Statement of affairs

Delree

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1143
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 5
Total monthly income.................... 1148

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 204
Management charge (leasehold property).. 0
Council tax............................. 35
Electricity............................. 15
Gas..................................... 15
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 0
Mobile phone............................ 23
TV Licence.............................. 11
Satellite/Cable TV...................... 3
Internet Services....................... 3
Groceries etc. ......................... 90
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 200
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 629


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan 1.........................5409.5....174.5.....14
Loan 2.........................3820......140.......0
Total unsecured debts..........9229.5....314.5.....-


Monthly Budget Summary
Total monthly income.................... 1,148
Expenses (including HP & secured debts). 629
Available for debt repayments........... 519
Monthly UNsecured debt repayments....... 314.5
Amount left after debt repayments....... 204.5

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,229.5
Net Assets.............................. -9,229.5

I have fairly low living expenses so can plough most of my spare cash into a loan whilst affording myself some of it to make the next year bearable.

[Deleted User]

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1143
Other income............................ 5
Total monthly income.................... 1148

Monthly Expense Details

Rent.................................... 204
Council tax............................. 35
Electricity............................. 15
Gas..................................... 15
Water rates............................. 10
Mobile phone............................ 23 (You could probably reduce this if you wanted - look at SIM only deals, or PAYG)
TV Licence.............................. 11
Satellite/Cable TV...................... 3
Internet Services....................... 3
Groceries etc. ......................... 90
Clothing................................ 10
Other travel............................ 0 Nothing?
Contents insurance...................... 0 Possibly need something here
Presents (birthday, christmas etc)...... 0 Never?
Haircuts................................ 10
Entertainment........................... 200 (Quite high, you could probably cut this down a bit)
Total monthly expenses.................. 629


Assets
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan 1.........................5409.5....174.5.....14
Loan 2.........................3820......140.......0 (What is the APR on this?)
Total unsecured debts..........9229.5....314.5.....-


Monthly Budget Summary
Total monthly income.................... 1,148
Expenses (including HP & secured debts). 629
Available for debt repayments........... 519
Monthly UNsecured debt repayments....... 314.5
Amount left after debt repayments....... 204.5 (good surplus, and if you wanted to make cut backs above you would probably get an even bigger surplus to overpay with)

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,229.5
Net Assets.............................. -9,229.5

Hi,

I have made a few comments above where you could reduce spending if you wanted. And just another few comments to consider:

Are you able to make penalty free overpayments to your loans?

What's the APR on the second loan?, depending on which loan is costing you the most in interest (highest APR),
should tell you which one to make overpayments towards.

HTH

D9

Clarie_2

Hi,
it looks like you've got most things right down, and you've a good surplus to throw at debts. Well done!

Clarie

Delree

@ Domino9
The mobile phone contract could be lower as it includes a £7 internet bolt on charge which I have dropped from next month. After that I can't lower it any more but reasonably happy with £16 p/m.
I don't spend on travel whatsoever, I live in my town centre and that's where I work too, only a 10 minute walk. Otherwise I borrow a car from my parents if I need to go further afield but that hardly ever happens.
I don't spend on christmas or birthdays, the only reason people got any presents from me at xmas just gone is because my work rewarded us all with £200 in high street shopping vouchers, if that hadn't have happened people would have gotten nada.
The entertainment budget is quite high but I figure that there is no point making this regime too tough because otherwise I won't stick to it. But you're right of course it is a bit on the high side.
My second loan is an interest free loan from my parents (thank god for them). I will have to check to see if my other loan will allow me to make overpayments.

@ Clarie, thank you its a long road ahead but a light is there at the end of the tunnel.