**cringe** MY SOA

highdigger

hi folks

like so many other folks, i have 'stalked' here for a wee while, but have finally got the guts to seriously look at things. I have done a SOA - which was tough - still need to look at the various calulators etc - but one step at a time is fine.

I'm sure I've missed things off here too, but i'm sure you kind folks will point them out.

Things are further complicated by the fact me and my husband are separating, but, obvioulsy, as you will see from the SOA, we can't afford it! I'm looking for advice on the bext way to reduce some of this to free up some money. Our house is mortgaged for £54,00, and have about £48000 left to pay on, it although think it would be valued from £80,000 - £100,000. I wasn't sure whether to consolidate loans and remortgage or get a secured loan in order to pay off some of the debts just now?????

We havent been that great with money, but have both been students. Hubby has retunred to uni his year to do teacher training, so will obvioulsy have a half decent income as from next year. Our kids are 6 and 10. My ideal would to be to stay in the house with kids and hubby get somewhere close by, but i just cant see how to do it with these debts. We have tried to cut things down, like low interst rates on CCs etc etc. let me know what you all think, an I will be eterbally grateful.

Monthly Incomings:

My salary - £1500
Partners student loans/grants - £875
Benefits - £158
Money from parents - £200

Total - £2,813

Monthly Outgoings:

Mortgage/Rent - £400
Council Tax - £130
Oil - 67
Electric - £50
TV License - £10.99
Phone - £35
Food - £300
Car Insurance - £37
Petrol - £80
Life Insurance £40
House ins £16
Childcare costs - £375 max
Petrol £100
Misc £50

Total: £1690

Debt repayment
Mine
Black Horse Car loan 9originall for £7000) £144 – 3 years left to pay APR 17.1
Student loan - £94 (cant find paperwork – VERY low APR as though Student Loans company) Probably 3 years left to pay
Northern Rock Loan £170 (originally for £10000)– APR 7.65% Length of term – 120 months – 6 years left to pay
Cahoot Flexible loan balance £9000- £170 14.2 (because it’s fe;xible, whole balance is remaining)
Credit cards – Cahoot – Limit £1000, Balance £784 11.8% Monthly payment £13
Halifax One card – Limit - £2000, Balance - £1838 APR 0% til next August – pay £14 per month in
cover fees

Partner
HSBC Graduate loan – (originally for 14,000) £286 60 months APR 7.1%, 48 months left to pay
Cahoot loan - £94 60 (originally for £5000) APR 6.2, 34 months remain
Credit cards
MBNA – Limit £3600, Balance £3409, APR 2.9% pay monthly £35
Capital 1 – Limit, £2500, balance £1994 APR 0% til next July – but have to make minimum payment of £60
TSB – Limit - £1250, Balance £910 APR 3.9% - paying £20 monthly

Total debt repayment - £1061

Thanks guys for even taking the time to read this.:o

D
XXX

iwbus

petrol twice? 1x80 and 1x100?

highdigger

oh - just £100 - my mistake - sorry

bonnie_2

2 things missing car tax and water. Why are your parents giving you £200 a month, wish mine did.

Annie_Fanny

Hey Highdigger

Welcome to MSE! We are a friendly bunch honest!

Well done on facing your debts so let's see how we can help...

Have you considered contacting on of the debt help charities for advice either CCCS or Payplan?

Consumer Credit Counselling Service (aka CCCS)
Wade House
Merrion Centre
Leeds
LS2 8NG
Tel: 0800 138 1111
http://www.cccs.co.uk/

Payplan
Kempton House
Dysart Road
Grantham
Lincolnshire
NG31 7LE
Tel: 0800 917 7823
http://www.payplan.com/

You could also try these guys:

Citizens Advice Bureau (aka CAB)
http://www.citizensadvice.org.uk/

Are you getting a discount on the Council Tax as your husband is a student?

Good luck

Annie
Xx

Dolly_Smith

I'm also interested as to why you get money from your parents - you don't have a bad income. How likely is it that this money will stop coming in?

Penny-Pincher!!

Dolly_Smith wrote:

I'm also interested as to why you get money from your parents - you don't have a bad income. How likely is it that this money will stop coming in?

Is it really any of our business

Well done on posting and Im sorry to hear about your relationship ending. It must be a very difficult and worrying time for you.

PP
xx

climbgirl

Your food is very high for that number of people. Check out hte Old Style board for help on cutting that right back. Your oil and electric seems very high as well - what's the oil? I thought everyone was on gas/elec now?! Check your suppliers, I'm sure this can come down.

Also, the life insurance is a very high monthly payment. Can this not be cut out until you've paid off your debts, do you really need it?

Numpty_2

Council tax - if your H is a student, you should be claiming single persons allowance - are you?

Also if he's gone back to uni, as much as I agree that consolidation is a bad idea, would it be possible for his bank to change his graduate loan into a career development loan. I dont know what the interest is like on these these days, but you start paying it off when you finish the extra study.

david_hellier

Hi and welcome to the site. According to my calcs, you have £85.71 per week to spend on food, clothes, going out, etc. I suggest you write this amount in a little book on a Monday and keep a note by subtracting what you spend (you can get these on ebay). This amount would rise to £115.71 per week if you could move out (to your parents?) and OH claims exemption from council tax as a FT student. Kids do not count in this.

I note there is no water charge. You should always treat SL repayments as a tax, as these are unavoidable. The car is one of your biggest liabilities, can this be sold? I would not recommend any consolidation; a recipe for disaster, particularly in your situation.

Good luck, the figs are:

income weekly monthly
self 1500.00
partner 875.00
ben 158.00
parents 200.00





total 0.00 2733.00 divided by 4.33
£630.70

£630.70 total weekly income

spend weekly monthly
rent/mortgage 400.00
council tax 130.00
elec 50.00
gas
water
secured loans
TV licence 10.99
fines
oil 67.00
phone 35.00
car ins 37.00
petrol 100.00
life 40.00
house ins 16.00
childcare 375.00
b horse 144.00
student loan 94.00
n rock 170.00
cahoot 170.00
cc1 13.00
cc2 14.00
grad loan 286.00
cahoot 94.60
mbna 35.00
cap one 60.00
tsb 20.00




total 0.00 2361.59 divided by 4.33
£544.98

£544.98 total weekly spend

Start= income - spend = £85.71 per week