Newbie's Statement of Affairs and Personal Balance Sheet - anyone interested...?!

poorfromplymouth

Statement of Affairs and Personal Balance Sheet

Household Information

Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details

Monthly income after tax................ 2500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2500

Monthly Expense Details

Mortgage................................ 0
Secured/HP loan repayments.............. 100
Rent.................................... 330
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 60
Gas..................................... 0
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 6
Satellite/Cable TV...................... 15
Internet Services....................... 15
Groceries etc. ......................... 200
Clothing................................ 40
Petrol/diesel........................... 50
Road tax................................ 6
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
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..................... 7
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Loan payment to Mother..................... 200
Child Maintenance....................... 450
Total monthly expenses.................. 1675

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500

Secured & HP Debts

Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 1500.....(100)......6.9
Total secured & HP debts...... 1500

Unsecured Debts

Description....................Debt......Monthly...APR
LloydsTSB Loan.................17698.....400.......8.9
LloydsTSB Credit Card..........5150......100.......16.9
Virgin Credit Card.............4540......125.......25.9
Nationwide CreditCard..........5010......150.......18.9
Total unsecured debts..........32398.....775.......

Monthly Budget Summary

Total monthly income.................... 2,500
Expenses (including HP & secured debts). 1,675
Available for debt repayments........... 825
Monthly UNsecured debt repayments....... 775
Amount left after debt repayments....... 50
Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -1,500
Total Unsecured debt.................... -32,398
Net Assets.............................. -31,398
Created using the SOA calculator at makesenseofcards.com

[Deleted User]

Statement of Affairs and Personal Balance Sheet

Household Information

Number of adults in household........... 2
Number of cars owned.................... 1

Monthly Income Details

Monthly income after tax................ 2500 (Any way to increase? Overtime?)
Partners monthly income after tax....... 0 Perhapse your partner could work, even part-time, or is this just the SOA for you alone, and bills etc halved?
Total monthly income.................... 2500

Monthly Expense Details

Secured/HP loan repayments.............. 100
Rent.................................... 330

Council tax............................. 60 Are you currently paying over 10 months, see if your council will allow you to spread over 12.
Electricity............................. 60 (Check comparison sites)
Water rates............................. 15
Mobile phone............................ 45 High - if in contract drop a tariff, if/when out of contract look at SIM only or PAYG deals
TV Licence.............................. 6
Satellite/Cable TV...................... 15 Drop channels you don't watch, or cancel and go freeview
Internet Services....................... 15 Shop around
Groceries etc. ......................... 200 Very high if this is half of food bill - still could make cut backs if for 2. Drop brands, batch cook, meal plan etc - look at the old style board for cooking and shpooing cheaply
Clothing................................ 40 Essentials only until debt is paid down - wear what you have
Petrol/diesel........................... 50
Road tax................................ 6
Car Insurance........................... 40 Shop around at renewal
Car maintenance (including MOT)......... 20
Buildings insurance..................... 7 Do you need this is you are renting?
Contents insurance...................... 6
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0 Never
Entertainment........................... 0 Nothing?
Loan payment to Mother..................... 200 How much left to pay - when will this debt be paid?
Child Maintenance....................... 450
Total monthly expenses.................. 1675

Assets
Car(s).................................. 2500
Total Assets............................ 2500

Secured & HP Debts

Description....................Debt......Monthly...APR
Hire Purchase (HP) debt ...... 1500.....(100)......6.9
Total secured & HP debts...... 1500

Unsecured Debts

Description....................Debt......Monthly...APR
Virgin Credit Card.............4540......125.......25.9 This one is the debt costing you the most - so concentrate all surplus/overpayments towards this one, once paid off, move all surplus/overpayments to the next highest costing debt
Nationwide CreditCard..........5010......150.......18.9
LloydsTSB Credit Card..........5150......100.......16.9
LloydsTSB Loan.................17698.....400.......8.9
Total unsecured debts..........32398.....775.......

Monthly Budget Summary

Total monthly income.................... 2,500
Expenses (including HP & secured debts). 1,675
Available for debt repayments........... 825
Monthly UNsecured debt repayments....... 775
Amount left after debt repayments....... 50 - Do you have this left at the end of every month? If not then keep a spending diary to fins out where all your money goes - if you do have it pay it towards Virgin CC.

Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -1,500
Total Unsecured debt.................... -32,398
Net Assets.............................. -31,398

Hi poorfromplymouth,

Welcome.

I have put some comments above - hope some of them are of use to you.

D9

steveos

I'm not an expert but this but is an interesting one, but from my little time here very typical of most problems people have.

Domino has said it all very well. My comments are:

1. Your income is not bad 2500 net of tax
2. Can your partner not work?
3. The main dragging you down factor is the loans and cards which I guess you know.,and have not stopped using? or will just carry on in the same debt loop

Aside from a DMP which I guess you don't want, options are really to increase income and work through debts. DMP as a last option I would say.

Steve:)

Superbiatch

£60 a month for council tax seems very cheap for 2 adults, I pay more than that in a Band A property with 25% single persons discount. Check it out because if you aren't paying enough they'll want it backdated

bottleofred

Hi poorfromplymouth,

I agree with Domino9s comments and would add that you should also take advantage of bogofs and then you can batch cook etc and freeze for later. The mobile bill is very expensive and a payg would cost around £10. Can you combine the internet and satelite tv? Any spare cash should be put towards the virgin credit card as it is the highest interest rate and therefore costs the most.

Good luck

Red