adding debt to mortgage

Fortheloveofmoney

Also food of £60 for 2 seems too low to me.

chipbeck

£20 each for Gas and Electric.........how bigs your house?

You'll have to guess if it's too dark to actually tell. Please treat in the light hearted manner it was intended.

Jesthar

Thanks, Dave - let's have a look!

dave73 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
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................................ 230
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 60 - if there are two in the house, this may well be on the low side - very well done if it isn't!
Clothing................................ 20 - you could go 'essentials only' on this for a while
Petrol/diesel........................... 250- ye-owch! Any way you can cut this down? That amount of petrol would last me six months!
Road tax................................ 20
Car Insurance........................... 98 - a month? Are you sure?
Car maintenance (including MOT)......... 300 - a month? Are you sure?
Car parking............................. 80
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 30
Buildings insurance..................... 30
Contents insurance...................... 0
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100 - this can be drastically reduced
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1389

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 18500
Other assets............................ 0
Total Assets............................ 118500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 16759....(230)......0
Total secured & HP debts...... 16759.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
lloyds tsb ....................6314......75........0
loan...........................6661......278.......0
loan...........................24796.....505.......0
mbna...........................300.......25........0
mbna...........................879.......33.15.....0
capital one....................1104......34.06.....21.73
halifax........................950.......32.22.....20.9
barclaycard....................454.......8.08......17.9
citi financial europe..........1326......30.55.....0
citi financial europe..........1205......43.12.....29.9
loan...........................1373......28........0
Total unsecured debts..........45362.....1092.18...-

Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including HP & secured debts). 1,389
Available for debt repayments........... 611
Monthly UNsecured debt repayments....... 1,092.18
Amount short for making debt repayments. -481.18
Personal Balance Sheet Summary
Total assets (things you own)........... 118,500
Total HP & Secured debt................. -16,759
Total Unsecured debt.................... -45,362
Net Assets.............................. 56,379
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Well, from that your basic figures seem more or less fine, and leave you with £600+ a month spare. I take it it wasn't always this way, though...

Incidentally, the £24k loan - was that a previous attempt to consolidate? If so, you've already tried that route once, so doing the same again makes very little sense.

Anyway, is it possible for you to go through your statements for the last few months and check that the figures in your SoA are accurate (particularly food/car wise?) We need to be sure of these things to help with a course of action.

~Jes

tigerfeet2006

dave73 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 0 Does your OH not work?
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2000
Monthly Expense Details
Mortgage................................ 230
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 20 is this on current reading? does it include anything for winter?
Gas..................................... 20 ditto
Oil..................................... 0
Water rates............................. 10 is it really this low?
Telephone (land line)................... 0 no landline?
Mobile phone............................ 20
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0 how are posting on here?
Groceries etc. ......................... 60 this is extremely low for 2 people, are you sure?
Clothing................................ 20
Petrol/diesel........................... 250 this is really high
Road tax................................ 20
Car Insurance........................... 98 have you checked you can't get any lower?
Car maintenance (including MOT)......... 300 did you mean £30?
Car parking............................. 80 a month :eek:
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 nothing for this?
Pet insurance/vet bills................. 30
Buildings insurance..................... 30
Contents insurance...................... 0 is this included in buildings?
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100 a month :eek: reduce to £10/20
Haircuts................................ 0 £10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1389

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 18500
Other assets............................ 0
Total Assets............................ 118500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 16759....(230)......0
Total secured & HP debts...... 16759.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
lloyds tsb ....................6314......75........0
loan...........................6661......278.......0
loan...........................24796.....505.......0
mbna...........................300.......25........0
mbna...........................879.......33.15.....0
capital one....................1104......34.06.....21.73
halifax........................950.......32.22.....20.9
barclaycard....................454.......8.08......17.9
citi financial europe..........1326......30.55.....0
citi financial europe..........1205......43.12.....29.9
loan...........................1373......28........0
Total unsecured debts..........45362.....1092.18...-

Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including HP & secured debts). 1,389
Available for debt repayments........... 611
Monthly UNsecured debt repayments....... 1,092.18
Amount short for making debt repayments. -481.18
Personal Balance Sheet Summary
Total assets (things you own)........... 118,500
Total HP & Secured debt................. -16,759
Total Unsecured debt.................... -45,362
Net Assets.............................. 56,379
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Check your figures as they seem a bit out.

kissjenn

Dave,

Forgive me if I've entered the twilight zone but I'd swear an hour ago there was a large amount of secured debt over and above the £45k unsecured. You showed a smallish mortgage payment and over double in the HP/Secured debt line.

Did you double count?
or have I lost my few remaining marbles?

KJ

zippychick

dave73 wrote: »

Statement of Affairs and Personal Balance Sheet

Petrol/diesel........................... 250
Road tax................................ 20
Car Insurance........................... 98
Car maintenance (including MOT)......... 300
Car parking............................. 80

If these figures are correct, monthly your car is costing £748!:eek: That's 37% of your income! And you are £481 short a month on your payments? What other travel options are there? Public transport etc?

Your presents budget needs to be drastically reduced or eliminated!

Are you sure about your grocery budget? Have you saved your receipts etc?

Can your OH work? Seems with all this debt, it is difficult for you to support 2 people. Also seems unfair, but perhaps there is an underlying reason.

before considering adding to your mortgage, i would seriously review and sort out your monthly commitments.

Sorry, possibly not much help.

dave73

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
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................................ 230
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. .........................
Clothing................................ 20
Petrol/diesel........................... 250
Road tax................................ 17.5
Car Insurance........................... 98
Car maintenance (including MOT)......... 30
Car parking............................. 6
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 13
Pet insurance/vet bills................. 35
Buildings insurance..................... 35
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 975.5

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 18500
Other assets............................ 0
Total Assets............................ 118500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 16759....(230)......0
Total secured & HP debts...... 16759.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
lloyds tsb.....................6314......75........0
loan...........................6661......278.......0
loan...........................24796.....505.......0
loan...........................1373......28........0
citifinancialeurope............1205......43........29.9
citifinancialeurope............1326......30........0
barclaycard....................454.......8.........17.9
halifax........................950.......32........20.9
cap one........................1104......34........21.73
mbna...........................879.......33........0
mbna...........................300.......25........0
Total unsecured debts..........45362.....1091......-

Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including HP & secured debts). 975.5
Available for debt repayments........... 1,024.5
Monthly UNsecured debt repayments....... 1,091
Amount short for making debt repayments. -66.5
Personal Balance Sheet Summary
Total assets (things you own)........... 118,500
Total HP & Secured debt................. -16,759
Total Unsecured debt.................... -45,362
Net Assets.............................. 56,379
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

dave73

ok the things that are 0 i dont have or my partner pays them and for car costs being high is because im a taxi driver

dave73

updated soa figures

Paulgonnabedebtfree

dave73 wrote: »

ok the things that are 0 i dont have or my partner pays them and for car costs being high is because im a taxi driver

You have partner income as 0. Perhaps your partner is unable to work? However, your partner pays some of the items (from 0 income). Maybe your partner has some income from something other than work? Also, if you are self-employed, an SOA is more meaningful if you keep business things for business and personasl things for personal e.g. I'm self-employed and have one vehicle (a van). 85% of the van is for business, 15% is for personal use. When I did my SOA, the bulk of the van usage came off the turnover of the business to help give my gross pay - then I deducted tax and NI for take home pay. It's not always easy to estimate the exact amounts though I would agree.