I need help/advise to payy off these debts?? POA attached

vic84_2

[tt]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.................... 0

Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2000

Monthly Expense Details
Mortgage................................ 300
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 50
Council tax............................. 0
Electricity............................. 80
Gas..................................... 0
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 20
Mobile phone............................ 40
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 100
Clothing................................ 50
Petrol/diesel........................... 40
Road tax................................ 5
Car Insurance........................... 30
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 25
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 30
Entertainment........................... 70
Holiday................................. 0
Emergency fund.......................... 15
Total monthly expenses.................. 995


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 200000...(300)......3.5
Total secured & HP debts...... 200000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
virgin ........................7000......180.......16.9
hsbc...........................5500......120.......16.9
halifax........................4000......50........16.9
natwest loan...................6000......255.......9.2
barclays loan..................4500......165.......8.7
Total unsecured debts..........27000.....770.......-


Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including HP & secured debts). 995
Available for debt repayments........... 1,005
Monthly UNsecured debt repayments....... 770
Amount left after debt repayments....... 235

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -200,000
Total Unsecured debt.................... -27,000
Net Assets.............................. -227,000

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Redbedhead

Ok, first off, do you actually have £235 per month spare? If so, where is it going?
Are you entitled to any benefits?
At the moment you are not showing any income for your partner - can they earn anything? This could make a big difference to clearing your debts.

On the SOA - a few things:
Mobile phone - This is quite high if it is for 1, can you change tariff or to PAYG?
If you don't have a car why do you have an amount in for petrol / diesel / car insurance?
Clothing is quite high at £50. Can you reduce this to nil for 6 months and throw that at your debts?
Stop the emergency fund - put this towards your debts.

hth

nomorehandbags

cut the emergency fund - your debts are this at the moment

Cut the entertainment - sorry this is too high (or reduce at least)

Haircuts - could you go somewhere cheaper than this?

as somebody else says could your partner not work as you don't appear to have kids? (as i know the cost of childcare sometimes outweighs benefit of working)

BeautyandtheBeast_3

hi quick look tells me
1) mobile is way too high
2) haircuts - too much
3) entertainment - this has to go!

churchrat

hi
is this soa just for your share of the bills? I have noticed that some things are blank--eg council tax. And are the debts just in your name?

churchrat

vic84_2

HI guys
thanks for replies!

my partners lives with me and share some of the bills...eg council tax...

i want to snowball my CC's off. I have just been offered 0% BT from HSBC for 6months. so could transfer half of Virgin balance (7000 at moment)

is this a good move in long run or not really??

Redbedhead

It is only a good move if you don't run up the Virgin bill again! So make sure you cut up the card.