Statement of Affairs

Walaboobah

OK, here goes
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.................... 2

Monthly Income Details
Monthly income after tax................ 2779.72
Partners monthly income after tax....... 600
Benefits................................ 134.8
Other income............................ 0
Total monthly income.................... 3514.52

Monthly Expense Details
Mortgage................................ 462
Secured/HP loan repayments.............. 200
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 97
Electricity............................. 20
Gas..................................... 25
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 20
Mobile phone............................ 46
TV Licence.............................. 12.5
Satellite/Cable TV...................... 82
Internet Services....................... 6
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 150
Road tax................................ 35
Car Insurance........................... 70
Car maintenance (including MOT)......... 50
Car parking............................. 10
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 120
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 14
Life assurance ......................... 110
Other insurance......................... 51
Presents (birthday, christmas etc)...... 120
Haircuts................................ 20
Entertainment........................... 150
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2408.5


Assets
Cash.................................... 0
House value (Gross)..................... 165000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 173000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 97000....(462)......0.78
Secured Debt.................. 44000....(200)......3.5
Total secured & HP debts...... 141000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax CC.....................11000.....200.......18.7
Barclayloan....................5649......207.......6.9
MBNA CC........................4462......150.......19.9
Barclayloan....................2046......112.......6.9
Halifax OD.....................1400......31........0
Barclays OD....................2700......30........0
Total unsecured debts..........27257.....730.......-


Monthly Budget Summary
Total monthly income.................... 3,514.52
Expenses (including HP & secured debts). 2,408.5
Available for debt repayments........... 1,106.02
Monthly UNsecured debt repayments....... 730
Amount left after debt repayments....... 376.02

Personal Balance Sheet Summary
Total assets (things you own)........... 173,000
Total HP & Secured debt................. -141,000
Total Unsecured debt.................... -27,257
Net Assets.............................. 4,743

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Now according to that we have £376.02 left over each month, this isn't true so I suspect our Entertainment budget must be higher than I've put.

Any thoughts?

kazyyy

You TV/Phone/broadband is £108, is this a package deal? Could you threaten to leave and maybe get a better price?

Failing that could you lose it altogether and get freeview and switch to a cheaper supplier for a phone/broadband bundle.

Presents seems quite high as well?

bargainbetty

Walaboobah wrote: »

Household Information

Number of cars owned.................... 2 Do you need both?
Telephone (land line)................... 20 Can you bundle this with internet and cable to get a better deal? You're paying a fortune.
Satellite/Cable TV...................... 82
Internet Services....................... 6
Groceries etc. ......................... 400 This can be reduced, have a look at the Old Style Boards for cooking and household tips.
Life assurance ......................... 110 Seems high, have you shopped about?
Other insurance......................... 51 ??
Presents (birthday, christmas etc)...... 120 This is massive - £1440 per year? Strip this back, plan present buying more effectively (sales etc) and tell people you can't buy for everyone if you have too many recipients.
Entertainment........................... 150 You can use vouchers to reduce spends here.
Unsecured Debts
Description....................Debt......Monthly...APR
Halifax CC.....................11000.....200.......18.7
Barclayloan....................5649......207.......6.9
MBNA CC........................4462......150.......19.9
Barclayloan....................2046......112.......6.9
Halifax OD.....................1400......31........0
Barclays OD....................2700......30........0
Total unsecured debts..........27257.....730.......-


Monthly Budget Summary
Total monthly income.................... 3,514.52
Expenses (including HP & secured debts). 2,408.5
Available for debt repayments........... 1,106.02
Monthly UNsecured debt repayments....... 730
Amount left after debt repayments....... 376.02

Now according to that we have £376.02 left over each month, this isn't true so I suspect our Entertainment budget must be higher than I've put.

If you really want to clear the debts, then start a spending diary to see where that extra money goes every month, and find other ways to reduce expenditure. Throw the money at your highest interest debts to bring them down, and slowly but surely, it will clear!

Well done for posting and welcome to the boards!

cats2012

I ditto the broadband and satellite/cable is not a necessity unless it's part of your entertainment budget which it doesn't seem to be in your case

Also £120 for presents is huge - £1440 a year!!! That really needs to come down.

And is life insurance really £110 a month?

Walaboobah

Thanks for the responses, just to address some of the points raised, I am now with BT, I used to be with Sky for everything and was paying c£135 a month with them. Went back to BT for BT Infinity and work cover £15/21 a month for that, so our total has come down and saved around £30 a month.

We are in a bad freeview reception area but accept we pay too much for Sky and will look to reduce that by getting a discount from them in 2 months when my existing 20%.discount runs out. At the very least I'll be ditching the movies

Life Insurance includes two policies - 1 for £100k and 1 for £120k which cost £28 per month, plus 2 endowment policies that are due to mature in 5 years and should be paying out £44k but will only pay out around 50% of that.

The other insurance is MPRI taken out with Woolwich 6 years ago when we switched from interest only to a lifetime tracker at 0.28% above base rates got a huge break with that but due to other debts were unable to take full advantage of the low rate

Have switched from Asda etc to Aldi/Lidl so should be able to make savings there, and I averaged what we spent on Christmas last year and ideally would like to put aside each month in an ideal world which of course we are not currently in due to our debts.

Have been recommended by CCCS to apply for a DMP which has now been received by them but had a missed call today then a text to call them but unable to get through this evening due to high volume of calls!!

pleasedelete

What is the secured debt?

Can the 2nd person up their income?

rising_from_the_ashes

Are the gas & elec figures correct? These seem very low IMHO.

Walaboobah

pleasedelete wrote: »

What is the secured debt?

Can the 2nd person up their income?

Secured debt is a flexible overdraft on the mortgage that we used for some home improvements, hoping to pay a big chunk of it down when the endowment matures

She's a childminder so it does fluctuate with some months better than others

Walaboobah

rising_from_the_ashes wrote: »

Are the gas & elec figures correct? These seem very low IMHO.

Yes £45 per month with EDF at the moment for both but reduced from £196 per month that we were paying due to being about £1500 in credit on the account on top of having received £1400 back from them previously so I imagine that will rise a bit at some point

rising_from_the_ashes

Have you asked for them to return some of the credit balance?

Unless you're getting interest on it (some companies do pay this), it would be better in your pocket (say as an emergency fund should anything need replaced) and for you to pay more normal monthly payments.

If your account is regularly building up credits of that amount, ensure the new suggested figure is more accurate.

Walaboobah

rising_from_the_ashes wrote: »

Have you asked for them to return some of the credit balance?

Unless you're getting interest on it (some companies do pay this), it would be better in your pocket (say as an emergency fund should anything need replaced) and for you to pay more normal monthly payments.

If your account is regularly building up credits of that amount, ensure the new suggested figure is more accurate.

Yes that's not a bad idea I'll get in touch tomorrow :T