Hanging by a thread........just about! Part 2

siw8158

OK

Slight update since I last posted this 3 months ago...........things are pretty static if not a tad worse to be honest..........

Debt overall has incresed by about £1000 mainly due to pre-existing arrangements that I could not back out of (£700 balance on a holiday on which a sizeable deposit would be lost and a wife who at 1st didn't think it was that bad etc)

Also, a very poor choice to change banks leave us with used £2150 o/d costing 30ish a month as well as a small current account with a £200 o/d costing the same (Halifax) so we'll be moving back across there asap!

Outgoing have increased slightly with gas/elec up by 24p/m due to harsh winter, sky up a tenner (yes, we went HD sob! - but did get rid of the window cleaner @ £10p/m to balance) and pet insurance up after a year of heavy payouts

Anyway here's my previous SOA and below is my newer on for a comparisson!

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 700
Benefits................................ 120
Other income............................ 190
Total monthly income.................... 2410
Monthly Expense Details
Mortgage................................ 760
Secured/HP loan repayments.............. 164
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 40
Gas..................................... 80
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 15
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 28
Internet Services....................... 5
Groceries etc. ......................... 175
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 30
Car Insurance........................... 0
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 24
Buildings insurance..................... 11
Contents insurance...................... 11
Life assurance ......................... 45
Other insurance......................... 14
Presents (birthday, christmas etc)...... 15
Haircuts................................ 10
Entertainment........................... 75
Holiday................................. 0
Emergency fund.......................... 0
Overdraft............................... 35
Magazine................................ 2
Total monthly expenses.................. 1996

Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 191000

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 146.339..(760)......2.4
Hire Purchase (HP) debt ...... 4756.....(164)......5.5
Total secured & HP debts...... 4902.34...-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Halifax........................4700......80....... .15.9
Halifax........................3800......70....... .15.9
Barclaycard....................4500......85....... .6.9
Egg............................1800......35....... .17.9
Santander......................3000......55....... .0
Total unsecured debts..........17800.....325.......-

Monthly Budget Summary
Total monthly income.................... 2,410
Expenses (including HP & secured debts). 1,996
Available for debt repayments........... 414
Monthly UNsecured debt repayments....... 325
Amount left after debt repayments....... 89
Personal Balance Sheet Summary
Total assets (things you own)........... 191,000
Total HP & Secured debt................. -4,902.34
Total Unsecured debt.................... -17,800
Net Assets.............................. 168,297.66


NEW BELOW

Statement of Affairs and Personal Balance Sheet
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1450
Partners monthly income after tax....... 610
Benefits................................ 120
Other income............................ 170
Total monthly income.................... 2350
Monthly Expense Details
Mortgage................................ 760.1
Secured/HP loan repayments.............. 162.9
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 113
Electricity............................. 40
Gas..................................... 66
Oil..................................... 0
Water rates............................. 44.36
Telephone (land line)................... 15
Mobile phone............................ 40
TV Licence.............................. 12.12
Satellite/Cable TV...................... 33
Internet Services....................... 5
Groceries etc. ......................... 175
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 30
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................. 32.56
Buildings insurance..................... 21.13
Contents insurance...................... 0
Life assurance ......................... 45.09
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 60
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1905.26

Assets
Cash.................................... 0
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 195000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 145150...(760.1)....0
Hire Purchase (HP) debt ...... 4237.74..(162.9)....0
Total secured & HP debts...... 149387.7.-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclay Card...................4272.31...96........19.9
Halifax S......................4497.18...80........15.9
Halifax K......................2853.79...75........0
Mothercard.....................152.51....5.........19.9
Argos..........................327.21....15........27.9
Egg............................231.67....5.........16.9
Egg............................1048.53...23.87.....21.9
Virgin.........................1860.75...50........0
Santander......................3593.93...86.15.....0
Total unsecured debts..........18837.88..436.02....-

Monthly Budget Summary
Total monthly income.................... 2,350
Expenses (including HP & secured debts). 1,905.26
Available for debt repayments........... 444.74
Monthly UNsecured debt repayments....... 436.02
Amount left after debt repayments....... 8.72
Personal Balance Sheet Summary
Total assets (things you own)........... 195,000
Total HP & Secured debt................. -149,387.74
Total Unsecured debt.................... -18,837.88
Net Assets.............................. 26,774.38

AND CREDIT CARD DEBT TOO..................with momthly payments as are

Barclay Card

4272.31
87.26

Halifax S

4497.18
91.85

Halifax K

2853.79
58.29

Mothercard

152.51
3.11

Argos

327.21
6.68

Egg

231.67
4.73

Egg

1048.53
21.41

Virgin

1860.75
38

Santander/Abbey

3593.93
73.4

Unsecured Debt totals

18837.88

384.73

Just argued Barclaycard down to 15.9%, put £600 from EGG onto VIRGIN as it's 0% 'till Jan/April 2011

Anyone else see where we can cut back????

Thanx.


Si

dancingfairy

Your gas and electric look rather high - are you on a good deal? are you in arrears? can you switch absolutely everything off when not needed, go for low energy light bulbs, use line drying rather than a tumble drier etc etc.
Mobile - don't know how many this is for but think 15/20 per mobile MAX.
Anything you can sell - ebay/car boot ot rasie some cash?
Can you get a second job/overtime etc? or would this then cut back some of the benefits?

Have you considered maybe doing a dmp through CCCS or one of the other debt charities?
df

Mags30

This isn't going to help much but to me those bills look as low as they could be. Maybe the tv, could you reduce the amout of chanels and pay less? Probably not more than a few pounds to be saved there.

Petrol looks high, more than groceries but you probably have a reason for that.

Is a cheaper mobile phone bill possible by switching plan or providor?

Looks like you need to increase income rather than cutback.

siw8158

The gas mainly put is arrears over winter due to how cold it was and a 18mth y/o in the house!
And that was supllemented by a log burner!!!!!
I'm too scared to put it on now and I'm freezing today!!!!!
Currently locked in for a while yet and still on a pretty decent deal!

Mobile phone is for 2x phones - His 'n' hers inc a -£10p/m discount off T-mobile!

Fuel is pretty high.
I work permanant earlies (4-6am starts) and have to do approx 30mile round trip to get to/from work (and car does around 40mpg) so that's 2/3rds gallon a day and can only chop that down slightly by catching a train for half that journey twice a week so neglible vs convenience.
Wifes car (actually mine but she stole it!) is used for some out and about assessing (and clock upto 60mpg on a run or 37ish round town) in relation to her job and gets milage back but not really a profit!

Car 1 costs app £50 to fill and does nearly 400miles
Car 2 costs app £60/65 to fill and does about 450miles

As for increased money coming into the house, I think this is key.

I've cuurently got flxible working (for family reasons) which mean I've dropped down from 41hrs to 35hrs and lost O/T opportunity too which can sting me for 300-400p/m take home but it's this vs family life plus yself and bro-in-law are nearly set up in a PAT (Portable Appliance Testing) company of our own (Web site done, training done, leaflets coming) so it's just a matter of time hopefully!!!! I'll do this in my now free time.

Si