Sparkles clears and saves

Sparkles87

Speaking to the mortgage people tomorrow so hoping they'll be able to get us a good deal, sounds as if they will as I've got the LTV down to 85% which seems to be the trigger for better deals

May have some good financial news on the cards but can't say anything yet, short version...it'll definitely mean big positive changes so hoping it's all finalised soon.

beanielou

Hope it all turns out as you need/hope.
Positive vibes your way.

Wol2

Hello Hunny

Finally caught up with you!

Congrats on your marriage :beer:
Double congrats on the wee one :beer::beer:

Would a money transfer life of balance card at 5.9% buy you some time til you get back on your feet?

I haven;t gone through your thread in detail yet but will do so over the next week. Only other thing that struck me was whether you can go to Freesat instead of Sky - something i am in progress of doing.

Hugs to you and lovely to now be subscribed to your thread

xxx

Sparkles87

Wol2 wrote: »

Hello Hunny

Finally caught up with you!

Congrats on your marriage :beer:
Double congrats on the wee one :beer::beer:

Would a money transfer life of balance card at 5.9% buy you some time til you get back on your feet?

I haven;t gone through your thread in detail yet but will do so over the next week. Only other thing that struck me was whether you can go to Freesat instead of Sky - something i am in progress of doing.

Hugs to you and lovely to now be subscribed to your thread

xxx

Thanks Wol

We have nearly all the cards at 0% until October/November so if the new finance change comes off then I can hopefully pay off Card 3 and a good chunk off 1 & 2, then Card 3 should offer me another deal as it hasn't had one for nearly two years. I can't get a new card with a LoB unfortunately

Sparkles87

Following up with the mortgage people today as ended up in hospital last week. They think they can save us £80 a month which is brilliant as we'll chuck that off the debts and then go back to repaying it off the mortgage.

This month, I'm just trying to keep the account in credit even though it's meaning emptying all savings. Eight days until pay day so hopefully we can do it if we're careful with fuel and food this week while OH is on leave. Just keeping plodding

beanielou

Take it easy if you can Sparkles XX

Sparkles87

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 876
Partners monthly income after tax....... 1350
Benefits................................ 260
Other income............................ 0
Total monthly income.................... 2486

Monthly Expense Details
Mortgage................................ 380
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 150
Council tax............................. 97
Electricity............................. 50
Gas..................................... 20
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 15
Mobile phone............................ 70
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 7.5
Groceries etc. ......................... 280
Clothing................................ 30
Petrol/diesel........................... 195
Road tax................................ 15
Car Insurance........................... 75
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 50
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1607.62


Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 121000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 85000....(380)......4.2
Total secured & HP debts...... 85000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................16500.....384.7.....15
Card 1.........................1900......50........0
Card 2.........................2700......50........0
Very...........................229.......40........0
Card 3.........................500.......0.........0
Total unsecured debts..........21829.....524.7.....-


Monthly Budget Summary
Total monthly income.................... 2,486
Expenses (including HP & secured debts). 1,607.62
Available for debt repayments........... 878.38
Monthly UNsecured debt repayments....... 524.7
Amount left after debt repayments....... 353.68

Personal Balance Sheet Summary
Total assets (things you own)........... 121,000
Total HP & Secured debt................. -85,000
Total Unsecured debt.................... -21,829
Net Assets.............................. 14,171

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

Looking a lot better with OH's pay rise, my cost of living rise and about £150 knocked off the monthly expenses as we've changed the mortgage, cancelled Sky and increased insurances. So we'll see how that goes for the summer

beanielou

Life insurance very high?
The killer is the loan.

Sparkles87

beanielou wrote: »

Life insurance very high?
The killer is the loan.

It's life insurance for us both for the mortgage and income protection for OH - as we couldn't pay the bills if he was off work sick so we've decided to get cover as it's important with baby.

Yup, the loan is a PITA and we can't lump it on the mortgage at present either
I'm thinking of paying the CCs and then finding a way to clear the loan using the cards... not sure if that's do-able though. We'd probably need to save the loan total and then pay for everything on the cards for a year or two :huh:

Sparkles87

Previously...
Unsecured Debts
Description....................Debt......Monthly
Loan..............................16500.......384.77
Card 1.............................1900.........50 (approx)
Card 2.............................2700.........50 (approx)
Very.................................229.........40
Card 3...............................500..........0
Total unsecured debts......21829.....524.77

We're not going to pay Very monthly as it doesn't need to be paid until Christmas, so it'll be paid from bonus due in October.

New update....
Unsecured Debts
Description....................Debt......Monthly
Loan..............................16500.......384.77
Card 1.............................1900.........60 (approx) 0% till Oct/Nov 13
Card 2.............................2700.........60 (approx) 0% till May 14
Card 3.............................1050.........60 (approx) 16.9%
Total unsecured debts...22150.....564.77

Now the reason card 3 has gone up...£500 has been added for a deposit for a large purchase, which I will explain in another post so I don't confuse myself.

Plan is to tackle Card 3 first with any extra, I could pay less than £50 on Cards 1 & 2 as the minimum payments will be less but need to snowball to see if that'll be worthwhile once I have the new minimum payments from July's statements.

Loan still needs to be addressed but we need to sort the mortgage re fix first according to the bank.