1 year to get shut of debt!!

IWantToBeFree_2

I think 7% is quite reasonable on the loan, and whilst transferring it to a credit card could be an option, but the OP would have to get a card which allows a super balance transfer, and then pay around 3%-4% in fees to transfer it - then if it is not cleared during the introductory period, the rates will hike up and it will be far far more expensive than the loan - if overpayments can be made, I think keeping the loan as it is would be the best thing.

OP - Your SOA isn't that bad, you have a surplus and can meet your current payments which is always a good thing, your cut backs will all have to depend on just how much you want to get out of debt and how quickly. You mentioned that selling your car would mean you can pay off the loan, how about selling it, buying a cheap runaround, and then when your work position is more secure, look at upgrading again?

bearminimum

Washer,

OH would like center parcs but no chance, we stop in cottages. I will have to put £100 aside for next three months as we need to pay for cotatge we have booked. After this I will then save the £100 a month for if stuff in the house breaks. I have reworked my SOA a bit. Am thinking I will clear the Next , shut the account and then start chipping away at the loan.

Not bothered about pack up: i like him to have a proper dinner and dont think the £8.50 is too bad per week

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1445
Partners monthly income after tax....... 1569
Benefits................................ 431
Other income............................ 18.6
Total monthly income.................... 3463.6

Monthly Expense Details
Mortgage................................ 1010
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 113
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 25
Mobile phone............................ 2.5
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 236.5
Clothing................................ 20
Petrol/diesel........................... 215
Road tax................................ 32.08
Car Insurance........................... 66.67
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 577.5
Other child related expenses............ 122.25
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 8.33
Buildings insurance..................... 13.31
Contents insurance...................... 0
Life assurance ......................... 51
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 20
Entertainment........................... 55
Holiday................................. 100
Emergency fund.......................... 20
OH Footy................................ 6
Gym..................................... 80
Charity giving.......................... 3
Total monthly expenses.................. 2968.14


Assets
Cash.................................... 0
House value (Gross)..................... 154000
Shares and bonds........................ 0
Car(s).................................. 13900
Other assets............................ 0
Total Assets............................ 167900


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 154000...(1010).....5.7
Total secured & HP debts...... 154000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
next catalogue.................500.......20........29.9
LTSB LOAN......................7700......197.5.....7
Family loan....................300.......0.........0
Total unsecured debts..........8500......217.5.....-


Monthly Budget Summary
Total monthly income.................... 3,463.6
Expenses (including HP & secured debts). 2,968.14
Available for debt repayments........... 495.46
Monthly UNsecured debt repayments....... 217.5
Amount left after debt repayments....... 277.96

Personal Balance Sheet Summary
Total assets (things you own)........... 167,900
Total HP & Secured debt................. -154,000
Total Unsecured debt.................... -8,500
Net Assets.............................. 5,400

bearminimum

just mentioning the £18.60 is petrol expenses I get from work, also forgot gym membership thats a years contract

dancingfairy

Sorry - misread your SOA about the loan! Fair enough with regards to the cooked dinner as well.
The gym seems quite high - is there a cheaper gym? / package you could use? or maybe take something outdoorsy up - ie running / hiking/ orienteering?
You could see if your council will accept council tax over 12 months not 10 - but not all councils will.
Would a prescription pre-payment card help you at all? if the prescriptions are regular and for 1 person - obviously it might be the dentists or something but just a thought.
df

dancingfairy

Do you go to the gym? can you change it to a friends name? or downgrade the package or are you stuck with it this high?'
df

WASHER

bear in mind, how much of the benefits are childcare element? What would your salary be reduced to working part time? I'm looking ahead, and want to see if you can afford to work part time with a huge mortgage.

bearminimum

Washer... the Tax credit would only be £10.50 per week if we had no childcare to pay
if I was part time on 18 hours i would get per month £817. but I pay a pension which would be about £40
and if on 25 hours which i would prefer would be £1073 minus about £53 pension
HTH
Bear

bearminimum

fairy, I go to the gym X3 times a week as does OH, it incldes swimming for my eldest too, little one is free
the £15 is mainly for my dentist as it costs me £45 every time lol, its rare we have to get prescriptions, but am on antibiotics stck at hiome with bronchitis which is why I fibnally have time for t'internet lol
O and my council tax is over 12 m:eek:

dancingfairy

You might find the snowball calculator useful. I'm sure someone will post a link for you. Basically you put different amounts of what you can pay back in each month and it tells you how long till you're debt free - it might help you to think about whether to put more into an emergency fund or whether it would cut tat much more off your debt free date. Ie you can see how much difference would 20 a month make, 30 etc, etc.
Also have you thought about maybe doing a carboot? maybe make a bit of money?
df

bearminimum

Nowt to sell on carboot as usually take all Ds2's outgrown stuff to church and Ds!'s stuff saved for DS2 when hes bigger, also can't be arsed to spend all sunday in the cold flogging stuff. i ahve occasionally sold on ebay but find it a pain, its like having another job lol, we both work FT