An Attempt To Be Cunning...

Foxington

Hello! My first, but definitely not last post to the board. I decided to start a DFD after realising how much debt we managed to get into, a few background details first... I have been off work for around 17 months with an illness but am hopefully returning to work at least on phased return in the next few, in between we have struggled paying for things and resorted to credit cards which also helped to fund our wedding in July. All this has left us in a bit of a pickle!

A statement of affairs (Updated 6th November 2009):

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 899
Benefits................................ 257.2
Other income............................ 200.59
Total monthly income.................... 1356.79

Monthly Expense Details
Mortgage................................ 137.7
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 81
Electricity............................. 33.5
Gas..................................... 33.5
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 14.31
Mobile phone............................ 74
TV Licence.............................. 11.25
Satellite/Cable TV...................... 0
Internet Services....................... 7.34
Groceries etc. ......................... 250
Clothing................................ 10
Petrol/diesel........................... 128
Road tax................................ 28.34
Car Insurance........................... 70.34
Car maintenance (including MOT)......... 33.32
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 7.9
Contents insurance...................... 7.89
Life assurance ......................... 14.33
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1052.72


Assets
Cash.................................... 0
House value (Gross)..................... 109950
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 113950


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 111123...(137.7)....0
Total secured & HP debts...... 111123....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
TSB Loan.......................8590.78...200.6.....14.4
TSB Credit Card................3652.84...73.7......23.9
Virgin Credit Card 1...........4305.92...28.12.....15.9
Tesco Credit Card..............1839.27...56........16.9
Egg Credit Card................2373.41...51.64.....21.9
Barclay's Credit Card..........2372......54........0
Virgin Credit Card 2...........2880.94...28.8......0
Total unsecured debts..........26015.16..492.86....-


Monthly Budget Summary
Total monthly income.................... 1,356.79
Expenses (including HP & secured debts). 1,052.72
Available for debt repayments........... 304.07
Monthly UNsecured debt repayments....... 492.86
Amount short for making debt repayments. -188.79

Personal Balance Sheet Summary
Total assets (things you own)........... 113,950
Total HP & Secured debt................. -111,123
Total Unsecured debt.................... -26,015.16
Net Assets.............................. -23,188.16

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

I think that covers everything? There are a lot of things that need attention (Specifically the extortionate interest on some credit cards!!) I am in the process of applying for a Post Office credit card to hopefully get 0% for 12 months, but they are asking for evidence of income etc. My first question would be - shall I continue the application? My credit rating is excellent but I would prefer to not get refused any credit?

I am claiming insurance on the bank loan and also am receiving ESA benefit, however when I go back to work on phased return these will more than likely stop creating a nice £456 hole in finances! I have some money set aside for this to try and ease the burden a little when income drops and outgoings increase for the few weeks/months it will take.

Any advice would be more than welcome as I start to try and fight my way to being debt free! :beer:

salduck

Foxington 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.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 899
Benefits................................ 256
Other income............................ 200
Total monthly income.................... 1355

Monthly Expense Details
Mortgage................................ 137
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 81
Electricity............................. 33.5
Gas..................................... 33.5
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 11.95
Mobile phone............................ 70 this is quite high can you reduce the plans you are on?
TV Licence.............................. 11.75
Satellite/Cable TV...................... 0
Internet Services....................... 7.34
Groceries etc. ......................... 200- I reckon this could come down check out the old style boards for inspiration
Clothing................................ 0
Petrol/diesel........................... 150 very very high
Road tax................................ 120 really ?? each month??
Car Insurance........................... 69
Car maintenance (including MOT)......... 114- again this is very high on a monthly basis
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..................... 15.79
Contents insurance...................... 0
Life assurance ......................... 14.33
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 really nothing?
Haircuts................................ 0
Entertainment........................... 0nothing at all?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1084.16


Assets
Cash.................................... 0
House value (Gross)..................... 109950
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 114950


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 111950...(137)......0
Total secured & HP debts...... 111950....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
TSB CC.........................3611.38...73........23.9
Egg CC.........................2417.1....43........21.9
Tesco CC.......................1875.44...56........16.9
TSB Loan.......................8590.78...200.......14
Barclay's CC...................2372......54........0
Virgin CC 2....................2880.94...20........0
Virgin CC 1....................4035.92...28........15.9
Total unsecured debts..........25783.56..474.......-


Monthly Budget Summary
Total monthly income.................... 1,355
Expenses (including HP & secured debts). 1,084.16
Available for debt repayments........... 270.84
Monthly UNsecured debt repayments....... 474
Amount short for making debt repayments. -203.16

Personal Balance Sheet Summary
Total assets (things you own)........... 114,950
Total HP & Secured debt................. -111,950
Total Unsecured debt.................... -25,783.56
Net Assets.............................. -22,783.56

Created using the SOA calculator at makesenseofcards.
Reproduced on Moneysavingexpert with permission, using other browser.

:beer:

Hey well done you !! I have aded some comments sure more people will be along soon to add more!
Best of luck to you
xx

FerociousDave

Hey congrats on the wedding!

And good luck!

Foxington

Salduck - Hi, thank you I messed up a little on the SOA I think, the road tax and the car maintenance are for 2 cars for a year. The mobile costs are for 2 phones, I've rang my phone company about dropping tarrifs today and hopefully can reduce it at the end of November! Thank you again

FerociousDave - Thank you!

Foxington

Things I need to do:

• Reduce phone contract from £45 a month (Can do at end of November)
• Attempt to get a 0% credit card for balance transfer (In progress with Post Office)
• Reduce grocery to £170 per month

Also going to go through all the finances with a fine tooth comb today and try to clear any un-needed stuff and generally see if there is anything else I can do! :cool:

Foxington

Wow! Bit of a change in plan... Went through our accounts today with my Mum who suggested paying a few pounds more than the minimum repayment and after using the minimum repayment calculator on here I'm amazed!

TSB Card (23.9% - Owing £3,611.38)- On minimum payment will take over 100 years to clear with £27,347 interest! Paying £7 more than the current minimum of £73 will reduce it to 7 years and 11 months with only £3,910 interest!

I can't believe the difference! Going to cancel the TSB platinum service charge and use the spare £17 to increase the payments on my TSB card and Egg card above minimum to clear them quicker. Any cash that is spare from bill reductions etc. will also be thrown at these cards to clear them as quickly as possible - Not paying them a combined total of £38,000 interest until I die! :eek:

From the to-do list, not going to go ahead with the Post Office 0% card as will more than likely not get it. When I'm back at work full time will look into it again though (And hopefully have one less credit card debt!) :money:

Busy_bee_3

Do you have anything you can sell on ebay or at a car boot?

Lemon_Tree

have a look at the payment a day thread, you can make payments of anything from 1p to ......... whatever and it all makes a difference. some people round the change out of their accounts which they wouldn't notice but it makes such a difference on a credit card.
welcome to the diaries, you'll find loads of help and support here, sometimes you just need to search around but sometimes just asking will give you the answers.

Foxington

Busy_bee - Quite possibly, will have a look this week and see

Lemon Tree - Thank you for the welcome and letting me know about that thread, what a fantastic idea! Just paid an extra £23.88 above my minimum payment on the TSB card. Felt really good to pay off something they haven't told me to pay!!! :j

Lemon_Tree

that's a great start, and just think of the dent you've made in the future interest you would have been charged.

Foxington

Thanks Lemon Tree

Had an appointment with my bank today, they rang me saying there was a problem with a couple of direct debits... Went in and they had used that as an excuse to get me into the bank to try and get me to refinance my loan for a higher amount (To pay off credit cards), change my home & life insurance to them and setup an isa! Was not impressed and told them were to shove it and not to contact me again to sell things... Going to change banks next week so me and my wife are using the same one, can't wait to say goodbye to TSB!

I've been a little bad and spent some money on my Tesco credit card, it was only about £10 but feel really bad about it now Going to hide the credit cards away so I'm not tempted, my debt won't go down if I keep using them!!