I need help

indi200

Things feel like they are spiraling, mistakes have been made. Am posting this to see if anyone can shed any light.


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................ 2950
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2950
Monthly Expense Details
Mortgage................................ 450
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 152
Electricity............................. 94
Gas..................................... 116.47
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 70
Mobile phone............................ 30
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 7.26
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 20
Car Insurance........................... 33.14
Car maintenance (including MOT)......... 20
Car parking............................. 1
Other travel............................ 1
Childcare/nursery....................... 2
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 13
Contents insurance...................... 35
Life assurance ......................... 21
Other insurance......................... 21
Presents (birthday, christmas etc)...... 5
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 10
Emergency fund.......................... 0
Total monthly expenses.................. 1508.99

Assets
Cash.................................... 0
House value (Gross)..................... 200000
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 200800

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 132000...(450)......2.99
Total secured & HP debts...... 132000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA EB........................1860......25........27.9
EGG CARD.......................9585......90........19.9
SANTANDER......................1560......150.......18.95
TESCO..........................0.........0.........16.89
MBNA EB........................6864......45........18.6
Total unsecured debts..........19869.....310.......-

Monthly Budget Summary
Total monthly income.................... 2,950
Expenses (including HP & secured debts). 1,508.99
Available for debt repayments........... 1,441.01
Monthly UNsecured debt repayments....... 310
Amount left after debt repayments....... 1,131.01
Personal Balance Sheet Summary
Total assets (things you own)........... 200,800
Total HP & Secured debt................. -132,000
Total Unsecured debt.................... -19,869
Net Assets.............................. 48,931
Created using the SOA calculator

ilovebanksMCMLXXXI

Hi

You bring in 2950 and 1508.99 goes out? With £68,000 Equity in your home?

Although I can't give you any advice, I will hopefully make you feel a little bit better by telling you that you are not in a particularly bad situation at all.

If personal debt is worrying you, you could get on a debt management plan where you could reduce the amount you pay each month but that will ruin your credit rating and ensure you're paying that money off for years.

All the best and sleep easy, you're finance don't look that bad to me!

indi200

it's the credit cards, although earn quite a bit, still havn't managed to bring down my mortgage.

BabyBetty

Hi Indi,

Looking at your SOA, you appear to have £1,131 available to throw at your debts once you have covered all other outgoings (believe me what you have left over is considerable higher that what other people have on these threads). You seem to be paying the minimum on your cards and this is going to take forever to pay off as your interest rates are quite high. I would suggest aggressively paying off your card debts - by my calculations you could be out of debt in approximately 18 months.

I started off with debts of just over £47,000, nothing happened until I got serious.

Bite the bullet and go for it.


BB

Pollycat

I just wondered what you meant by:

mistakes have been made.

Also, according to your SOA you have 2 children but no child benefits.
If you are getting any money for the children it should be in your SOA.

Are you sure your SOA is accurate?
£200 for groceries for 2 adults and 2 children seems a little on the low side (at least to me).

Why is your land line bill so high?
Gas & electricty seem high too. Have you checked if you can get it cheaper?

You have:
Car parking............................. 1
Other travel............................ 1
Childcare/nursery....................... 2
So that's £1 per month each on car parking and other travel and £2 per week on childcare/nursery.
I'm not sure that this is accurate - and if you are paying for childcare, you should certainly have something in under 'benefits' as I mentioned above.

Can your partner get a part-time job to bring in extra money?

Do you really need 2 cars?

OK, according to your SOA you have over £1000 per month surplus.
What are you doing with that money?
As suggested by BabyBetty, you should be paying more than the minimum on your credit cards.

Check out this link to see which you should be paying first:
http://www.whatsthecost.com/snowball.aspx?country=uk

Triggles

I'm a little puzzled as well. SOA shows you having £1100 left to throw at debt after your basic expenses. Can you please double check your SOA to make sure it's accurate? If it is, then you need to keep a spending diary to find out where that £1100 per month is going. Since that's an awful lot of money to go missing each month, I'm rather thinking there's something missing from this picture. We really can't help much unless we have more information. What mistakes are you referring to?