My debt problems

MoodyBlues

I posted quite a while ago on this board, and paid off a fair amount of debt after following some of the advice here. Over the last month or so I have been lurking here, and picking up some more advice. However now my wife and I have had some major outlays in the past few months (unavoidable), which have added some 6k to our debts. Our total debt is around 30k.
I will post my SOA in a day or so.

I just thought I should say hi again!

It's embarrassing but I am glad to be doing something about it again.

MoodyBlues

A couple of good things I have managed to do in the last few months is to change our two Halifax accounts to Reward ones, and open up an A&L account (0% OD, £100 cashback). Even so it doesn't make a dent into our debts.
Secondly we have cut our food costs down dramatically, and travel costs will be covered for the year by the end of the month.

Justicenpeace

Hello! Welcome back!

Post your SOA up when you've sorted it and the helpful peeps on here will give you some good advice.

I'm sure you've learned a lot before those unexpected things happened, which will stand you in good stead. You'll get unjudgemental support on here, keep posting.

MoodyBlues

Thanks for the welcome
Finally managed to work out my SOA. I have not added the student loan onto that since I can continue to defer the payments til my other debts are cleared!

Statement of Affairs and Personal Balance Sheet


Household Information
Number of adults in household........... 2
Number of children in household.........0
Number of cars owned.................... 0


Monthly Income Details
Monthly income after tax................ 1450
Partners monthly income after tax....... 450
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1900


Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 800
Management charge (leasehold property).. 0
Council tax............................. 150 (this will be reduced from April)
Electricity............................. 30
Gas..................................... 20
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 20 (needed for international calls etc)
Mobile phone............................ 50 (both for my wife and I)
TV Licence.............................. 28.5 (will go to normal in a few months)
Satellite/Cable TV...................... 25
Internet Services....................... 25 (needed for my wifes income etc)
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 22 (cheapest for my pet/ offset the massive cost a few years ago)
Buildings insurance..................... 0
Contents insurance...................... 13
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1359.5



Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 10
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 10

No Secured nor Hire Purchase Debts


Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds Classic CC..............2040......42........19.5
Lloyds Advance CC..............8500......160.......15.75
Halifax CC.....................5400......54........6.9
Loan...........................5800......200.......7.95
Barclaycard CC.................1670......42........6.9
Total unsecured debts..........23410.....498.......-



Monthly Budget Summary
Total monthly income.................... 1,900
Expenses (including HP & secured debts). 1,359.5
Available for debt repayments........... 540.5
Monthly UNsecured debt repayments....... 498
Amount left after debt repayments....... 42.5


Personal Balance Sheet Summary
Total assets (things you own)........... 10
Total HP & Secured debt................. -0
Total Unsecured debt.................... -23,410
Net Assets.............................. -23,400

MoodyBlues

I also haven't added the £5 Halifax reward each month. Additionally I may be able to pay off the Lloyds classic in the next few months following a bonus.

If anyone has any suggestions I would appreciate the help.

rocketdog_2

Your wife earns £450 a month - is she working PT? Can she get another job to increase your income?

savingmummy

Statement of Affairs and Personal Balance Sheet


Household Information
Number of adults in household........... 2
Number of children in household.........0
Number of cars owned.................... 0


Monthly Income Details
Monthly income after tax................ 1450
Partners monthly income after tax....... 450 increase in work??
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1900


Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 800
Management charge (leasehold property).. 0
Council tax............................. 150 (this will be reduced from April)
Electricity............................. 30
Gas..................................... 20
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 20 (needed for international calls etc)
Mobile phone............................ 50 (both for my wife and I) when contract ends stop! go payg or shop for cheaper
TV Licence.............................. 28.5 (will go to normal in a few months)
Satellite/Cable TV...................... 25 do you NEED this?
Internet Services....................... 25 (needed for my wifes income etc)
Groceries etc. ......................... 150 carry on reducing
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 22 (cheapest for my pet/ offset the massive cost a few years ago)
Buildings insurance..................... 0
Contents insurance...................... 13
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1359.5



Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 10
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 10

No Secured nor Hire Purchase Debts


Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds Classic CC..............2040......42........19.5 - work on this debt
Lloyds Advance CC..............8500......160.......15.75
Halifax CC.....................5400......54........6.9
Loan...........................5800......200.......7.95
Barclaycard CC.................1670......42........6.9
Total unsecured debts..........23410.....498.......-



Monthly Budget Summary
Total monthly income.................... 1,900
Expenses (including HP & secured debts). 1,359.5
Available for debt repayments........... 540.5
Monthly UNsecured debt repayments....... 498
Amount left after debt repayments....... 42.5 throw this at a debt!

Personal Balance Sheet Summary
Total assets (things you own)........... 10
Total HP & Secured debt................. -0
Total Unsecured debt.................... -23,410
Net Assets.............................. -23,400


[/QUOTE]

Sorry you`ve had mishaps during your dfw moment, and a very expensive one it sounds.
Your SOA is ok really not much i can pick out, only a few cutbacks which may help short term.

slummymummyof3

Any chance of cheaper accomodation - you may live in an expensive area so this may not be a feasible idea.

? Haircuts
? Entertainment

Is your SOA an honest and accurate one - have you kept a spending diary to keep check?

Do you use a call over rider for your international calls as likely to be cheaper than phoing through your line provider

MoodyBlues

Thanks for the advice

Don't really need the cable, however we are still on contract for another 9 months.
With regard to the mobiles, I was on PAYG 12 months ago, and was paying more than this for my own calls. The deal we have here is awesome which includes free calls to landlines.
My wifes income is fixed ATM.

MoodyBlues

Haircuts we do our own recession cuts (I am overdue!). For entertainment we have library books, and the cable. Days/ nights out are cheap ATM, walks etc. I have just started an online diary, but so far have had quite a few NSD's this month.

MoodyBlues

The rents a bit expensive, but we only moved a few months back - we'll probably have to look into a new place unless we can get the rent reduced in 8 months time!

International calls are currently 2p a minute. Although Skype etc are cheaper some of our relatives have difficulty hearing us through them. We had Vonage at one point (one flat rate per month for free calls) but the quality dropped dramatically, so our current set up is about the best deal we can get while balancing the quality of the sound.