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moneysavermum_2

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RAS

What do you want to achieve?

moneysavermum_2

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Tixy

Hi

Do you have the £139 left a month - and if so are you paying it towards your debts? and if so which?

If you are looking for areas to possibly cut back I would think perhaps gas & elec and groceries might be the places to try first. Have you done a recent comparison for gas & elec suppliers to check for the cheapest tariff and supplier? have you tried reducing your usage?
In terms of groceries - have you tried the drop a brand challenge?

Do you have any items you could sell to help pay towards the debts?

I wouldn't keep applying for 0% cards if you've already been rejected several times.

Is your council tax paid by ctax benefit?
Do you not have buildings/contents insurance?

RAS

nje24 wrote: »

[tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 764
....... 188( child benefit)
Benefits................................ 796
Other income............................ 480
Total monthly income.................... 2228

Monthly Expense Details
Mortgage................................ 498
Secured/HP loan repayments.............. 421 ends Jan 13 - good as this can then be diverted
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 36
Telephone (land line)................... 24 9not long been with bt 12mth contract)
Mobile phone............................ 40( 3 phones) - think you need to do a deal with the kids o them paying their own PAYG?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 300 - you could cut a little off this
Clothing................................ 50 - try freecycle, freegle and charity shops.
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 30
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 100
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 0 - you need this
Contents insurance...................... 0 and this
Life assurance ......................... 22
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 xmas - you probably need to cut this back
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1823


Assets
Cash.................................... 0
House value (Gross)..................... 196000
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 203000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 88500....(498)......2.5
Secured Debt.................. 18000....(0)........8 (legail bill from divorce)dont have to pay back but goes up by interest if i dont
Hire Purchase (HP) debt ...... 2800.....(421)......11.3car
Total secured & HP debts...... 109300....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
overdraft......................2500......30........18.9
loan bank......................550.......188.......24.9 ends oct 12 - good - divert it to pay off the OD.
barclaycard....................2150......48........18.9(0% ended april cant get another 0% deal keep getting rejected)Total unsecured debts..........5200......266.......-


Monthly Budget Summary
Total monthly income.................... 2,228
Expenses (including HP & secured debts). 1,823
Available for debt repayments........... 405
Monthly UNsecured debt repayments....... 266
Amount left after debt repayments....... 139

Personal Balance Sheet Summary
Total assets (things you own)........... 203,000
Total HP & Secured debt................. -109,300
Total Unsecured debt.................... -5,200
Net Assets.............................. 88,500out of this still owe ex £30000 but only in another 13 years(no interest)

Go round the house and find anything that you can sell (kid's clothes that cannot be handed down, old books and CDs). E-bay, amazon and car boot sales.

You need proper insurance - even if it is only reducing term insurance to cover the house.

You have nothing in for house maintenance? Try to keep that low until next March if possible, but if you need stuff doing before winter, get it done when the loan ends.

Join www.freegle.org.uk and freecycle to get clothes, bedding, paint, bikes, white goods etc.


Clear the OD, then the barclaycard before tackling the fees.

Do check whether there is a terminal payment on the car.

sistafromanothermista

Tixy wrote: »

In terms of groceries - have you tried the drop a brand challenge?

I did this and it is fantastic, it really makes you understand how much you pay for certain things when you really don't need to!! We went one further and now shop at Aldi instead of Asd@ Digestive biscuits are £0.35 at Aldi and £0.60 at Asda@!pennies add up to £££'s

Millionaire

Secured/HP loan repayments.............. 421 ends Jan 13 - This is good, Divert money in Jan to Debt

Electricity............................. 40
Gas..................................... 40 Think you will struggle to reduce much further as quite low already IMO for 4 people. Stick your details in comaprison sites for any savings. If there is ,look at any cashback available to switch on Quidco or Topcashback
Telephone (land line)................... 24 should be able to reduce this to around 12-13 for just line rental at end of contract.
Internet Services....................... 20 - this is expensive. £5-£10 is doable. Don't forget cashback offers.
Groceries etc. ......................... 300 Maybe another £50 possible off.
Buildings insurance..................... 0 - You need buildings insurance, it is a must.

Presents (birthday, christmas etc)...... 50 xmas - Thats £600 a year, Look to reduce? Half it if possible.

Don't apply for anymore cards, Especially as you are getting rejected, every application leaves a mark on your Credit file and every time you apply, the Credit Card company can see that you have been applying alot for credit.

Johnhowell

Buildings insurance..................... 0
Contents insurance..................... 0

Could it be that these insurances are tied in with the mortgage payment?

If this IS the case:
I always thought that tied insurance was not the most cost effective?
OP could you investigate how much your mortgage payment would reduce without this insurance element. Then check on moneysupemarket.com for open market cost?

John