£80,000

DCFC79

thejames wrote: »

Its an idea but how would I get out of one contract?

Depends how long you have been in the contract as some may let you downgrade,

thejames

Hi hovel lady

This is someones profile list is that right?

debtfreewannabe321

thejames wrote: »

Sorry missed three things...


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 2100
Benefits................................ 138
Other income............................ 0
Total monthly income.................... 3438
Monthly Expense Details
Mortgage................................ 267
Secured/HP loan repayments.............. 37
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 55
Gas..................................... 55
Oil..................................... 0
Water rates............................. 26.54
Telephone (land line)................... 60 This seems high to me
Mobile phone............................ 120 Can you get rid of your personal one if you have to keep the franchise one? and lower tariffs on dh's one
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 600 You can save your shortfall, purely by cutting the groceries down to 400. Meal plan, bulk cook. check out the old style boards
Clothing................................ 0
Petrol/diesel........................... 240 can you shave some off or is this for work?
Road tax................................ 22
Car Insurance........................... 85 this seems quite high to me when are you due for renewal? use cashback sites like quidco
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 0
Buildings insurance..................... 49 this looks high to me?
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 you should put something here even if just a little so you dont need to use cards again
Total monthly expenses.................. 1826.66

Assets
Cash.................................... 0
House value (Gross)..................... 240
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2240

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 2150000..(267)......0
Hire Purchase (HP) debt ...... 0........(37).......0
Total secured & HP debts...... 2150000...-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Nat west.......................18.713....283.......0
Co Op..........................18.416....270.......0
Credit cards...................44.859....1060......0
Car............................3000......100.......0
Over draft.....................2500......0.........0
New Boiler.....................5400......97........0
Total unsecured debts..........10981.99..1810......-

Monthly Budget Summary
Total monthly income.................... 3,438
Expenses (including HP & secured debts). 1,826.66
Available for debt repayments........... 1,611.34
Monthly UNsecured debt repayments....... 1,810
Amount short for making debt repayments. -198.66
Personal Balance Sheet Summary
Total assets (things you own)........... 2,240
Total HP & Secured debt................. -2,150,000
Total Unsecured debt.................... -10,981.99
Net Assets.............................. -2,158,741.99

HTH dfw

DVardysShadow

thejames wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 2100
Benefits................................ 138
Other income............................ 0
Total monthly income.................... 3438
Monthly Expense Details
Mortgage................................ 267
Secured/HP loan repayments.............. 37
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 55
Gas..................................... 55
Oil..................................... 0
Water rates............................. 26.54
Telephone (land line)................... 60
Mobile phone............................ 120
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 0
Petrol/diesel........................... 240
Road tax................................ 22
Car Insurance........................... 85
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 0
Buildings insurance..................... 49
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1826.66

Assets
Cash.................................... 0
House value (Gross)..................... 240
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2240

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 2150000..(267)......0
Hire Purchase (HP) debt ...... 0........(37).......0
Total secured & HP debts...... 2150000...-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Nat west.......................18.713....283.......0
Co Op..........................18.416....270.......0
Credit cards...................44.859....1060......0
Total unsecured debts..........81.99.....1613......-

Monthly Budget Summary
Total monthly income.................... 3,438
Expenses (including HP & secured debts). 1,826.66
Available for debt repayments........... 1,611.34
Monthly UNsecured debt repayments....... 1,613
Amount short for making debt repayments. -1.66
Personal Balance Sheet Summary
Total assets (things you own)........... 2,240
Total HP & Secured debt................. -2,150,000
Total Unsecured debt.................... -81.99
Net Assets.............................. -2,147,841.99


Ive had to bulk the CC together for quickness, but when I get a minute to do it properly I will.

Sorry to make this look like I've marked your home work

1. Please check your figures. The mortgage is definitely wrong and makes it look like you are £2,000,000 in debt, when you are considerably better off than that. I'll leave you to correct it, but getting your net assets correct is important for determining what your options really are.
2. When you redo this, make sure that you copy and paste in the

   [/FONT]
   

   at the end as well as the

   [FONT=courier new]
   

   at the start, to give the more readable format.

thejames

DCFC79 wrote: »

For the mobiles you can get cheap sims eg £5/£10 a month but depends on if you text/phone people alot as that can tell you if a payg sim is better for you, for get the franchise then if it isn't working.

You think I should give up the franchise? Ive put over £12,000 into it should I not just at least try? Im open to any advice, even if its giving it up.

Hovel_lady

thejames wrote: »

Hi hovel lady

This is someones profile list is that right?

Sorry
Should be this...

https://forums.moneysavingexpert.com/discussion/110020

snippingcoupons

Hi there
I would look at your groceries bill (there are four of us in our house too) and shopping bill comes to £240-£265 every month. I shop every two weeks at Mr T supermarket (£100/ev two weeks) and then top up with reduced items from smaller retailers. I also buy things like toilet and kitchen rolls online as they are much cheaper.
Your mobile phone costs and landline costs seem really high. For a family of four we pay £15 PAYG a month (£5 each for me and the kids, hubbie uses his phone as business expense) and landline £15 ish.
Hope this helps you and very best of luck in sorting out your finances.
It's amazing once you put things down on this forum how quickly you seem to get back on track. Well done to you for trying to sort this out for your family. :j

Shovel_Lad

thejames wrote: »

I will continue to try with the food bill as I said in the first mail, my husband and I never worked as a team and now we finally are, which is why we go shopping together now, I do find it hard as I want my family to eat healthy so Im struggling with that compromise, I think we managed £400 last month but we had xmas and that was a £300 bill on three days.

I have always found healthy eating is less expensive than junk food eating. £600 is a huge amount for a family of 4 to pay, many families spend less than half that amount and eat well. The Old Style board could help you here, but maybe you could start by reviewing your receipts and meal plans. Expensive and unnecessary things have a habit of sneaking in if you are not vigilant.

thejames wrote: »

Our mortgage is £215.000 we pay £267 interest only.

Are you sure this is the monthly charge? Even as interest only, £267 a month on £215,000 would mean you are getting your mortgage at 1.49% which seems incredibly low to me.

debtfreewannabe321

also keep a spend diary! when i first started on here it was invaluable to me, to see exactly where every penny was going. you'd be surprised.

I have 3 kids & a husband and our grocery bill is £250 or thereabouts every month. sometimes we go over but not by much x

thejames

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 2100
Benefits................................ 138
Other income............................ 0
Total monthly income.................... 3438
Monthly Expense Details
Mortgage................................ 267
Secured/HP loan repayments.............. 37
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 55
Gas..................................... 55
Oil..................................... 0
Water rates............................. 26.54
Telephone (land line)................... 60
Mobile phone............................ 120
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 0
Petrol/diesel........................... 240
Road tax................................ 22
Car Insurance........................... 85
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 0
Buildings insurance..................... 49
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1826.66

Assets
Cash.................................... 0
House value (Gross)..................... 240
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2240

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 215000...(267)......0
Hire Purchase (HP) debt ...... 0........(37).......0
Total secured & HP debts...... 215000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Nat west.......................18.713....283.......0
Co Op..........................18.416....270.......0
Credit cards...................44.859....1060......0
Car............................3000......100.......0
Over draft.....................2500......0.........0
New Boiler.....................5400......97........0
Total unsecured debts..........10981.99..1810......-

Monthly Budget Summary
Total monthly income.................... 3,438
Expenses (including HP & secured debts). 1,826.66
Available for debt repayments........... 1,611.34
Monthly UNsecured debt repayments....... 1,810
Amount short for making debt repayments. -198.66
Personal Balance Sheet Summary
Total assets (things you own)........... 2,240
Total HP & Secured debt................. -215,000
Total Unsecured debt.................... -10,981.99
Net Assets.............................. -223,741.99
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using IE browser.