New & unsure what to do

milkybeer

I've read through the newbie posts and done my SOA and created a signature. Also, wanting to to join the 10k in 2010 challenge but I don't think I'll be able to acheive that seing as thought we are almost into month 6 of 2010 and I have all my debts to pay off first.

Anyway, here's my SOA:

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 4 (Myself, my boyfriend & my parents. I just pay them board which covers most things)
Number of children in household......... 0
Number of cars owned....................0
Monthly Income Details
Monthly income after tax................ 1020
Partners monthly income after tax....... 0 (He is from Australia & unemployed so therefore not entitled to benefits)
Benefits................................ 208 (Tax Credits)
Other income............................ 0
Total monthly income.................... 1228
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 44
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 619

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Capital One....................900.......15........34.9
Barclaycard....................353.11....10.59.....24.9
Overdraft......................2000......100.......19.9
Mum............................4000......0.........0 (I feel most guitly about this one)
Total unsecured debts..........7253.11...125.59....-

Monthly Budget Summary
Total monthly income.................... 1,228
Expenses (including HP & secured debts). 619
Available for debt repayments........... 609
Monthly UNsecured debt repayments....... 125.59
Amount left after debt repayments....... 483.41
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,253.11
Net Assets.............................. -7,253.11


A little background explaining my boyfriend situation before people think he is scrounging from me. I have lived in Australia for 2 of the last 3 years. I returned to the UK in March with my Australian boyfriend in tow. I am currently completely financially responsible for him until he gets a job but the roles were reversed when I was living in Australia and looking for work so we balance each other out. My only quibble I have with it all is that he smokes and I don't. I hate him smoking and now I am having to pay for his habit!!

Tixy

Hi and welcome

Well your outgoings are certainly not huge for 2 of you. Hoping that boyf can find work soon (and cut down on his smoking!)

I suppose the obvious question is do you have £483 spare and if so are you using it to put towards your debts. If so pay off the capital one card first as it has a high APR. Then you need to decide whether you just want to go in interest rate order or whether you want to set up a monthly payment towards your mother as well to start clearing that debt.
If you don't have the £483 then you need to work out where it is being spent and the best way to do this is with a spending diary where you write down everything you buy (or boyf buys) for a month or so.

Good luck.

gonzo127

right well just a quick look over and if its accurate your should have £483 a month left over after all your out goings is this right? if not you need to start a spending diary to work out where the money is going - basically you write down every item that you spend from a 20 pence newspaper to a £50 drinking binge and that will allow you to see where you are spending that you dont even realise about

so if you do have £483 a month left over you can get rid of capital one in 2 months and barclaycard the month after

and then even paying your mum and your overdraft of completely will take 1 year

so basically within the next 15 months you can be debt free

Happytogetdebtfree

Hi milky beer, hows you, welcome aboard, you have a nice amount left over each month and you can clear your barcaly card in one swoop, then for another 3 months you can kill teh capital one card, then focus on your overdraft and then discuss payment with your mum towards the end of 2011,whats your ohs job credentials has he got a skill ? dont feel disheartened re owing family, just let them know your thinking about setting up a payment xx

milkybeer99

Thank you everyone.

I definately need to do a spending diary. As I've only been back in the uk 3months, and working for 1 month of that it's hard to say exactly what my expenses are.

And Capital One will be my first debt to get rid of. I cannot stand them!

As for the OH. He is a qualified carenter but to work over here he has to get his qualifiction transfered (£50), take a H&S test (17.50) and a test for his CSCS card(£30) to work on jobsites. not to mention the tools he will need. That's assuming there will be a job for him after doing all this. Everything costs money. So we are trying to find him something that requires no skills, and inevitably will be low paid.

BILLIE

Milky - I know that you say that your boyfriend is not entitled to any benefits or job seekers, but on your SOA you have Tax Credits - what are they for? He may be entitled to have things paid that would be of a benefit to him finding employment. For example CSCS/ H&S/ transfer of qualifications. Ask - that costs nothing. Good luck, although your debt seem huge if you have over £400 spare a month it will go down fairly quickly, but first of all you have to ensure you have got the £400. My OH smokes and I have to admit all the time he was out of work I begrudged that hugely!! Billie xx

milkybeer99

BILLIE wrote: »

Milky - I know that you say that your boyfriend is not entitled to any benefits or job seekers, but on your SOA you have Tax Credits - what are they for? He may be entitled to have things paid that would be of a benefit to him finding employment. For example CSCS/ H&S/ transfer of qualifications. Ask - that costs nothing.

I will ask about to see what he is entitled too, but I think his situation is similar to mine over there. He is pretty much only entitled to live int he country & work but will no receive any help financially from our government. He has come over on a Youth mobility Scheme which replaced the working holiday visa but is essentially the same.

With regards to his smoking I have shown his how much it costs, and do the whole, 'eww, you stink' everytime he has a cig but my nagging just isn't getting through. He smoked when I got with him so I guess it's somethin gI can't complain about. Or rather can complain a lot about but not acheive anything by doing so.

milkybeer

Good news, my OH got a job and starts on Tuesday.

Gettingtherequickly

Congrats, will make everything less stressful and you will be able to concentrate on being DF earlier. Best of luck

Krisp_3

That's fantastic!!

Do take up a spending diary though, even though you will be better off, it would be a shame to fritter the extra away on things that aren't necessary. Speaking as one who knows...;)

Take care!