Hard against the wall

westie666

Folks,
Really needing some help just now.
There will be questions, I will answer them......please help!!!!
Credit score shot to b*ggery as a lot of missed / late payments.

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.................... 2

Monthly Income Details
Monthly income after tax................ 1042
Partners monthly income after tax....... 1400
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 2602

Monthly Expense Details
Mortgage................................ 490
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120 <i> cannot make over 12. x1 missed payment</i>
Electricity............................. 35
Gas..................................... 45
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 15
Mobile phone............................ 130 <i>mobiles are still within contract periods. This is for 3 [I know, dont shout]
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 22
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 300 <i>this is for two cars covering work driving and general milage </i>
Road tax................................ <i>25</i> price for two cars
Car Insurance........................... <i>53</i> price for two cars
Car maintenance (including MOT)......... 0 <i>nothing budgeted</i>
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..................... 8
Contents insurance...................... 8
Life assurance ......................... 21
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1849


Assets
Cash.................................... 0
House value (Gross)..................... 85000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 85000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 78000....(490)......4.79
Total secured & HP debts...... 78000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Alliance and Leister...........4800......107.......10.7
Alliance and Leister...........4800......241.......11.9
Northridge.....................8988......200.......3.5
Virgin.........................2700......50........17.9
Barclaycard....................1200......40........17.9
Barclaycard....................800.......30........25.9
Northridge.....................8788......250.......3.5
Total unsecured debts..........32076.....918.......-


Monthly Budget Summary
Total monthly income.................... 2,602
Expenses (including HP & secured debts). 1,849
Available for debt repayments........... 753
Monthly UNsecured debt repayments....... 918
Amount short for making debt repayments. -165

Personal Balance Sheet Summary
Total assets (things you own)........... 85,000
Total HP & Secured debt................. -78,000
Total Unsecured debt.................... -32,076
Net Assets.............................. -25,076

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Rgds
W666

gettingbetter

westie666 wrote: »

Folks,
Really needing some help just now.
There will be questions, I will answer them......please help!!!!
Credit score shot to b*ggery as a lot of missed / late payments.

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.................... 2

Monthly Income Details
Monthly income after tax................ 1042
Partners monthly income after tax....... 1400
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 2602

Monthly Expense Details
Mortgage................................ 490
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120

---

see if you can pay over 12 months instead of 10
Electricity............................. 35
Gas..................................... 45
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 15
Mobile phone............................ 130:eek::eek:----defo needs cut down get PAYG sim card
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 22
Groceries etc. ......................... 200

---

again could be cut go over to o/s board and get tips
Clothing................................ 0
Petrol/diesel........................... 300
Road tax................................ 300:eek::eek:

---

per month what you driving a tank
Car Insurance........................... 123:eek::eek:

---

very high i pay £30 p/m shop around and use quidco
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..................... 8
Contents insurance...................... 8
Life assurance ......................... 21
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1849


Assets
Cash.................................... 0
House value (Gross)..................... 85000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 85000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 78000....(490)......4.79
Total secured & HP debts...... 78000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Alliance and Leister...........4800......107.......10.7
Alliance and Leister...........4800......241.......11.9
Northridge.....................8988......200.......3.5
Virgin.........................2700......50........17.9
Barclaycard....................1200......40........17.9
Barclaycard....................800.......30........25.9
Northridge.....................8788......250.......3.5
Total unsecured debts..........32076.....918.......-


Monthly Budget Summary
Total monthly income.................... 2,602
Expenses (including HP & secured debts). 1,849
Available for debt repayments........... 753
Monthly UNsecured debt repayments....... 918
Amount short for making debt repayments. -165

Personal Balance Sheet Summary
Total assets (things you own)........... 85,000
Total HP & Secured debt................. -78,000
Total Unsecured debt.................... -32,076
Net Assets.............................. -25,076

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Rgds
W666

hi

i am no expert
they will be along in a min

just a few things that jumped out at me

kas xx

flaire

Dear Westie,

Please check the amount for 'Road Tax' - are you sure it's £300 a month? Because that would be £3600 a year.

Regards.

Tixy

Hi westie

your outgoings now add up to £1504, which means you are showing a positive before debt repayments of £1098 and after repayments £180. This obviously looks much better, however you do need to budget for car maintenance and things like present, haircut and entertaining. You may not spend much in these categories but if you don't budget thats when the spending on credit occurs.

Even though you are in contract with your phones they may drop you down a tariff - its worth a call (my provider insisted on me dropping tariffs and saving money yesterday - literally wouldn't let me off the phone til he save me around £15per month!)

Are you internet, tv & landline a package? £57 for all - you may be able to get cheaper if you get them all together.

Do you get expenses back from work for the work petrol? Have you included this is the income line?

If you have surplus money pay it to the high rated barclaycard. As its a small balance it shouldn't take you to long to pay this off. Have you cut up your credit cards? If not then cut up all but 1 and keep this one only for emergencies (real emergencies that is).

Could you increase you hours at all? Is there any overtime you could pick up? Do you have anything you could sell on ebay/amazon/by car boot (free listing say on ebay tomorrow so perfect time to dig out unwanted items/old clothes etc).

If you don't seem to manage as well as your SOA shows (with the £180 surplus) then both keep a spending diary for a couple of months to work out where you are spending/'losing' money.

Good luck

Verbatim

Hi there,

Doesn't look too bad. The items that jump out are the mobile phone and the large sums spent on your cars though. Is £300 per month for road tax even for 2 cars correct? Could you manage to get your internet and TV plus landline as a bundle for less than you pay for them separately now? We have Virgin for all 3 for around £30 per month but I've seen offers for new customers for £15. Grrr

Not sure the £0 for clothes is too realistic either and you'll have to put something in for haircuts, dentist etc. Yor grocery budget looks pretty good but is this what you actually spend or what you are hoping will be the amount? Good luck with sorting it all.

V