stressed, confused please help

al2010

What can I do with this mess?


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1470
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1470

Monthly Expense Details
Mortgage................................ 270
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 22
Gas..................................... 30
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 10
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 160
Clothing................................ 25
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).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 30
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 779


Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 120000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 43000....(270)......2.7
Total secured & HP debts...... 43000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
lloyds cc......................5141......105.......25
egg cc.........................1300......40........25
mbna...........................2345......70........25
egg loan.......................6000......224.......7.9
tesco..........................5755......115.......25
sains..........................1300......30........25
cap one........................3817......114.......25
Total unsecured debts..........25658.....698.......-


Monthly Budget Summary
Total monthly income.................... 1,470
Expenses (including HP & secured debts). 779
Available for debt repayments........... 691
Monthly UNsecured debt repayments....... 698
Amount short for making debt repayments. -7

Personal Balance Sheet Summary
Total assets (things you own)........... 120,000
Total HP & Secured debt................. -43,000
Total Unsecured debt.................... -25,658
Net Assets.............................. 51,342

linz

Hi,

Well £160 a month for food is a lot for one person, you could get that under £100 pretty easily with a bit of practise.

Can you cancel sky tv and go freeview?

Cut out clothes for a few months.

See if you can drop onto a cheaper mobile phone tariff?

More people will be along soon to advise i'm sure

Nargleblast

al2010 wrote: »

What can I do with this mess?


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1470
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1470

Monthly Expense Details
Mortgage................................ 270
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 22
Gas..................................... 30
Oil..................................... 0
Water rates............................. 30 Monthly or quarterl? seems a lot for a month.
Telephone (land line)................... 10
Mobile phone............................ 30 Try PAYG say £20
TV Licence.............................. 12
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 160
Clothing................................ 25 Cut out for a few months
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).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 30 Shop around for cheaper
Contents insurance...................... 20 Ditto
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 779


Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 120000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 43000....(270)......2.7
Total secured & HP debts...... 43000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
lloyds cc......................5141......105.......25
egg cc.........................1300......40........25
mbna...........................2345......70........25
egg loan.......................6000......224.......7.9
tesco..........................5755......115.......25
sains..........................1300......30........25
cap one........................3817......114.......25
Total unsecured debts..........25658.....698.......-


Monthly Budget Summary
Total monthly income.................... 1,470
Expenses (including HP & secured debts). 779
Available for debt repayments........... 691
Monthly UNsecured debt repayments....... 698
Amount short for making debt repayments. -7

Personal Balance Sheet Summary
Total assets (things you own)........... 120,000
Total HP & Secured debt................. -43,000
Total Unsecured debt.................... -25,658
Net Assets.............................. 51,342

Some ideas to be going on with. At least there's only you in the household, and not having a car cuts costs considerably. Welcome on board by the way!

[Deleted User]

You will have to cut out non-essentials from your SOA - Clothes £25, and Cable TV £10. Can you reduce you mobile package - you should be able to get a reasonable package for £15/£20/month (some of the sim only packages are good value). You can possible reduce your insurance if you combine both and get them through a cash back site (Quidco, One poll etc)

Are you sure you have included everything you spend in your SOA? - Do you really spend nothing on travel? Do you not have life insurance even though you have a mortgage? Nothing on entertainment?

Also, can you lower your repayments to the egg loan which has a 7.9% apr cmpared with all the others that are 25% apr - the best approach if you can is to pay of those first that have the highest apr.

Also, do you have any things that you can sell? (E-bay, Gumtree, Amazon etc) - what have you spent all £25 thousand on - anything that you can sell?

Have you been making you payments on time up until now - can you switch CCard balances to lower, or interest free cards?

Deep_In_Debt

Your groceries budget is high - I live on my own and manage on about £70 pm max - take packed lunches to work, bulk cook and freeze etc and just buy essentials. And I don't go without...can have treats as well...as I am a chocoholic!

savingmummy

al2010 wrote: »

What can I do with this mess?


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1470
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1470

Monthly Expense Details
Mortgage................................ 270
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100 pay over 12 months instead of 10
Electricity............................. 22
Gas..................................... 30 is this cheapest?
Oil..................................... 0
Water rates............................. 30 this seems high
Telephone (land line)................... 10
Mobile phone............................ 30 haggle for cheaper, once contract ends go payg
TV Licence.............................. 12
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 160 i pay this for 4! reduce as much as you can, drop brands, only buy what you NEED
Clothing................................ 25 use what you have for now
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).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 30
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 ???
Haircuts................................ 10
Entertainment........................... 0 ?? no meals out/take aways/nights out etc
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 779


Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 120000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 43000....(270)......2.7
Total secured & HP debts...... 43000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
lloyds cc......................5141......105.......25
egg cc.........................1300......40........25
mbna...........................2345......70........25
egg loan.......................6000......224.......7.9
tesco..........................5755......115.......25
sains..........................1300......30........25
cap one........................3817......114.......25
Total unsecured debts..........25658.....698.......-


Monthly Budget Summary
Total monthly income.................... 1,470
Expenses (including HP & secured debts). 779
Available for debt repayments........... 691
Monthly UNsecured debt repayments....... 698
Amount short for making debt repayments. -7

Personal Balance Sheet Summary
Total assets (things you own)........... 120,000
Total HP & Secured debt................. -43,000
Total Unsecured debt.................... -25,658
Net Assets.............................. 51,342

Hi i have highlighted a few areas which could help you each month.
Cut up credit cards!!
Do you have anything you can sell on ebay etc to put towards the debts?

Groceries are high for just you! Reduce this and stick to a strict list each week of what you need, meal plan, cook in bulk and freezr meals, drop brands, cut down on treats.

Clothing - only buy when your desperate for new! You must have lots of clothing £25 a mth is a lot.

DarkConvict

Not much i can suggust so i did this instead

http://www.whatsthecost.com/snowball.aspx

It will take you 54 months to pay off these debts if you snowball correctly. During that time, you'll pay £11,590.00 in interest.

If you paid the same amount per month, but changed the order in which you paid your debts so you weren't paying the highest interest rates first, it would cost you an additional £8,512.00 in interest.

See the chart below for a breakdown of your monthly payments. Any months in red mean that the amount you entered as the amount you want to spend per month servicing you debt isn't enough to cover your minimum payments. In the "payments" column, any value shown in blue indicates that you're paying more than the minimum

It's important to note that while, financially, snowballing in interest order will cost you less, sometimes, emotionally, it makes more sense to pay off some the smaller debts first. That can be a great incentive when starting to deal with your debt.

What if I consolidated?

General reasons why consolidation is not always a good idea

First things first, I am not a financial expert, nor do I intend this site to give any kind of finance advice. I just give you and easy way of seeing the figures.

That said though, in my opinion, consolidation generally a bad idea. If you're in debt, it's because you spend more than you earn, and it's all too easy to get a consolidation loan, pay off your current debts, and because your monthly outlay is less, you feel you have more spending power and run up new, extra debts.

Consolidating debts into your mortgage, or another secured loan is (again, in my personal option) an even worse idea. Secured debt means that if you default on payments you'll lose your home. Not only that, but your mortgage will generally be on a much longer term, so although the interest rate may be less, in the long run you'll be paying far more.

For example, according to the figures you've just entered, you currently owe £25,658.00. If you consolidated that into your mortgage at, say 5.5% over 25 years, you'd end up paying £21,610.77 in interest. By snowballing correctly, you'd pay £11,590.00

Butti

I don't want you to get despairing. Although you have a high level of unsecured debt, you also have a low mortgage in relation to the value of the house so you have done that well and on your own. Pat on the back for that.

....so on to your debts

I would recommend the following (some of which have already been said)

1. Cut your food budget to £25 per week
2. Drop your clothing entirely or to £10 per month (Shop at supermarkets/ charity shops / get the sewing machine out)
3. Shop around for contents and building insurance
4. Make sure you have covered everything - nothing in for entertainment at all? Is this realistic or will it instantly depress you?

DC has helpfully put up a snowballing table for you. As you have so many cards at 25% APR I would suggest you tackle the Sainsburys or Egg one first. The balances on those are smaller and you will get quite a big boost from having paid a card off.

Good luck. Stay on here and maybe join the DFD thread and a few others. People on here really are quite inspirational.

B

taxi73

You are only £7 short per month so that's good as there's loads to look at on your SOA and with money you free up you can use the snowball calculator as above to make a dent in the debts.
Can you fit in another part time job or some overtime and throw it all at the debts?
Have you stuff to sell?

al2010

Thanks for the input so far. I guess as it's my first soa i need
to refine it a lot.

The apr figures are not accurate. I'm going through them now.

Back to the drawing board!

saxysarah

good for u for coming on board! all of us either are or have been in the same boat so noone will judge you here - some can be a little blunt with suggestions but sometimes we need it. be as accurate as you can with ur SOA try not to leave anything out - work lunches/coffees etc sandwich/mags from the garage etc get it in there somewhere. Don't be disheartened too much at the moment you are just about mnaging repayments and there are ideas on here for EVERYONE for ways to both save and increase earnings -if you can't cut back ur SOA then you will find a way to make a few extra quid to chuck at the debt ;-)

Happy posting - join a few challenge groups as well and get stuck in - today is the first day of the rest of your life ;-) xx