Its long and complicated! :(

PPink

Hey all!

My boyfriend and I did live together but as I lost my job I moved back in with my parents so I hopefully wasnt costing him extra. The 1st SOA is mine. We share car and pet costs as we had these before I moved back home. As you can see I'm not in the worst postion or as worse off as my boyfriend (2nd SOA) but I would like to move back in and contribute which would help him. He has said £200 for bills/rent to start off with. Where can i get this from?? I've done an excel budget and scraping everything back I'm only getting about 150 left over each month despite what the SOA is saying and i'm trying to save a bit too

Many thanks for your help in adavance

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1348
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1348
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30 - runs out in Nov 2011 so can bring down to cheaper but not allowed to change tariff as already done it once
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 30
Clothing................................ 10
Petrol/diesel........................... 40
Road tax................................ 0
Car Insurance........................... 17
Car maintenance (including MOT)......... 0 - included in car repayments
Car parking............................. 0
Other travel............................ 160 - lowest i can get as i live quite far out and its a yearly to get the cheapest
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 150 - 200 for 6 months then 100 for 6 months this is an average
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 0
Pension.......................... 40
Total monthly expenses.................. 612

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 20000 - 3 year contract can't cancel
Other assets............................ 0
Total Assets............................ 20000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Egg............................1155......75........16.9
Car............................20000.....160.......0
Nationwide CC only every use it for CC only sites and payback straight away
Total unsecured debts..........21155.....235.......-

Monthly Budget Summary
Total monthly income.................... 1,348
Expenses (including HP & secured debts). 612
Available for debt repayments........... 736
Monthly UNsecured debt repayments....... 235
Amount left after debt repayments....... 501
Personal Balance Sheet Summary
Total assets (things you own)........... 20,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -21,155
Net Assets.............................. -1,155
Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using IE browser.

elvis86

I think you maybe missed half of your post off?

Soph86_2

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1348
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1348
Monthly Expense Details
Mortgage................................ 0 do you not pay anything to live at home?
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30 - runs out in Nov 2011 so can bring down to cheaper but not allowed to change tariff as already done it once
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 30 - is this realistic? I guess atm you have food paid for by your parents, but this is likely to go up considerably if you move out again.
Clothing................................ 10
Petrol/diesel........................... 40 - can you reduce this - walk or cycle to the train/bus station?
Road tax................................ 0 - nothing? really?
Car Insurance........................... 17
Car maintenance (including MOT)......... 0 - included in car repayments
Car parking............................. 0
Other travel............................ 160 - lowest i can get as i live quite far out and its a yearly to get the cheapest
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 150 - 200 for 6 months then 100 for 6 months this is an average - what is this for? if it's presecriptions you can swap to a pre-patyment certification which is <£10 per month. If you're buying lots of otc medications, ask your doctor for a prescription instead
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 100 - this is really high, try doing free stuff/2-for-1 cinema, invite friends round for drinks, come dine with me nights with friends etc
Holiday................................. 0
Pension.......................... 40
Total monthly expenses.................. 612

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 20000 - 3 year contract can't cancel - is this hp or rental etc? It's a really high value car. If it's hp you could return after 1/2 the contract? Why do you need such an expensive car if you use public transport to get to work?
Other assets............................ 0
Total Assets............................ 20000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Egg............................1155......75........16.9
Car............................20000.....160.......0
Nationwide CC only every use it for CC only sites and payback straight away
Total unsecured debts..........21155.....235.......-

Monthly Budget Summary
Total monthly income.................... 1,348
Expenses (including HP & secured debts). 612
Available for debt repayments........... 736
Monthly UNsecured debt repayments....... 235
Amount left after debt repayments....... 501 - do you have this?
Personal Balance Sheet Summary
Total assets (things you own)........... 20,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -21,155
Net Assets.............................. -1,155


I have tried to make some suggestions for you. The main thing is that you have a massive surplus after your outgoings. If you save this for just 3 months you could clear your credit card and have an extra £75 available a month. Plus, if you can cut down your entertainent to say £20 and prescription costs to £10 then you would have an extra £220 a month and could clear your debt even quicker. Do you actually have this left at the end of the month? If not, you need to kee a speding diary to see where you are spending money - I suspect your SOA isn't accurate.

Soph x

KingElvis

You have a 20k car which you're paying off at £160 pm?

Wow, that's will take you into the next decade or something?

PPink

My boyf was with his ex for 10 years then after they had saved and paid 10k of their weding she decided to leave him for someone else.

This started him getting into debt as they tried and failed to sell the flat so he decided to stay on the property ladder and keep the flat. Having paid the mortgage and rent (shared ownership) for the last few years and living life to the full after saving well for the wedding we have had a sit down to try and get things sorted as he realises he cant go on. Hopefully having the lightbulb moment after seeing the fugures in black and white I have suggested many things I have read on other peoples SOA's such as asking for interest to be stopped reduced for a couple months and a mortgage holiday. we are in the process of getting this sorted to hopefully get some debts paid. Having used the snowball calculator he looks to be debt free in March 2014. any help with making this quicker would be great!

Another problem is his parents arent that good with their money and he has had to bail them out in a few occasions hes realised he cant do this and payments are being set up for them to pay him back.

As we do not live together atm i have just done it for him and added anything i pay as additional income

Sorry if all the figures arent correct i'm just going by what I have. so feel free to ask questions and ill try to answer

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2776 - sometimes gets a bonus so throws this at the debt
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 170
Total monthly income.................... 2946
Monthly Expense Details
Mortgage................................ 498.6
Secured/HP loan repayments.............. 349.4
Rent.................................... 319.15
Management charge (leasehold property).. 9 - includes buildings insurance
Council tax............................. 96 - had his 2 freemonths
Electricity............................. 42 - re looking at
Gas..................................... 36 - ditto
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 17.99 - lowest
Mobile phone............................ 30 - ends november 2011 cant lower till then
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0 - included in home phone deal
Groceries etc. ......................... 70
Clothing................................ 10
Petrol/diesel........................... 30
Road tax................................ 0 - dont pay as its a 'green car'
Car Insurance........................... 17
Car maintenance (including MOT)......... 0 - included in re payments
Car parking............................. 0
Other travel............................ 0 - comes out before paid
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 7
Buildings insurance..................... 0 - included in shared ownership scheme
Contents insurance...................... 9
Life assurance ......................... 12.78
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
ISA savings............................. 100 - have said stop and use for debt but wont listen
Health Insurance........................ 19.86
Gas Service............................. 17.56 - is this ever needed? its been lowered from a 50 quid package
Current Account Cost.................... 25 - has phone insurance for the both of us aa etc seems to be worth the cost
Total monthly expenses.................. 1818.34

Assets
Cash.................................... 1000 - have said to use for debt but again wont listen
House value (Gross)..................... 160000 - downstairs had their flat valued at this his could be more/less but not sure
Shares and bonds........................ 0
Car(s).................................. 20000 - 3 year deal
Other assets............................ 0
Total Assets............................ 181000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 140000...(498.6)....0 - fixed rate of a coupel % but not sure and not sure how much the mortgage is for but hes paid £20k off
Tesco loan secured debt.................. 11000....(349.4)....0 not sure on APR
Total secured & HP debts...... 151000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR - APRS are estimates i dont know theses
Egg............................8918.16...182.......17
Lloyds.........................4000......300.......18
Virgin.........................6700......180.......0 - couple months free left
Total unsecured debts..........19618.16..662.......-

Monthly Budget Summary
Total monthly income.................... 2,946
Expenses (including HP & secured debts). 1,818.34
Available for debt repayments........... 1,127.66
Monthly UNsecured debt repayments....... 662
Amount left after debt repayments....... 465.66
Personal Balance Sheet Summary
Total assets (things you own)........... 181,000
Total HP & Secured debt................. -151,000
Total Unsecured debt.................... -19,618.16
Net Assets.............................. 10,381.84
Created using the SOA calculator at Reproduced on Moneysavingexpert with permission, using IE browser.

PPink

KingElvis wrote: »

You have a 20k car which you're paying off at £160 pm?

Wow, that's will take you into the next decade or something?

I pay for half the car and boyf pays the other half. its a 3 year deal which at the end of it we can sell it back. We also paid a 4k deposit

ellesbellesxxx

So you pay 320 together per month on a 20,000k car? Two things: this will bring down your assets as technically you own 10,000k each of the car. And also, this is the replacement value but not the actual value. If you had a prang, or were to part exchange this you would find it was worth A LOT less. Is it worth part exchanging this? It looks like you get public transport to work, in which case you paying a LOT of money for something you barely use. From the looks of it, you say spending 40 on petrol, your partner 30, this is just over a tank a month! Not worth it surely?
Also, the part ownership: Is it a big flat? My rent on my part ownership (1 bed house) is 105 pm - your partners seems a lot more.

Health insurance - Unless there are ongoing problems, this is 240 pounds a year that could be thrown at debt.
Presents- 20 a month, 240 a year - could you make presents or cook for people? Am sure they would understand not getting lavish presents for a few months.
Life insurance - shop around. Mine is 5.79 a month.

Good luck

PPink

Soph86 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1348
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1348
Monthly Expense Details
Mortgage................................ 0 do you not pay anything to live at home? - I'm lucky I dont pay parents anything - so i try to save this
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30 - runs out in Nov 2011 so can bring down to cheaper but not allowed to change tariff as already done it once
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 30 - is this realistic? I guess atm you have food paid for by your parents, but this is likely to go up considerably if you move out again. - i contribute to boyfs food as i eat there a few times a night
Clothing................................ 10
Petrol/diesel........................... 40 - can you reduce this - walk or cycle to the train/bus station? - this is just an estimate as since weve had the car weve filled up 20 a month but with prices going up giving a bit more
Road tax................................ 0 - nothing? really? - its a 'green' car so we dont pay for it
Car Insurance........................... 17
Car maintenance (including MOT)......... 0 - included in car repayments
Car parking............................. 0
Other travel............................ 160 - lowest i can get as i live quite far out and its a yearly to get the cheapest
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 150 - 200 for 6 months then 100 for 6 months this is an average - what is this for? if it's presecriptions you can swap to a pre-patyment certification which is <£10 per month. If you're buying lots of otc medications, ask your doctor for a prescription instead - this is for a brace they said i didnt need as a child but my teeth are awful
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 100 - this is really high, try doing free stuff/2-for-1 cinema, invite friends round for drinks, come dine with me nights with friends etc - this has been brought down and includes going out for a birthday once a month - this month were going to manchester for a night out!
Holiday................................. 0
Pension.......................... 40
Total monthly expenses.................. 612

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 20000 - 3 year contract can't cancel - is this hp or rental etc? It's a really high value car. If it's hp you could return after 1/2 the contract? Why do you need such an expensive car if you use public transport to get to work? - this is a deal with BMW after 3 years we can sell back to them it has reduced our costs a lot boyfs old car was 450 a year for road tax, 400 just for him a year on insurance and would cost £30 just to get to the end of the drive
Other assets............................ 0
Total Assets............................ 20000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Egg............................1155......75........16.9
Car............................20000.....160.......0
Nationwide CC only every use it for CC only sites and payback straight away
Total unsecured debts..........21155.....235.......-

Monthly Budget Summary
Total monthly income.................... 1,348
Expenses (including HP & secured debts). 612
Available for debt repayments........... 736
Monthly UNsecured debt repayments....... 235
Amount left after debt repayments....... 501 - do you have this? - nope but i have been keeping a diary of all my spends and entertainment was a little more than i budgeted for and i did manage to save 150
Personal Balance Sheet Summary
Total assets (things you own)........... 20,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -21,155
Net Assets.............................. -1,155


I have tried to make some suggestions for you. The main thing is that you have a massive surplus after your outgoings. If you save this for just 3 months you could clear your credit card and have an extra £75 available a month. Plus, if you can cut down your entertainent to say £20 and prescription costs to £10 then you would have an extra £220 a month and could clear your debt even quicker. Do you actually have this left at the end of the month? If not, you need to kee a speding diary to see where you are spending money - I suspect your SOA isn't accurate.

Soph x

Thanks for the help here I've have tried all of the above and really cut back to what i used to spend but i just dont seem to have this money left over - i know there have been a few too many work lunches as majority of the company is going through redundancys so this shouldnt be as high next month. thanks for the hints xx

PPink

ellesbellesxxx wrote: »

So you pay 320 together per month on a 20,000k car? Two things: this will bring down your assets as technically you own 10,000k each of the car. And also, this is the replacement value but not the actual value. If you had a prang, or were to part exchange this you would find it was worth A LOT less. Is it worth part exchanging this? - we cant change the agreement for another 2 1/2 years. It looks like you get public transport to work, in which case you paying a LOT of money for something you barely use. From the looks of it, you say spending 40 on petrol, your partner 30, this is just over a tank a month! Not worth it surely? - so far we have only put in about 20 a month since we got the car so not a lot compared to SOA
Also, the part ownership: Is it a big flat? My rent on my part ownership (1 bed house) is 105 pm - your partners seems a lot more. its a 2 bed flat I would say pretty big compared to what some of my friends have looked at getting and said nothing is as nice as his flat

Health insurance - Unless there are ongoing problems, this is 240 pounds a year that could be thrown at debt. he did have ongoing problems but i think these have stopped
Presents- 20 a month, 240 a year - could you make presents or cook for people? Am sure they would understand not getting lavish presents for a few months. He has quite a large family but they are having problems too so i think saying no pressies this year might work
Life insurance - shop around. Mine is 5.79 a month.- this is one thing i thought was a bit high will compare this

Good luck

thanks for your help am going to try and put these actions into placex

PPink

P.S The virgin card is mainly his mums debt that she should be setting up a standign order for the minimum payments

DVardysShadow

PPink wrote: »

I pay for half the car and boyf pays the other half. its a 3 year deal which at the end of it we can sell it back. We also paid a 4k deposit

:eek::eek::eek:

As I read this, your bf earns twice what you do and you are in debt to £20,000 on a car for the 2 of you. Tell us whose name is on the credit. If it is yours, then there are some serious questions you need to ask yourself.