I wanna be debt free (rough guide soa added)

happymummy

Originally Posted by happymummy
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 4
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 2216.93
Other income............................ 0
Total monthly income.................... 2216.93

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 99.62
Rent.................................... 850 that's a heck of a lot of rent, have you thought about moving? I have 2.5 years to run on my lease, its a 4 bedroom private rent, chance of getting an offer from the council is slim to none but I'm on the waiting list. also, not sure where I stand if I end the lease early, would probably lose my deposit and the rent in advance I paid (£1700 in total)
Management charge (leasehold property).. 0
Council tax............................. 40
Electricity............................. 112 very high over paying to recover a debt
Gas..................................... 110 ditto, are you all wrapping up instead of putting the heating on, turning lights off etc? same as electricity, I've asked if they can reduce it but this is the lowest they'll go.
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 45 too high, stop using it That includes broadband, I agree its too high, its BT, I'm not sure how to reduce it as only 6 months into the contract.
Mobile phone............................ 90 £10 pm sims until you are sorted. Even switching to payg I'm still liable for the monthly contract payments, 1 can be reduced next month tho.
TV Licence.............................. 12.54
Satellite/Cable TV...................... 23 ring and let them know your situation and get it cut down to the bare minimum if you can't cancel already on minimum package.
Internet Services....................... 0
Groceries etc. ......................... 400 can shave an easy £100 off here if not more
Clothing................................ 0 How much here for 5 of us?
Petrol/diesel........................... 50 this is low for a month is it worth paying £72.76 in insurance for something you dont seem to use much I'm gonna need to keep the car as I'll need it when work starts (hopefully next week, just waiting on a reference)
Road tax................................ 15
Car Insurance........................... 72.76 add this to petrol and tax, can you use public transport for less? probably not by the time I pay the fares for all of us
Car maintenance (including MOT)......... 0 need something here
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0 will you need this when you start work? my parents are going to do the childcare, still in discussions but I'm hoping it'll be about £50 pw
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 8.59
Presents (birthday, christmas etc)...... 100 gotta go, if you cant afford to pay your bills you shouldnt be buying gifts, soz if harsh but its true, even your kids should be made aware, a little sacrifice until mummys back on track. yeah I guess my kids dont get lots of treats, or holidays or things so I try to do my best for birthdays and xmas.
Haircuts................................ 50 can you cut this? probably, I've not had a haircut for over a year anyway!
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 cut any of the above and stick a bit of that in here.
Total monthly expenses.................. 2078.51


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(99.62)....0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
greenwoods.....................0.........97.06.... .0
shopacheck.....................0.........195...... .0
old house G&E..................0.........43.33.....0
Total unsecured debts..........0.........335.39....-


Monthly Budget Summary
Total monthly income.................... 2,216.93
Expenses (including HP & secured debts). 2,078.51
Available for debt repayments........... 138.42
Monthly UNsecured debt repayments....... 335.39
Amount short for making debt repayments. -196.97 you can so find this, you just have to be ruthless

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 500

The whole SOA is set to change in the next week or 2 when I start work, hopefully it'll look loads better!

lazer

happymummy wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 4
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 2216.93
Other income............................ 0
Total monthly income.................... 2216.93

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 99.62
Rent.................................... 850 - need to get out of this ask agent landord if you can leave early if you find a new tenent - look for a 3 bed terrace or semi or something - what gender are the children?
Management charge (leasehold property).. 0
Council tax............................. 40
Electricity............................. 112 - high - need to get arrears paid asap, then look into switching
Gas..................................... 110 - as above
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 45 - very high - should be no more than about £28 for landline & broadband - can even do cheaper in some areas
Mobile phone............................ 90 - I have seen your otehr thread, as explained cut to minimum abd sell any good handsets
TV Licence.............................. 12.54
Satellite/Cable TV...................... 23 - is this in contract - i know its only minimum but yiou can't afford it - cancel (freeview) - or if in contract - ask about a joint landline/bb/TV deal - I am paying £40 for all 3 from sky
Internet Services....................... 0
Groceries etc. ......................... 400 - try to reduce - don't buy branded etc, should be able to shave £100 off, try batch cooking etc - see old style board
Clothing................................ 0 - need to include at lease for school uniforms
Petrol/diesel........................... 50
Road tax................................ 15
Car Insurance........................... 72.76
Car maintenance (including MOT)......... 0 - need something here as it seems to be old car
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 - should have this - can be as little as £40 a year
Life assurance ......................... 0
Other insurance......................... 8.59 - what is it?
Presents (birthday, christmas etc)...... 100 - thats £1200 a year, even with 4 kids thas £250 each (assuming £200 for other people) - can't afford - toddler doesn;t need much so don't overspend, others should be old enough to understand - does tween still believe in Santa?
Haircuts................................ 50 - not necessary - dry hari cuts - around £10 each?
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 - need something - min £20 a month
Total monthly expenses.................. 2078.51


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(99.62)....0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
greenwoods.....................0.........97.06.....0
shopacheck.....................0.........195.......0
old house G&E..................0.........43.33.....0
Total unsecured debts..........0.........335.39....-


Monthly Budget Summary
Total monthly income.................... 2,216.93
Expenses (including HP & secured debts). 2,078.51
Available for debt repayments........... 138.42
Monthly UNsecured debt repayments....... 335.39
Amount short for making debt repayments. -196.97

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 500

Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

First thing crippling you is the rent - talk to your landlord see what he can do.
With the debts - you haven't listed the actual amounts just the repayments - how much do you owe would having a clear out help, with 4 children you probably have lots of old toys, prams etc that could raise some money to pay off the debt, the more capital you can pay off the lower your repayments will be.

What age are the teenagers - do they have part time jobs, could they possibly contribute anything?

happymummy

Thanks for replying my sao is still a work in progress, I need to dig out the paperwork with the totals.

Teens are 14 & 15, old enough for paper rounds. I'll speak to them. I know my eldest wants a wee job, she was promised a saturday job with her dads sister in law but it never happened, she's now thinking about seeing if she can get a job sweeping floors or something in a hairdresser - would be good if she could as that might mean she'd get her hair done free or cheap.

happymummy

its so tempting to just ostrich til after christmas

Little_Miss_Uni-Debt

happymummy wrote: »

its so tempting to just ostrich til after christmas

You can do a lot in the next 6 weeks which will mean you enjoy Christmas more, with less worry. You can start 2013 with new money systems in place.

You need to use Christmas as your motivation to get the ball rolling. Once it clicks over to 2013 it's just too easy to carry on as you were. Especially if your job starts, that's going to disrupt your income amount so you need to pare down to the basics now to prepare.

You are fortunate to have a comfortable level of income that you can do a LOT with.

Yes - it hard making changes but you DO get to a point where things start to snowball in your favour. That's when you start to get the benefit from the work you have put in.

Start by getting exact balances on all of your debts including the HP items & finding out the interest rates and adding it into your SOA. Is it just the doorstep loans or are there any overdrafts/CC's/Store cards, cash owed to friends/family.

Once you have your list, you instantly know which debt is your first aim to blitz (which ever has the highest APR) - It's an easy start & very motivational.

Also - are you counting your Gas & Elec debts twice? It's in your SOA AND in your debts. Or are they for two separate houses?

happymummy

The one in debts is for my old house, I pay £10 a week but that should be clear in about 6 months.
The HP is my suite from brighthouse, that finishes in July.
It's mainly the doorstep loans, but I have balances with wonga, txtloan and t-mobile :(CCS collect it £10 per week) that I need to add on to my soa still.
Is guess in total its about 5 or 6 thousand. Is it worth entering a dmp or iva or whatever for that amount? I guess I won't really know how much I can afford to pay until my job starts, wish it would hurry up!

angelaf_3

Hi see if you have a Cristians Against Poverty debt centre near you https://www.capuk.org/home/index.php they will help you with your debt and support you through clearing your debt. You don't have to be a Christian to be helped.

[Deleted User]

happymummy wrote: »

Telephone (land line)................... 45 too high, stop using it That includes broadband, I agree its too high, its BT, I'm not sure how to reduce it as only 6 months into the contract.

According to the BT website, you can have Broadband and Evening & weekend Calls for £23-75 pm.

How long is the contract?

BTW. How many mobiles?

happymummy

I was with talktalk before, they were loads cheaper but I had to go to bt when I moved so I could keep my number, tbh bt have been rubbish, they don't even send me bills. I'm not sure if its 1 year or 2 but I'll check.

2 mobiles, 1 I can reduce the tariff on next month.

[Deleted User]

You are paying £45 pm for each mobile? :eek: