HI not sure what to do, have filled in soa were to go from here please help

cmac7875

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 650
Partners monthly income after tax....... 0
Benefits................................ 132
Other income............................ 600
Total monthly income.................... 1382
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 49
Gas..................................... 49
Oil..................................... 0
Water rates............................. 49
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 258
Clothing................................ 50
Petrol/diesel........................... 30
Road tax................................ 11
Car Insurance........................... 0
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 300
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.................. 881

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
egg............................3800......108.......17.9
virgin.........................2800......80........0
barclaycard....................700.......15........0
hsbc flexi loan................1998......86........0
hsbc persoal loan .............4994......139.9.....0
Total unsecured debts..........14292.....428.9.....-

Monthly Budget Summary
Total monthly income.................... 1,382
Expenses (including HP & secured debts). 881
Available for debt repayments........... 501
Monthly UNsecured debt repayments....... 428.9
Amount left after debt repayments....... 72.1
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,292
Net Assets.............................. -13,292

cmac7875

I,m just a bit confused & not sure how to work things out as i would like to be debt free ASAP but when i work things out it looks like it might take about 40yrs :eek: & would be so grateful from any advice as the people on here seem to be shiffting there debt.

The hbsc per loan still has another 35 mths to run.

Tixy

Hi Cmac and welcome

What does the extra £600 income relate to?

I assume you get housing benefit & council tax benefit which is why these don't appear?

Water is quite high - will your LL allow you to change to a meter as you could save a bit here.

Mobile is quite high (is this just you or do the children have them) check you are on the best tariff, consider dropping down a tariff & using less or going PAYG.

Incidentally how old are the children?

Groceries seem high - I think you should be able to reduce this quite a bit. Loads of advice on the oldstyle board for cheap healthy meals, try the drop a brand challenge, meal plan for the week ahead and cook meals from scratch rather than ready meals and takeaways)

You've put nothing for car insurance? If you pay in advance then put 1/12 of the cost here so you can save up for the next premium.

Can childcare/nursery reduce its high compared to your income? Any chance this will reduce fairly soon e.g if kids are about to go to school?

No contents insurance? no haircuts? no entertainment at all? Its best to budget a little here so that you aren't spending on credit cards if you do need something.

I think the best thing for you may be to get some professional free advice from a debt charity (CCCS or Payplan) there may be a little wait for an appointment but they may be able to advise and they may be able to help you get interest frozen on some of your debts for 6months or so.

Well done for posting. Good Luck

poorandindenial

cmac7875 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 650
Partners monthly income after tax....... 0
Benefits................................ 132
Other income............................ 600
Total monthly income.................... 1382
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 49 these are high, £100 on energy per month :eek: are you doing the usual like only having on heating when you really need it, not using tumble dryer (eats the leccy) using energy saving lightbulbs etc etc
Gas..................................... 49
Oil..................................... 0
Water rates............................. 49 this is high too - are you on a meter?
Telephone (land line)................... 0
Mobile phone............................ 50 this is high too, I only have a mobile (no landline in my flat) and it is £25 for 600 mins and unlimited texts with vodafone. Lots of peeps find it is cheaper to go payg.
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 258 you can get this down to at least £200 with a bit of meal planning and old style cooking - there is a whole board devoted to old style living that can help with this
Clothing................................ 50 ditch this for a bit - consider using freecycle for clothes for the kids
Petrol/diesel........................... 30
Road tax................................ 11
Car Insurance........................... 0
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 300
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 you should really have this
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0 really none??
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 881

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
egg............................3800......108.......17.9
virgin.........................2800......80........0
barclaycard....................700.......15........0
hsbc flexi loan................1998......86........0
hsbc persoal loan .............4994......139.9.....0
Total unsecured debts..........14292.....428.9.....-

Monthly Budget Summary
Total monthly income.................... 1,382
Expenses (including HP & secured debts). 881
Available for debt repayments........... 501
Monthly UNsecured debt repayments....... 428.9
Amount left after debt repayments....... 72.1 this is good news as it means you should already have this to overpay debts, have you used the snowball calculator yet?
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,292
Net Assets.............................. -13,292

post too short

GeorgeUK

No mortgage or rent?
Is this taken care of by housing benefit?

Can you tell us the APR's for those other cards and loans?

If you have any surplus left at the end of the month, it's usually best to pay the minimum to all debts and throw the rest at the debt with the highest APR so that you are reducing the amount of interest you are paying.