Our SOA

enthusiasticsaver

It is certainly good you have managed to move the £14k approx. of credit card debt on to 0% interest deals but is concerning that in spite of £748 spare each month on paper at least you have not made any extra payments in 3 months.


I would suggest you start a spending diary to see where your money is going and make a strict budget ensuring you stay within that. Build up an emergency fund at the same time.

ShiftThisDebt

enthusiasticsaver wrote: »

It is certainly good you have managed to move the £14k approx. of credit card debt on to 0% interest deals but is concerning that in spite of £748 spare each month on paper at least you have not made any extra payments in 3 months.


I would suggest you start a spending diary to see where your money is going and make a strict budget ensuring you stay within that. Build up an emergency fund at the same time.

Thanks.

Yeah you're absolutely right and the more i think about this the more I realise we must squander quite a bit of money each month.

However what I also realise is that I don't really think I accounted for things like birthdays and clothes and coffees etc.

I have read about finance managing plans where you give every penny of your money a job and then shift it around as appropriate. I'm not sure I hav the patience to do something like this but I think I will get the bank statements out and really see what all our card payments and stuff actually get spent on!

I've been so focussed on simply gettng these credit cards paid off that I haven't been able to see what we're doing with other money!

However it's a learning curve because until about 3 years ago neither I nor my wife were any good wityh money and had no idea but thanks to Martin I reealy have educated myself and I continue to do so with all you guys help and advice on here!!

Also one more thing to report I reduced my £400 overdraft by £50 today and will do this each month until I don't have as that's a few £'s every month which I haven't accounted for in the fees I'm (disgracefully) charged imo.

pennystretcher

Worth doing a new SOA if your living costs have changed.

Also:
Entertainment........................... 100
Holiday................................. 300
:eek: Can you take a holiday-free year or two? That would be £3600 a year that you could pay off per year?!?

Also - no contents insurance? Or is that included in the building insurance amount??

theoretica

ShiftThisDebt wrote: »

I know we haven't actually paid an extra penny off yet, but it is so good to know that from January all our payments will be paying off just the balance!! Feels like a really positive start to the new year!

I hope you just mean that you haven't paid the extra from the saved interest. Not that you have had about £750 a month to pay off your debt for the last four months and haven't been doing so?

[Deleted User]

ShiftThisDebt wrote: »

We've thought about consolidation loans

Speaking from personal experience, my advice Re consolidation loans, is DON'T.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2 - I thought you said your SIL is living with you :huh:
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 1969
Benefits................................ 192
Other income............................ 165
Total monthly income.................... 3726

Monthly Expense Details
Mortgage................................ 565
Secured/HP loan repayments.............. 252
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 117 - If over 10 months, swapping to 12 months will reduce this to £140-40
Electricity............................. 49
Gas..................................... 49
Oil..................................... 0
Water rates............................. 57
Telephone (land line)................... 0
Mobile phone............................ 110 - This is £1320 pa, which is ridiculously high, even for 3 phones. Go PAYG/sim only, ASAP.
TV Licence.............................. 12.12
Satellite/Cable TV...................... 70 (sky bundle, TV, Bband & phone) - This is a £840 pa. Shop around for a better deal
Internet Services....................... 0
Groceries etc. ......................... 240
Clothing................................ 40
Petrol/diesel........................... 60
Road tax................................ 15.75 - This is £189 pa. Any chance of trading for a car that's cheaper to tax?
Car Insurance........................... 33.16 - This is almost £400 pa. Check comparison sites at renewal
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 60
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 9.68
Buildings insurance..................... 15
Contents insurance...................... 0 - You need this. Costs around £10
Life assurance ......................... 10
Other insurance......................... 4 - What's this?
Presents (birthday, christmas etc)...... 30
Haircuts................................ 25
Entertainment........................... 100 - You could trim this a bit. Look pout for vouchers, 2 for 1 deals, etc.
Holiday................................. 300 - This is £3600. Can you find somewhere cheaper (or take a shorter holiday), until you've paid off the debts?
Emergency fund.......................... 0 - You should gave something in here, especially being a householder.
HMRC Repay.............................. 60
Bank Account Fee........................ 7 - Do you actually get £84 worth of benefits, from the account?
Gym..................................... 50 - This is £600 pa. Can you find cheaper/do without?
(Unnamed monthly expense)............... 0
Union Subs.............................. 20.47
Total monthly expenses.................. 2396.18


Assets
Cash.................................... 0
House value (Gross)..................... 155000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 157000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 139000...(565)......3.92
Hire Purchase (HP) debt ...... 2520.....(252)......9.6
Total secured & HP debts...... 141520....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard 1..................11500.....270.......29.9
Barclaycard 2..................1180......27........24.9
MBNA C/Card....................696.75....25........26.49
Family Loan....................16000.....250.......0
Capital 1......................288.36....8.96......25.65
Total unsecured debts..........29665.11..580.96....-


Monthly Budget Summary
Total monthly income.................... 3,726
Expenses (including HP & secured debts). 2,396.18
Available for debt repayments........... 1,329.82
Monthly UNsecured debt repayments....... 580.96
Amount left after debt repayments....... 748.86

Personal Balance Sheet Summary
Total assets (things you own)........... 157,000
Total HP & Secured debt................. -141,520
Total Unsecured debt.................... -29,665.11
Net Assets.............................. -14,185.11

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

You need to increase the payments to Barclaycard 1 by A LOT.

£270pm is barely covering the interest. At the current rate of payment, it is never going to be paid off.

If you could double the monthly payment, it would be cleared in 2.5 years, for just under £4,500 in interest.

BTW. Are things like food, clothing, holidays, etc., for the whole household, or does your SIL pay for some/all of them, for herself?