This is my situation

ojosef

Hi All, I am new to this site and I am ready and raring to go to get rid of my debts. I have taken the SOA calculator and my results are below.

My biggest debt is the Natwest Loan (£3508) I have, I have to double check the interest, but when I last checked it was 17.9% APR however if I am paying £185 a month (fixed rate) and the interest they are taking is £50-£60 (it varies) does that not mean that the interest is more like 30% APR?? I really need to do something with this loan!

The other 2 debts I have are credit cards, the Barclaycard (£430) has 6 months left of 0% then it goes to 9.90% APR

The Virgin card (£2800) has 0% until 1st December 2011 after which it is 16.9%.

I hope I can get some sound advice here, many thanks in advance.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1500

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 350
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 30
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 20
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 100
Clothing................................ 50
Petrol/diesel........................... 25
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 260
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1055


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest Loan...................3508......185.......17.9
Virgin.........................2800......30........0
Barclaycard....................430.......30........0
Total unsecured debts..........6738......245.......-


Monthly Budget Summary
Total monthly income.................... 1,500
Expenses (including HP & secured debts). 1,055
Available for debt repayments........... 445
Monthly UNsecured debt repayments....... 245
Amount left after debt repayments....... 200

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,738
Net Assets.............................. -6,738

crabyducky

Not long done my SOA but i can see on yours some big differences to mine an we earn about the same.

Clothing 50?? A month what do you buy??
Travel 260?? Do you commute??

HTH

babyfruitella

If you're paying for petrol/diesel, shouldnt some money be allocated towards car expenses (maintenance, tax etc) or is it money you pay somebody else (ie car share) ?

Marisco

The only ones that stick out are clothing £50 and entertainment £100:eek: These can be cut right down!! Also can you bundle your phone and internet together? £40pm is high!! You really need something for contents ins and a bit for presents. The £25 petrol, is that for a car share? You also need something for TV licence. It says you have £200 left, is this right or is it like most people, only "on paper"?;) Start a spending diary and put everything down - it's surprising how the Starbucks mount up!!

boultdj

ojosef wrote: »

Hi All, I am new to this site and I am ready and raring to go to get rid of my debts. I have taken the SOA calculator and my results are below.

My biggest debt is the Natwest Loan (£3508) I have, I have to double check the interest, but when I last checked it was 17.9% APR however if I am paying £185 a month (fixed rate) and the interest they are taking is £50-£60 (it varies) does that not mean that the interest is more like 30% APR?? I really need to do something with this loan!

The other 2 debts I have are credit cards, the Barclaycard (£430) has 6 months left of 0% then it goes to 9.90% APR

The Virgin card (£2800) has 0% until 1st December 2011 after which it is 16.9%.

I hope I can get some sound advice here, many thanks in advance.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1500

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 350
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 30
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 20 add to make a bundle
Mobile phone............................ 20add to make a bundle
TV Licence.............................. 0 did you forget about the licence?or don't you have a TV?
Satellite/Cable TV...................... 0
Internet Services....................... 20can you make a bundle with your internet provider
Groceries etc. ......................... 100
Clothing................................ 50 is this per month? can you cut this down/out
Petrol/diesel........................... 25 if you don't have a car why are you paying this?
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 260
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 you need something here
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 100 can you take anything off this?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1055


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest Loan...................3508......185.......17.9
Virgin.........................2800......30........0
Barclaycard....................430.......30........0
Total unsecured debts..........6738......245.......-


Monthly Budget Summary
Total monthly income.................... 1,500
Expenses (including HP & secured debts). 1,055
Available for debt repayments........... 445
Monthly UNsecured debt repayments....... 245
Amount left after debt repayments....... 200

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,738
Net Assets.............................. -6,738

I hope I'v given you some help first time I'e done one of these looking at what you've put if you could get rid of the barclaycard first then it free's up $30 extra to throw at the natwest. Might also be worth your while looking on the Debt Free Diary board at the payment a day [padder's]. And I know you get told to get rid of the biggest intrest loans/cards first, but it's the *Woohoo* factor of getting rid of one and the fact it's not realy got that long left on the 0%. PS: welcome to the board's and Good Luck with getting rid of the debt

ojosef

The reason the 260 is there for other transport is because I don't own a car.. but the form doesn't give the offer to say "motorcycle" !

The petrol for my bike is only maximum £25 per month and the £260 is the rent (this is my transport and as I give IT support all around the city it is vital for me, as I have tight appointments and have to be there quick, a bicycle is too slow a car is too congesting so that leaves a motorcycle) and I can't afford to buy one at the moment unfortunately)

The clothing, yes that can cut down definitely, I will do that and the entertainment included eating out and going to the cinema.. again I can cut that down.

So you guys thing I should target the Barclaycard first? It's £430 on 0% APR for 6 months.

How about trying to get the Loan I have off of the 17.9% APR fixed monthly fee?? Is there anyway I can reduce this?

anh1904

Without making economies, your SOA shows you can throw £230 per month at Barclaycard, that goes inside 2 months, so then £260 at Virgin, and you clear that inside 11 months.

You need a spending diary, as I suspect the £200 you have left on paper is a little optimistic?

I'd be surprised if you can reduce the rate on your loan, but you could phone and ask, plus there may be penalties for overpaying, you need to check that too.

Make the additional savings by bundling a phone package and cutting out entertainment (or cutting it down) and you should be in a good position relatively quickly.

MFWannabe

ojosef wrote: »

Hi All, I am new to this site and I am ready and raring to go to get rid of my debts. I have taken the SOA calculator and my results are below.

My biggest debt is the Natwest Loan (£3508) I have, I have to double check the interest, but when I last checked it was 17.9% APR however if I am paying £185 a month (fixed rate) and the interest they are taking is £50-£60 (it varies) does that not mean that the interest is more like 30% APR?? I really need to do something with this loan!

The other 2 debts I have are credit cards, the Barclaycard (£430) has 6 months left of 0% then it goes to 9.90% APR

The Virgin card (£2800) has 0% until 1st December 2011 after which it is 16.9%.

I hope I can get some sound advice here, many thanks in advance.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1500

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 350
Management charge (leasehold property).. 0
Council tax............................. 50 - Is this correct? Even with single persons discount this seems low
Electricity............................. 30
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 20
Mobile phone............................ 20 - Could you go payg?
TV Licence.............................. 0 - Do you not have a TV?
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 100
Clothing................................ 50 - Cut this right down
Petrol/diesel........................... 25
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 260
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 - You need this
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 100 - Cut this right down; at least by half
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1055


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest Loan...................3508......185.......17.9
Virgin.........................2800......30........0
Barclaycard....................430.......30........0
Total unsecured debts..........6738......245.......-


Monthly Budget Summary
Total monthly income.................... 1,500
Expenses (including HP & secured debts). 1,055
Available for debt repayments........... 445
Monthly UNsecured debt repayments....... 245
Amount left after debt repayments....... 200

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,738
Net Assets.............................. -6,738

Hi
I've made some comments above. With some cutbacks you could put extra towards your debts. Also try and save some money to buy a cheap motorbike so you can stop paying so much renting one.
Is there any chance you could get another 0% card to pay off the loan? At least then you won't be accumalating interest and it would give you another 12 months approx interest free. You need a super balance transfer card to do this though; such as MBNA/ Virgin card
If you can't get this then i would focus on paying off the loan first; putting as much as i could towards paying that as it's your highest interest debt

ojosef

Thanks for the tips and advice.

I have no TV thus no TV licence. My Council tax is band B, which is really low in my area, I live in a small studio.

i can def cut the entertainment. I have no contents insurance I will look in to it, if need be.

Also a cheap motorbike would be good, but I don't have the money to pay out for one right now

Thanks a lot everyone! I have a feeling to get rid of this debt it will take about 2 years.

MFWannabe

ojosef wrote: »

Thanks for the tips and advice.

I have no TV thus no TV licence. My Council tax is band B, which is really low in my area, I live in a small studio.

i can def cut the entertainment. I have no contents insurance I will look in to it, if need be.

Also a cheap motorbike would be good, but I don't have the money to pay out for one right now

Thanks a lot everyone! I have a feeling to get rid of this debt it will take about 2 years.

Sorry i edited my post above while you were posting this. I made some other suggestions like trying to get another 0% card to pay off the loan.
You should seriously consider contents inurance; how would you replace everything you own if the worst happened? Check comaprison sites to see how much it would be; should be pretty cheap.
Ref the motorbike. If you make some cutbacks could you try to save up say £500 to buy a cheap bike? Do you have this much credit left on one of your cards? If you buy a bike for this much then it would at least cut the cost of £260 per month renting one; which is a lot of money that you could put towards paying off debts.

ojosef

Thanks Freez,

You are right about the motorbike, I have to buy one really! I guess I need to think of it as an investment, I think every month I am not buying one £260 is going to a renting company! I have been renting for 4 months already.. I just needed the bike right at that moment and couldn't fork out the cash upront. But I will re-consider it again now and try and work it out. I have a bit of credit left on my cards, but if I have £500 on one and another £300 on the other I wonder if the bike shops will let me split it.

By the way I have started another topic in the appropriate forum about my loan situation, if you want have a read about it here, I talk about my conversation with NatWest about it too. The only worry I have is if I take the guys advice on the topic below then take a cash advance and pay of the loan with that cash is that really a good idea, AND I already have a card with Virgin which comes under MBNA, so I don't think I can get another one.

Also is Cash Advance from a card a good idea?

forums.moneysavingexpert.com/showthread.php?p=37051958