Newbie here

rachelww1

Been a subsciber for over a year but never done anything about our ever spiraling debt. Was a bit cross earlier cos joined the forum, did my soa ( I've had my LBM big time ) couldn't post it in a new thread, and lost it.

Anyway, I'm allowed to be cross cos I have up smoking 26 days ago

Hopefully will be able to post my soa in a mo

rachelww1

still can't post soa!!!

mum2one

if you can't post the soa as its set out, copy the figures down, know its a bit of a bug bearer, but you've taken the 1st step, and thats the hardest one to take xx

rachelww1

Thanks
Will do it later, when I've finished work.

dancingfairy

It's probably because you're a new person and therefore not allowed to post links - if you delete the bit at the bottom that refers to the makesense of cards website it should work o.k.
df

rachelww1

OK here goes

Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1224
Partners monthly income after tax....... 1931
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 3275
Monthly Expense Details
Mortgage................................ 451.7
Secured/HP loan repayments.............. 0
Rent.................................... 156.45 (buying house on shared ownership so pay rent too)
Management charge (leasehold property).. 0
Council tax............................. 134
Electricity............................. 39
Gas..................................... 33
Oil..................................... 0
Water rates............................. 53.9
Telephone (land line)................... 60.3 (includes broadband)
Mobile phone............................ 36 (2 phones)
TV Licence.............................. 12.12
Satellite/Cable TV...................... 28.3
Internet Services....................... 0
Groceries etc. ......................... 360
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 33
Car Insurance........................... 62.31
Car maintenance (including MOT)......... 20
Car parking............................. 2
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 19.31
Buildings insurance..................... 112.35 (mortgage protection insurance...didn't know where to put it)
Contents insurance...................... 0 (included in MPI)
Life assurance ......................... 10.26
Other insurance......................... 10
Presents (birthday, christmas etc)...... 17
Haircuts................................ 4
Entertainment........................... 80
Holiday................................. 20
Emergency fund.......................... 20
Total monthly expenses.................. 1950

Assets
Cash.................................... 0
House value (Gross)..................... 215000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 217000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 63197....(451.7)....0
Total secured & HP debts...... 63197.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Egg Loan.......................2115......112.......0
Barclaycard Loan...............1476......101.......0
Natwest Loan...................9825......298.......0
Santander Loan.................8560......298.......0
MBNA Credit Card...............4157......60........0
Natwest Credit Card............2704......65........0
Barclaycard....................7339......111.......19.9
Natwest Overdraft .............5000......62........0
Total unsecured debts..........41176.....1107......-

Monthly Budget Summary
Total monthly income.................... 3,275
Expenses (including HP & secured debts). 1,950
Available for debt repayments........... 1,285
Monthly UNsecured debt repayments....... 1,107
Amount left after debt repayments....... 178
Personal Balance Sheet Summary
Total assets (things you own)........... 217,000
Total HP & Secured debt................. -63,197
Total Unsecured debt.................... -41,176
Net Assets.............................. 112,627


Actually I make that £178 left over for debts, which until three and a half weeks ago, we were spending on cigs and other related items, like going out to buy cigs and having a drink etc.

Now, normally on a Fri night we'd be off down the pub, but things have changed in the last few weeks, so I'm on here instead....still having a beer or two tho :beer:
Anyway, hubby got an insurance payout coming after christmas and that is going to pay off all all the MBNA credit card (as that is the one that we pay £60 a month to and has never changed over the last 3 years). The rest will pay off some of my barclaycard, and then we're going to buy some curtains for the lounge with the rest. We've lived here for 7 years and never had curtains, I'm sure some nice lined ones would help keep the heating bill down.

So total unsecured debt just over £41k :eek:

We were worse off a couple of years ago when my husband had his own bank account and constantly went over the £5k overdraft just to pay the bills. So we took out the Natwest loan to pay off his od and his credit cards. We now just have my account (now joint) to pay the bills, and each week I transfer a set amount (£200) into the spending account for petrol, food, going out etc.

Cos we haven't been smoking we've now got a surplus each week so hopefully we'll be able to tackle the debt. Well, actually hopefully I'll be able to settle the debt, cos hubby thinks the insurance money should go into a savings account for a rainy day, and any money left over should go there too!!!!

Sorry couldn't provide APR's on most unsecred debts as have had them so long and can't find all the paperwork , but I reckon the credit cards are probably about 20%

isy1011

well done for posting. I would pay off credit card with highest APR first whichever that is.

Start a spending diary to see exactly where you money is going because you are using credit cards to make up for a shortfall.

hattiefats

Just wanted to say well done on packing up the ciggies.It really makes quite a difference every month when you are trying to pay off debts. Just don't do what I did and start again when you are debt free!

katsu

Congrats on having the LBM and getting to reduce your debt with the insurance payment.

rachelww1 wrote: »

OK here goes

Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1224
Partners monthly income after tax....... 1931
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 3275
Monthly Expense Details
Mortgage................................ 451.7
Secured/HP loan repayments.............. 0
Rent.................................... 156.45 (buying house on shared ownership so pay rent too)
Management charge (leasehold property).. 0
Council tax............................. 134
Electricity............................. 39 have you checked you are on the best tariff? Use a comparison site to check and go via top cashback or quidco for switching cashback
Gas..................................... 33 as elec
Oil..................................... 0
Water rates............................. 53.9 :eek: are you on a meter? This seems ever so high. If you are metered stop runnning the tap whilst brushing teeth, take shorter showers etc.
Telephone (land line)................... 60.3 (includes broadband) you can definitely reduce this - are you making international calls? Look at what the calls are that are making this so high as you can get broadband for around £10 or less and the phone line for around £15-20.
Mobile phone............................ 36 (2 phones)
TV Licence.............................. 12.12
Satellite/Cable TV...................... 28.3 get a freeview box? £360 a year off your debts that way.
Internet Services....................... 0
Groceries etc. ......................... 360 look at the old style board for tips to reduce
Clothing................................ 0
Petrol/diesel........................... 200 making any non-essential journeys?
Road tax................................ 33
Car Insurance........................... 62.31 use comparison and cashback sites at renewal time
Car maintenance (including MOT)......... 20
Car parking............................. 2
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 19.31
Buildings insurance..................... 112.35 (mortgage protection insurance...didn't know where to put it)
Contents insurance...................... 0 (included in MPI)
Life assurance ......................... 10.26
Other insurance......................... 10
Presents (birthday, christmas etc)...... 17
Haircuts................................ 4
Entertainment........................... 80
Holiday................................. 20
Emergency fund.......................... 20
Total monthly expenses.................. 1950

Assets
Cash.................................... 0
House value (Gross)..................... 215000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 217000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 63197....(451.7)....0
Total secured & HP debts...... 63197.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Egg Loan.......................2115......112.......0
Barclaycard Loan...............1476......101.......0
Natwest Loan...................9825......298.......0
Santander Loan.................8560......298.......0
MBNA Credit Card...............4157......60........0
Natwest Credit Card............2704......65........0
Barclaycard....................7339......111.......19.9
Natwest Overdraft .............5000......62........0
Total unsecured debts..........41176.....1107......-

Monthly Budget Summary
Total monthly income.................... 3,275
Expenses (including HP & secured debts). 1,950
Available for debt repayments........... 1,285
Monthly UNsecured debt repayments....... 1,107
Amount left after debt repayments....... 178
Personal Balance Sheet Summary
Total assets (things you own)........... 217,000
Total HP & Secured debt................. -63,197
Total Unsecured debt.................... -41,176
Net Assets.............................. 112,627

Hope some of the above helps you. Good luck in tackling this.

Heyman_2

My first time tackling one of these! Hopefully comments below with respect to household costs will be of some help -

rachelww1 wrote: »

OK here goes

Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1224
Partners monthly income after tax....... 1931
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 3275
Monthly Expense Details
Mortgage................................ 451.7
Secured/HP loan repayments.............. 0
Rent.................................... 156.45 (buying house on shared ownership so pay rent too)
Management charge (leasehold property).. 0
Council tax............................. 134
Electricity............................. 39
Gas..................................... 33
Oil..................................... 0
Water rates............................. 53.9 wayyy too high! Check your bills or phone the company(s) to see if you are in credit on your account and get them to recalc the DD
Telephone (land line)................... 60.3 (includes broadband) again this is very high - once your contract has finished, switch to Primus/Plusnet for your telephone/BB. I pay about £25 a month tops for phone/BB/calls with these suppliers.
Mobile phone............................ 36 (2 phones) there are better deals out there if you are out of contract? Should be able to get a good deal for about £10 a month each
TV Licence.............................. 12.12
Satellite/Cable TV...................... 28.3 is this Sky? You can easily cut this if it's Virgin, they do M+ TV only for £12.50 a month. Or buy a Freeview/FreeSAT box.
Internet Services....................... 0
Groceries etc. ......................... 360
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 33
Car Insurance........................... 62.31 for both cars? Sure you could do better than this, we are £200 fully comp on a 2 litre diesel!
Car maintenance (including MOT)......... 20
Car parking............................. 2
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 19.31
Buildings insurance..................... 112.35 (mortgage protection insurance...didn't know where to put it) This seems expensive, did you get sold the insurance through the EA or Mortgage broker?
Contents insurance...................... 0 (included in MPI)
Life assurance ......................... 10.26
Other insurance......................... 10
Presents (birthday, christmas etc)...... 17
Haircuts................................ 4
Entertainment........................... 80
Holiday................................. 20
Emergency fund.......................... 20
Total monthly expenses.................. 1950

Assets
Cash.................................... 0
House value (Gross)..................... 215000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 217000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 63197....(451.7)....0
Total secured & HP debts...... 63197.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Egg Loan.......................2115......112.......0
Barclaycard Loan...............1476......101.......0
Natwest Loan...................9825......298.......0
Santander Loan.................8560......298.......0
MBNA Credit Card...............4157......60........0
Natwest Credit Card............2704......65........0
Barclaycard....................7339......111.......19.9
Natwest Overdraft .............5000......62........0
Total unsecured debts..........41176.....1107......-

Monthly Budget Summary
Total monthly income.................... 3,275
Expenses (including HP & secured debts). 1,950
Available for debt repayments........... 1,285
Monthly UNsecured debt repayments....... 1,107
Amount left after debt repayments....... 178
Personal Balance Sheet Summary
Total assets (things you own)........... 217,000
Total HP & Secured debt................. -63,197
Total Unsecured debt.................... -41,176
Net Assets.............................. 112,627


Actually I make that £178 left over for debts, which until three and a half weeks ago, we were spending on cigs and other related items, like going out to buy cigs and having a drink etc.

Now, normally on a Fri night we'd be off down the pub, but things have changed in the last few weeks, so I'm on here instead....still having a beer or two tho :beer:
Anyway, hubby got an insurance payout coming after christmas and that is going to pay off all all the MBNA credit card (as that is the one that we pay £60 a month to and has never changed over the last 3 years). The rest will pay off some of my barclaycard, and then we're going to buy some curtains for the lounge with the rest. We've lived here for 7 years and never had curtains, I'm sure some nice lined ones would help keep the heating bill down.

So total unsecured debt just over £41k :eek:

We were worse off a couple of years ago when my husband had his own bank account and constantly went over the £5k overdraft just to pay the bills. So we took out the Natwest loan to pay off his od and his credit cards. We now just have my account (now joint) to pay the bills, and each week I transfer a set amount (£200) into the spending account for petrol, food, going out etc.

Cos we haven't been smoking we've now got a surplus each week so hopefully we'll be able to tackle the debt. Well, actually hopefully I'll be able to settle the debt, cos hubby thinks the insurance money should go into a savings account for a rainy day, and any money left over should go there too!!!!

Sorry couldn't provide APR's on most unsecred debts as have had them so long and can't find all the paperwork , but I reckon the credit cards are probably about 20%

dancingfairy

Hi - one thing I would suggest is to add an amount in your soa for clothes as you will surely need some at some time - maybe you could set up a second account for bills and set up a standing order in to it each month and then pay the bills from that - things like mot, christmas presents, clothes - things that you don't necessarily have to buy every month so that when you need to buy them there is a little in there.
Good Luck
df