Oh dear, that is rather a lot of debt....

katsu

Your CCs all look quite high interest rates. How close is the lowest one to it's limit? Do you only have 3 CCs and the rest are loans and an overdraft?

[Deleted User]

tricky_plus wrote: »

Statement of Affairs and Personal Balance Sheet

How many people is this budget SOA meant to support? Some of your bills look shared, others not.

Monthly Income Details
Monthly income after tax................ 3100 (Are you able to up your income any? Overtime? Is this correct if your income is £51,000?)

Total monthly income.................... 3100
Monthly Expense Details
Mortgage................................ 530
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 65 (Is this a shared bill? Is this being paid of 10 months, if so see if you can pay over 12)
Electricity............................. 20 (Is this a shared bill? Check that you're on the cheapest tariff/with the cheapest company for your area - online tariffs tend to be cheaper, also Duel fuel)
Gas..................................... 35 (as above)
Oil..................................... 0
Water rates............................. 12.2 (Are you on a meter? Would this be cheaper? How many of you are living there?)
Telephone (land line)................... 0
Mobile phone............................ 45 (High? Are you in contract (if so see if you can drop a tariff), if not go SIM only or PAYG)
TV Licence.............................. 6.2 (This is half what it should be?)
Satellite/Cable TV...................... 27 (Cancel, and go freeview)
Internet Services....................... 0 (Is this included with satellite?)
Groceries etc. ......................... 200 (How many is this for? If one - it can be cut down, see the old style board drop brands, batch cook, meal plan - shop at lower cost supermarkets)
Clothing................................ 30 (reduce to essentials only)
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 450 (Is there a cheaper way of doing this? Season ticket? Walk or cycle all or part of the way?)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 14
Life assurance ......................... 50 (this seems quite high, can you reduce? Shop around)
Other insurance......................... 6 (what's this?)
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 100 (Do you actually save this? It's not down in your assets list - reduce this for now to £10 or £15 per month)
Total monthly expenses.................. 1670.4

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 240000...(530)......1.5
Total secured & HP debts...... 240000....-.........-

Unsecured Debts (I have put these in the order that you should be paying them off - pay the minimum towards all of them, and then and additional payments you can make towards EGG in the first instance, when gone move on to the next - see the snowball calculator on the same webpage as you filled in your SOA)
Description....................Debt......Monthly...APR
EGG CC.........................2630......83........26.9
BARCLAYCARD CC.................6000......138.......26
VIRGIN CC......................13650.....300.......23
SANTANDER......................4900......120.......16.6
EGG LOAN.......................11400.....400.......13
BARCLAYCARD LOAN...............9340......320.......10
BARCLAYS CURRENT ACC...........3370......25........10
Total unsecured debts..........51290.....1386......- (Have you stopped spending on the cards?)

Monthly Budget Summary
Total monthly income.................... 3,100
Expenses (including HP & secured debts). 1,670.4
Available for debt repayments........... 1,429.6
Monthly UNsecured debt repayments....... 1,386
Amount left after debt repayments....... 43.6 (Do you actually have this at the end of the month? If not where does it go? Keep a spending diary to find out.)
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -240,000
Total Unsecured debt.................... -51,290
Net Assets.............................. -291,290

Reproduced on Moneysavingexpert with permission, using IE browser.

Hi, I've made some comments above, but it's not clear from your SOA how many people share the bills, or how many people need feeding from that grocery money - but hope some comments are of some use to you.

Domino9