Going to make a positive start to reducing my debt.

samuel.s

Emily87 wrote: »

They reduce the apr on the balance you currently owe them, but any further spending goes on at your normal balance. If you threaten to close the card they sometimes pass you through to the retentions department that can offer you this. Worth a try anyway!

Will give that a try tomorrow.

samuel.s

Ok i started with my diary today. Only spent £2.60 which i thought was good. Also totted up what christmas has cost me so far this year. Shocked to find it was £1700.00, but pleased to say none has been put on credit. Managed to flog some stuff on ebay early December which raised about 1k the rest came from some money i had been putting by since October. Got about £135 left which if i do not have to use by Wednesday wil go towards one of my credit cards.
Including in the Christams money was a years tax for my ex wifes car plus £80 on half price meat yesterday to fill up the freezer for her and the kids.
Also had to start diet today as now have high blood pressure! My doctor thinks its my weight but i know its more stress related, i do not tell him anything about my personal circumstances.
Anyway totted up credit card debt and and loan from family and it comes to around £47k. I have also entered that in my diary so i can see what it is this time next year.

mum2one

samuel.s wrote: »

Please find listed below my SOA. Hope this helps with any recommendations i receive.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2536
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 935
Total monthly income.................... 3471
Monthly Expense Details
Mortgage................................ 693.5
Secured/HP loan repayments.............. 228.60
Rent.................................... 382
Management charge (leasehold property).. 100
Council tax............................. 0
Electricity............................. 80 - thats way high, - can you make sure that the meters are being read correctly
Gas..................................... 20
Oil..................................... 75
Water rates............................. 45.22 - would a water meter be cheaper
Telephone (land line)................... 50 - that has got to be reduced, even inc internet theres better deals out there
Mobile phone............................ 10
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 40
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 8.33
Car Insurance........................... 18
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 40 - has this got combined contents insurance? I don't know your area, but may well be worth shopping around at renewal - cashback sites etc
Contents insurance...................... 0
Life assurance ......................... 26.23
Other insurance......................... 72.86 - sorry to be nosey, but what are the other insurances - do you need them, are you covered elsewhere?
Presents (birthday, christmas etc)...... 30
Haircuts................................ 3
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1945.11

Assets
Cash.................................... 0
House value (Gross)..................... 420000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 420000

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 125000...(693.5)....3.0
BTL Mortgage...................187000...(228.6)....1.49
Total secured & HP debts...... 312000....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Santander......................6000......335...... .16.69
Egg............................9162......249.4.... .21.9
MBNA...........................11047.....235.3.... .25.0
Ford Credit....................3000......186.......0
Liquidators....................5500......150...... .0
Metropolitan col...............6000......150.......0
HSBC...........................6992......171.6.... .21.9
Total unsecured debts..........47701.....1477.3....-

Monthly Budget Summary
Total monthly income.................... 3,471
Expenses (including HP & secured debts). 1,945.11
Available for debt repayments........... 1,525.89
Monthly UNsecured debt repayments....... 1,477.3
Amount left after debt repayments....... 48.59 - thats positive that even with those figures you have a surplus
Personal Balance Sheet Summary
Total assets (things you own)........... 420,000
Total HP & Secured debt................. -312,000
Total Unsecured debt.................... -47,701
Net Assets.............................. 60,299

Sorry to ask, but with the elec, oil, gas, water etc I'm guessing there is someone living at the house, - they may need a gentle knudge into making sure lights out, not on standy by etc.

Water looks high - may be worth looking at a water meter

Phone - Even if internet included thats high, I have my line rental with BT, (15 (est), any my internet on AOL, pay £6.99 per month, get all my local and national calls included, just pay for those 08 and mobiles - but on average spend £4 a month on calls (£27) - theres a saving there.

mum2one

Sounds like you have made some really positive steps in such a short time, apologies didn't notice the other posts - just see SOA and fire the thoughts away.

All you can do is take one day at a time, - any extra you can chuck off the debts brilliant, whilst the loan may seem the best thought, they usually have you tied into knots. I took a halifax loan out 2 yrs ago, but theres only 4 points I can repay, those repayments inc the interest for the whole time period. So maybe chuck it at the debts.

Just a thought re the credit cards, - I know their dd forms as you found out offer minimum or maximum payment, may be worth keeping the set up as minimum from there end, and when u see a statement, on the back ((or you ring the call centre), you can set up your own amount to come out as and when. I've done that with mine, so know the minimum covered, and any extra is a bonus xx

samuel.s

Yeah mine is a bit of an unsual situation where at the moment am trying to run a house in the UK for ex and the kids and then also support myself in an apartment. Most of the figures i have entered for water, elec,gas and oil are for two properties combined.
I have previously checked all avenues regarding phone and internet.
For £50 per month it includes broadband,local and national calls 24/7 plus international calls 24/7. I speak to my kids everyday. I let the phone ring 3 times and they ring me back. This option only costs £5 per month so well worth it.

samuel.s

Up to date SOA. This should not change now until February.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2536
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 935
Total monthly income.................... 3471
Monthly Expense Details
Mortgage................................ 693
Secured/HP loan repayments.............. 228.60
Rent.................................... 382
Management charge (leasehold property).. 100
Council tax............................. 0
Electricity............................. 80
Gas..................................... 20
Oil..................................... 75
Water rates............................. 45.22
Telephone (land line)................... 50
Mobile phone............................ 10
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 40
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 8.33
Car Insurance........................... 18
Car maintenance (including MOT)......... 0
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..................... 40
Contents insurance...................... 0
Life assurance ......................... 26.23
Other insurance......................... 72.86
Presents (birthday, christmas etc)...... 30
Haircuts................................ 3
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1934.61

Assets
Cash.................................... 0
House value (Gross)..................... 420000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 420000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 125000...(693)......3%
BTL MORTGAGE...................187000...(228.6)....1.49%
Total secured & HP debts...... 312000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
SANTANDER......................6468.29...335.......16.69%
EGG............................8890.68...250.......21.9%
MBNA...........................10813.7...250.......26.9%
HSBC O/D.......................1980......25........19.9%
LIQUIDATOR.....................5180......150.......0
METROPOLITAN...................5160......150.......0
HSBC...........................6997.61...180.......21.9%
FORD CREDIT....................3000......186.......0
Total unsecured debts..........48490.28..1526......-

Monthly Budget Summary
Total monthly income.................... 3,471
Expenses (including HP & secured debts). 1,934.61
Available for debt repayments........... 1,536.39
Monthly UNsecured debt repayments....... 1,526
Amount left after debt repayments....... 10.39
Personal Balance Sheet Summary
Total assets (things you own)........... 420,000
Total HP & Secured debt................. -312,000
Total Unsecured debt.................... -48,490.28
Net Assets.............................. 59,509.72

mum2one

At least by adding in the overdraft, if your lumbered with it at least some money been allocated for it.
As before you've come a long way in one day, and sounds but the diary makes a massive difference.
I would say is - keep a notebook handy for expenditures - whether its a coffee a magazine, something thats just a normal purchase, but these are the ones that can be knocked on the head.

Don't swop the telephone def sounds like u have the best deal.

samuel.s

I forgot to explain about the "other insurances" in my SOA. These are two endownment policies to help pay of mortgage at the end of the term. My mortgage is part repayment and part interest only. Although looking at the policies their will not be enough to pay off the mortgage at the end of the term.

mum2one

I don't know how long you had the mortgage, but its a long shot, could you be eligable for a claim for miss-selling? x

samuel.s

i have had the mortgage for 14 years in july. The main policy is with aviva used to be norwich union. I have never looked into this misseselling although i have heard a lot about it.