Moving Out But Have Debts

jonny_london

Moving out soon with my fiancee. Been offered a flat from a friend with low rent.
We gotta move out, we just cant stand not living together anymore.
I used the online calculator to get some stats. Problem is I have debts and i cannot get as loan nor new cc to balance transfer the debt. dont no if its because of my age ( 20 ) or something else, i am an on time payer.


so ive filled in the calc using my fiancee's part time job, she is going full time soon. but of the free amount after expenses i need to take off £70 monthly for a training course im doing to further my career and we smoke about £70 of cigs between us a month. and there's no social life at all contained, we should be so lucky ha. i have put a little bit extra for some of the expenses just to make sure im covering myself.
i want to get the overdraft then the cards paid asap, but find it so hard at the moment, never mind after moving out.

i see on the internet and tv about debt consolidation things without a credit check, is that something that is feasable?


heres my stats, and help is much appreciated.
thankyou

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................ 915
Partners monthly income after tax....... 550
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1465

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 100
Rent.................................... 280
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 100
Gas..................................... 30
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 20
Mobile phone............................ 30
TV Licence.............................. 10
Satellite/Cable TV...................... 30
Internet Services....................... 10
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 120
Road tax................................ 10
Car Insurance........................... 70
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 6
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 5
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
bank.................................... 7
Total monthly expenses.................. 1206

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

Secured & HP Debt
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 320......(100)......0
Total secured & HP debts...... 320.......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
capital one....................360.......17........28
halifax one....................3120......65........19
overdraft......................999.......0.........0
Total unsecured debts..........4479......82........-


Monthly Budget Summary
Total monthly income.................... 1,465
Expenses (including HP & secured debts). 1,206
Available for debt repayments........... 259
Monthly UNsecured debt repayments....... 82
Amount left after debt repayments....... 177

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -320
Total Unsecured debt.................... -4,479
Net Assets.............................. -1,799




edit: as ive only just registered, html doesnt seem to be allowed sorry

Ames

jonny_london wrote: »

Moving out soon with my fiancee. Been offered a flat from a friend with low rent.
We gotta move out, we just cant stand not living together anymore.
I used the online calculator to get some stats. Problem is I have debts and i cannot get as loan nor new cc to balance transfer the debt. dont no if its because of my age ( 20 ) or something else, i am an on time payer.


so ive filled in the calc using my fiancee's part time job, she is going full time soon. but of the free amount after expenses i need to take off £70 monthly for a training course im doing to further my career and we smoke about £70 of cigs between us a month. and there's no social life at all contained, we should be so lucky ha. i have put a little bit extra for some of the expenses just to make sure im covering myself.
i want to get the overdraft then the cards paid asap, but find it so hard at the moment, never mind after moving out.

i see on the internet and tv about debt consolidation things without a credit check, is that something that is feasable?


heres my stats, and help is much appreciated.
thankyou

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................ 915
Partners monthly income after tax....... 550
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1465

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 100 What's it secured on?
Rent.................................... 280
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 100 How big is the place? It should be much less than this. I'm in a one bed all electric flat and pay £33 a month, it's taken me a while to get used to things to get it so low though.
Gas..................................... 30
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 20
Mobile phone............................ 30 is this for both of you?
TV Licence.............................. 10 actually £12, and if you pay monthly then you might have to pay double for the first 6 months, I'm not sure if that's just if it's direct debit though.
Satellite/Cable TV...................... 30 Look into getting a bundle for tv/internet/phone, you should be able to get all three for about £30.
Internet Services....................... 10
Groceries etc. ......................... 150 Do either of you have experience of cooking to a budget? This is perfectly do-able but it might be a bit higher at first - you'll need to stock up on store cupboard basics and things.
Clothing................................ 20 Do you really need this? Cut down to just underwear when it's needed for a while.
Petrol/diesel........................... 120 Make sure you drive as efficiently as possible.
Road tax................................ 10
Car Insurance........................... 70 Ouch, I assume you're under 25?
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 6
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 5 What's this for?
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0 You might need something here.
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
bank.................................... 7 Are you getting the full benefit of this?
Total monthly expenses.................. 1206

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

Secured & HP Debt
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 320......(100)......0 So this'll be gone in about 3 months then?
Total secured & HP debts...... 320.......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
capital one....................360.......17........28
halifax one....................3120......65........19
overdraft......................999.......0.........0
Total unsecured debts..........4479......82........-


Monthly Budget Summary
Total monthly income.................... 1,465
Expenses (including HP & secured debts). 1,206
Available for debt repayments........... 259
Monthly UNsecured debt repayments....... 82
Amount left after debt repayments....... 177

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -320
Total Unsecured debt.................... -4,479
Net Assets.............................. -1,799




edit: as ive only just registered, html doesnt seem to be allowed sorry

It's not too bad, even taking into account the 140 extra.

You really should try and stop smoking, or at leasts swap to roll ups to save money.

Do you have everything you need for the house - furniture, bedding, plates, pots and pans etc. If not where will the money come from? My debt became unmanageable when I moved out and had to buy all that stuff.

Was your fiance involved in this SOA? Is she on board with it all, ie no haircuts and stuff? Does she have debts?

Just a few thoughts from me till the experts come along.

jonny_london

thanks youve already made so good points here. when its copied over though i think some things have missed out here we go:

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................ 915
Partners monthly income after tax....... 550
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1465

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 100 this is my car loan in my mothers name. i think its actually not secured
Rent.................................... 280
Management charge (leasehold property).. 0 friends flat so not charging
Council tax............................. 120 think this is about right. maybe each im not sure
Electricity............................. 100 ive put 100 because i use a lot of things lol. im a training technician. i daily charge my smartphone. have a freesat recorder on standby to record and use games consoles frequestly when not at work
Gas..................................... 30 maybe hi i dont know just this high to cover myself
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 20
Mobile phone............................ 50 added my fiancees as forgot lol
TV Licence.............................. 12 didnt no exact
Satellite/Cable TV...................... 30 this is actually a mobile broadband contract i have
Internet Services....................... 10
Groceries etc. ......................... 150 think we'd get away with about 25 a week probs but popped the extra on as safe guard for cleaning stuff etc
Clothing................................ 20 popped it on because the calculator said i should really lol.
Petrol/diesel........................... 120 i usually would spend about 80 - 100 but once again as safe guard
Road tax................................ 10
Car Insurance........................... 70 Ouch, im 20 but should get 20% off this year as now working for swift
Car maintenance (including MOT)......... 15 this would be something id save monthly for car
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 6
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 5 identity protection ins im scared and it gives me credit reports
Presents (birthday, christmas etc)...... 10 just incase
Haircuts................................ 0 i have long hair ha
Entertainment........................... 20 probs wouldnt even spend that really
Holiday................................. 0 wont go away for a while i suppose
Emergency fund.......................... 0 i wish
bank.................................... 7 i get breakdown, card protection, emergency home cover and a few other bits
Total monthly expenses.................. 1228

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

Secured & HP Debt
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 3200......(100)......0 should have been an extra 0 on here. same one as above. its in mothers name
Total secured & HP debts...... 3200.......-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
capital one....................360.......17........28
halifax one....................3120......65........19
overdraft......................999.......0........ .0
Total unsecured debts..........4479......82........-


Monthly Budget Summary
Total monthly income.................... 1,465
Expenses (including HP & secured debts). 1,228
Available for debt repayments........... 227
Monthly UNsecured debt repayments....... 82
Amount left after debt repayments....... 155

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -3200
Total Unsecured debt.................... -4,479
Net Assets.............................. -1,799



so edited this. hair cuts and that i dont pay attention to as i have long hair and fiancee and i have a family friend if we need them

pots n pans n sofas etc are being bought by parents. and i have loadsa stuff like big tv computer etc


more accurate now lol

Ames

I have a sky+ box that I never turn off at the switch, I'm on the laptop all the time. I don't charge a phone that often though. I think you're overestimating, but that's the best way to be!

Why are you paying a mobile broadband contract at £30 and then another £10 for internet services?

I'm really not sure that the identity protection is worth it (in fact I'd never heard of it!), you can get your credit reports every couple of months for £2 which'll show if there's anything unusual.

I don't think the £7 for the bank account is worth it. Breakdown cover you can get for £40 a year or less, and get cashback on it. Card protection, there's laws in place for fraud etc, emergency home cover should be included in your contents insurance.

It's really good though that you're overestimating things!

niccatw

Hey there, if it helps with estimates, I'm in a 2 bedroom flat, with flat-mate at uni so he's always on his laptop. I'm not far behind him though. He's also get an x-box and PS2, we pay £50 per month between us for gas and electricity combined so hopefully your estimates are way over and you can throw the extra at your debts.

Who's your mobile phone provider? Haggle with them if you can and see if you can get more for less. Usually threatening to leave (and being willing to follow that threat through!) works a treat! And if you're with o2, you can get broadband at £7.50 per month - I've never had any problems with it.

I'd also throw everything at that Capital 1 debt first; t5he interest rate is a killer. Have you had a wee play about on the snowball calcualtor to see what difference a few overpayments hear and there will make. http://www.whatsthecost.com/snowball.aspx

Good luck .

mum2one

jonny_london wrote: »

thanks youve already made so good points here. when its copied over though i think some things have missed out here we go:

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................ 915
Partners monthly income after tax....... 550
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1465

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 100 this is my car loan in my mothers name. i think its actually not secured
Rent.................................... 280
Management charge (leasehold property).. 0 friends flat so not charging
Council tax............................. 120 think this is about right. maybe each im not sure
Electricity............................. 100 ive put 100 because i use a lot of things lol. im a training technician. i daily charge my smartphone. have a freesat recorder on standby to record and use games consoles frequestly when not at work - sounds high, once you got settled in your getsorted
Gas..................................... 30 maybe hi i dont know just this high to cover myself
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 20
Mobile phone............................ 50 added my fiancees as forgot lol
TV Licence.............................. 12 didnt no exact
Satellite/Cable TV...................... 30 this is actually a mobile broadband contract i have - thats expensive, I have pay and go t-mob, if you set it up instead of £2 per day, £15 per month
Internet Services....................... 10
Groceries etc. ......................... 150 think we'd get away with about 25 a week probs but popped the extra on as safe guard for cleaning stuff etc
Clothing................................ 20 popped it on because the calculator said i should really lol.
Petrol/diesel........................... 120 i usually would spend about 80 - 100 but once again as safe guard
Road tax................................ 10
Car Insurance........................... 70 Ouch, im 20 but should get 20% off this year as now working for swift -its your age, shop around at renewal and considercash back sites
Car maintenance (including MOT)......... 15 this would be something id save monthly for car
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8 - is that a prepayment certificate
Pet insurance/vet bills................. 6
Buildings insurance..................... 0
Contents insurance...................... 10 - shop around - internet cash back sites as well, should be able to reduce it
Life assurance ......................... 0
Other insurance......................... 5 identity protection ins im scared and it gives me credit reports
Presents (birthday, christmas etc)...... 10 just incase
Haircuts................................ 0 i have long hair ha
Entertainment........................... 20 probs wouldnt even spend that really
Holiday................................. 0 wont go away for a while i suppose
Emergency fund.......................... 0 i wish
bank.................................... 7 i get breakdown, card protection, emergency home cover and a few other bits - do you get identity cover with this
Total monthly expenses.................. 1228

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

Secured & HP Debt
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 3200......(100)......0 should have been an extra 0 on here. same one as above. its in mothers name
Total secured & HP debts...... 3200.......-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
capital one....................360.......17........28
halifax one....................3120......65........19
overdraft......................999.......0........ .0
Total unsecured debts..........4479......82........-


Monthly Budget Summary
Total monthly income.................... 1,465
Expenses (including HP & secured debts). 1,228
Available for debt repayments........... 227
Monthly UNsecured debt repayments....... 82
Amount left after debt repayments....... 155

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -3200
Total Unsecured debt.................... -4,479
Net Assets.............................. -1,799



so edited this. hair cuts and that i dont pay attention to as i have long hair and fiancee and i have a family friend if we need them

pots n pans n sofas etc are being bought by parents. and i have loadsa stuff like big tv computer etc


more accurate now lol

The positive thing to come out of this is that you have spare money left, you may find a month or two down the line your have some more money free and you can balance out the bills.

The main money savings
Car Ins, Contents Ins - search at renewal

I would say look at your halifax card and see if they do any balance transfers, I had mine done at 5.9% for life of balance. Hopefully you can shift the capital one or as much as you can.

What I would do is set up the money to get the capital one shifted 1st, check your od, I know you have a fee paying account, but sit down andwork out are you getting £84 a yr of benefits from it. Also is there any charges for being od, I have a normal account but my od charges are £1 per day.

I would avoid the consolidation route that is offered via tv, as they are usually aimed for householders as there secured on the house.

I had a consolidation loan through Halifax and got a rate of 11% which may be high for some people but for my circumstances I was over the moon. The consolodation loans are good on one hand, but on the other you need to be strict, and not think great freedom I'll use the cards.

There are a lot of people who have had consolidation debts and blown the lot and cleared debts and then re-rum them up, its a long hard decision.

Hope its helped a little x

JA1000

£840 a year on fags - here ends my advice.