New DFW seeks debt advice- HELP!!!

nitsujreltub

HELP HELP HELP!!!

Can I do anything else to improve my debt situation? (I'm not a perpetual spender but debt accrued from previous relationship) 2006 - £35000.
0% MBNA Virgin runs out May 2010
Only paying interest on Friend and family debt
Taken 30% pay cut in the last 5 yrs for a job I love!! Hope to earn 2k more p/a as of this year.

Many many thanks:)


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1 2 lodgers residing at my house
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1194
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 640 Renting my house out to two lodgers whilst I pay £50p/w to partner for food and digs
Total monthly income.................... 1834
Monthly Expense Details
Mortgage................................ 813.9
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101.7 (everything split over 12 mths)
Electricity............................. 32
Gas..................................... 46 British Gas(was a good tariff 09- will check again- lodgers like it warm! Thermostats/loft insulation fitted- will turn down a notch or three)
Oil..................................... 0
Water rates............................. 41.87 Std water rates, more expensive on meter I calculated? will check. Can one revert back from a meter after 12 mths??
Telephone (land line)................... 12.23
Mobile phone............................ 35 Internet included
TV Licence.............................. 11.95
Satellite/Cable TV...................... 20.5 Lodgers to pay from now on
Internet Services....................... 0
Groceries etc. ......................... 200 As explained above - should be £216 not £200
Clothing................................ 0
Petrol/diesel........................... 108 (drive to work- will look for car share, cycling in the warmer months)
Road tax................................ 10.4
Car Insurance........................... 12.6 (MSE/price checkers always used)
Car maintenance (including MOT)......... 6.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100 Maintenance
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 14.3
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 16 personal pension minimum payment- also government pension paid into before net
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5 clippers?!
Entertainment........................... 100 granted too much
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1687.95

Assets
Cash.................................... 0
House value (Gross)..................... 241000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 241500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 135000...(813.9)....6.3
Total secured & HP debts...... 135000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
mbna virgin....................5747......57.47.....0
first direct...................195.......0.........0 free overdraft
santander......................145.8.....7.63......17
overdraft......................1000......0.........15 recently reduced overdraft and added to Virgin-not sure cost of overdraft yet, presume £15ish
LSC............................1250......25........8
friend.........................1000......6.........6
parents........................10000.....50........6
Total unsecured debts..........19337.8...146.1.....-

Monthly Budget Summary
Total monthly income.................... 1,834
Expenses (including HP & secured debts). 1,687.95
Available for debt repayments........... 146.05
Monthly UNsecured debt repayments....... 146.1
Amount short for making debt repayments. -0.05
Personal Balance Sheet Summary
Total assets (things you own)........... 241,500
Total HP & Secured debt................. -135,000
Total Unsecured debt.................... -19,337.8
Net Assets.............................. 87,162.2

Reproduced on Moneysavingexpert with permission, using IE browser.

System

Hi nitsujreltub, and welcome to DFW!

Have made some comments in red. It's not clear if this SOA is for just you, or for you and a partner. If it's for two people then why does the other person not earn?

nitsujreltub wrote: »

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.................... 1
Monthly Income Details
Monthly income after tax................ 1194
Partners monthly income after tax....... 0 does your partner not earn?
Benefits................................ 0
Other income............................ 640 what is this from?
Total monthly income.................... 1834
Monthly Expense Details
Mortgage................................ 813.9
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101.7 if not doing so already then split over 12 months instead of 10
Electricity............................. 32
Gas..................................... 46 this seems quite high to me - have a look at comparison sites to see if swapping will reduce this. Also, turn down thermostat.
Oil..................................... 0
Water rates............................. 41.87
Telephone (land line)................... 12.23
Mobile phone............................ 35 seems quite high - can you swap to PAYG or a cheaper contract?
TV Licence.............................. 11.95
Satellite/Cable TV...................... 20.5 not essential - get rid
Internet Services....................... 0
Groceries etc. ......................... 200 is this for two people?
Clothing................................ 0
Petrol/diesel........................... 108
Road tax................................ 10.4
Car Insurance........................... 12.6
Car maintenance (including MOT)......... 6.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100 there are no children living with you so what is this for?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 14.3
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 16
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 100 halve this
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1687.95

Assets
Cash.................................... 0
House value (Gross)..................... 241000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 241500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 135000...(813.9)....6.3
Total secured & HP debts...... 135000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
mbna virgin....................5747......57.47.....0
first direct...................195.......0.........0
santander......................145.8.....7.63......17
overdraft......................1000......0.........15
LSC............................1250......25........8
friend.........................1000......6.........6
parents........................10000.....50........6
Total unsecured debts..........19337.8...146.1.....-

Monthly Budget Summary
Total monthly income.................... 1,834
Expenses (including HP & secured debts). 1,687.95
Available for debt repayments........... 146.05
Monthly UNsecured debt repayments....... 146.1
Amount short for making debt repayments. -0.05
Personal Balance Sheet Summary
Total assets (things you own)........... 241,500
Total HP & Secured debt................. -135,000
Total Unsecured debt.................... -19,337.8
Net Assets.............................. 87,162.2

Reproduced on Moneysavingexpert with permission, using IE browser.

Numpty_Monkey

nitsujreltub wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1194
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 640
Total monthly income.................... 1834
Monthly Expense Details
Mortgage................................ 813.9
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101.7
Electricity............................. 32 Check out swapping, use comparrison sites and cashback sites
Gas..................................... 46 as Electric, but turn heating down a few degrees, off in rooms not used
Oil..................................... 0
Water rates............................. 41.87 look at geting a water meter if poss you can try for free for 12 months (i pay less than that a quater)
Telephone (land line)................... 12.23
Mobile phone............................ 35 reduce tarrif/contract if possible, do you use the free stuff your paying for?
TV Licence.............................. 11.95
Satellite/Cable TV...................... 20.5
Internet Services....................... 0
Groceries etc. ......................... 200 Reduce, meal planning, drop a brand, batch cooking(helps with gas elec costs) £150 is generous
Clothing................................ 0 budget £5 here
Petrol/diesel........................... 108 look at Martins article
Road tax................................ 10.4
Car Insurance........................... 12.6 any insurance use comparison sites and cashback sites
Car maintenance (including MOT)......... 6.5
Car parking............................. 0 budget £5 here
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 14.3
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 16 whats this for?
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 100 need to reduce, nights in instead of on the lash, you get used to it;)
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1687.95

Assets
Cash.................................... 0
House value (Gross)..................... 241000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 241500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 135000...(813.9)....6.3
Total secured & HP debts...... 135000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
mbna virgin....................5747......57.47.....0
first direct...................195.......0?.........0?
santander......................145.8.....7.63......17
overdraft......................1000......0?.........15
LSC............................1250......25........8
friend.........................1000......6.........6
parents........................10000.....50........6
Total unsecured debts..........19337.8...146.1.....-

Monthly Budget Summary
Total monthly income.................... 1,834
Expenses (including HP & secured debts). 1,687.95
Available for debt repayments........... 146.05
Monthly UNsecured debt repayments....... 146.1
Amount short for making debt repayments. -0.05
Personal Balance Sheet Summary
Total assets (things you own)........... 241,500
Total HP & Secured debt................. -135,000
Total Unsecured debt.................... -19,337.8
Net Assets.............................. 87,162.2

Reproduced on Moneysavingexpert with permission, using IE browser.

:hello: hi
Well done for posting your SOA:T

I've left a few comments, your SOA isn't that bad, for a first attempt:D
a few missed amounts on what you repay every month to First direct and Overdraft?

:A

savingmummy

nitsujreltub wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0 do your children stay with you?
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1194
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 640
Total monthly income.................... 1834
Monthly Expense Details
Mortgage................................ 813.9
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101.7 is this over 10/12 months? if 12 change to over 10mths
Electricity............................. 32
Gas..................................... 46 Mthly dd for both can work cheaper, ring round for cheaper - some are offering cashback too
Oil..................................... 0
Water rates............................. 41.87 this seems high!!
Telephone (land line)................... 12.23
Mobile phone............................ 35 can you haggle this down or cancel?? go payg
TV Licence.............................. 11.95
Satellite/Cable TV...................... 20.5 stop this go freeview
Internet Services....................... 0
Groceries etc. ......................... 200 i spend 150-200 on 4! reduce this. only buy what you need, drop a brand, meal plan.
Clothing................................ 0
Petrol/diesel........................... 108 try and reduce if possible
Road tax................................ 10.4
Car Insurance........................... 12.6
Car maintenance (including MOT)......... 6.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100 maitenence? how many children?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 14.3
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 16 what is this??
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5 get a friend to do it?:D
Entertainment........................... 100 can this be reduced??
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1687.95

Assets
Cash.................................... 0
House value (Gross)..................... 241000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 241500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 135000...(813.9)....6.3
Total secured & HP debts...... 135000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
mbna virgin....................5747......57.47.....0
first direct...................195.......0.........0
santander......................145.8.....7.63......17
overdraft......................1000......0.........15
LSC............................1250......25........8
friend.........................1000......6.........6
parents........................10000.....50........6
Total unsecured debts..........19337.8...146.1.....-

Monthly Budget Summary
Total monthly income.................... 1,834
Expenses (including HP & secured debts). 1,687.95
Available for debt repayments........... 146.05
Monthly UNsecured debt repayments....... 146.1
Amount short for making debt repayments. -0.05
Personal Balance Sheet Summary
Total assets (things you own)........... 241,500
Total HP & Secured debt................. -135,000
Total Unsecured debt.................... -19,337.8
Net Assets.............................. 87,162.2

Reproduced on Moneysavingexpert with permission, using IE browser.

Added a few comments.
Entertainment needs to be reduce what is included in this?
Goceries can be reduced too.