SOA Time to clear my debts!

*Mari*

Hi,

Any ideas how I can make this any better? At present I am trying to pay £300 pm off of cards etc but is a real struggle. OH pays me amount quoted as his income and whatever else he earns is his own and he wont budge on this (long story!!) I just want to get sorted once and for all as I've been in this posision before and cleared it only to do it again. Know how I've run it up, tuition fees, kids stuff, day to day expenses etc. Have cut everything up now so wont be adding to it and done a snowball which gives me a debt free date of Nov 2012 but I'd love to do it sooner . Anyway hope someone can offer some practicle advice

Thanks


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.................... 1
Monthly Income Details
Monthly income after tax................ 700
Partners monthly income after tax....... 1245
Benefits................................ 156
Other income............................ 350
Total monthly income.................... 2451
Monthly Expense Details
Mortgage................................ 714
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 133 over 12 mnths
Electricity............................. 100
Gas..................................... 0
Oil..................................... 80
Water rates............................. 15
Telephone (land line)................... 0
Mobile phone............................ 80 Mine and kids phones all in contract with cash redemtion which I put back into account
TV Licence.............................. 12
Satellite/Cable TV...................... 95 This includes line rental and calls and all ohs extras :mad:
Internet Services....................... 20
Groceries etc. ......................... 350
Clothing................................ 10
Petrol/diesel........................... 130
Road tax................................ 15
Car Insurance........................... 20
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 75 Football, cricket, scouts, school stuff etc
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0
Buildings insurance..................... 27
Contents insurance...................... 27
Life assurance ......................... 115 oh has a condition that if we change these we wont get same amount of cover again
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 25
Emergency fund.......................... 20
Total monthly expenses.................. 2148

Assets
Cash.................................... 0
House value (Gross)..................... 340000
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 1000
Total Assets............................ 341800

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 75000....(714)......4
Total secured & HP debts...... 75000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
halifax cc.....................3302......5.........6.65
Natwest........................1533.52...5.........0
Virgin.........................2680......5.........0
od.............................400.......0.........16
Argos..........................177.......5.........0
Amazon.........................584.49....5.........15.95
Total unsecured debts..........8677.01...25........-

Monthly Budget Summary
Total monthly income.................... 2,451
Expenses (including HP & secured debts). 2,148
Available for debt repayments........... 303
Monthly UNsecured debt repayments....... 25
Amount left after debt repayments....... 278
Personal Balance Sheet Summary
Total assets (things you own)........... 341,800
Total HP & Secured debt................. -75,000
Total Unsecured debt.................... -8,677.01
Net Assets.............................. 258,122.99
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font

HappyMJ

The interest on your mortgage is only £250 per month but you are paying £714. Switch to interest only for 1 year and pay the difference towards the higher interest bearing debts then restore the mortgage to a repayment mortgage. You know what needs reducing as you have highlighted it. Why is the internet not included with TV. In total you are paying £195 towards all phone/internet and tv. This must be reduced. The home buildings/contents insurance should be much cheaper than £54 per month.

dancingfairy

According to your SOA you should have 278 pounds a month spare - it might be worth keeping a spending diary to find out where this is going if you don't know. It always amazes me when I do a spending diary just how much I spend even when I think I've had a cheap week - it all adds up.
df
can you reduce the mobile packages at all - even a little bit would help.
Sky/Virgin is really high - perhaps OH could pay for his luxuries?
Kids stuff is expensive as well - don't know if you could cut this down at all?
Can you cut the electric/gas at all - shop around for electric and see if you are on the best tariff and try and be energy efficient.

debrag

dancingfairy wrote: »

According to your SOA you should have 278 pounds a month spare - it might be worth keeping a spending diary to find out where this is going if you don't know. It always amazes me when I do a spending diary just how much I spend even when I think I've had a cheap week - it all adds up.
df
can you reduce the mobile packages at all - even a little bit would help.
Sky/Virgin is really high - perhaps OH could pay for his luxuries?
Kids stuff is expensive as well - don't know if you could cut this down at all?
Can you cut the electric/gas at all - shop around for electric and see if you are on the best tariff and try and be energy efficient.

Isn't he paying for his luxuries by giving her £1200+ a month

McKneff

Satellite, cable TV and internet services phone and calls could be combined. Sky wouldnt be that much,
Evening and weekend calls, as well as broadband is free

How come its so much:eek:

Electricity per month is horrendously high, especially as your paying for oil too.

Groceries - would you could easily shave this by a lot.

*Mari*

dancingfairy wrote: »

According to your SOA you should have 278 pounds a month spare - it might be worth keeping a spending diary to find out where this is going if you don't know. It always amazes me when I do a spending diary just how much I spend even when I think I've had a cheap week - it all adds up.
df
can you reduce the mobile packages at all - even a little bit would help.
Sky/Virgin is really high - perhaps OH could pay for his luxuries?
Kids stuff is expensive as well - don't know if you could cut this down at all?
Can you cut the electric/gas at all - shop around for electric and see if you are on the best tariff and try and be energy efficient.

Thanks for your prompt replys

OH does pay for his luxuries Im afraid, the debt is mine not his and he already pays me the lions share of his income. As far as the morgage is concerned he will not allow me to change it to to intrest only for the same reason.

Unfortunatley where we live we cannont get sky broadband or many of the other cheaper tarifs :mad:

We have a granny flat which means we get £350 in rent, that is the most they can afford on a very restrictive pension. It also means that insurance/ utilities etc are much more expensive.

Will look into mobile packages and hope to cut some of kids expences as DD1 has a p/t job now

Thanks again

Mari

*Mari*

McKneff wrote: »

Satellite, cable TV and internet services phone and calls could be combined. Sky wouldnt be that much,
Evening and weekend calls, as well as broadband is free

How come its so much:eek:

Electricity per month is horrendously high, especially as your paying for oil too.

Groceries - would you could easily shave this by a lot.

Thank you

The Sky bill includes phone, calls and sky package which has film and sport and multi room. This is ohs he wont downgrade as debt is mine. Cant get sky broadband here.

As posted before untilities are high as we have a granny flat.

Will look at my grocery spending and give meal planning another go!!

Mari

HappyMJ

How long have you been married for? How old are the kids? Exactly what what did you get into debt for? If it was for the family then I'm sorry it's family debt. He simply isn't leaving you with enough to live on. I'm saying that as you obviously live in a nice house and have a decent "family" income but putting so much towards the mortgage leaves you with too little to have a lifestyle that reflects your "family" income. It sounds as if your OH is being a bit tight as you only earn £700 per month are expected to pay for your share of household expenses, your mobile, the kids expenses and service your debt. How?

HappyMJ

Just had a read of your threads that you have posted in. I think I have an idea where the debt came from and why your OH is refusing to help you out. You might want to make a different SOA that reflects what you are expected to pay for and exclude your OH's contribution and his SKY, household expenses that you can't reduce and the life assurance and see what you are left with.

*Mari*

HappyMJ wrote: »

Just had a read of your threads that you have posted in. I think I have an idea where the debt came from and why your OH is refusing to help you out. You might want to make a different SOA that reflects what you are expected to pay for and exclude your OH's contribution and his SKY, household expenses that you can't reduce and the life assurance and see what you are left with.

Thanks I will have a go at doing that, its an idea I haddnt thought of. I can put all the family expenses into a seperate account.

I know that a portion of my debts have come from drinking and I am dealing with that particular deamon and that is why I now feel able to tackle the situation Im in. That is one reason why I have to sort this out. I have let my oh down on many occasions in the past and this time although he is with me and supports me will not bail me out. And I think he is right not to do so, this is my mess!!

Numpty_Monkey

The telephone Sky thing
have a look at http://www.samknows.com/broadband/
and see which phone/internet supplier is avialable in your area
might save a few quid a month:o

Electric check you are on the best tarrif, swap and use cashbackback sites
Groceries could be trimmed down a bit

Findout where that extra £278 is going , keep a spending diary:eek:

Any insurance check out comparrison sites and cashback sites
(ifyou go through some cashback sites for a quote you can get a extra pennies:whistle:and if you don't want them phoning you, you can get free sim cards and a few extra penny's :shhh:)