Advice for clueless seller desperate to move and no deposit

Running_Horse

I just bumped your SOA on the DFW board.

They are a good bunch in there.

Until you sort out your budgeting a move seems very unlikely.

My mind is still boggling at how much they loaned you.

PasturesNew

Copied from July 2009 when this was posted on https://forums.moneysavingexpert.com/discussion/comment/23376643#Comment_23376643

elliewild wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 640
Total monthly income.................... 1840

Monthly Expense Details
Mortgage................................ 557.9
Secured/HP loan repayments.............. 110.7
Council tax............................. 91
Electricity............................. 80.5
Water rates............................. 23.18
Telephone (land line)................... 15
TV Licence.............................. 10
Groceries etc. ......................... 100
Petrol/diesel........................... 80
Road tax................................ 2.91
Car Insurance........................... 30.83
Total monthly expenses.................. 1102.02

Assets
House value (Gross)..................... 79000
Car(s).................................. 6000
Total Assets............................ 85000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 83000....(557.9)....0
Hire Purchase (HP) debt ...... 6000.....(110.7)....0
Total secured & HP debts...... 89000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Natwest Loan...................4000......110.8.....19.2
Barclaycard....................2595.64...60........0
Natwest Mastercard.............800.......10........15.75
Student Overdraft..............2000......0.........17
Virgin.........................478.52....25........15
Virgin.........................1995.21...25........15
Total unsecured debts..........11869.37..230.8.....-

Monthly Budget Summary
Total monthly income.................... 1,840
Expenses (including HP & secured debts). 1,102.02
Available for debt repayments........... 737.98
Monthly UNsecured debt repayments....... 230.8
Amount left after debt repayments....... 507.18
Personal Balance Sheet Summary
Total assets (things you own)........... 85,000
Total HP & Secured debt................. -89,000
Total Unsecured debt.................... -11,869.37
Net Assets.............................. -9,869.37

PasturesNew

Maybe you could both look at getting a 2nd job, and putting all that money into savings to pay down the mortgage and get a deposit (plus legal fees and estate agent fees) together.

Running_Horse

Mortgage £557.90? I borrowed a similar amount and am currently paying £375.

You need to be saving seriously to prepare for the day interest rates rise again.

getmore4less

You were in debt so had/were spending more than you earned


Why did you think that buying a house(more debt) would help you save money and spend less than you earned?

elliewild

Running_Horse wrote: »

Mortgage £557.90? I borrowed a similar amount and am currently paying £375.

You need to be saving seriously to prepare for the day interest rates rise again.

since i put up my SOA last july my amount has gone down to about 350, interest rate currently at 2.49. i know interest rates are going to go up but my fixed rate was 5.3.

elliewild

PasturesNew wrote: »

Maybe you could both look at getting a 2nd job, and putting all that money into savings to pay down the mortgage and get a deposit (plus legal fees and estate agent fees) together.

i cant really get a 2nd job because i'm a teacher and its completely knackering! i have been seeling stuff on ebay for an extra 100 a month from october (but feel that will go down now that xmas is over) my husband also works long hours.

luckily my wage goes up every october.

The reason why i was in debt was not because i was spending more than i earnt particularly, but from teacher training and supporting myself through that with no grant (everyone else got a free 6,000 grant, apart from me because Blackpool council believes that history is not as worthwhile a subject as some of the others! can you believe someone doing photography got the grant and not for history?) so i had to cover the fee's/expenses myself. i'm really quite good at budgeting and not spending anything.

silverchair

elliewild wrote: »

i cant really get a 2nd job because i'm a teacher and its completely knackering! i have been seeling stuff on ebay for an extra 100 a month from october (but feel that will go down now that xmas is over) my husband also works long hours.

luckily my wage goes up every october.

The reason why i was in debt was not because i was spending more than i earnt particularly, but from teacher training and supporting myself through that with no grant (everyone else got a free 6,000 grant, apart from me because Blackpool council believes that history is not as worthwhile a subject as some of the others! can you believe someone doing photography got the grant and not for history?) so i had to cover the fee's/expenses myself. i'm really quite good at budgeting and not spending anything.

Maybe it was because they didnt consider History to be a shortage subject. In any case as you didnt get the money theres no point in concentrating on it.

How about doing private tutoring after school, saturdays or during the summer holidays. You could get a summer job over the summer holidays (shop work, cleaning or go through an agency) even if its just on saturdays every little helps & so it is possible for you to get a second job.

Are you bringing in packed lunch to work & a flask of tea? This will not only save you money, but also time during your lunch hour as you dont have to queue up for your lunch & will free up more time to mark books, plan lessons, coursework catch up sessions etc. Again this will free up your evenings & weekend so that you could have a second job.

Are you cooking from scratch? I have found Jaimie Olivers 30min cook book very good as although you may be tired after work it doesnt take that much effort. His portions are also good which means that you can both eat for dinner the next day too. Have a look at the oldstyle message board. Loads of ideas & theyre really lovely

hcb42

you pay a lot for electricity and water, but more so electricity? I pay very little for water, in a 2 adult household,but metered.

I would give yourself another year where you are to clear as much of these other debt as possible, and save what you can, you will manage it eventually.

elliewild

silverchair wrote: »

Maybe it was because they didnt consider History to be a shortage subject. In any case as you didnt get the money theres no point in concentrating on it.

How about doing private tutoring after school, saturdays or during the summer holidays. You could get a summer job over the summer holidays (shop work, cleaning or go through an agency) even if its just on saturdays every little helps & so it is possible for you to get a second job.

Are you bringing in packed lunch to work & a flask of tea? This will not only save you money, but also time during your lunch hour as you dont have to queue up for your lunch & will free up more time to mark books, plan lessons, coursework catch up sessions etc. Again this will free up your evenings & weekend so that you could have a second job.

Are you cooking from scratch? I have found Jaimie Olivers 30min cook book very good as although you may be tired after work it doesnt take that much effort. His portions are also good which means that you can both eat for dinner the next day too. Have a look at the oldstyle message board. Loads of ideas & theyre really lovely

Thanks for this advice, i have been considering other lines of work, im doing marking in the summer and getting things ready for ebay/amazon/carboots etc. i have also started a diary to say what i spend my money on. i have been making sandwiches because youre right it does add up significantly by the end of the week. ive also been looking at various ways to keep the small costs down so i can save more. i have to cook from scratch as im allergic to garlic! which is in everything! lol but thanks i'll look at Jamies book. Thanks again!