My S.O.A

braddy970

Hi all, I was wondering if anyone could help me with reducing the household bills etc and which debts to tackle first.. I am currently unemployed trying really hard to look for work but no one seems to want me I have two little boys, one who is 6 at school and another who is 8 months. My partner is working full time atm but his job isn't secure as there isn't alot of business going around in the steel fabrication business, thank - you
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.................... 1

Monthly Income Details
Monthly income after tax................ 1202.04
Partners monthly income after tax....... 0
Benefits................................ 394.04
Other income............................ 0
Total monthly income.................... 1596.08

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 126
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 43.6
Telephone (land line)................... 16
Mobile phone............................ 80
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 13
Groceries etc. ......................... 160
Clothing................................ 15
Petrol/diesel........................... 175
Road tax................................ 20
Car Insurance........................... 0 - I have the money to pay in full for this year so that is why I have put 0 ( £2200 last year now only £1161 )
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
Total monthly expenses.................. 1390.72


Assets
Cash.................................... 600
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 200
Total Assets............................ 2300

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................1700......50........11.9
ARGOS..........................799.99....50........0
WONGA..........................578.1.....96.31.....0
HALIFAX........................899.99....50........0
Total unsecured debts..........4078.08...246.31....-


Monthly Budget Summary
Total monthly income.................... 1,596.08
Expenses (including HP & secured debts). 1,400.72
Available for debt repayments........... 195.36
Monthly UNsecured debt repayments....... 246.31
Amount short for making debt repayments. -50.95

Personal Balance Sheet Summary
Total assets (things you own)........... 2,300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,178.08
Net Assets.............................. -2,878.08

braddy970

With the mobile phones, my partners has run it's contract and can be cancelled at anytime so I will get him to ring up tomorrow and cancel it and then he can go onto a sim only plan for £10 a month, we use our mobiles alot for texts and calls. Mine isn't up for another 6 months yet.

[Deleted User]

braddy970 wrote: »

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1202.04
Partners monthly income after tax....... 0
Benefits................................ 394.04
Other income............................ 0
Total monthly income.................... 1596.08

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 126
Electricity............................. 80 - This is high. check with comparison site.
Gas..................................... 80 - This is high. check with comparison site.
Oil..................................... 0
Water rates............................. 43.6
Telephone (land line)................... 16
Mobile phone............................ 80 - This is VERY high. Move to a lower tariff, then to PAYG ASAP.
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 13
Groceries etc. ......................... 160
Clothing................................ 15
Petrol/diesel........................... 175
Road tax................................ 20
Car Insurance........................... 0 - I have the money to pay in full for this year so that is why I have put 0 ( £2200 last year now only £1161 )
Car maintenance (including MOT)......... 10
Car parking............................. 5
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...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 - You need something in here.
Total monthly expenses.................. 1400.72


Assets
Cash.................................... 600
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 200
Total Assets............................ 2300

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................1800......50........11.9
ARGOS..........................799.99....50........0
WONGA..........................578.1.....96.31.....0
PAYPAL.........................1100......0.........0
HALIFAX........................899.99....50........0
Total unsecured debts..........5178.08...246.31....-


Monthly Budget Summary
Total monthly income.................... 1,596.08
Expenses (including HP & secured debts). 1,400.72
Available for debt repayments........... 195.36
Monthly UNsecured debt repayments....... 246.31
Amount short for making debt repayments. -50.95

Personal Balance Sheet Summary
Total assets (things you own)........... 2,300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,178.08
Net Assets.............................. -2,878.08

Hit the MBNA with everything you can spare.

At the rate you are paying, it will take you ALMOST 4 YEARS to pay it off, and you will pay £414 in interest.

braddy970 wrote: »

we use our mobiles a lot for texts and calls.

For £10 pm, Giffgaff will give you 250 minutes and unlimited texts.

365days

Depending if you can pay your car insurance in installments it may be better to do this and clear wonga.

Gas/electric v.high and groceries seem very low.

ellesbellesxxx

Def get that mobile cancelled - way too much money for 2 mobiles!
Is there any way you cut back on elec/gas? Turning things off when not being used for example...or do you have economy 7? 160 a month is a lot.
Your car insurance is huge - have you had to claim previously? You have hopefully checked comparison sites? Worth going via cashback too.

Are any of these debts on repayment plans? Wondered as much due to no APR rates being listed... worth getting WONGA cleared for sure first.

Have you sold everything you can? Worth doing surveys too (See up your income!)

Good luck!
Good luckx

365days

Also what was from argos for 799.99?? Whatever it was you can't afford it!! If you still can take it back.

Better_Off_1983

Argos could more than likely be the credit card they provide

braddy970

Hi yeah the gas and electric is very high, we are on the electric and gas meter and put £20 on each and it just gets zapped, we're both not in during the day and nothing is left on apart from what needs to be and we have gas on for 1 hour at night and 1 in the morning, we just moved to british gas as it was the cheapest when we did the comparison site.
We've paid the car insurance monthly for the past 4 years and I thought if we paid it off in full we could use the spare £169 to go towards debts as I know u pay more monthly but maybe I need to re look at this? x

braddy970

Wonga is on a repayment plan with all fees and interest frozen x

patman99

What mobile network are you on ?. If on '3' then you can get a SIM on PAYG and make use of the free 3 - 3 minutes (or for £10 p/m, use Skype on the all you can eat data).

Would agree your electric is high esp. as you also have gas.

[Deleted User]

I think you do need to look at the car Insurance again.

What is the APR they charge, for monthly payments?