Next year is my year support needed please

catbar09

Hi all im looking for a bit of support im aiming too clear majority of debt by mid 2010 because i wanna start saving.

I have done a soa and any support would be very helpful.


Statement of Affairs and Personal Balance Sheet[/b]
Household Information
Number of adults in household........... 4
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1016.23
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1016.23
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 25
Car Insurance........................... 25
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 235

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
egg............................647.98....0.........16.9
halifax........................281.03....5.5.......15.9
santander......................519.......11.68.....0
mum............................3000......200.......0
loan...........................10728.....223.......0
Total unsecured debts..........15176.01..440.18....-

Monthly Budget Summary
Total monthly income.................... 1,016.23
Expenses (including HP & secured debts). 235
Available for debt repayments........... 781.23
Monthly UNsecured debt repayments....... 440.18
Amount left after debt repayments....... 341.05
Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,176.01
Net Assets.............................. -12,676.01





thanks

nekosuki

Hi catbar09, welcome along.

No rent / living expenses (utility bills, council tax) / food?

Your Egg debt doesn't have a repayment amount next to it, why's that?

Are you allowed to overpay on the loan?

You could have a look at the snowball calculator http://www.makesenseofcards.co.uk/snowcalc.html. You input your debts, the APR %'s, miminum required payments and also how much you want to pay towards them each month. In return, it will advise you which debts to target first with overpayments (based on highest APR first I think...)

SamanthaA

On first read, it looks like there are 4 adults, but no mortgage, rent or housing costs?
Where are you living?

Sorry, nekosuki got there first!

Ames

I assume s/he's living with parents. It should be fairly easy to clear, just throw everything you've got spare at the highest interest debt, then carry on till they're gone. Loans might have to be left to run their course as most don't let you overpay, and once you hit a certain point then it'll cost the same to pay back as the number of payments you'll be making anyway.

catbar09

yeh i live with my mum and dont pay for food as she helping me out.

egg takes a minimum payment dd and not sure of interest rate on it.

Cant pay more off loan its a set payment.

thanks all

PNPSUKNET

could you more take a lower payment?

littlemissmoney

What was the borrowed money spent on? Can you sell it?

katsu

catbar09 wrote: »

Cant pay more off loan its a set payment.
thanks all

Can you save extra money somewhere you can't easily spend it, then pay off the balance early?

Katie-Kat-Kins

You have over £300 left at the end of each month. Even without cutting back you could clear the santander debt in two months. The others would follow quickly - use the snowball calculator to work out the best way to settle your debts in order.

You just need to make sure you actually have £300 left at the end of each month!!!

Do you find you have lots left over - I suspect that you don't otherwise you wouldn't have debt. So start a spending diary to record where your money goes and make sure that any surplus goes on overpaying your debts.

Consider using a savings account to put some money aside on payday so you aren't temped to spend it on junk and then pay it off your debts on the due date. That will help you set up a savings habit too as once you have paid off your debt you can put the same amount aside as savings.

You may find that after keeping a spending diary that you need to revisit your SOA as you don't actually have so much of a surplus but it is a good lesson in where your money goes!

catbar09

have just cleared the halifax credit card!! woohooo 1 down 4 to go!!

thanks for ur advice

catbar09

i have just started the sealed tin challenge too and put loads of my change in to stop me going into my change pot to spend on lunches.x