Can anyone help - advice needed!!!!

savingsp

Hi

Just wondering if anyone could give me any advice. My SOA looks to read ok. But lwt me explain.

savingsp

[tt]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................ 500
Partners monthly income after tax....... 900
Benefits................................ 400
Other income............................ 0
Total monthly income.................... 1800

Monthly Expense Details
Mortgage................................ 386
Secured/HP loan repayments.............. 300
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 134
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 20
Mobile phone............................ 30
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 0
Car Insurance........................... 40
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................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1462.12



DEBTS

CREDIT CARDS £1400, £2300, £800, £400 and an overdraft currently £1000.

Two car loans £12500 and £5300.

The money that both me and my partner earn is swollowed up each month. Neither of us drink or smoke. (as sad as it sounds) we never buy new clothes either. We have two children 7,9 and struggle to have any money to do anything with them. My OH works full time but only for £13k a year and i work part time £6000. Any suggestions?

slummymummyof3

Can you supply us with the interest rates on the credit cards etc so that we can have a bit mor einfo to try and help?

savingsp

15.94% = £340 minimum £8.00 mth
0% for 6 mths = £2300 minimum £49 mth
20.95 % = £1400 minimum £22 mth
overdraft (unsure, never looked, just used it and never really thought about it) = £1000 dont pay anything off this
loan no1 7.9% = £5300 fixed paymnet £152 mth
loan no2 14.9% = £12500 fixed paymnet £286 mtth
£770 on tesco credit card standard rate (cant find a bill to hand to check) will update later £18 mth minimum

t4mof

savingsp wrote: »

We have two children 7,9 and struggle to have any money to do anything with them.

Whereabouts in the country are you?? I've got 2 children of similar ages (6 and nearly 9) and we get out quite a lot and don't spend much. We're in Nottingham so quite central for a lot of places. There's plenty of free interactive museums, walks in the woods, local parks, trips to the seaside etc. We get £9 Travelodge rooms when they come up (5.98 per adult breakfast and kids eat free so all in for 20.98) and go further afield in some of the school hols.

As already mentioned, have you got the APRs for your debts??

Edited to add: Oops, you already have!!

savingsp

Coventry. kids love to get out and about would love ideas.

Happytogetdebtfree

Hi and welcome to the boards, good luck on the debt free journey and all the best with it I'm not great on giving advice on the statement of affairs but it would help if we knew what the standard payments are :-)

t4mof

Pretty central too then

We love Stratford on Avon for a day out. There's a nice canal walk and big park area for kicking a football around. Shakespeare's house, of course (which accept Tesco vouchers if you shop there).

This link might be useful:

http://www.dayoutwiththekids.co.uk/things-to-do/coventry

Not all free but lots of ideas.

t4mof

savingsp wrote: »

[tt]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................ 500
Partners monthly income after tax....... 900
Benefits................................ 400
Other income............................ 0
Total monthly income.................... 1800

Monthly Expense Details
Mortgage................................ 386 can this be moved to interest only while you get some debts cleared?
Secured/HP loan repayments.............. 300
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 134 can this be paid over 12 months rather than 10?
Electricity............................. 50 have you looked at switching? Go through a cashback site such as Quidco.
Gas..................................... 50 ditto above
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 20
Mobile phone............................ 30 is this PAYG or contract? I'm on Virgin and pay £10 every 2 months - I get 300 free texts the month following my top up and then in the second month I use up my £10 credit.
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 this looks pretty good for a family of 4
Clothing................................ 0
Petrol/diesel........................... 200 can this be lowered? Essential trips only?
Road tax................................ 0 how is this paid?
Car Insurance........................... 40 is this the total for both cars?
Car maintenance (including MOT)......... 0 how is this paid?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 none?
Contents insurance...................... 0 none?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 nothing?
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1462.12



DEBTS

CREDIT CARDS £1400, £2300, £800, £400 and an overdraft currently £1000.

Two car loans £12500 and £5300.

The money that both me and my partner earn is swollowed up each month. Neither of us drink or smoke. (as sad as it sounds) we never buy new clothes either. We have two children 7,9 and struggle to have any money to do anything with them. My OH works full time but only for £13k a year and i work part time £6000. Any suggestions?

Hope some of the above suggestions help...

Have you got any room on the 0% card to move some of your more expensive debt onto? Can you look at getting another 0% card or low LOB card?

How long have you got left on the loans?

Sorry, seems to be more questions than answers!

Another tip - sign up to survey sites and collect points/cash which can go towards Christmas. Myself and my husband earn about £200 a year. Not a great deal but it helps with Christmas expenses and saves me putting £200 on CC.

savingsp

Monthly Expense Details
Mortgage................................ 386 can this be moved to interest only while you get some debts cleared? will look into this but only took it out in november last year
Secured/HP loan repayments.............. 300
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 134 can this be paid over 12 months rather than 10?
Electricity............................. 50 have you looked at switching? Go through a cashback site such as Quidco.
Gas..................................... 50 ditto above
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 20
Mobile phone............................ 30 is this PAYG or contract? I'm on Virgin and pay £10 every 2 months - I get 300 free texts the month following my top up and then in the second month I use up my £10 credit. Phones on contract my OH has PAYG. My contract includes my broadband which would cost £19.00 on its own
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 this looks pretty good for a family of 4
Clothing................................ 0
Petrol/diesel........................... 200 can this be lowered? Essential trips only? That is work and back for me and my OH and the odd trip to the supermarket my car only does 28mpg
Road tax................................ 0 how is this paid? usually when the letter arrives on the door step
Car Insurance........................... 40 is this the total for both cars? no each car (sorry)
Car maintenance (including MOT)......... 0 how is this paid? when its needed (usually put onto a CC )
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 none? no not at the moment
Contents insurance...................... 0 none? none no
Life assurance ......................... 0 nothing here either!
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 nothing? usually put everything onto CC unless i have anything in the bank
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1462.12

savingsp

Tried to move the £340 to 0% CC they would'nt let me. Was looking at loan of £23k but didnt know if this was the right idea? £5300 got 3 years left £12500 five years to go