Debt free wannabe!

ciara1504

Hi I hope someone can help me out there. I have been really bad with money for as long as I can remember. My partner and I have just bought a house - he's really good with money and has just found out how much debt I have. :mad:
We're talking about getting married now and I want to try to clear some of this debt. Any help would be much appreciated!

SOA as follows:

Household Information[/b]
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1450
Partners monthly income after tax....... 1000
Benefits................................ 0
Other income............................ 1800
Total monthly income.................... 4250
Monthly Expense Details
Mortgage................................ 475
Secured/HP loan repayments.............. 614
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 35
Gas..................................... 0
Oil..................................... 30
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 50
Internet Services....................... 8
Groceries etc. ......................... 300
Clothing................................ 0
Petrol/diesel........................... 300
Road tax................................ 17
Car Insurance........................... 235
Car maintenance (including MOT)......... 15
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..................... 9
Contents insurance...................... 0
Life assurance ......................... 9
Other insurance......................... 0
Presents (birthday, christmas etc)...... 35
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2319

Assets
Cash.................................... 500
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 18000
Other assets............................ 0
Total Assets............................ 108500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 85000....(475)......0
Hire Purchase (HP) debt ...... 12000....(474)......0<
Furniture......................2000.....(140)......0
Total secured & HP debts...... 99000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Capital One....................1250......50........0
Barclaycard....................900.......40........0
Abbey..........................500.......30........0
Partner's overdraft............500.......0.........0
Santander Overdraft............2100......0.........0
Next...........................600.......40........0
Very...........................900.......60........0
Ulster Bank....................1800......60........0
Welcome Finance................800.......150.......0
Total unsecured debts..........9350......430.......-

Monthly Budget Summary
Total monthly income.................... 4,250
Expenses (including HP & secured debts). 2,319
Available for debt repayments........... 1,931
Monthly UNsecured debt repayments....... 430
Amount left after debt repayments....... 1,501
Personal Balance Sheet Summary
Total assets (things you own)........... 108,500
Total HP & Secured debt................. -99,000
Total Unsecured debt.................... -9,350
Net Assets.............................. 150

I've got a settlement figure from Welcome finance and have given them my card details for them to deduct the figure at the end of the month.

Marisco

Hi ciara, none of the debts are very large and given you have £1,000+ left every month, you could pay them off month by month i.e one month pay the Next & Abbey off, next month Very, month after Welcome and put the £280 saved with £1000 spare to pay off Capital One. The order of paying them depends on which has the highest interest rate. And then cut them all up;)

mandz1

ciara1504 wrote: »

Hi I hope someone can help me out there. I have been really bad with money for as long as I can remember. My partner and I have just bought a house - he's really good with money and has just found out how much debt I have. :mad:
We're talking about getting married now and I want to try to clear some of this debt. Any help would be much appreciated!

SOA as follows:

Household Information[/b]
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1450
Partners monthly income after tax....... 1000
Benefits................................ 0
Other income............................ 1800
Total monthly income.................... 4250
Monthly Expense Details
Mortgage................................ 475
Secured/HP loan repayments.............. 614
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 35 this seems quite high for a month!
Gas..................................... 0
Oil..................................... 30
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 50
Internet Services....................... 8
Groceries etc. ......................... 300 This is very high for 2 people for a month.
Clothing................................ 0
Petrol/diesel........................... 300 Do 2 cars really take this much petrol in a month. Can u try and cut this down a little
Road tax................................ 17
Car Insurance........................... 235
Car maintenance (including MOT)......... 15
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..................... 9
Contents insurance...................... 0
Life assurance ......................... 9
Other insurance......................... 0
Presents (birthday, christmas etc)...... 35 seems a little high. could u try and cut this down a bit.
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2319

Assets
Cash.................................... 500
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 18000
Other assets............................ 0
Total Assets............................ 108500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 85000....(475)......0
Hire Purchase (HP) debt ...... 12000....(474)......0<
Furniture......................2000.....(140)......0
Total secured & HP debts...... 99000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Capital One....................1250......50........0
Barclaycard....................900.......40........0
Abbey..........................500.......30........0
Partner's overdraft............500.......0.........0
Santander Overdraft............2100......0.........0
Next...........................600.......40........0
Very...........................900.......60........0
Ulster Bank....................1800......60........0
Welcome Finance................800.......150.......0
Total unsecured debts..........9350......430.......-

Monthly Budget Summary
Total monthly income.................... 4,250
Expenses (including HP & secured debts). 2,319
Available for debt repayments........... 1,931
Monthly UNsecured debt repayments....... 430
Amount left after debt repayments....... 1,501
Personal Balance Sheet Summary
Total assets (things you own)........... 108,500
Total HP & Secured debt................. -99,000
Total Unsecured debt.................... -9,350
Net Assets.............................. 150

I've got a settlement figure from Welcome finance and have given them my card details for them to deduct the figure at the end of the month.

just wrote a few ideas at the side to show that u can reduce ur expenses and the money you save from doing them could help pay off the debt. But you also have 1500 each month left over. you could pay off a debt everymonth with this money.

Marisco

One thing that struck me, surely the car insurance is not £235pm??:eek:

incher

Hi Ciara,

Do you really have £1500 left over every month? I imagine the answer is no, otherwise you wouldn't have so many cc debts in the first place! A spending diary will help you figure out where it's all going. As the others have said, if you have £1500 left over each month, you could easily deal with your debts.