Its long and complicated! :(

PPink

DVardysShadow wrote: »

: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.

Its all in his name, its a 20k car and paid a 4k deposit so 16 left to pay and we half the monthly repayments which include service mot if it ever needs it etc

DVardysShadow

PPink wrote: »

Its all in his name, its a 20k car and paid a 4k deposit so 16 left to pay and we half the monthly repayments which include service mot if it ever needs it etc

Thanks for clearing that up, I can take notice of the rest of it. I can't understand why you should move out? If you have a committed relationship, surely him supporting you through unemployment is part of the commitment? Or is the relationship low commitment both ways?

Forgive me exploring the relationship rather than the finances! If there is low or unequal commitment in this relationship, then you need to approach the finances accordingly

PPink

DVardysShadow wrote: »

Thanks for clearing that up, I can take notice of the rest of it. I can't understand why you should move out? If you have a committed relationship, surely him supporting you through unemployment is part of the commitment? Or is the relationship low commitment both ways?

Forgive me exploring the relationship rather than the finances! If there is low or unequal commitment in this relationship, then you need to approach the finances accordingly

I chose to move out at the end of August as I felt it wasn't fair for him to be paying everything and me not contributing. I have been employed for a few months so we've now talked about me moving back in and would like to get our own place but obvioulsy we both need to clear our debts and save to do this. As the place is his and his mortgage not mine he has said 200 to pay for bills as my contribution plus food and petrol as I would end up using this as well

[Deleted User]

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1348
Total monthly income.................... 1348

Monthly Expense Details
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
Groceries etc. ......................... 30
Clothing................................ 10
Petrol/diesel........................... 40
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
Medical (prescriptions, dentist etc).... 150 - 200 for 6 months then 100 for 6 months this is an average (How far are you into this treatment? And when will the payments go down?)
Pet insurance/vet bills................. 15
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 100 (This is high - cut this back - use voucher, do free things etc)
Pension.......................... 40
Total monthly expenses.................. 612

Assets
Car(s).................................. 10000 - 3 year contract can't cancel (this should be £10,000 if you share it)
Total Assets............................ 10000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Egg............................1155......75........16.9 (Pay all of your surplus towards this - and make sure you stop using it)
Car............................10000.....160.......0 (Is this 0%)
Nationwide CC only every use it for CC only sites and payback straight away
Total unsecured debts..........11155.....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 (You really need to find out where this is going. Note down everything that you spend, from coffees to phone bills, travel costs and magazines - absolutly everything - then you can adjuct your spending accordingly)

Personal Balance Sheet Summary
Total assets (things you own)........... 10,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,155
Net Assets.............................. -1,155

Hi,

I have made some comments above. Hopefully they will be of some use to use. It seems that the SOA is not that accurate if you don't actually have this surplus at the end of the month. As I have said abve - keep a spending diary and note down everything that you spend. Also, it might be a good idea if you make a weekly or monthly budget and stick to it - if you can't afford something, you can't afford it.

HTH

D9

[Deleted User]

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2776 - sometimes gets a bonus so throws this at the debt
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 - is he claiming the single person's discount (25%)?
Electricity............................. 42 - re looking at (often duel fuel and online tariffs are cheaper)
Gas..................................... 36 - ditto (as above)
Water rates............................. 10
Telephone (land line)................... 17.99 - lowest
Mobile phone............................ 30 - ends november 2011 cant lower till then (When ends look at £10 SIM only, or PAYG)
TV Licence.............................. 12
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
Other travel............................ 0 - comes out before paid
Pet insurance/vet bills................. 7
Buildings insurance..................... 0 - included in shared ownership scheme
Contents insurance...................... 9
Life assurance ......................... 12.78 (use comparison sites)
Presents (birthday, christmas etc)...... 20 (lower)
Haircuts................................ 10
Entertainment........................... 50 (reduce)
ISA savings............................. 100 - have said stop and use for debt but wont listen (really need to try and convince him on this one - can rebuild savings once debt-free)
Health Insurance........................ 19.86 (is this necessary, and if so is this a competative price?)
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 (If you are benifiting from this, should you not be contributing?)
Total monthly expenses.................. 1818.34

Assets
Cash.................................... 1000 - have said to use for debt but again wont listen (Unless he is earning a higher interest on this than what he is paying towards debts then it's not worthwhile. While have some emergency savings is a good idea - he should pay most of this towards debt and keep mayne £100 or £200 as emergency savings)
House value (Gross)..................... 160000 - downstairs had their flat valued at this his could be more/less but not sure
Car(s).................................. 10000 - 3 year deal
Other assets............................ 0
Total Assets............................ 171000

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 (Try and find out APR - this will help to identify where best to prioritise over-payments)
Total secured & HP debts...... 151000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR - APRS are estimates i dont know theses (You need to find out acurate APR's in order to prioritise debt repayment in a way that minimises the intrest repayed)
Egg............................8918.16...182.......17
Lloyds.........................4000......300.......18 (If the APR's are acurate, then this is the debt he needs to concentrate on, pay the minimum towards everything and then overpay any monthly surplus towards this debt until it's gone)
Virgin.........................6700......180.......0 - couple months free left (Is this the debt that his mum will be repaying? When is she going to start the payments?)What will the APR be when 0% ends?
Total unsecured debts..........19618.16..662.......-

Also, half the car should be in there somewhere.

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 (Does he actually have this at the end of every month, if nt he also needs to keep a spending diary to see where all this goes, if he does have it he needs to be paying this towards the debt that's costing him the most in interest (highest APR) -

Personal Balance Sheet Summary
Total assets (things you own)........... 171,000
Total HP & Secured debt................. -151,000
Total Unsecured debt.................... -19,618.16
Net Assets.............................. 10,381.84

Hi, again with this SOA there is a healthy monthly surplus at the end of every month, and he shouldn't really be struggling, if he snowballs his debt (paying the minimum off everything, and overpaying on the debt that's costing him the most) then he should be making good inroads into the debt.

Also, I would recommend looking at what the SOA's would/will look like if you do move back in.

HTH

D9

PPink

Domino9 wrote: »

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1348
Total monthly income.................... 1348

Monthly Expense Details
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
Groceries etc. ......................... 30
Clothing................................ 10
Petrol/diesel........................... 40
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
Medical (prescriptions, dentist etc).... 150 - 200 for 6 months then 100 for 6 months this is an average (How far are you into this treatment? And when will the payments go down?) - I'm only a couple months in the £200 payments are till July then they go down till £100
Pet insurance/vet bills................. 15
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 100 (This is high - cut this back - use voucher, do free things etc) - I have been using voucher, this month should be cheaper than last as I've done all the post xmas catch ups
Pension.......................... 40
Total monthly expenses.................. 612

Assets
Car(s).................................. 10000 - 3 year contract can't cancel (this should be £10,000 if you share it)
Total Assets............................ 10000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Egg............................1155......75........16.9 (Pay all of your surplus towards this - and make sure you stop using it) - I've stopped using and thinking of uping the payment. I get some savings from a fixed deal in April so will be putting a lot of this towards it.
Car............................10000.....160.......0 (Is this 0%) - I don't think its 0% but the interest is fixed and already worked into the payments.
Nationwide CC only every use it for CC only sites and payback straight away
Total unsecured debts..........11155.....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 (You really need to find out where this is going. Note down everything that you spend, from coffees to phone bills, travel costs and magazines - absolutly everything - then you can adjuct your spending accordingly)- Started my spending diary and had quite a few NSD days so not sure where this is going will update SOA after my month end so its more up to date

Personal Balance Sheet Summary
Total assets (things you own)........... 10,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,155
Net Assets.............................. -1,155

Hi,

I have made some comments above. Hopefully they will be of some use to use. It seems that the SOA is not that accurate if you don't actually have this surplus at the end of the month. As I have said abve - keep a spending diary and note down everything that you spend. Also, it might be a good idea if you make a weekly or monthly budget and stick to it - if you can't afford something, you can't afford it.

HTH

D9

Thanks for your comments and help. I've done a monthly budget and trying to stick to it this month looks better than last month already. I'm trying to have as many NSD days as possible but the boyf hasn't had the kick up the bum so suggested chinese friday night but has been good batch cooking and using freezing left overs

barbarawright

Apart from the loss of single person council tax discount, what extra expenses woould there be from you moving back in? Obviously you need to eat but that's the case wherever you live. When you get a flat together, will you ask him to move out if he loses his job?

PPink

Domino9 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2776 - sometimes gets a bonus so throws this at the debt
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 - is he claiming the single person's discount (25%)? This includes single persons discount
Electricity............................. 42 - re looking at (often duel fuel and online tariffs are cheaper)he's on a duel fuel tariff need to have alook at an online one but atm its only a couple quid cheaper though every little does help
Gas..................................... 36 - ditto (as above)
Water rates............................. 10
Telephone (land line)................... 17.99 - lowest
Mobile phone............................ 30 - ends november 2011 cant lower till then (When ends look at £10 SIM only, or PAYG)Definatly going to look these kind of deals in Nov
TV Licence.............................. 12
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
Other travel............................ 0 - comes out before paid
Pet insurance/vet bills................. 7
Buildings insurance..................... 0 - included in shared ownership scheme
Contents insurance...................... 9
Life assurance ......................... 12.78 (use comparison sites)on to do list
Presents (birthday, christmas etc)...... 20 (lower)
Haircuts................................ 10
Entertainment........................... 50 (reduce)
ISA savings............................. 100 - have said stop and use for debt but wont listen (really need to try and convince him on this one - can rebuild savings once debt-free)to do list
Health Insurance........................ 19.86 (is this necessary, and if so is this a competative price?)to do list
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 (If you are benifiting from this, should you not be contributing?)
Total monthly expenses.................. 1818.34

Assets
Cash.................................... 1000 - have said to use for debt but again wont listen (Unless he is earning a higher interest on this than what he is paying towards debts then it's not worthwhile. While have some emergency savings is a good idea - he should pay most of this towards debt and keep mayne £100 or £200 as emergency savings)
House value (Gross)..................... 160000 - downstairs had their flat valued at this his could be more/less but not sure
Car(s).................................. 10000 - 3 year deal
Other assets............................ 0
Total Assets............................ 171000

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 (Try and find out APR - this will help to identify where best to prioritise over-payments)I believe this is fixed and running for a another 2/3 years and can't over pay
Total secured & HP debts...... 151000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR - APRS are estimates i dont know theses (You need to find out acurate APR's in order to prioritise debt repayment in a way that minimises the intrest repayed)
Egg............................8918.16...182.......17
Lloyds.........................4000......300.......18 (If the APR's are acurate, then this is the debt he needs to concentrate on, pay the minimum towards everything and then overpay any monthly surplus towards this debt until it's gone) He concentrates on this one paying 3/400 a month to try and get rid of it
Virgin.........................6700......180.......0 - couple months free left (Is this the debt that his mum will be repaying? When is she going to start the payments?)What will the APR be when 0% ends? - This is his mums debt she will be paying him 100 a month for 10 months for the 1000 she borrowed. the aprs about the same of the other 16%
Total unsecured debts..........19618.16..662.......-

Also, half the car should be in there somewhere.

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 (Does he actually have this at the end of every month, if nt he also needs to keep a spending diary to see where all this goes, if he does have it he needs to be paying this towards the debt that's costing him the most in interest (highest APR) -

Personal Balance Sheet Summary
Total assets (things you own)........... 171,000
Total HP & Secured debt................. -151,000
Total Unsecured debt.................... -19,618.16
Net Assets.............................. 10,381.84

Hi, again with this SOA there is a healthy monthly surplus at the end of every month, and he shouldn't really be struggling, if he snowballs his debt (paying the minimum off everything, and overpaying on the debt that's costing him the most) then he should be making good inroads into the debt.

Also, I would recommend looking at what the SOA's would/will look like if you do move back in.

HTH

D9

I'm trying to get him to do a spending diary which isnt working to well. I dont know how to make him realise that lil things here and there add up without sounding like a complete nag. he has his how to solve his debt in his head which can be rose tinted now seeing it in black and white he seems like he wants to get sorted buthas buired his head a lil. his job is quite social and normally have a free bar but he normally ends up working late and missing it. any advice on how to make him see sense with out nagging his brain out would be good thanks