statement of affairs

hunnybugs1

Ok, big deep breath, here goes::

INcome: £1400 monthly (partners wages)
£110 monthly (child benefit)
£76 monthly (family tax credit)

Outgoings: Mortgage 221.50 (37,000 over 25 years @ 5.24% 3 year fixed)
buildings & contents insurance: £10.58 monthly
A&L Personal loan: outstanding £13650.22 @ 6.4% 3 years left (£392.72 per month)
Halifax cc: £311.23 at 12.9%
Virgin cc: 1683.80 at 0% for 12 months
Mbna cc: 2321.50 at 0% for 12 months
Sky digital: £21.99 monthly
AOL: £19 monthly
Talk talk landline: £25 monthly
Council Tax: £97 monthly
Kids insurance: 32.50 monthly
2Mobiles: £40 monthly
TV licence: £10.99 monthly

I have probably forgotten something, but can anyone help so far? We are really struggling!!
:eek:

Headintheclouds_3

Hi hunnybugs and welcome

I'm still learning DFW myself, but right off the bat I can see that you are paying quite a lot for the cable TV/phone/internet package. Some providers do an all in one for these. Can you shop around a bit?

Also, you might want to include food, haircuts, travel, presents etc. so that the experts on here can factor that in.

Best of luck!!

atypicalblonde

Hi there, can you get rid of the sky? xx

Storm

Hello & congrats on posting your SoA:T

Here's my immediate thoughts...

hunnybugs1 wrote:

Ok, big deep breath, here goes::

INcome: £1400 monthly (partners wages)
£110 monthly (child benefit)
£76 monthly (family tax credit)
£1586

Outgoings: Mortgage 221.50 (37,000 over 25 years @ 5.24% 3 year fixed)
buildings & contents insurance: £10.58 monthly
A&L Personal loan: outstanding £13650.22 @ 6.4% 3 years left (£392.72 per month)
Halifax cc: £311.23 at 12.9% monthly payment?
Virgin cc: 1683.80 at 0% for 12 months monthly payment?
Mbna cc: 2321.50 at 0% for 12 months monthly payment?
Sky digital: £21.99 monthly This can go or reduce
AOL: £19 monthly There are cheaper suppliers
Talk talk landline: £25 monthly:eek: Is this really the cheapest option for you?
Council Tax: £97 monthly
Kids insurance: 32.50 monthly don't understand this
2Mobiles: £40 monthly Is this contract? You could switch to PAYG, or reduce your tariff
TV licence: £10.99 monthly
Food, travel costs, clothes, Xmas etc

Total so far is £860.70, excluding cc repayments
I have probably forgotten something, but can anyone help so far? We are really struggling!!
:eek:

If you can post the minimum payments for the cc's it would give us a clearer picture - also if you can give an idea what you currently spend on food, travel etc that would help. At the moment your SoA shows £725.30 left per month - obviously some of this is the cc payments, but you need to figure out where the rest goes.

Well done for getting as much as possible on 0% cards as this will help you on your way.

Storm

newmoneysaver_2

Hi Hunnybugs,

What about your utilities Gas/elec/water?

How much do you spend of food?

Do you need to include travel/car costs?

You do seem to be paying a lot for telephone & broadband - can these be reduced?

whats kids insurance?

What are the min payments on the creditcards?

Sorry for all the question, but need all the info in order to help!

hunnybugs1 wrote:

Ok, big deep breath, here goes::

INcome: £1400 monthly (partners wages)
£110 monthly (child benefit)
£76 monthly (family tax credit)

Outgoings: Mortgage 221.50 (37,000 over 25 years @ 5.24% 3 year fixed)
buildings & contents insurance: £10.58 monthly
A&L Personal loan: outstanding £13650.22 @ 6.4% 3 years left (£392.72 per month)
Halifax cc: £311.23 at 12.9%
Virgin cc: 1683.80 at 0% for 12 months
Mbna cc: 2321.50 at 0% for 12 months
Sky digital: £21.99 monthly
AOL: £19 monthly
Talk talk landline: £25 monthly
Council Tax: £97 monthly
Kids insurance: 32.50 monthly
2Mobiles: £40 monthly
TV licence: £10.99 monthly

I have probably forgotten something, but can anyone help so far? We are really struggling!!
:eek:

natanddan1

hunnybugs1 wrote:

Ok, big deep breath, here goes::

INcome: £1400 monthly (partners wages)
£110 monthly (child benefit)
£76 monthly (family tax credit)

Outgoings: Mortgage 221.50 (37,000 over 25 years @ 5.24% 3 year fixed)
buildings & contents insurance: £10.58 monthly
A&L Personal loan: outstanding £13650.22 @ 6.4% 3 years left (£392.72 per month)
Halifax cc: £311.23 at 12.9%
Virgin cc: 1683.80 at 0% for 12 months
Mbna cc: 2321.50 at 0% for 12 months
Sky digital: £21.99 monthly
AOL: £19 monthly
Talk talk landline: £25 monthly
Council Tax: £97 monthly
Kids insurance: 32.50 monthly
2Mobiles: £40 monthly
TV licence: £10.99 monthly

I have probably forgotten something, but can anyone help so far? We are really struggling!!
:eek:

Well done on your road to sorting your finances out.

One thought.

Are you paying for payment protection with your loan form A&L?
MSE had a thread on companies that offer the same protection, as a third party, at a fraction of the cost of the loan company. You can also cover your credit cards as well. You need to cancel your payment protection with the A&L and credit cards and this should save quite abit of money each month. Make sure you set up the new payment protection first so you are not cought short and also look at the minimum periods before you could claim.
I think the link is http://www.antinsurance.co.uk which is income protection. I am sure someone will advise further on the original thread by Martin.

Hope this helps.

david_hellier

Hi and welcome. according to my calcs you have £115.13 per week to spend on any thing including food, clothes, going out, kids, etc. To stop immediate overspend, write this amount in a little notebook on a Monday and subtract each item you spend and subtract. If you have any over, carry forward to the next Monday. I note there is no gas, elec, water etc. Also having kids insurance is a waste of money. Are you insured for them? Life ins is only needed for those with dependents. Your comms package is high and as the others have said there are good deals elsewhere.

Good luck, the figures are as follows:

income weekly monthly
self 0.00
partner 1400.00
cb 110.00
tc 76.00





total 0.00 1586.00 divide by 4.33
£366.00

£366.00 total weekly income

spend weekly monthly
rent/mortgage 221.50
council tax 97.00
elec
gas
water
secured loans
TV licence 10.99
fines
ins 10.58
a+l loan 392.72
halifax cc 15.56
virgin cc 84.19
mbna 116.08
sky 21.99
aol 19.00
tt 25.00
kids ins 32.50
2 mobs 40.00












total 0.00 1087.11 divide by 4.33
£250.87

£250.87 total weekly spend

Start= income - spend = £115.13 per week

hunnybugs1

right:
gas and elctric £39 each direct debit to EDF
Talk Talk worked out cheaper for me for phone but they dont do Broadband in this area
Managed to get AOL down to £9 by threatening to go elswhere
petrol about £10 weekly
Food/ groceries about £40 - £60 weekly (depending on if little one needs nappies lol)
Halifax c/c £50 monthly
Virgin cc £40 monthly
MBNA c/c £50 monthly
Petrol £10 weekly
mobiles still under contract for a while yet so cant change
The kids insurance is 1 at £20 and one at £12.50 for life insurance with a payout at the end of 16 years I think (had them since they were born). This is a little to help them go to college.

hunnybugs1

right:
gas and elctric £39 each direct debit to EDF
Talk Talk worked out cheaper for me for phone but they dont do Broadband in this area
Managed to get AOL down to £9 by threatening to go elswhere
petrol about £10 weekly
Food/ groceries about £40 - £60 weekly (depending on if little one needs nappies lol)
Halifax c/c £50 monthly
Virgin cc £40 monthly
MBNA c/c £50 monthly
Petrol £10 weekly
mobiles still under contract for a while yet so cant change
The kids insurance is 1 at £20 and one at £12.50 for life insurance with a payout at the end of 16 years I think (had them since they were born). This is a little to help them go to college.

pudding06

You are spending £65 month on telephones!!!
A basic BT line is only £11 pmth? If you have free mins with your odible package are you using them rather than the house phone.
also check you house phone bills to see what call are being made if you have older kids!! They have no idea of time and may be ringing mobiles.

Perhaps one thing that you need to reconsider is the insureance for the kids. It depends on how old they are now and how much you have paid in so far but some thoughts on the matter:

If you were to pay off your debts, you will save a fortune in interest payments. If you used the £32 to pay extra on a card and snowballed it then perhaps it would save you more in interest than what you will get bypaying £32 pmth to an insurance policy. And are you guaranteed a sum at the end or does it depend on the markets?

use a snowballer - https://www.whatsthecost.co.uk - to work it out - do one without the extra £32 pmth and one with to see the difference.

good luck

pudds

david_hellier

Hi there. With the new info your weekly spending limit on food and anything else is now £87.13 per week.

As follows:

income weekly monthly
self 0.00
partner 1400.00
cb 110.00
tc 76.00





total 0.00 1586.00 divide by 4.33
£366.00

£366.00 total weekly income

spend weekly monthly
rent/mortgage 221.50
council tax 97.00
elec 39.00
gas 39.00
water
secured loans
TV licence 10.99
fines
ins 10.58
a+l loan 392.72
halifax cc 15.56
virgin cc 84.19
mbna 116.08
sky 21.99
aol 19.00
tt 25.00
kids ins 32.50
2 mobs 40.00
petrol 10.00











total 10.00 1165.11 divide by 4.33
£268.87

£278.87 total weekly spend

Start= income - spend = £87.13 per week