hi i am new, opions welcome

bezybee

hi i am new, and realy need to reduce our debt, we are now making the min payments ( managed to get rid of 3 of our cards, yes we had that meny)

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 403 (mateity pay)
Partners monthly income after tax....... 1062
Benefits................................ 571
Other income............................ 0
Total monthly income.................... 2036
Monthly Expense Details
Mortgage................................ 248
Secured/HP loan repayments.............. 99.99
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 102.66
Electricity./ gas......................... 220
Telephone (land line)................... 30 (inc broadband)
Mobile phone............................ 45 (2 contracts)
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 10.00
Car Insurance........................... 43.22
Car maintenance (including MOT)......... 5
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..................... 63
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 200
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1328.87

Assets
Cash.................................... 0
House value (Gross).....................80000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 83000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 68000....(248)......0
Hire Purchase (HP) debt ...... 5000.....(99.99)....0
Total secured & HP debts...... 73000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
thomas cook card ..............1120......30........0
barclacard.....................763.......20........0
bt card........................1526......60........0
bos overdrath..................700.......0.........0
rbs overdraft..................1250......0.........0
rbs overdratft ................2500......0.........0
toys r us......................255.......5.........0
argos card.....................1000......10........0
Total unsecured debts..........9114......125.......-

Monthly Budget Summary
Total monthly income.................... 2,036
Expenses (including HP & secured debts). 1,328.87
Available for debt repayments........... 707.13
Monthly UNsecured debt repayments....... 125
Amount left after debt repayments....... 582.13
Personal Balance Sheet Summary
Total assets (things you own)........... 83,000
Total HP & Secured debt................. -73,000
Total Unsecured debt.................... -9,114
Net Assets.............................. [886/b]

just notice i forgot loan repayments of 500 pm, and bank charges arount 80 per month

any sugestions welcome

Tixy

Hi bezy

Well there are only 2 areas that look particularly high to me. Gas & Elec seem really high at £220 - does this include any arrears? are you with the best provider for your usage? are these actual bills or based on estimates? Have you tried reducing your usage.
The other area is £200 on presents. Wow that £2400 per year - are you really spending that? You could easily cut this down and still buy people nice presents. When your children are yours ages they really don't understand the value of money and will be just as happy with bright coloured low cost presents as with very expensive toys.

Congrats on your new baby!

bezybee

oops the 200 on prezies is per yr.

the gas/ elec dose have som arrers, almost gone now (i chose to up it to 220, to clear it so can maybe change supplier)

we are i high elec users, as our pets are reptiles and need heatbulbs, mats uv lights ect. ( i know could solve most our probs by sellin our animals ect, but there our pets, and i would rather try ther means first

Tixy

Ooh thank goodness - £200 per year is very reasonable.

If you do decide to switch gas & elec suppliers -check out what cashback you may earn from quidco or other cashback site.

Well it looks like you have a surplus each month once the presents figure is corrected do you actually have that to overpay your debts? If not then you could start a spending diary to record everthing you spend to work out where it is going (newspaper, magazines, cans or pop, chocolates and lottery tickets are frequent culprits).

try to find out the APRs for your debts - the store cards are likely to be highest so start trying to pay off those first.

bezybee

i do overpay on the months a i can to my store cards, eg if my toys r us is paid by march, its interest free, and at mo only about 400 of my argos card is interest payable. (hoping to have rest paid before interest kicks in)
i worked out in ma own planer,i should have got rid of the stor cards by feb. (but hoping to clear more as my mat all ends in end feb, and will only be going back reduced hrs (8 a week at min wage)

McKneff

Your buildings insurance is very high

You really should have contents insurance.

(unlee of course its combined) even then its still expensive.

My three bed semi is insured up to the hilt, for fire, flood, accidents, items away from the home, storm damage, garden contents for just over £200 a year.
I think yo may be have a look at it.

bezybee

sorry the 63.00, is building, content, life ect (i just clumped all the insurances together)

dont think i did a good job with my list thing,

WASHER

bezybee wrote: »

hi i am new, and realy need to reduce our debt, we are now making the min payments ( managed to get rid of 3 of our cards, yes we had that meny)

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 403 (mateity pay)
Partners monthly income after tax....... 1062
Benefits................................ 571
Other income............................ 0
Total monthly income.................... 2036
Monthly Expense Details
Mortgage................................ 248
Secured/HP loan repayments.............. 99.99
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 102.66
Electricity./ gas......................... 220
Telephone (land line)................... 30 (inc broadband)
Mobile phone............................ 45 (2 contracts) - HOW FAR ARE YOU INTO THESE CONTRACTS
TV Licence.............................. 12 -
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0 - YOU MUST SPEND SOMETHING ESPECIALLY AS YOU HAVE CHILDREN
Petrol/diesel........................... 50
Road tax................................ 10.00
Car Insurance........................... 43.22
Car maintenance (including MOT)......... 5
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..................... 63 TOO HIGH - EVEN IF THREE INSURANCES ARE LUMPED TOGETHER - CAN YOU BREAK THESE DOWN.
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 200 PLEASE AMEND THIS, YOU NEED TO PUT MONTHLY FIGURE IN
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1328.87

Assets
Cash.................................... 0
House value (Gross).....................80000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 83000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 68000....(248)......0
Hire Purchase (HP) debt ...... 5000.....(99.99)....0
Total secured & HP debts...... 73000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
thomas cook card ..............1120......30........0
barclacard.....................763.......20........0
bt card........................1526......60........0
bos overdrath..................700.......0.........0
rbs overdraft..................1250......0.........0
rbs overdratft ................2500......0.........0
toys r us......................255.......5.........0
argos card.....................1000......10........0
Total unsecured debts..........9114......125.......-

Monthly Budget Summary
Total monthly income.................... 2,036
Expenses (including HP & secured debts). 1,328.87
Available for debt repayments........... 707.13
Monthly UNsecured debt repayments....... 125
Amount left after debt repayments....... 582.13
Personal Balance Sheet Summary
Total assets (things you own)........... 83,000
Total HP & Secured debt................. -73,000
Total Unsecured debt.................... -9,114
Net Assets.............................. [886/b]

just notice i forgot loan repayments of 500 pm, and bank charges arount 80 per month

any sugestions welcome

Welcome, firstly can you add the loan repayments to the soa and the bank charges as well, and amend the present figure. It makes it a true SOA and we can work to help you with the correct info on the SOA.

OK, so if the loan and bank charges are not included in your SOA, then you are currently just breaking even.

So can I ask you, to get your last 3 months bank statements out and add up how much cash you are withdrawing from the ATM each month for 3 months.

Also, add up have much you spend in the supermarket using your debit card.

I suspect you may be a little shocked by the figures, you are overspending somewhere and you need to address this, the suggestions I have made are usually the culprits.

Can you also let us know how far into the contracts you are with the 2 mobile phones?

WASHER.x.

McKneff

bezybee wrote: »

sorry the 63.00, is building, content, life ect (i just clumped all the insurances together)

dont think i did a good job with my list thing,

you can go back and edit it, if you like.

pebbles88

hiya,

first of all well done for posting :T it can be hard at first.

one thing i noticed on your SOA with your insurances... you mention you have pets... im assuming snakes/lizards with the heat equipment???

are you paying for pet insurance for them also?

i think as others have said i would go back through your soa and list everything seperatly.. that way we can all can and advise where you cut back, if you wanna add any more info for a particular item on there, once you have posted ot onto here, you can add a little note just after it.