Time to sort our lives out!

TotallyBroke

*depressed* wrote: »

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Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 1050
Total monthly income.................... 2050
Monthly Expense Details
Mortgage io................................ 820[FONT]
Council tax............................. 125
Electricity............................. 18
Gas..................................... 20
Water rates............................. 18
Telephone (land line)................... 12
Mobile phone............................ 50 See if these can be dropped down a tariff or 2.
Satellite/Cable TV...................... 19
Groceries etc. ......................... 120
Clothing................................ 10
Petrol/diesel........................... 90
Road tax................................ 10
Car Insurance....................... 47
Car maintenance (including MOT)......... 10
Other travel............................ 40
Buildings insurance..................... 6
Contents insurance...................... 6
Life assurance ......................... 12
Presents (birthday, christmas etc)...... 10
Entertainment........................... 10
Total monthly expenses.................. 1465

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 137000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 135000...(820)......7
Total secured & HP debts...... 135000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
A&L loan.......................9000......230.......15
Debenhams cc...................3500......135.......16
Barclaycard....................1700......35........0
lloyds (old loan)..............4000......0.........0
Nana (car loan.................2500......0.........0
Parents........................2000......0.........0
Lloyds.........................5000......160.......7
Total unsecured debts..........27700.....560.......-

Monthly Budget Summary
Total monthly income.................... 2,050
Expenses (including HP & secured debts). 1,465
Available for debt repayments........... 585
Monthly UNsecured debt repayments....... 560
Amount left after debt repayments....... 25
Personal Balance Sheet Summary
Total assets (things you own)........... 137,000
Total HP & Secured debt................. -135,000
Total Unsecured debt.................... -27,700
Net Assets.............................. -25,700

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and this is for when we move out

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 1050
Other income............................ 0 I suggest you put here the income you will be getting for renting your property
Total monthly income.................... 2050
Monthly Expense Details
Mortgage................................ 0Still put your mortgage figure here
Secured/HP loan repayments.............. 0
Rent.................................. 270 Change this to the board you want to pay OH's parents
Management charge (leasehold property).. 0 I would change this heading and put the monthly amount for gas certs and costs for letting out property
Mobile phone............................ 50 Ring and see if you can drop down a tariff or 2
Satellite/Cable TV...................... 19
Groceries etc. ......................... 120 This will be included in your board to OH's parents
Clothing................................ 10
Petrol/diesel........................... 90
Road tax................................ 10
Car Insurance........................... 47Will this change when you put down new address?
Car maintenance (including MOT)......... 10
Other travel............................ 40
Buildings insurance..................... 6
Contents insurance...................... 6 You won't need this unless you are renting out furnished
Life assurance ......................... 12
Presents (birthday, christmas etc)...... 10
Entertainment........................... 10
Total monthly expenses.................. 710
You can shave quite a bit off this, especially as OH's parents are being very generous and do not want anything from you both
Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 137000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 135000...(0)........7
Total secured & HP debts...... 135000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
A&L loan.......................9000......230.......15
Debenhams cc...................3500......135.......16
Barclaycard....................1700......35........0
lloyds (old loan)..............4000......0.........0
Nana (car loan.................2500......0.........0
Parents........................2000......0.........0
Lloyds.........................5000......160.......7
Total unsecured debts..........27700.....560.......-

Monthly Budget Summary
Total monthly income.................... 2,050
Expenses (including HP & secured debts). 710
Available for debt repayments........... 1340
Monthly UNsecured debt repayments....... 560
Amount short for making debt repayments.
Personal Balance Sheet Summary
Total assets (things you own)........... 137,000
Total HP & Secured debt................. -135,000
Total Unsecured debt.................... -27,700
Net Assets.............................. -25,700


Any money left over will go off debt, and possibly board to OHs parents
Thanx for reading i jus needed to get it off my chest

Stacey x

The second soa shows a surplus of £1300 I think you could stretch that to £1400 easily. Are your interest rates correct on your loans. Is your Barclaycard really 0% if it is then what is the limit? If it is not then I would get rid of it first. In two months it will almost have been paid it off. This will give you another £35 to pay off another debt. I would then pay everything on the Debenhams credit card. Next for me personally would be Nana and parents. Then the two Lloyds loans and then the A&L one. You could be debt free by the start of 2011. Not bad really, cut back on clothing etc and use OH's parents generosity and it could be months earlier.

*depressed*

Hi thanx for ya help

i wasnt sure how to do the soa for when we move out so thanx i will do it again, we have come to the agreement that we will give OH parents £100 a month which includes out food etc

our mobiles both cant be cut down yet, but i will try again in the summer! and our house will be let furnished so we still need the contents insurance. Unfortunatly our car insurance wont change as his parents only live around the corner too

Yea the b/card is 0% but its limit is only £1700 (so maxed) and we have to b/t our debenhams over to them or part of it but they refused.

I think we will leave the parents and nanas loans till last, just due to the fact they dont need the money back in any hurry, there is no interest and also no monthly payments. We are still going to try and get second jobs and hopefully pay it all off even faster! I am happy to stay skint for the next 18 to 24 months to clear the debt

xxx

*depressed*

p.s thanks kindofagilr i have always been quite mature for my age, apart from the debt i jus cant wait to have this all paid off and i am looking forward to moving out in return of seein our balances going down

xxx

angelicmary85

*depressed* wrote: »

p.s thanks kindofagilr i have always been quite mature for my age, apart from the debt i jus cant wait to have this all paid off and i am looking forward to moving out in return of seein our balances going down

xxx

I'm far too mature for my age! :rolleyes: I think I missed out on loads of fun because I was always the sensible one...regretting it now though and I'm still only 23!!! :rotfl:

I've not got much debt left to pay off now so hopefully I'll beat you to it!

*depressed*

haha good luck i was sayin to OH last night, he is 25 this year, so if we dont move out (which he is wingin about) he will be 30 by the time we are debt free that gave him a shock hahah

xxx

TotallyBroke

*depressed* wrote: »

Hi thanx for ya help

i wasnt sure how to do the soa for when we move out so thanx i will do it again, we have come to the agreement that we will give OH parents £100 a month which includes out food etc Well that is fantastic, well done OH's parents. Show your appreciation by doing the majority of the housework

our mobiles both cant be cut down yet, but i will try again in the summer! Have you tried ringing them, you'll be surprised, so many people are getting in debt with mobiles that I think they would rather get any money than none
and our house will be let furnished so we still need the contents insurance. You will need to tell them that you are renting out the propertyUnfortunatly our car insurance wont change as his parents only live around the corner too The good news is it won't increase

Yea the b/card is 0% but its limit is only £1700 (so maxed) and we have to b/t our debenhams over to them or part of it but they refused. When does the 0% finish?

I think we will leave the parents and nanas loans till last, just due to the fact they dont need the money back in any hurry, there is no interest and also no monthly payments. We are still going to try and get second jobs and hopefully pay it all off even faster! I am happy to stay skint for the next 18 to 24 months to clear the debt

xxx

If the 0% on the Barclaycard does not run out in the near future I would overpay on the Debenhams card. Get that down as low as possible and only pay minimum on the Barclaycard.
If your parents and Nana are in no hurry then great leave their debt until last. You could have Debenhams gone by August, A&L in April next year which would be fantastic.
Play around with https://www.whatsthecost.com and then choose snowballing, enter all the details and it will give you an estimated debtfree date.

*depressed*

Hey

i have jus sorted out our home insurance this morning and thats stayin the same price so i am happy with that!

The barclaycard is a staff one so it still has another 18 months left on 0%, the plan is to pay off debenhams first, then a&l then lloyds

basically on order of my signature i think

xxx

TotallyBroke

Naughty naughty, your signature is different to your soa lol

I would guess that DFS is 0% interest.
I think your order should be based on what you have said, Debenhams, A&L, Barclays (you will be 6months away from your 0% running out so will need to pay it off before you get hit with high interest rate) Lloyds newer debt. By then your DFS loan will have finished. Lloyds old debt and lastly family.

Well done

*depressed*

i didnt realise my soa and debt where different i will have to go and sort that out lol

and yea the dfs is 0%

xxx

*depressed*

ah yea now i see how its different, i had put the 5k loan to lloyds but when i worked out how much i have paid off its around 3.5k now hahah

xxx