FulLightBulb's SOA - here goes!

FulLightBulb

Net Monthly Salary £1,168.00
Partner’s Benefits £380.00
TOTAL MONTHLY INCOME £1,548.00

Mortgage/Rent £399.46
Secured Loan £156.22
Council Tax £67.00
Electricity £29.00
Water Rates £26.67
Telephone £19.99
Mobile Phone £15.00
TV Licence £15.00
Satellite TV £35.00
Buildings & Contents Insurance £30.51
Ground Rent £1.25
Food, Sundries & Toiletries etc £200.00
Magazines/Newspapers £1.65
Clothing £20.00
Petrol £48.00
Car Tax £10.00
Car Insurance £17.21
Car MOT £5.00
Car Maintenance £5.00
Medical/Dental Expenses £6.31
Birthdays/Christmas £10.00
TOTAL MONTHLY OUTGOINGS £1,118.27
NET MONTHLY SURPLUS £429.73

Monthly Debts
Debt Total Debt Min Payment
Capital One Credit Card £8,223.00 £246.69
Northern Rock Personal Loan £6,951.00 £76.43
MBNA Credit Card £6,318.00 £142.16
Cahoot Flexible Loan £5,851.00 £117.02
Abbey Personal Loan £5,451.00 £175.83
MBNA Personal Loan £4,200.00 £128.64
Barclaycard (Hubby) £3,520.00 £70.40
Bank of Scotland Credit Card £3,448.00 £68.96
Barclaycard (Me) £3,520.00 £70.40
Cahoot Credit Card £3,275.00 £65.50
Abbey Credit Card £2,589.00 £77.67
Monument Credit Card £1,995.00 £59.85
Littlewoods Credit Card £1,778.00 £53.34
Morgan Stanley Credit Card £1,682.00 £33.64
Abbey Overdraft £1,148.00 £25.00
Next Directory £979.00 £97.90
Littlewoods Catalogue £500.00 £50.00
Studio Catalogue £247.00 £12.35
Additions Direct Catalogue £119.00 £11.90
BT Arrears £70.00 £20.00
TOTAL DEBT £61,864.00 £1,571.78

Really scary total debt but at least we've admitted it!:embarasse

domesticgoddess

:T

it's not easy but you've taken the first most important step, well done.

I'm quite new at this so will have a think to see if their is any advice I can offer, but would say well done on taking the first step, it does get easier

DG

halloweenqueen_2

Good to see you here, it is a scary debt but with the help of people on here you can beat it!!
You need to find out the interest rates you are paying, the most expensive ones need to be a priority as they are expanding more quickly than the others. AS soon as you pay a debt off throw that money against the highest % card or loan.
I would get rid of the studio catalogue if you haven't already, they have some nice bits but they are expensive.Same with additions, you can probably do better for clothes in primark, peacocks or tesco's.
If you have any excess clothes try selling them on ebay or find out if there is a shop near you that sells clothes for a small commission.
Books can be sold on amazon and other bits on ebay. If you can raise £20 a month doing that you've covered your bt outgoings.
Good Luck!

bluekp

Well done for posting - there will be loads of people along soon to help I'm sure. Here are my first thoughts on your SOA...

Satellite TV £35.00
(Are you tied into a contract for this - any chance of cancelling for now?)

Buildings & Contents Insurance £30.51
(Have you checked this is the cheapest - seems quite high?)

Food, Sundries & Toiletries etc £200.00
(How many of you is this for - check out OS Moneysaving, Grocery Challenge, Storecupboard Challenge for ways to reduce this to <£100 pcm for 2 of you)

Magazines/Newspapers £1.65
(Can this be stopped?)

Clothing £20.00
(Are these really necessary - would give an extra £20 to throw at your debts?)

Good luck the hardest part is over xx

FulLightBulb

Thanks for the replies.

We are struggling to meet the minimum payments on our accounts and I spoke to the CCCS and have my interview on Friday.

I was hopefully going to go on a DMP with them just covering my accounts but then we thought that we should both do it to help us out.

Only thing is my hubby doesn't know about 2 of my credit cards (:shocked: ) and I would prefer it to stay that way! Would the CCCS put us on a joint DMP or would they be seperate?

Hubby is claiming incapacity benefit at the moment cos he is unable to work due to an injury - although we expect him to return to working in approximately a years time. Our incomings would then rise significantly but we would still want to continue on a DMP then.

I worked it out this morning that at the moment we would be on a DMP for 12 years and 1 month to pay all of our debt off - we don't mind because we know this will improve once my wages increase and hubby returns to work.

newmoneysaver_2

HI FLB,

Well done for taking the first steps! Here my thoughts:

FulLightBulb wrote:

Net Monthly Salary £1,168.00
Partner’s Benefits £380.00 (Sorry to sound nosey, is there a reason your partner doesn't work? Can they work, even if it is just part time to help to bring in some extra income?)
TOTAL MONTHLY INCOME £1,548.00

Mortgage/Rent £399.46
Secured Loan £156.22 (Is this extra to the debts listed below?)
Council Tax £67.00
Electricity £29.00 (Do you use any gas, just because it isn't listed?)
Water Rates £26.67
Telephone £19.99
Mobile Phone £15.00
TV Licence £15.00 (this is high, have you just set this up?)
Satellite TV £35.00 (This has to go!)
Buildings & Contents Insurance £30.51
Ground Rent £1.25
Food, Sundries & Toiletries etc £200.00 (How many people is this for? Can this be reduced? Have a look at old style board, lots of tips on reducing food bills)
Magazines/Newspapers £1.65
Clothing £20.00 (Can this be stopped until your are on your feet?)
Petrol £48.00
Car Tax £10.00
Car Insurance £17.21
Car MOT £5.00
Car Maintenance £5.00
Medical/Dental Expenses £6.31
Birthdays/Christmas £10.00
TOTAL MONTHLY OUTGOINGS £1,118.27
NET MONTHLY SURPLUS £429.73

Monthly Debts
Debt Total Debt Min Payment
(Can you list aprs for these - may be able to shoft some about???)
Capital One Credit Card £8,223.00 £246.69
Northern Rock Personal Loan £6,951.00 £76.43
MBNA Credit Card £6,318.00 £142.16
Cahoot Flexible Loan £5,851.00 £117.02
Abbey Personal Loan £5,451.00 £175.83
MBNA Personal Loan £4,200.00 £128.64
Barclaycard (Hubby) £3,520.00 £70.40
Bank of Scotland Credit Card £3,448.00 £68.96
Barclaycard (Me) £3,520.00 £70.40
Cahoot Credit Card £3,275.00 £65.50
Abbey Credit Card £2,589.00 £77.67
Monument Credit Card £1,995.00 £59.85
Littlewoods Credit Card £1,778.00 £53.34
Morgan Stanley Credit Card £1,682.00 £33.64
Abbey Overdraft £1,148.00 £25.00
Next Directory £979.00 £97.90
Littlewoods Catalogue £500.00 £50.00
Studio Catalogue £247.00 £12.35
Additions Direct Catalogue £119.00 £11.90
BT Arrears £70.00 £20.00
TOTAL DEBT £61,864.00 £1,571.78

Really scary total debt but at least we've admitted it!:embarasse

Sorry - a bit slow this morning!!

FulLightBulb

Thanks again for your replies.

My hubby can't work at the moment - he has a bad injury to his back and is awaiting treatment and physio for full recovery. Hopefully he will be able to return to work next year.

The secured loan is in addition to the mortgage - have no equity.

We don't use gas only electricity and have just changed from a pre-payment meter (which was costing a fortune - probs about £50 a month) to a tariff.

TV Licence - this has just been set up on an easy enty scheme - will reduce from November 2006

Building and Contents - tied into mortgage - if we change it costs £40

jitsuguy

Hi ya,

Have you cancelled all the Payment Protection Insurance on all your loans and cards? This might help in reducing the monthly payments.

Jitsuguy

poppy10_2

What about cutting out the satellite TV?

tyllwyd

Edited to say - I've just realised that the SOA relates to June 2006, so what I originally posted isn't much help now!