debt free wannabe

plsplshelpme

here it is at Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 543.8
Partners monthly income after tax....... 777.74
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1321.54
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 26.66
Council tax............................. 87
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 42
Telephone (land line)................... 55
Mobile phone............................ 29
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 10
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 46
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.6
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 29
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
caravan club............................ 10
interest................................ 4.39
bank chgs............................... 12.95
health ins x2........................... 29.04
garage.................................. 40
water ins............................... 15
boiler ins.............................. 18
van store............................... 12.5
van ins................................. 6
Total monthly expenses.................. 1744.54

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 102000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0<
overdraft......................600......(600)......0
Total secured & HP debts...... 600.......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
cc1............................6800......71........0
cc2............................2500......25........0
cc3............................1800......10........0
cc4............................3000......25........0
Total unsecured debts..........14100.....131.......-

Monthly Budget Summary
Total monthly income.................... 1,321.54
Expenses (including HP & secured debts). 1,744.54
Available for debt repayments........... -423
Monthly UNsecured debt repayments....... 131
Amount short for making debt repayments. -554
Personal Balance Sheet Summary
Total assets (things you own)........... 102,000
Total HP & Secured debt.................
Unsecured debt.................... -14,100
Net Assets.............................. 87,300
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.long last in b&w

plsplshelpme

all the credit cards are on 0% until feb -may 2012

Tixy

Hi

It looks like you are over £500 short a month, how have you been managing this so far? Have you had a recent decrease in income thats meant you are now struggling?

Can either of you increase the hours you work to earn more? have you looked at what benefits you are entitled to - eg working tax credits etc.

plsplshelpme wrote: »

here it is at Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 543.8
Partners monthly income after tax....... 777.74
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1321.54
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 600 -this does not look correct.
Rent.................................... 226.4
Management charge (leasehold property).. 26.66
Council tax............................. 87
Electricity............................. 50 this looks quite high, do you have arrears? have you tried reducing your usage or shopping around for a cheaper deal?
Gas..................................... 50
Oil..................................... 0
Water rates............................. 42 is this metered or unmeasured? if not on a meter would the landlord allow it?
Telephone (land line)................... 55 why is this so high? who are you calling? shop around for a cheaper deal/provider
Mobile phone............................ 29
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 10
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 46
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.6
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
caravan club............................ 10
interest................................ 4.39 what is this on? the overdraft?
bank chgs............................... 12.95 have you looked into switching to a free account? what benefits does this account give?
health ins x2........................... 29.04
garage.................................. 40
water ins............................... 15 what is this for? have you shopped around? do you need it or is it covered by landlord?
boiler ins.............................. 18 if you are in rented surely your landlord is responsible for boiler repairs?
van store............................... 12.5
van ins................................. 6
Total monthly expenses.................. 1744.54

Assets
Cash.................................... 0
House value (Gross)..................... 100000 bit confused - you have rent not a mortgage but then have a house value? does this house have a mortgage? is it the house you live in?
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 102000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0<
overdraft......................600......(600)......0 an overdraft is not a secured debt. Is the balance £600? how much does it actually cost you a month for the overdraft (in interest or charges).
Total secured & HP debts...... 600.......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
cc1............................6800......71........0 what are the APRs on all the debts?
cc2............................2500......25........0
cc3............................1800......10........0
cc4............................3000......25........0
Total unsecured debts..........14100.....131.......-

Monthly Budget Summary
Total monthly income.................... 1,321.54
Expenses (including HP & secured debts). 1,744.54
Available for debt repayments........... -423
Monthly UNsecured debt repayments....... 131
Amount short for making debt repayments. -554
Personal Balance Sheet Summary
Total assets (things you own)........... 102,000
Total HP & Secured debt................. -600
Total Unsecured debt.................... -14,100
Net Assets.............................. 87,300
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.long last in b&w

plsplshelpme

At long last I found where I posted! am a technophobe Tixy.You are right the secured loan must be the overdraft. Electricity and gas will be £100 dual fuel have just applied to scottish power for change.Water rates are metered.Telephone is package, phone,tv and internet Interest is on the overdrawn state of account .Don't know how the rent got in! Yes the house is ours no mortgage. The APRs are all 0% until Feb and one in May. Can you make head or tail now?

Tixy

Hi

That would look a bit better then. Currently it shows you are £554 short a month, but if the rent is removed at £226 and the £600 secured loan repayment then you should actually have a surplus after minimum debt repayments of £272 to put towards your debts.
Do you have about that amount spare each month? are you currently putting it towards your debt repayments? Ideally you need to put it towards whichever card will have the highest APR after February, to try to bring that balance down as low as you can.

You've said that water is metered - £42 looks quite high for 2 people, it might be worth doing a leak check and looking at some tips for saving water (both of which you should find on the water board website).
You say the phone/tv/internet is a package at £55/month - might be worth looking to see if you can switch provider or reduce your TV package to see if you can make any saving here

With the boiler insuance - again might be worth shopping around to see if you can find cheaper. What does the water insurance cover? and again have you shopped around to see if you could get cheaper?

What is the plan once the cards start charging interest? Given your incomes I'd imagine you might well struggle to get new 0% cards, so you do need to try to pay off as much as you can as quick as you can. Do you have any things you could sell to raise money to put towards the cards?

plsplshelpme

Hi thanks for taking the time to go through all my SOA and find what was wrong with it. I think you could be right saying we should have some money left but there is always month left at the end of the money!the £25 saved for birthdays christmas is not enough to cover all the birthdays and christmas really, we have 5 children with 3 partners 6 grand children and 1 great grandchild Mum and Dad to buy presents for birthdays.so you will see 25 doesn't go far including chrissy. We buy grandchildren parents and a secret santa present each for christmas, so 11 chrissy presents. Up to now we haven't thought about the ending of the 0% cards, think I have been wearing blinkers.

plsplshelpme

I think I will have to try a spending diary in December.

dark^knight

plsplshelpme wrote: »

I think I will have to try a spending diary in December.

Yes, spending diary will show you areas you can cut down on.

plsplshelpme

Not a good start to the month have already spent over this weeks hkeep. Went to a birthday party at a chinese. Wine, card, present! urgh. We were lucky and didn't have to pay for the meal but the three little extras have eaten £20 out of what we should have spare, will have to cut down over next 2 weeks to try and break even.

plsplshelpme

Even more expense, had unexpected visitors had to buy ready cooked chicken to feed them supplemented by loads of veg ,another visit to the doc's more antibiotics and steroids and an X-Ray good job that was free ,have paid for a prepaid pescription goodbye 29.10 how can you save money and be ill at the same time?