We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Help!!

Hey before i post my soa its probably best I explain the situation.

We've recently purchased a new car ( pick that up today.....) and we took stock after the purchase ( hmmmm ) anyway the long and short of it is since going over our expenditure Ive not slept a wink.

Today im off sick from work and, well, im struggling to see the light at the end of whatever tunnel I'm in.

Not point putting it off any longer tho, eh?

Statement of Affairs and Personal Balance Sheet

Household Information

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

Monthly Income Details

Monthly income after tax................ 2024
Partners monthly income after tax....... 1100
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3124


Monthly Expense Details

Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 425
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 55
Gas..................................... 55
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 80
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 400
Clothing................................ 0
Petrol/diesel........................... 130
Road tax................................ 10
Car Insurance........................... 0
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 80
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1483



Assets

Cash.................................... 1000
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 9000
Other assets............................ 0
Total Assets............................ 10000


No Secured nor Hire Purchase Debts


Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................24000.....404.......11.4
Total unsecured debts..........24000.....404.......-



Monthly Budget Summary

Total monthly income.................... 3,124
Expenses (including HP & secured debts). 1,483
Available for debt repayments........... 1,641
Monthly UNsecured debt repayments....... 404
Amount left after debt repayments....... 1,237


Personal Balance Sheet Summary
Total assets (things you own)........... 10,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -24,000
Net Assets.............................. -14,000


Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using Firefox browser.


The loan is over 7 years and I just want someone to point me in the right direction with the aim being to pay it back in as short a time as possible ( doing some rough maths i reckon anywhere from 30 - 42 months ).

It got so bad last night that i even emailed the samaritans...i hope im over-reacting...

Thanks for reading , look forward to getting to know you guys on here!
«13

Comments

  • andys15
    andys15 Posts: 1,102 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    You are left with over a grand a month, i cannot see the problem, you could pay the debt in less than 2 years
    Debt free. March 2020
    Mortgage free-August 2021
    Planned retirement date- 19/5/2026
    £29500 saved. Target £420000(19/05/2026)
  • andys15
    andys15 Posts: 1,102 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Infact about 15 months. your shopping for 2 is too much too.
    Debt free. March 2020
    Mortgage free-August 2021
    Planned retirement date- 19/5/2026
    £29500 saved. Target £420000(19/05/2026)
  • bluesdevil
    bluesdevil Posts: 11 Forumite
    im aware the shopping is for too much... Im just new on here and have literally just registered .. the first place i came was here.

    I guess im just blowing it way WAY out of proportion and I can only thank you for giving me that hope.

    If i thought i could pay that back in 15 months i would be bouncing all over the place with the weight that would be off my shoulders.

    cheers!
  • I might be being thick here but I'm not too sure what you are asking. Is it just that you want to reduce the term of your loan from 7 years to around 3?

    You have a surplus of £1237 AFTER you have paid your living expenses and your loan. A lot of people don't have that amount BEFORE living expenses and debts are taken into account.
  • gonzo127
    gonzo127 Posts: 4,482 Forumite
    Part of the Furniture Combo Breaker
    edited 28 April 2010 at 2:11PM
    bluesdevil wrote: »
    Hey before i post my soa its probably best I explain the situation.

    We've recently purchased a new car ( pick that up today.....) and we took stock after the purchase ( hmmmm ) anyway the long and short of it is since going over our expenditure Ive not slept a wink.

    Today im off sick from work and, well, im struggling to see the light at the end of whatever tunnel I'm in.

    Not point putting it off any longer tho, eh?

    Statement of Affairs and Personal Balance Sheet

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

    Monthly Income Details
    Monthly income after tax................ 2024
    Partners monthly income after tax....... 1100
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 3124

    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 425
    Management charge (leasehold property).. 0
    Council tax............................. 110
    Electricity............................. 55
    Gas..................................... 55 - gas and electric seem high, find out your annaul usage in KWH and pop the details into a comparison site to find out if you are on the best tarrif if not swap
    Oil..................................... 0
    Water rates............................. 0 - should be something here
    Telephone (land line)................... 20
    Mobile phone............................ 80 - this is massive, are you still in contract? if not you need to find out what you average usage is and get a better deal, if not still find out your usage and ask to be changed on to a more suitable tarrif, most people do not need anything more than a £20 a month tarrif and many can cope easily on £10 a month
    TV Licence.............................. 13
    Satellite/Cable TV...................... 0
    Internet Services....................... 20
    Groceries etc. ......................... 400 - this is a lot for 2 people, you should easily be able to halve this, try meal planning and only buying what you need to make these meals, batch cook and freeze left overs for home done ready meals and the dorp a brand challenge, please bare in mind that some people on here can do this for a family of 4 for £150 a month
    Clothing................................ 0
    Petrol/diesel........................... 130
    Road tax................................ 10
    Car Insurance........................... 0 - need something here
    Car maintenance (including MOT)......... 25
    Car parking............................. 0
    Other travel............................ 20
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 20
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 20
    Entertainment........................... 80
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1483


    Assets
    Cash.................................... 1000
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 9000
    Other assets............................ 0
    Total Assets............................ 10000

    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly...APR
    Loan...........................24000.....404.......11.4
    Total unsecured debts..........24000.....404.......-


    Monthly Budget Summary
    Total monthly income.................... 3,124
    Expenses (including HP & secured debts). 1,483
    Available for debt repayments........... 1,641
    Monthly UNsecured debt repayments....... 404
    Amount left after debt repayments....... 1,237 - this is a great surplus to have each month

    Personal Balance Sheet Summary
    Total assets (things you own)........... 10,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -24,000
    Net Assets.............................. -14,000

    Created using the SOA calculator at
    Reproduced on Moneysavingexpert with permission, using Firefox browser.

    The loan is over 7 years and I just want someone to point me in the right direction with the aim being to pay it back in as short a time as possible ( doing some rough maths i reckon anywhere from 30 - 42 months ).

    It got so bad last night that i even emailed the samaritans...i hope im over-reacting...

    Thanks for reading , look forward to getting to know you guys on here!

    hi well from quickly looking over your SOA you do have a great surplus,

    however i am very much expecting you do not have £1200 a month left over, in which case you need to look at where this is going, try and spending diary and write down everything you spend from a 20 pence newspaper to a £50 drinking binge

    other than that you might need to re-do your SOA and be more honest with where your money goes, do not be embarrised by what you spend your money on we will not judge and will only offer advise on what cuts you could make,

    QUICK EDIT - doing a spending diary is usualy a very incrediable eye opener, the amount of people who do not realise how much they spend on 'nothing', if you want you can always do a retrospective spending diary where you look through your last couple of months bank statements and see if you can account what was brought with everything that came out of your account
    Drop a brand challenge
    on a £100 shop you might on average get 70 items save
    10p per product = £7 a week ~ £28 a month
    20p per product = £14 a week ~ £56 a month
    30p per product = £21 a week ~ £84 a month (or in other words one weeks shoping at the new price)
  • bluesdevil
    bluesdevil Posts: 11 Forumite
    I know the shopping is too much, its the result of us both working shifts and never planning meals etc, we are in supermarkets every day.

    If i thought i could pay that back in 15 months ... i would be one happy man.

    Cheers!
  • Tixy
    Tixy Posts: 31,455 Forumite
    Hi and welcome
    bluesdevil wrote: »
    Hey before i post my soa its probably best I explain the situation.

    We've recently purchased a new car ( pick that up today.....) and we took stock after the purchase ( hmmmm ) anyway the long and short of it is since going over our expenditure Ive not slept a wink. any problem can be solved - try not to let it affect your health.

    Today im off sick from work and, well, im struggling to see the light at the end of whatever tunnel I'm in.

    Not point putting it off any longer tho, eh?

    Statement of Affairs and Personal Balance Sheet

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

    Monthly Income Details
    Monthly income after tax................ 2024
    Partners monthly income after tax....... 1100
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 3124

    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 425
    Management charge (leasehold property).. 0
    Council tax............................. 110
    Electricity............................. 55 this is quite high (although perhaps you have estimated the split between the elec & gas?) anyway check you are with the cheapest supplier and on the best deal (internet tariffs are cheaper than paper ones). Also try reducing your usage if you can.
    Gas..................................... 55
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 20
    Mobile phone............................ 80 can you reduce down a tariff? or if either not in contract see if you can find a better deal
    TV Licence.............................. 13
    Satellite/Cable TV...................... 0
    Internet Services....................... 20
    Groceries etc. ......................... 400 this is really high for 2 people. You should be able to easily halve this if you needed. Is there something bumping up this amount (such as cigs). Do you eat a lot of ready meals? (or buy a lot of wine?;))
    Clothing................................ 0 may need to budget just a little here
    Petrol/diesel........................... 130
    Road tax................................ 10
    Car Insurance........................... 0 ? how come no insurance if you have the other car costs - put this in even if you have already paid for this year.
    Car maintenance (including MOT)......... 25
    Car parking............................. 0
    Other travel............................ 20
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 20
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 20
    Entertainment........................... 80
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1483


    Assets
    Cash.................................... 1000
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 9000
    Other assets............................ 0
    Total Assets............................ 10000

    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly...APR
    Loan...........................24000.....404.......11.4
    Total unsecured debts..........24000.....404.......-


    Monthly Budget Summary
    Total monthly income.................... 3,124
    Expenses (including HP & secured debts). 1,483
    Available for debt repayments........... 1,641
    Monthly UNsecured debt repayments....... 404
    Amount left after debt repayments....... 1,237

    Personal Balance Sheet Summary
    Total assets (things you own)........... 10,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -24,000
    Net Assets.............................. -14,000

    Created using the SOA calculator at
    Reproduced on Moneysavingexpert with permission, using Firefox browser.

    The loan is over 7 years and I just want someone to point me in the right direction with the aim being to pay it back in as short a time as possible ( doing some rough maths i reckon anywhere from 30 - 42 months ).

    It got so bad last night that i even emailed the samaritans...i hope im over-reacting...

    Thanks for reading , look forward to getting to know you guys on here!

    Is the car the £24k loan? Only you have put the car value at £9k? - oh just thought I bet insurance is free for a year or something - if so scrub what I said about it above!

    Do you currently have the £1247 (or so) free each month? If so then you are in a good position and can easily afford to pay the car and start some savings as well. If you don't have that money spare then you need to start spending diaries to see where it is going. If you both keep a track of every single thing you spend for a couple of months you should find where its going.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • bluesdevil
    bluesdevil Posts: 11 Forumite
    gonzo127 wrote: »
    hi well from quickly looking over your SOA you do have a great surplus,

    however i am very much expecting you do not have £1200 a month left over, in which case you need to look at where this is going, try and spending diary and write down everything you spend from a 20 pence newspaper to a £50 drinking binge

    other than that you might need to re-do your SOA and be more honest with where your money goes, do not be embarrised by what you spend your money on we will not judge and will only offer advise on what cuts you could make,

    water rates is in with the council tax, the soa i did for just our guaranteed outgoings... like i say its the disorganised way that we live that means there is little in the pot at the end of the month.

    In fact just looking at our online bank on top of the 400 quid a month in shopping we spent an extra 152 quid in supermarkets last month.
  • bluesdevil
    bluesdevil Posts: 11 Forumite
    Tixy wrote: »
    Hi and welcome



    Is the car the £24k loan? Only you have put the car value at £9k? - oh just thought I bet insurance is free for a year or something - if so scrub what I said about it above!

    Do you currently have the £1247 (or so) free each month? If so then you are in a good position and can easily afford to pay the car and start some savings as well. If you don't have that money spare then you need to start spending diaries to see where it is going. If you both keep a track of every single thing you spend for a couple of months you should find where its going.

    The car is actually 9k minus our 2k trade in so 7k onto an existing loan of 17k.

    Approx 10k of this debt goes back around 5 years, when we first moved in together we did so on the basis of me having a raise in income which never happened as the supermarket i worked for got taken over and everybody was put on contract hours.

    Our income before expenditure was 1250 back then.

    I know its out of control, to a certain extent, and thats why i want to kill this spiral of loan after loan after loan. I want this 24k off my back asap, i know its going to mean a total overhaul of our lives but i would rather go thru that than consider the alternative.

    Cheers folks, i actually feel better now!

    T
  • 3Dogs
    3Dogs Posts: 14,092 Forumite
    Hi there - at first look you appear to have £1237 left every month so the question is wheter this is correct - do you have this amount left over AFTER the car repayment?

    You have a figure of £400 undder loan - is this the car? If the car as bought on a loan against the car (HP) this should be included under secured debt. Can you confirm this please?

    Otherwise, your SOA looks fine except that groceries are high for 2 - generally accepted rate would be about £280 a month or thereabouts - but if you do have surplus then this figure is fine. Electric and Gas seem high - have you checked out on comparison web-sites for better deals. Mobile also very high - are you using all minutes on deal? - could you get a better deal?

    Everyone will be able to advise you better with this clarification.

    Just seen that Tixy has beat me to it .......
    :( Mr 3Dogs 3-7-12 :( 3Dogs'Mam 31-3-13 :(
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 346.6K Banking & Borrowing
  • 251.3K Reduce Debt & Boost Income
  • 451.4K Spending & Discounts
  • 238.8K Work, Benefits & Business
  • 614.2K Mortgages, Homes & Bills
  • 174.8K Life & Family
  • 252K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.