A stitch in time?

easilydistracted

Hello all

I'm generally more a reader than a contributor on these forums. This is largely because I know what I have to do to repay my debts, its the sticking to it thats difficult! I had some debts that I had been overpaying on eg balance transfer on card, overdraft and and a loan. After deliberating for the best part of a year I bought a new car on the scrappage scheme. Its a fiat 500 so that meant that I ordered it towards the end of the scheme and it arrived in May. I got a buy now pay later loan from my bank. An unexpected house move (due to the neighbour from hell) meant I was in my overdraft which affected my internal bank score, so the loan rate is not great (listed as loan 2 in my SOA). I also still have a little to pay off on a graduate loan from the same bank (loan 1) which was at a very good graduate rate. Everything else is now paid off.

So.. the SOA listed below is tight but managable. I deliberately borrowed the car money obver 26 months as I want it to be gone by then, hence the high payments. The 104 odd that is meant to be left over is going to go towards my expensive car insurace until November (the 100 a month is from November onwards, I've been driving less than a year), then saving for my partners 30th in Feb then hopefully I will be able to start overpaying a little on the loan or get some savings in. It is based on my half of living expenses with my partner, we 50:50 everything, I would be a lot worse of if we didn't, he is a low earner but has very few debts and is really good with money. He put some furniture we needed on an argos card during an interest free promotion hence debt three. Here we go:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1550
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1550

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 375
Management charge (leasehold property).. 0
Council tax............................. 69
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 12
Telephone (land line)................... 12
Mobile phone............................ 11
TV Licence.............................. 8
Satellite/Cable TV...................... 0
Internet Services....................... 7
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 100
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................. 12
Buildings insurance..................... 0
Contents insurance...................... 3
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 65
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 894


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 11500
Other assets............................ 0
Total Assets............................ 11500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loan 1 ........................1231......65.24.....6.9
loan 2.........................10175.....463.......14.7
partners argos card............168.......23.5......0
Total unsecured debts..........11574.....551.74....-


Monthly Budget Summary
Total monthly income.................... 1,550
Expenses (including HP & secured debts). 894
Available for debt repayments........... 656
Monthly UNsecured debt repayments....... 551.74
Amount left after debt repayments....... 104.26

Personal Balance Sheet Summary
Total assets (things you own)........... 11,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,574
Net Assets.............................. -74

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

I'm hoping there are some other people on here that are in the same boat- not drowning but aware our stories are sounding like we could go this way if we don't stick to our budget. Hopefully we can encourage eachother to stick to our budgets and eventually get to overpay.

Mrs_Jojo

A stitch in time will hopefully save a lot of interest!