Drowning!!!

tonibetha

This is what i need to stick to (and improve upon, not sure how):

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 2256.71
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2256.71

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 555.88
Management charge (leasehold property).. 0
Council tax............................. 61
Electricity............................. 30.3
Gas..................................... 0
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 12.25
Mobile phone............................ 15
TV Licence.............................. 12.12
Satellite/Cable TV...................... 30.25
Internet Services....................... 7.5
Groceries etc. ......................... 86.67
Clothing................................ 0
Petrol/diesel........................... 65
Road tax................................ 18
Car Insurance........................... 190.17
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 84.5
Childcare/nursery....................... 300
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 36.68
Other insurance......................... 17.98
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
personal allowance (for make up, misc).. 216.7
Magazine subscription................... 2.08
Total monthly expenses.................. 1795.08


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC credit card...............1000......18.25.....21.9
HSBC overdraft.................2250......37.32.....19.9
Family.........................8922.9....660.......0
Barclaycard two................1085......23.85.....29.9
Barclaycard one................5800.84...130.5.....19.9
Lloyds.........................667.52....11.5......20.9
Capital one....................2400......43.8......21.9
Natwest Credit card............1867.25...42.02.....21.9
HSBC loan......................7152.93...250.......8.9
Total unsecured debts..........31146.44..1217.24...-


Monthly Budget Summary
Total monthly income.................... 2,256.71
Expenses (including HP & secured debts). 1,795.08
Available for debt repayments........... 461.63
Monthly UNsecured debt repayments....... 1,217.24
Amount short for making debt repayments. -755.61

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -31,146.44
Net Assets.............................. -28,146.44

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

tonibetha

Going to take me at least 5 years, at this rate. plus it doesn't give much room for DD.

tonibetha

@Robin: just realised you think i got the vaseline jelly, no, its the hand cream....

tonibetha

do you know if its a good idea to switch electricity right now? i just switched from edf standard variable to npower online, which has an exit fee, but i think i read somewhere on mse that it might not be a good time to switch?

cocalls

hhmm no its not looking good-but just a few ques
what's the other travel at 84.5 if you have a car?
your life assurance seems high
can you get anymore 0% deals?
Can you shave some off your weekly budget ie £40/week
your satelite is high
Is the £300 the childcare your paying to your folks?Would they accept a reduced amount?
You're also paying the most of your debt £660 to pay off family debt again would they accept a reduced amount?

chin up you'll get there (although an extra job may help!!)

ChopinonaBudget

Am I reading this wrong are you still £755 short of making your minimum payments each month???

Ladybird.

Well done tonibetha, I have found budgeting calculators online amazingly helpful and eye opening.

You say your new budget allows you to pay off £500 towards your debts each month... but the minimum payments to service your debt stand at £1217.24 on your updated SOA? If you were paying £500 OFF your debts each month then yes, in 5 years you'd clear it, but the reality is that a big chunk of that money goes in interest and not off your debt (as I know only too well, we are trying to clear a similar amount of debt to you and we pay £400 every month just in interest). Perhaps I have misunderstood you but if not, I think now is the time to give one of the debt charities like CCCS or Payplan a call for some advice?

Only £86.67 on groceries yet £190.17 on car insurance AND another £84.50 on tube travel? £65 worth of petrol is not a lot of driving- the car needs to go, I'm sorry but you just can't afford it!

Upsidedown_Bear

ChopinonaBudget wrote: »

Am I reading this wrong are you still £755 short of making your minimum payments each month???

That's how I read it too.

tonibetha, that's an extra £9067.32 debt a year.

Have you considered contacting one of the debt charities for advice as I just don't see how you are going to manage with the SOA you have.

tonibetha

A lot of the debt is interest-free. Also a lot is to family so i can prioritise the cards/loan debts

ChopinonaBudget

tonibetha wrote: »

A lot of the debt is interest-free. Also a lot is to family so i can prioritise the cards/loan debts

It's only interest-free for a few more months, and you're unlikely to get more credit to be be able to shuffle what you have around.


UpsideDown Bear and myself are reading the same conclusion from your SOA - that you are currently £755 short of making your minimum payments every month. According to your SOA, you won't pay £500 off next month, you'll be £755 further into debt.

Have you made an appointment or filled out an application form or made a phone call to CAB or CCCS yet?