Loads of equity in house but loads of credit card debts

Marisco

Try this Paul.

http://www.makesenseofcards.com/soacalc.html

[Deleted User]

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................ 2100
Partners monthly income after tax....... 1050
Benefits................................ 45
Other income............................ 0
Total monthly income.................... 3195
Monthly Expense Details
Mortgage................................ 585
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 10
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 69
Internet Services....................... 8
Groceries etc. ......................... 550
Clothing................................ 50
Petrol/diesel........................... 300
Road tax................................ 20
Car Insurance........................... 50
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................. 0
Buildings insurance..................... 12
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2038

Assets
Cash.................................... 0
House value (Gross)..................... 220000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 228000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 128000...(585)......1.6
Total secured & HP debts...... 128000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
car loan.......................3500......99........7.7
car loan.......................2000......67........7.9
credit cards...................20000.....550.......0
Total unsecured debts..........25500.....716.......-

Monthly Budget Summary
Total monthly income.................... 3,195
Expenses (including HP & secured debts). 2,038
Available for debt repayments........... 1,157
Monthly UNsecured debt repayments....... 716
Amount left after debt repayments....... 441
Personal Balance Sheet Summary
Total assets (things you own)........... 228,000
Total HP & Secured debt................. -128,000
Total Unsecured debt.................... -25,500
Net Assets.............................. 74,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

dancingfairy

O.k here are a few thoughts from me:
Mortgage................................ 585
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 60
Gas.................................... 60 these seem a bit high - can you see if you are on a good tariff, also turn everything off when not needed, low energy bulbs where possible etc.
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 10
Mobile phone............................ 45 if this is one it is way too high - if it's 2 try and lower the tariffs if possible
TV Licence.............................. 12
Satellite/Cable TV...................... 69 this is where an easy saving could be made if you wanted to
Internet Services....................... 8
Groceries etc. ......................... 550 again savings could be made here - we spend about 250 a month for 2 which is considered high on here. Think packed lunches, less takeaways, more cooking from scratch, try cheap brands where possible -ie for tinned stuff, buy in bulk to keep costs down, try double cooking -ie cook 2 meals and freeze one half for another day etc.
Clothing................................ 50
Petrol/diesel........................... 300
Road tax................................ 20
Car Insurance........................... 50
Car maintenance (including MOT)......... 0 might need to budget for this?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 nothing here? no playgroup/nurseery etc?
Medical (prescriptions, dentist etc).... 0 maybe you need to budget something for this - no dentist/opticians?
Pet insurance/vet bills................. 0
Buildings insurance..................... 12
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0 ?
Entertainment........................... 0 ?
Holiday................................. 0 ?
Emergency fund.......................... 0 ?
Total monthly expenses.................. 2038

Well according to your SOA you have 441 a month spare although Isuspect this is not the case. No doubt some of it will be going on the items I have highlighted that you have not aco!!!!ed for but to find out where the rest is going a spending diary is the way forward - it's scary how all those 'little' purchases add up. If you can identify and redirect some of this money towards paying the debts off that will really help you.
df

[Deleted User]

Mortgage................................ 585
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 60
Gas.................................... 60 these seem a bit high - can you see if you are on a good tariff, also turn everything off when not needed, low energy bulbs where possible etc.

BTW. House is 4 bed detached.

Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 10
Mobile phone............................ 45 if this is one it is way too high - if it's 2 try and lower the tariffs if possible

Its for 2.

TV Licence.............................. 12
Satellite/Cable TV...................... 69 this is where an easy saving could be made if you wanted to

Yep. I guess.

Internet Services....................... 8
Groceries etc. ......................... 550 again savings could be made here - we spend about 250 a month for 2 which is considered high on here. Think packed lunches, less takeaways, more cooking from scratch, try cheap brands where possible -ie for tinned stuff, buy in bulk to keep costs down, try double cooking -ie cook 2 meals and freeze one half for another day etc.

Thing is we've tried but it always comes out this much.

Clothing................................ 50
Petrol/diesel........................... 300
Road tax................................ 20
Car Insurance........................... 50
Car maintenance (including MOT)......... 0 might need to budget for this?

Fingers crossed !!!

Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 nothing here? no playgroup/nurseery etc?

Childcare vouchers already taken out of pay

Medical (prescriptions, dentist etc).... 0 maybe you need to budget something for this - no dentist/opticians?

No optician, not much dentist.

Pet insurance/vet bills................. 0
Buildings insurance..................... 12
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0 ?
Entertainment........................... 0 ?
Holiday................................. 0 ?
Emergency fund.......................... 0 ?
Total monthly expenses.................. 2038

RAS

Hi Paul

if your housekeeping is running at that level, you need to keep spending diaries, post up your meal plans and supermarket receipts on moneysavingexpert and ask them to help you cut back.

slummymummyof3

Try using Aldi/Lidl for your supermarket shopping. The quality is fantastic and lots cheaper than the big 4. I admit to previously being a supermarket snob until about 2 years ago. I have no urgent financial need to shop in these supermarkets but know that it makes great financial sense to.....so I can throw the savings at overpaying my mortgage.

InDeepDebt

slummymummyof3 wrote: »

Try using Aldi/Lidl for your supermarket shopping. The quality is fantastic and lots cheaper than the big 4. I admit to previously being a supermarket snob until about 2 years ago. I have no urgent financial need to shop in these supermarkets but know that it makes great financial sense to.....so I can throw the savings at overpaying my mortgage.

Sorry to jump in on the thread but, how much did your shopping go down by by changing to Aldi/Lidl.

We budget £385 a month for groceries but go well over that - we use Tesco - 2 adults and 2 children (7 & 9).

Back to the OP. According to your SOA, you have just over £1000 'spare' - out of which you need to pay £550 onto cards - out of which £430 is actually paying off the capital. This means that, if you were to live to your SOA, you would in theory be able to pay £430 plus £450 onto your cards. How much money do you have left at the end of the month - if the answer is none - or you're increasing the balance on your credit cards - you really need to do a spending diary to see where the money is going.

Now, all I need to do is read the advice that I've given you and implement it for me.

Jim

jockinleeds

The OP's SOA is almost identical to mine...
Was the original query not about unsec to sec?

We done that, took a sec loan out with FirstPlus :eek: to pay off CC's.
The mistake was two fold - 1. FirstPlus 2. Not cutting up CC's and started mounting them up again...
Thats what led us down the DMP route 5 years ago.:(

A one off sec loan could be a quick way of rolling everything up but you must lose the cards when you've done that!! My error.

Or has been suggested, improve things monthly to pay off quicker?

When it comes to groceries.. not having a pop.. but I dont get these big bills?
My last Asda shop was £160 for a family of 4 + dog for a month.
Just my views you understand...

[Deleted User]

jockinleeds wrote: »

The OP's SOA is almost identical to mine...
Was the original query not about unsec to sec?

We done that, took a sec loan out with FirstPlus :eek: to pay off CC's.
The mistake was two fold - 1. FirstPlus 2. Not cutting up CC's and started mounting them up again...
Thats what led us down the DMP route 5 years ago.:(

A one off sec loan could be a quick way of rolling everything up but you must lose the cards when you've done that!! My error.

Or has been suggested, improve things monthly to pay off quicker?

When it comes to groceries.. not having a pop.. but I dont get these big bills?
My last Asda shop was £160 for a family of 4 + dog for a month.
Just my views you understand...

£160 OMG. How on earth do you do that?

Do you cook a lot yourself?