Little bit of help for a second timer :(

MusicalLawyer

Below is my SOA - Everything related to my flat (bills etc) is half of the actual amount paid per month, as me and my boyfriend split bills down the middle.

I'm after a little bit of help with how I can pay off my debts quicker.

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................ 1026
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1026

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 355
Management charge (leasehold property).. 0
Council tax............................. 38
Electricity............................. 21
Gas..................................... 0
Oil..................................... 0
Water rates............................. 16.5
Telephone (land line)................... 0
Mobile phone............................ 37
TV Licence.............................. 6.5
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 75
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 0
Car Insurance........................... 53
Car maintenance (including MOT)......... 0
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
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
(Unnamed monthly expense)............... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 657


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
Car............................5800......145.......18
Provident......................790.......70........82
Littlewoods....................36........12........0
Total unsecured debts..........6626......227.......-


Monthly Budget Summary
Total monthly income.................... 1,026
Expenses (including HP & secured debts). 657
Available for debt repayments........... 369
Monthly UNsecured debt repayments....... 227
Amount left after debt repayments....... 142

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,626
Net Assets.............................. -3,626



At the moment we're not paying water bill until April, as we paid it for this year. So this money is going aside for car stuff.

My Mum is giving me £270 in the next week or so as the provident loan was for her, as she was made homeless. It is the deposit I gave her for her caravan - she's now moved in to a house. This is going to be paid straight to provident.

I am getting around £4600 on February 9th, and wondered what I should pay off, and in what order

McKneff

The 'blue' is very difficult to read, any chance of changing it.

Pay off debts with the highest interest rate first.

MusicalLawyer

Changed. Sorry I just wanted it a different colour from the writing that's all.

MusicalLawyer

I am going to pay off the car first, as this is the highest amount and has the highest amount of interest left... it's just figuring out what I would have to pay.

My agreement just states that I can pay early... but no mention of a fee etc.

Would it simply be that I pay the rest of the car price, plus perhaps one month of interest... and then the rest of the interest is a 'discount' so to speak?

I would like to be able to pay off Car and provident as this would free up £220 per month.

McKneff

Is that a misprint, Provident at 82% :eek:

If its correct, get rid of that debt first. Its costing you an awful lot of interest, it's daylight robbery, and it is lots more dead money than the car is.

Any negotiation with the car, get everything in writing and keep any correspondence safe.

cookson

Hi there,

Well done on making a good effort on getting these debts sorted.

If the provident is 82% definitely pay this off first. Then the car. The littlewoods will take care of itself in 3 months anyway with no interest paid.

Also, do you not budget for presents (christmas coming up too)? Do you normally have £142 left each month? It may be worth keeping a spending journal to see where money is going if you don't.

MusicalLawyer

I have already bought all xmas presents for this year luckily, so don't need to budget for them.

The plan is that, once I've paid off the car / provident, I'll be able to put £100 per pay aside (£1300 per year!) So that will go for xmas presents next year / car stuff / incase one of us gets fired etc etc.

I've just gone full time at work, so this SOA is pretty new. I had student loans which I was living off of, as well as P/T work prior to this.

And, unfortunately that is not a misprint! It was a last option. My Mum was made homeless and had NOTHING. I got a £500 provident loan which I gave to her, as she couldn't apply for one or get money from anywhere. She used it as a deposit / start up for her caravan that she moved in to - although she has now moved from there and is giving me the £270 deposit back in 2 weeks (which is going straight to provident!!)

[Deleted User]

TBH, there's not a lot to trim.

The only thing that stands out is the mobile phone at £37.

Going to a £10 PAYG, would save you £324 pa.