what to do need help PLEASE!!

euronorris

Kazzer wrote: »

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................ 1335
Partners monthly income after tax....... 0
Benefits................................ 0 have you checked the entitled to website, to see if you are entitled to anything?
Other income............................ 0
Total monthly income.................... 1335
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 312.5
Management charge (leasehold property).. 0
Council tax............................. 63
Electricity............................. 10
Gas..................................... 10
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 10
Mobile phone............................ 17
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120 If this is just for you, then you should be able to reduce this. At least to 100 at first, then start to aim for 80. Head over to the O/S board for tips on meal planning etc
Clothing................................ 5
Petrol/diesel........................... 80
Road tax................................ 5 This seems awfully low, is it correct?
Car Insurance........................... 15
Car maintenance (including MOT)......... 5 pay for service in one go You should still budget for the one off cost, that way you won't be stung by it. 5 seems way to low for MOT & service, plus any possible repairs needed
Car parking............................. 20
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 Never?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 rent a house don't have cover You still need this, as any insurance the landlord has will not cover your belongings!
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0 Never?
Entertainment........................... 20 Is this realistic. It's great if it is, but it does seem very low. An average of 5 per week.
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 725.5

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2800
Other assets............................ 0
Total Assets............................ 2800

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Personal Loan..................17000.....246.......19.76
Credit Card....................5700......128.......0
Credit Card....................2500......65........0
Credit Card....................1700......42........12.9
Overdraft......................2100......0% up to £1,000 haven't
got info on me at moment for interest rate on rest of OD
Total unsecured debts..........24800.....481.......-

Monthly Budget Summary
Total monthly income.................... 1,335
Expenses (including HP & secured debts). 725.5
Available for debt repayments........... 609.5
Monthly UNsecured debt repayments....... 481
Amount left after debt repayments....... 128.5
Personal Balance Sheet Summary
Total assets (things you own)........... 2,800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -24,800
Net Assets.............................. -22,000

Just a few comments in red for you to look at.

Kazzer

Can I open the A& L account and keep the Barclays one going, using the A&L account to pay in my wages and direct debits and putting something into the Barclays account each month to pay off OD? Or just pay wages into A&L and then put money into Barclays to cover direct debits etc? Not sure best way. Also, will Barclays get funny if I don't pay off OD straight away? Just a bit worried about it all sorry to ask dumb questions!

Thanks.

wizk1

You should be ok as long as you are crediting the account in some way. What you could do is transfer the bulk of your overdraft from A&L to pay off your barclays overdraft, seeing as it's interest free. Then go down the route of the pre-pay debit card to monitor your spending. Please only do this if you're prepared to be disciplined in the way you use your money. I don't want to see you getting into any further debt

RAS

Hi

Do not leave the DDS with Barclays as they will not pay them but will raid the money to paythemselves.

Also becuase you have a credit card debt with them, they may pay themselves that out of the bank account - making the debt there worse, although it will not increase your total Barclays debt.

wizk1

Yes, that's another thing. Transfer all your banking to A&L. That includes direct debits, standing orders, regular debit card payments, etc.

Kazzer

Thanks everyone. I will start sorting myself out, mustn't let things get worse can't sleep for worrying about it all.

wizk1

There's a solution to any problem Kazzer. Get a good night's sleep and keep up updated on how things are going. Don't forget you've always got help and support on here.

Kazzer

Thanks, I will.

puchee

I am still waiting for an advice , solution, actions to undertake about my 5 years waranty but the company is in liquidation. I read the section / article 7 and I did not egt it.
Please may someone explaine how to go about it in simple english
Thank you

rupe34

puchee - it woud help you if you started your own thread on the board. People who can help you might not be reading this thread.