds are going to be like regarding the CC an overdraft as both are over their limits.(i have added the charges onto them though) so guna get straight at the end of this month and then start at the end of April with this plan unless anybody can help me get out quicker?

Thanks
Tom

rubyslipper

Tom_sharples wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 695
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 695
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 60
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 10
Car Insurance........................... 130
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................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 305

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 400
Other assets............................ 0
Total Assets............................ 400

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds TSB CC..................1214.65...100.......27.9
Lloyds TSB overdraft...........1559.72...100.......0
Co-operative O/D...............200.......20........0
Total unsecured debts..........2974.37...220.......-

Monthly Budget Summary
Total monthly income.................... 695
Expenses (including HP & secured debts). 305
Available for debt repayments........... 390
Monthly UNsecured debt repayments....... 220
Amount left after debt repayments....... 170
Personal Balance Sheet Summary
Total assets (things you own)........... 400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,974.37
Net Assets.............................. -2,574.37
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

There we go people. I still live at home with the parents thats why i have no utility bills or anything like that. This is what I would like my finances to be starting from the end of april. However not sure what Lloyds are going to be like regarding the CC an overdraft as both are over their limits.(i have added the charges onto them though) so guna get straight at the end of this month and then start at the end of April with this plan unless anybody can help me get out quicker?

Thanks
Tom

I'm still a newbie myself so don't know anywhere near as much as the real veterans of this board, however here are my thoughts for what they're worth!

Your car insurance seems really high. I'm guessing the car isn't a fancy one if it's resale value is £400, but I know being a bloke of 19 means insurance is going to be high anyway. Can you maybe shop around and see if you can bring that down at all? Do you really need the car? It's by far the biggest drain on your resources (as you know!).

Mobile phone - could you maybe get that down a bit from £35? You could try calling your provider and just asked to be put onto the lowest tariff available, especially if you have a landline at home that your parents are happy to let you use.

I don't know the form regarding consolidation loans really but if your CC and o/d are both with Lloyds perhaps they could sort out a loan with an affordable monthly payment, pay off the CC (and cancel it!) and pay off the o/d (and cancel/reduce it). I may get slated for suggesting that but as I say, I'm a newbie so not sure if consolidation loans are a big no no (still learning!). Either way you should speak to Lloyds - they'd much rather know you are aware and want to do something about it.

mogchops

Welcome Tom!!

And well done for taking charge and doing something about it!! If you sort yourself out now, at this young age, you wont be in the mess some of us are in 20 years down the line!!

Does the £60 that you pay for rent to your parents cover all contributions towards gas/electric/food/landline phone/TV etc? If so, goodness me, what lovely parents you have!!

I presume your car insurance is high because of your age, but do check all the comparison sites to see if you can get a better deal.

Good luck & keep posting!

Tom_sharples

Ruby Slipper,

I've tried getting a loan through Lloyds but because of my c**p credit history(mainly due to burying my head in the sand) then no1 will touch me with a bargepole. Plus got scammed by Yesloans :@ so determined to get through this on my own, yes it will cost me a little bit more in the long run but hey thats the price we pay for hiding from our problems.

the girlfriend is now onside , it is going to cost me a holiday mind you but that is once i am out of debt and have saved up for it.

Tom_sharples

Mog chops,

Yes it does however they eat a lot of take aways which i have now been cut out of and i dont use the house phone but even so it is an amazingly good deal.

I'm afraid that with the insurance that is the cheapest i can get and tht is being on my Mums insurance aswell which isnt ideal.

Guna ring up the phone provider later and reduce the price plan hopefully.

MSE is an amazing resourc it'se really made me determined to do this.

Thanks for the advice guys.
Tom

rubyslipper

Tom_sharples wrote: »

Ruby Slipper,

I've tried getting a loan through Lloyds but because of my c**p credit history(mainly due to burying my head in the sand) then no1 will touch me with a bargepole. Plus got scammed by Yesloans :@ so determined to get through this on my own, yes it will cost me a little bit more in the long run but hey thats the price we pay for hiding from our problems.

the girlfriend is now onside , it is going to cost me a holiday mind you but that is once i am out of debt and have saved up for it.

Oh fair enough! Well done for accepting that you need to get through it using perseverance, determination and sacrifice - that's a brilliant attitude! :T

Tom_sharples

Ruby Slipper,

Lets just hope I dont fall off the band wagon though.

Never been any good with resisting temptation sure Im guna be on here an awful lot.

Tom

rubyslipper

Tom_sharples wrote: »

Ruby Slipper,

Lets just hope I dont fall off the band wagon though.

Never been any good with resisting temptation sure Im guna be on here an awful lot.

Tom

Oh believe me, the only thing I can't resist is temptation!! I've spent years frittering money away believing that one day someone else will sort it out for me or it'll all just go away and have basically just had the lightbulb explode over my head in a major way (about 2 weeks ago). I'm not saying I'm not going to fall off the wagon but with the help off this amazing website I am going to try really hard not to! We can totally get through it! :beer:

Tom_sharples

Ruby Slipper,

Well both our light bulbs exploded round the same time I'll be your debt buddy and you can be mine. Im sure we'll get through this with the help of each other and mainly the experts on mse.

Tom

rubyslipper

Tom_sharples wrote: »

Ruby Slipper,

Well both our light bulbs exploded round the same time I'll be your debt buddy and you can be mine. Im sure we'll get through this with the help of each other and mainly the experts on mse.

Tom

You're on, buddy! You're already much braver than me, I'm gearing up to post my own thread and let everyone see what's occuring (said in Gavin & Stacey voice).
I've joined the Sealed Pot Challenge by the way. It's really made me think about what I'm doing with all my spare change plus they're a really nice group of people. If you fancy joining up then this is the link:

http://forums.moneysavingexpert.com/showthread.html?t=1327603

Meant to say well done for getting your GF on board (I know us girls can be scary sometimes but we're lovely really - LOL).