I have not read any worse than this!

Mode1803

cobblers_boy wrote: »

PS meant to say as well the Notice of Correction will probably make very little difference in terms of credit rating. Whilst firms are obliged by regulation to view the NOC or NOD (Notice of Disassociation) they then generally ignore it and use the analytical data only.

Sorry

NO worries mate - I kinda new that anyway!!

Mode

Mode1803

cobblers_boy wrote: »

On the travel I think the poster was including Insurance etc. However after removing your Diesle expense it leaves your wife spending about £120 per month on fuel. Does that sound about right?

CB

Yep, ferrying the kids round and we use that car at the weekends. 2.2 litre diesel - gets about 38 to the gallon if my memory serves me correctly. 4x4 (I can see the posts coming about that now - get rid of the tractor etc etc:):):))

jonjamie1970

Mode1803 wrote: »

Yep, ferrying the kids round and we use that car at the weekends. 2.2 litre diesel - gets about 38 to the gallon if my memory serves me correctly. 4x4 (I can see the posts coming about that now - get rid of the tractor etc etc:):):))

As it says in your avatar, CONVERT, you already know the answer

Mode1803

jonjamie1970 wrote: »

As it says in your avatar, CONVERT, you already know the answer

I know.........................................................:o

Jacks_xxx

:wave: Hello again my lovely,

How realistic do you think your SOA is? It's looking a little optimistic to me. It's a chore but I really recommend a spending diary for both of you for at least one month. Once you have the facts about your spending any changes you make will be more likely to work.

It's my opinion that you need to get your spending under control and a plan in place before asking for any special dispensation from relatives who have been kind enough to lend you money.

I'd also sell a car (or two) before I'd ask for any more favours.

A short term sacrifice is necessary to clear these debts and I think you guys should be the ones to make it.

I'm really sorry if this is tougher talking than you were expecting.

HappyMJ

I was thinking to myself that £540 for 2 cars aint that bad. When I get the train into Birmingham for work it's costs me £12.80 for the train ticket (it's only 2 stops away and takes 31 minutes) and £2.20 for a plusbus(another 20 minutes).

I also have to get to the train station 4 miles away either by

• driving and parking(less than £2 diesel plus £3 all day parking and 20 minutes-I could get OH to drive there and back but she's hopeless at getting up for 7am)
• taxi(£4 each way and 15 minutes)
• bus(£3 day ticket or £2 each way and 45 minutes)
• walking(1 hour)

The easiest and the one I use is the taxi at £4 each way as the car can stay at home (no need for two) and most of the time I'll walk home (via the pub:D) or get the bus. Then I've got the costs of keeping the car including the mileage I do for local jobs and normal running around at that's another £300 per month. I could drive the whole way there and back but it's 45 miles away takes over an hour and still costs money to park and the car isn't available at home in the afternoon.

So my full travel costs when working in a city similar to London and running about evenings and weekends doing local shopping and taking OH and DD out come to £712 and that's just 1 car doing 9000 miles per year and me working 45 miles away travelling by public transport. Luckily for me being a self employed contractor the work related travel costs can reduce my tax bill.

Mode1803

My travel is not that simple. The wife cannot drop me off as the kids would need to be woken up at 6am to get them in the car and drop me off.

I am minimum of 20 minutes from nearest train station which is circa £20 at least in cab.

There are no buses that run to the stations I would use (without a change anyway)

The little car I use is, i reckon the cheapest method of getting there.

Only thing I can hope is that I can stop paying to park!

HappyMJ

Sorry, I wasn't recommending you sell one as you've explained it quite well. I just think what you spend on cars and transport yet having 2 cars is way cheaper than what I spend on the same thing yet everyone is saying it's really high. And, if you did sell the car that was financed interest free from family I would pay them back. It wouldn't save much as your repayments are set at zero.

Your cab's are expensive around your way are you sure it's £20? If you compare to my travel it takes me 15 minutes in a private hire cab and only costs me £4.

Edit: For anyone else reading this I sometimes recommend people to sell the second car but the other posters only spend £50 in fuel it clearly isn't worth having 2 cars but in this case £200 is spent on fuel per month and the OP has said they will be debt free in 4 years so will easily afford it even keeping the 2 cars.

2nd edit: putting the figures supplied into the snowball calculator tells me you'll be debt free in 5.5 years with no changes to your SOA so not much to cut to get to your target of 4 years.

barbarawright

Might it not be cheaper to get an annual Oyster card rather than a weekly one - £1472 a year rather than £1913. Even allowing for a month's holiday, that's quite a saving and most workplaces do season ticket loans so you don't have to pay upfront.

MFWannabe

Mode1803 wrote: »

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.................... 2

Monthly Income Details
Monthly income after tax.....................3967
Partners monthly income after tax....... 0
Benefits............................................134.8
Other income..................................... 0
Total monthly income.......................... 4101.8

Monthly Expense Details
Mortgage.............................................450
Secured/HP loan repayments.............. ....667
Council tax (includes arrears payment)..... 327 - when will you have finished clearing arrears? How much will it be normally?
Electricity............................. ..............150 - This is incredibly high
Gas.....................................................95 -This is incredibly high
Water rates......................................... 65
Telephone (land line)............................. 50 - Very high; see comments in Internet
Mobile phone (wife pay as you go)........... 20 - May be better changing to £15 per month contract; incl calls and texts would be cheaper rate than payg; as long as your wife sticks to using incl minutes and texts and doesn't go over
TV Licence.......................................... 12.12
Satellite/Cable TV................................. 32
Internet Services.................................. 36 - Very high; check if you can combine landline and internet with satellite
Groceries etc. ..................................... 250
Clothing.............................................. 50
Petrol/diesel......................................... 200
Road tax.............................................. 25 - Is this correct for 2 cars and you say one of them is a 4 x 4?
Car Insurance....................................... 50 (we are not paying this monthly as it is paid as lump a while back)
Car maintenance (including MOT)............. 20
Car parking (travel to work- station)........ 100 (I am trying to park for free and walk to tube so this might go!) - Hopefully you can get rid of this
Other travel (tube)............................... 150
Other child related expenses............ ......0
Medical (prescriptions, dentist etc)......... 0
Pet insurance/vet bills.......................... 12
Buildings/Contents insurance................. 45.26 - this is high; check comparison sites to see if you can get cheaper
Life assurance (both of us - 350k cover). 46 - does this also include critical illness cover? If not then it seems high; again check comparison sites
Presents (birthday, christmas etc).......... 0
Haircuts............................................ 10 (guess this is kind of amount to cover me, the wife and the kids)
Entertainment..................................... 150 (have no idea on this really) - You need to keep a track of what you spend here; if it is this much then you need to drastically cut back while you pay debts; cut back to £50 per month
Holiday............................................... 0
Emergency fund................................... 0
Barclays Premier Account Fee................ 11.5
Total monthly expenses........................ 3028.88


Assets
Cash................................................. 0
House value (Gross)............................ 450000
Shares and bonds............................... 0
Car(s).............................................. 16000
Other assets..................................... 0
Total Assets..................................... 466000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 353000....(450)......1.5
Secured Debt.................33000......(667)......5
Total secured & HP debts.386000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................9453......275.......31
Tax Credits Overpay.......5500......100........0
Travis Perkins................3800......150........0
Tax Man (next year).......7000......0...........0
Parents........................12000.....0...........0
Grandma.......................21500.....500.......0
Barclaycard...................1976......70.........25.99
Barclaycard...................1089......40.........25.99
Capital One...................470........70..........34
Next ............................708........70.........25.99
Total unsecured debts.....63,496....1275......-


Monthly Budget Summary
Total monthly income............................. 4,101.8
Expenses (including HP & secured debts)... 3,028.88
Available for debt repayments................. 1,072.92
Monthly UNsecured debt repayments........ 1,275
Amount short for making debt repayments. -207.08

Personal Balance Sheet Summary
Total assets (things you own)........... 466,000
Total HP & Secured debt................. -386,000
Total Unsecured debt..................... -62,788
Net Assets................................... 17,212

Created using the SOA calculator at makesenseofcards
Reproduced on Moneysavingexpert with permission, using other browser.

Hi
I've added some comments above in your soa. Sorry if most of it's already been said and answered.
With reference to the cars; i think you seriously need to sell your wifes car and buying something for a lot less money; yes it would be a sacrifice but one worth making to pay off the debts quicker. Also if you requets a reprieve for a while from your grandparents they will be able to see what sacrifices you are prepared to make.
Also you say you have no idea where the £7,000 is going to come from to pay the tax manl where you have it right there sitting on your drive; you would also be able to pay off the credit cards with the remainder which would free up £250 per month to pay towards other debts and would get rid of the nasty high interest cards.
Then you could focus on paying off as much as you can off MBNA with their ridiculous high interest.
Having a nice car can come later when you've paid off all debts (including family with interest) and can finally afford to buy one.