Help required please-open to suggestions!!!

butterflylady131

Hi,
Due to my husband’s work changing the depot he works at, we will need to move house fairly soon. Obviously, we can’t do that until we pay all our debts off first, so I would be grateful if you lovely people could go through our SOA, and make any suggestions please?

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 499.25
Partners monthly income after tax....... 1700
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2199.25

Monthly Expense Details
Mortgage................................ 399.3
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 26
Gas..................................... 31
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 12
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 25
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 16
Car Insurance........................... 29
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 30
Buildings insurance..................... 8.71
Contents insurance...................... 8.71
Life assurance ......................... 0
Other insurance......................... 32
Presents (birthday, christmas etc)...... 25
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 40
Emergency fund.......................... 0
Total monthly expenses.................. 1353.72


Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 1000
Total Assets............................ 102500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 52000....(399.3)....5.6
Total secured & HP debts...... 52000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclays Loan..................1303......58.65.....22.5
Barclays Loan..................2985......89........18.4
Barclays Loan..................5000......121.......15.9
Barclaycard....................5983......60........16.9
Total unsecured debts..........15271.....328.65....-


Monthly Budget Summary
Total monthly income.................... 2,199.25
Expenses (including HP & secured debts). 1,353.72
Available for debt repayments........... 845.53
Monthly UNsecured debt repayments....... 328.65
Amount left after debt repayments....... 516.88

Personal Balance Sheet Summary
Total assets (things you own)........... 102,500
Total HP & Secured debt................. -52,000
Total Unsecured debt.................... -15,271
Net Assets.............................. 35,229


I am pregnant with our first child together (due 7th Feb), and DH has a daughter with his ex. We pay her £100 a month (taken into account on our SOA), but also give DSD £15 a month pocket money to pay for her phone, and pay my dad £25 a week to help him live in his house, as he doesn't want to sell until the market is more secure. He's also 70, and has never lived on his own before, and when my 2nd sis leaves home in Feb, he worries about how he will pay the bills. It's also the house he shared with my mum who died 20 years ago, so holds a lot of memories for him (think this is also why he doesn't want to move)!:o



Thanks for any help!

Gemmzie

The good news is, you have a lot of money showing as spare on your SOA - more than your wage so snowballing would probably be the best bet. However, you have three loans - can you over pay these?

Niv

Once all your expenses are paid and minimum debts etc you are showing an excess of over £500. What is happening to this as you show no savings in your SOA? If you do not have such an excess maybe you need to relook at the SOA.

If I take it as it is I can say there do not seem to be any particular areas that can be trimmed much (food can be trimmed though) so all I can really suggeste is this £500 excess you have is paid onto the highest interest debt (a Barclays loan) which would pay that off pretty fast (within 3 months) then you can work on the rest.

butterflylady131

Gemmzie wrote: »

The good news is, you have a lot of money showing as spare on your SOA - more than your wage so snowballing would probably be the best bet. However, you have three loans - can you over pay these?

Hi, we are looking to pay the highest interest loan off at the end of January (the £1303), and then will start on saving up to pay the next highest (£2985).
Yes, we are trying to snowball, and are saving all our spare cash to pay debts, the 2 loans first, then the barclaycard, then the last loan. Do you think that is ok?
I agree that the food budget could be trimmed and have been collecting ideas from the OS board (rubber chicken etc), and will be putting these into practise soon.
We have no savings, cos we have had a run of disasters, and have had to use what little savings we had to ensure we don't go into further debt.

Thanks for replying