DFW Newbie

natalie656

Hi all

I've been reading this thread for a while and thought i would finally post my SOA. Just wanting some help and ideas of where i could save money.

I got three credit cards all with quite high interest rates. I applied for a nationwide one today and got accepted with a credit limit of £2500 so will be transferring some of the balance onto this as its 0% for 20 months and focus on paying this off.

Also today i have extended my mortgage term so that my payment is now 300 a month saving me 100. (agree not the best thing to do but really want to pay of my credit card debts)

So here it is, thanks in advance!

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................ 1355
Partners monthly income after tax....... 1319
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2674
Monthly Expense Details
Mortgage................................ 300
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 121
Electricity............................. 33
Gas..................................... 33
Oil..................................... 0
Water rates............................. 19.5
Telephone (land line)................... 12.25
Mobile phone............................ 103
TV Licence.............................. 12.12
Satellite/Cable TV...................... 20.25
Internet Services....................... 7.5
Groceries etc. ......................... 60
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 100
Car Insurance........................... 28
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 28
Pet insurance/vet bills................. 0
Buildings insurance..................... 13
Contents insurance...................... 0
Life assurance ......................... 12.61
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1123.23

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 140000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 89000....(300)......2.5
Total secured & HP debts...... 89000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Natwest........................3000......40........19.9
Barclay Card...................4500......120.......19.9
Barclay Card...................1800......32........19.9
Next...........................200.......20........0
Littlewoods....................400.......30........0
Nationwide Loan................9988......278.......0
Lloyds TSB Loan................11225.....306.......0
Total unsecured debts..........31113.....826.......-

Monthly Budget Summary
Total monthly income.................... 2,674
Expenses (including HP & secured debts). 1,123.23
Available for debt repayments........... 1,550.77
Monthly UNsecured debt repayments....... 826
Amount left after debt repayments....... 724.77
Personal Balance Sheet Summary
Total assets (things you own)........... 140,000
Total HP & Secured debt................. -89,000
Total Unsecured debt.................... -31,113
Net Assets.............................. 19,887
.

vandanfc

Road tax................................ 100 - This can't be every month though, so needs including on a pro rata basis.


Mobile phone............................ 103 - every month ????

A spending diary will be your best friend just now, as you "appear" to have a lot of excess income.

natalie656

No sorry road tax is £100 a year.

Mobiles phones - This is for three. My contract ends in January. My boyfriends one ends in October (he dropped it down the toilet didn't have insurance and wouldn't get a cheap one so took out another contract!!)

katsu

natalie656 wrote: »

Hi all


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................ 1355
Partners monthly income after tax....... 1319
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2674
Monthly Expense Details
Mortgage................................ 300
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 121
Electricity............................. 33
Gas..................................... 33 Ours is around £50 combined. Try turning things off not in use, turn thermostat to 60C, only boil the water you need in the kettle etc.
Oil..................................... 0
Water rates............................. 19.5
Telephone (land line)................... 12.25
Mobile phone............................ 103 :eek: perhaps get your phone on the house insurance or some other insurance for next time? For now call and see about dropping a tariff on one phone - or all of them. Try and get this down.
TV Licence.............................. 12.12
Satellite/Cable TV...................... 20.25 Buy a freeview box or a lovefilm/netflix subscription?
Internet Services....................... 7.5
Groceries etc. ......................... 60 Are you sure? This is very low for a month. Is this where some of your spare cash is going.
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 100 change to correct figure
Car Insurance........................... 28
Car maintenance (including MOT)......... 50 Are you saving this?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 28 what is this for?
Pet insurance/vet bills................. 0
Buildings insurance..................... 13
Contents insurance...................... 0 You have none?
Life assurance ......................... 12.61
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1123.23

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 140000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 89000....(300)......2.5
Total secured & HP debts...... 89000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Natwest........................3000......40........19.9
Barclay Card...................4500......120.......19.9
Barclay Card...................1800......32........19.9
Next...........................200.......20........0
Littlewoods....................400.......30........0
Nationwide Loan................9988......278.......0
Lloyds TSB Loan................11225.....306.......0
Total unsecured debts..........31113.....826.......-

Monthly Budget Summary
Total monthly income.................... 2,674
Expenses (including HP & secured debts). 1,123.23
Available for debt repayments........... 1,550.77
Monthly UNsecured debt repayments....... 826
Amount left after debt repayments....... 724.77 So you just changed your mortgage to be able to pay off your cards - then where is all this going each month? I think you might need to look at CC and bank statements etc to redo your SOA/work this out in order to find out how to make savings.
Personal Balance Sheet Summary
Total assets (things you own)........... 140,000
Total HP & Secured debt................. -89,000
Total Unsecured debt.................... -31,113
Net Assets.............................. 19,887
.

Some comments above - I think you may not have an entirely realistic SOA due to your big surplus so have a look and see what is missing/underestimated?

Tixy

Are these just your share of the costs - or the whole household costs?

It looks like you might have just your costs but 2 incomes in?
E.g groceries at £60 for a month for 2 of you doesn't look right?

natalie656

I've updated my SOA below. Groceries were weekly rather than monthly, i forgot a few small credit accounts, (computer, sofa). I have also added cigarettes which i forgot to include.

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................ 1355
Partners monthly income after tax....... 1319
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2674
Monthly Expense Details
Mortgage................................ 300
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 121
Electricity............................. 33
Gas..................................... 33
Oil..................................... 0
Water rates............................. 19.5
Telephone (land line)................... 19.5
Mobile phone............................ 103
TV Licence.............................. 12.12
Satellite/Cable TV...................... 20.25
Internet Services....................... 7.5
Groceries etc. ......................... 250
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 8
Car Insurance........................... 28
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 28
Pet insurance/vet bills................. 0
Buildings insurance..................... 13
Contents insurance...................... 0
Life assurance ......................... 12.61
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Family (loan from Mum).................. 112
Gym..................................... 28
Cigarettes.............................. 200
Total monthly expenses.................. 1473.48

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 140000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 89000....(300)......2.5
Total secured & HP debts...... 89000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Natwest Credit Card............3000......40........19.9
Barlcay Card...................4500......120.......19.9
Barclay Card...................1800......32........19.9
DFS Sofa.......................1597......36........0
Computer.......................250.......16.25.....0
Nationwide Loan................9988......278.......0
Lloyds TSB Loan................11225.....306.......0
Littlewoods....................400.......30........0
Next...........................200.......20........0
Total unsecured debts..........32960.....878.25....-

Monthly Budget Summary
Total monthly income.................... 2,674
Expenses (including HP & secured debts). 1,473.48
Available for debt repayments........... 1,200.52
Monthly UNsecured debt repayments....... 878.25
Amount left after debt repayments....... 322.27
Personal Balance Sheet Summary
Total assets (things you own)........... 140,000
Total HP & Secured debt................. -89,000
Total Unsecured debt.................... -32,960
Net Assets.............................. 18,040

Tixy

Which card were you thinking of transferring to the new card?
As they all have the same APR it might be worth clearing the smallest bcard and in a month or so seeing if they will offer you any balance transfer offers on that card (either 0% or low life of balance) - which you could then use for the natwest card debt.

cats2012

Am I going to look really stupid if I say cut out the cigarettes? £200 a month - wow!

If that's a no go though, groceries could definitely come down a bit, I shop for 2 of us (including one big eater) and buying nice stuff and fresh fruit/veg for £200 a month absolute maximum if we need laundry/household goods too.

You also really need contents insurance, unless this is included in your buildings figure?