had my proper LBM, SOA attached!

becky2812

Hi,
i have had a few small LBM's over the last few years, but tomorrow is the very last payment of a loan i have had, so suddenly i have extra money every month. ordinarily i would have used this as a reason to spend! but i would really like to clear my credit card debt, i have attached my new soa as from next month. any help would be much appreciated.


Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details[/b]
Monthly income after tax................ 1118.35
Partners monthly income after tax....... 0
Benefits................................ 585
Other income............................ 0 no maintenance from childs father
Total monthly income.................... 1703.35
Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 15
Gas..................................... 15
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 150
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 20
Emergency fund.......................... 10
Total monthly expenses.................. 1202

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
halifax cc.....................5200......60........29
halifax charity cc.............1300......25........22
barclaycard....................850.......18........0
overdraft......................500.......0.........15
virgin.........................4100......25........0
Total unsecured debts..........11950.....128.......

Monthly Budget Summary
Total monthly income.................... 1,703.35
Expenses (including HP & secured debts). 1,202
Available for debt repayments........... 501.35
Monthly UNsecured debt repayments....... 128
Amount left after debt repayments....... 373.35

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,950
Net Assets.............................. -10,950

Just to add, i have been provisionally accepted for an argos mastercard at 0% but they want additional info from me such as bills to prove i m who i say i am!! problem being all my utility bill are online billing. will they accept a printout do you think?

tealady

Hi and welcome.
If you have just finished a loan then you could put the figures into the snowballer to get a debt free date, it might be a nice surprise.

sarahs999

Hi, just to state hte obvious you should throw the extra money at the halifax with 29 apr as that's the one that will be crippling with interest. If you get the argos card you should BT that first. Can you not send a tax return or anything to argos, or benefits statement?

becky2812

it says on the paperwork a utility bill from the last 3 months, along with bank statements. will give them a ring and see what they advise. maybe online billing is not such a good idea afterall?!

Nessa56

Hi Just a quick comment, your contents insurance seems very high, £15.00 per month?

I have just got £50,000 cover on line with direct line for £28.00 for the year ! may be worth a look and then may be you could get some life insurance as I notice you have none but do have a child whom would benefit if the unthinkable happened.

Just thoughts, I am sure you will get some good advice on here,

good luck

v
x

becky2812

i did do a comparison on my contents, and it all seems to be this much, it was £1 cheaper if i switched providers, but was lazy i'm afraid to say so just styed with who i am. It does cover accidental damage to the landlords property as well though.
you are right, i really must look at life insurance. thanks for all the advice and tips

WASHER

Nessa56 wrote: »

Hi Just a quick comment, your contents insurance seems very high, £15.00 per month?

I have just got £50,000 cover on line with direct line for £28.00 for the year ! may be worth a look and then may be you could get some life insurance as I notice you have none but do have a child whom would benefit if the unthinkable happened.

Just thoughts, I am sure you will get some good advice on here,

good luck

v
x

I absolutely agree with the above, Life insurance is far far more important than a mobile phone or sky tv. I have read a few threads over the years and some horrowing stories of posters who have lost their partner and have had no life insurance, I appreciate you may not have a partner but you have a child, and that child needs maintenance until the age of 16 at least. Go through Quidco.com and get a quote.

You cannot afford holidays at the moment and the entertainment budget needs reducing - sorry.

becky2812

will def have a look on quidco on sunday. i need to go get my rac cover through there at the same time.

debrag

becky2812 wrote: »

it says on the paperwork a utility bill from the last 3 months, along with bank statements. will give them a ring and see what they advise. maybe online billing is not such a good idea afterall?!

Places are allowing online statements now (not everywhere now) usually needs to be stamped by the bank though, or in the case of my HA not even that.

becky2812

sorry, just saw the entertainment and holiday bit.
the holiday is just a week's camping with my son every year, and anydays out in holidays
and the entertainment is me to have a hack out once a month, and any birthday nights out. other than that i dont do anything, and if i reduced this would never leave the house. I have gone from riding every week to once a month, and we only have nights out if there is a reason such as a birthday etc, never for the sake of it.

WASHER

I appreciate your response, you have to have a life whilst repaying debts but you also have to reduce your spending, and the entertainment and holidays are something you cannot afford at the present level at this moment in time.

I have been in the same situation, its not a lot of fun, but what is fun is repaying those debts and getting those creditors off your back, they are one less thing to worry about should redundancy or illness occur and the sooner you pay your debts, you can give yourself and your son a much need holiday aboard with your disposible income.