okey dokey, where to begin?

tenpence_shy

dancingfairy wrote: »

A couple of questions - what rate mortgage do you think you may be able to get? are you thinking of fixed or variable?
Secondly you've been offered a 15k loan - is it secured or unsecured? if secured I wouldn't touch it due to the additional risks of loosing the house etc but if unsecured you would need to crunch the numbers to see how much it would be per month and whether that would see you balance or not.
df

the loan is unsecured and i worked out that by paying a mix of the high interest cards and a large amount card(barclaycard1, hsbc, tesco, abbey) i could gain £30 a month, but £30 is £30 right?

mortgage wise,rang the bank and can rejig stuff from april
currently on fixed @5.95%, svr is only 3.5% but would cost more than would save to pull out early

would look to redo a fixed rate although have read that they're not so good ATM due to current interbank exchange rates

dancingfairy

I worked out the loan would potentially save you 50 a month but that's not really going to help unfortunately is it
I think unless you can come up with some magic way of shaving your costs to the bone or getting a pay rise then realistically you are looking at a dmp or iva. It can be done by shaving everything to the bone and i'm sure some people will say you can feed 4 of you for 200 a month or less with no school dinners but whether your wife can/would want to do this and whether it's a realistic prospect for you I don't know.
df

tenpence_shy

dancingfairy wrote: »

can you get childcare vouchers through your employer? You would need to check this as it affects benefits - working tax credit or child tax credit or something - so sometimes it doesn't allways work out better but it's a though if you don't already do it.
Benefits - are you getting all that you are entitled to?
df

arrse!
was double entrying the childcare, i already get £150 in CV's a month so i shouldn't have included them in the SoA

redone that and here is anew

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1325
Partners monthly income after tax....... 1375
Benefits................................ 135
Other income............................ 0
Total monthly income.................... 2835

Monthly Expense Details
Mortgage................................ 853
Secured/HP loan repayments.............. 149
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 114
Electricity............................. 48
Gas..................................... 46
Oil..................................... 0
Water rates............................. 42
Telephone (land line)................... 15
Mobile phone............................ 35
TV Licence.............................. 13
Satellite/Cable TV...................... 21
Internet Services....................... 7.5
Groceries etc. ......................... 400
Clothing................................ 60
Petrol/diesel........................... 130
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 68
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 21
Contents insurance...................... 25
Life assurance ......................... 24
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 34
Holiday................................. 0
Emergency fund.......................... 0
Child Trust Fund........................ 20
Total monthly expenses.................. 2270.5


Assets
Cash.................................... 0
House value (Gross)..................... 143000
Shares and bonds........................ 900
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 143900


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 121000...(853)......5.95
Secured Debt.................. 9000.....(149)......8.9
Total secured & HP debts...... 130000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Abbey..........................336.......9.........20.9
Barclaycard 1..................9565......210.......6.9
Barclaycard 2..................4900......105.......6.9
Tesco..........................1358......41........16.9
Natwest Overdraft..............2300......0.........20
Natwest 2......................6750......151.......14.9
Natwest 1......................1679......37........14.9
HSBC...........................2604......65........29.9
Halifax 2......................950.......10........23.9
Halifax 1......................5581......58........13.9
Egg............................17........5.........19.9
Total unsecured debts..........36040.....691.......-


Monthly Budget Summary
Total monthly income.................... 2,835
Expenses (including HP & secured debts). 2,270.5
Available for debt repayments........... 564.5
Monthly UNsecured debt repayments....... 691
Amount short for making debt repayments. -126.5

Personal Balance Sheet Summary
Total assets (things you own)........... 143,900
Total HP & Secured debt................. -130,000
Total Unsecured debt.................... -36,040
Net Assets.............................. -22,140

so only £126.50 under now
getting somewhere i think

if i did the loan thing i'd be just £96.50 under and i'm due a payrise of around £50 a month in a june so would only be under by around £40 or so then, hmmm

10p

10p

tenpence_shy

dancingfairy wrote: »

I worked out the loan would potentially save you 50 a month but that's not really going to help unfortunately is it
I think unless you can come up with some magic way of shaving your costs to the bone or getting a pay rise then realistically you are looking at a dmp or iva. It can be done by shaving everything to the bone and i'm sure some people will say you can feed 4 of you for 200 a month or less with no school dinners but whether your wife can/would want to do this and whether it's a realistic prospect for you I don't know.
df

£50 you say, what've i missed?

d3mon4ngel

tenpence_shy wrote: »

Water rates............................. 42
Groceries etc. ......................... 400
Clothing................................ 60
Petrol/diesel........................... 130
Buildings insurance..................... 21
Contents insurance...................... 25
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20

Has already been covered really but would it be possible to cut down in the above areas at all? Do you think you could reduce the groceries to £300? And don't buy new clothes for a few months? Are you on the best deal for buildings / contents insurance?

Do you have any space on your lower interest cards that you could transfer the higher rate ones to? That could save some money on the debt repayments.

DVardysShadow

dancingfairy wrote: »

The OP is overspending by nearly 400 a month if you include debt repayments so where do you propose they make that amount of cuts from? I think that's the point.
df

Actually OP is overspending by less than £300/month [286 according to you earlier] and has now found £150/month on child vouchers, but is finding other outgoings. It really is going to take a little while to get a stable take on the expenditures. This is no reason to hold back on managing the debt.

DVardysShadow

tenpence_shy wrote: »

if i did the loan thing i'd be just £96.50 under and i'm due a payrise of around £50 a month in a june so would only be under by around £40 or so then, hmmm

This is getting close. Do take note that the loan repayment schedule is a treadmill. You can probably gain 85% of the benefit by only consolidating 50% of your debt on the highest rates, which leaves you some flexibility. But before you consider any form of consolidation, you really need to be cast iron certain about your expenditure and your ability to manage it.

Any chance of sending Mrs 10p out to sweep chimneys? Even a little here could start you off getting the debt down faster and cleared earlier.

tenpence_shy

thanks for all your help so far

i'm going to get more info on the DMP from CCCS
i'll get the figures to print and look through but i think short of a mysterious benefactor with a wodge of cash, it's whats required

10p feeling like a £1

MrsPorridge

Please, seriously think about taking a loan for consolidation purposes - I have done it at least 3 times over the last 20 years in order to pay off my CCs and then still racked up the CC debts again and then have the loans to pay as well. Check my siggy and you will see the sorry story.

It will only work if you have learned your lesson and stick to budgets and don't start over-spending.

RAS

Please can you go back through that list of debts and indiate against each account the maximum value permitted and whether it was a balance transfer against which you cannot make any purchases (I suspect that will be the case with barclaycard)?