Don't seem to be getting anywhere

2014NewStart

sourcrates wrote: »

How old are all these accounts ? roughly.......

Sainsburys was a 3 year loan to refinance CC's so 1 year old.
Halifax was a 5 year loan again to refinance CC's so 18 months old.
The Capital One CC is 13 years old originally for £8,000 and only ever paid the minimum repayment.
The Santander cards are getting to be nearly 18 months old and due for replacement next year. Still have good credit so I'll try a balance transfer or pay them off using cheaper credit when the time comes to keep the interest low.

Halifax have offered a 0% balance transfer for 24 months
Barclay's have offered a 0% balance transfer for 12 months

asparagus1968

have another stab at the SOA, with as much , correct info on it. Don't worry, I don't think anyone gets it right first time!
So, are you not paying anything at all to all those creditors ?
Each to their own, but I couldn't be defaulting(?) on debts when I had the means to pay it off (selling the house). Won't it scupper your chance of re-mortgaging when the time comes if you haven't been servicing the debts?

sourcrates

CCA. Request to the capital one account, should be your next move, good chance there's no paperwork for this one, could be one less to worry about !!!

tealady

£95 per month for a bus pass :eek: Have you checked with your travel company that this is the best deal. I pay less than £60 per month on direct debit for mine and I can travel across Birmingham and the Black Country for that!

bsms1147

2014NewStart wrote: »

The Santander cards are getting to be nearly 18 months old and due for replacement next year. Still have good credit so I'll try a balance transfer or pay them off using cheaper credit when the time comes to keep the interest low.

I'd be surprised if you could get further credit with ~£27,000 of debt on an ~£18,000 salary. And if you're defaulting every month I imagine your chances would be lower still.

katsu

So you keep taking out loans to consolidate the cards - what do you them spend on the cards again for? What has been missing in your SOA?

2014NewStart

bsms1147 wrote: »

I'd be surprised if you could get further credit with ~£27,000 of debt on an ~£18,000 salary. And if you're defaulting every month I imagine your chances would be lower still.

No not defaulting. I withdraw cash from the Virgin One account. It's a flexible mortgage and pay the credit cards and loans.

I'll try SOA again.

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 600
Total monthly income.................... 1900

Monthly Expense Details
Mortgage................................ -300
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 132
Electricity............................. 37
Gas..................................... 36
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 17
Mobile phone............................ 27
TV Licence.............................. 13
Satellite/Cable TV...................... 7
Internet Services....................... 5
Groceries etc. ......................... 210
Clothing................................ 25

Other travel............................ 156

Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 30

Contents insurance...................... 12

Other insurance......................... 7
Presents (birthday, christmas etc)...... 5
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Costs of keeping rental property........ 100
Total monthly expenses.................. 1099


Assets
Cash.................................... 5000
House value (Gross)..................... 139500
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 144500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 64500....(-300).....4.1
Total secured & HP debts...... 64500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Sainsburys.....................10189.....443.......4.1
Halifax........................9440......295.......6.9
Santander 1....................3614......36.1......0
Capital One....................317.......5.........3.9
Santander 2....................3231......21.9......0
Total unsecured debts..........26791.....801.......-


Monthly Budget Summary
Total monthly income.................... 1,900
Expenses (including HP & secured debts). 1,099
Available for debt repayments........... 801
Monthly UNsecured debt repayments....... 801
Amount left after debt repayments....... 0

Personal Balance Sheet Summary
Total assets (things you own)........... 144,500
Total HP & Secured debt................. -64,500
Total Unsecured debt.................... -26,791
Net Assets.............................. 53,209

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

sugarcube84

So this now show the mortgaged house that is rented out? Why have you got the mortgage as a minus figure?

2014NewStart

sugarcube84 wrote: »

So this now show the mortgaged house that is rented out? Why have you got the mortgage as a minus figure?

It's a flexible mortgage. Called the Virgin One Account. No payments are required. The rent payments go into that account then I withdraw money from the account to pay the loans and credit cards. When I go to the cashpoint the slip shows I am overdrawn by whatever amount.

I did say it would look worse than it is.

sugarcube84

might be being a bit dim (it has been a long day)


what you are saying with that soa is (just for the mortgaged house)


Income
+£600
Expenses
-100 rental property
+300 mortgage (this is shown as a minus on your SOA as you have shown it reducing your overall monthly expenses)
Total +200


Overall this is an extra £800 is that right???