Hello Again

Lawa

Hi guys I posted here around 2 years ago when I was trying to get debt free. Well it didnt really work so here I am again!

I am so much more inspired this time my OH is on board and actually helping which was not the case last time. I am trying to do this with a mental heath problem that has not yet been diagnosed and only just (last 3 days got working medication).

So Debts

3678.00 sainsburys loan
1567.90 Zopa loan
6890.00 barclycard
268.88 halifax cc Paid off today!!!!!
750.00 co op cc Paid off today !!!!!
120.00 over draft (agreed)

did a fill weeks shop for 55 pounds and been 5 days smoke free. I have 50 pounds a week now until last working day of the month (pay day) and if i can stick to a tight budget should be able to pay an extra 400 pounds a month of debts!


Thanks for reading over and out

asparagus1968

hi, well done for coming back
and congratulations on paying off two debts already and stopping the smokes!
could you post up your incoming/outgoing figures, a "statement of affairs" for us to look at please?
www.stoozing.com has one that you can post here.


good luck

fatbelly

I agree an SoA is the way forward here.

It's better to put a plan in place that you know you will be able to stick to and give you a definite debt-free date, rather than just paying what you can when you can. Letting an organisation like stepchange distribute the money might be an idea too.

if you can pay £400 per month towards your 12k debt - brilliant, debt free in 30 months. But I'd like to see your soa to gauge how realistic this is.

Lawa

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 1700
Benefits................................ 80
Other income............................ 400
Total monthly income.................... 3880

Monthly Expense Details
Mortgage................................ 386
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 58
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 20
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 360
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 35
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1701


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 80000....(386)......0
Total secured & HP debts...... 80000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
loan Sainsburys ...............3678......151.......0
loan zopa.....................1568......51........0
Barclycard ....................6890......190.......0
overdraft......................120.......0.........0
Total unsecured debts..........12256.....392.......-


Monthly Budget Summary
Total monthly income.................... 3,880
Expenses (including HP & secured debts). 1,701
Available for debt repayments........... 2,179
Monthly UNsecured debt repayments....... 392
Amount left after debt repayments....... 1,787

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -80,000
Total Unsecured debt.................... -12,256
Net Assets.............................. -92,256

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

asparagus1968

I'm confused already- rent and mortgage but no council tax or utility bills?

asparagus1968

Lawa wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 1700
Benefits................................ 80
Other income............................ 400
Total monthly income.................... 3880

Monthly Expense Details
Mortgage................................ 386 why rent and mortgage?
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 58
Council tax............................. 0 how come no bills
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30 could this be reduced?
TV Licence.............................. 20this should be around £12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0none?
Childcare/nursery....................... 360
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 35 shop around, use cashback sites
Contents insurance...................... 7
Life assurance ......................... 0 maybe look into this
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0definately start one
Total monthly expenses.................. 1701


Assets
Cash.................................... 0
House value (Gross)..................... 0no equity?
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 80000....(386)......0
Total secured & HP debts...... 80000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
loan Sainsburys ...............3678......151.......0
loan zopa.....................1568......51........0
Barclycard ....................6890......190.......0
overdraft......................120.......0.........0
Total unsecured debts..........12256.....392.......-


Monthly Budget Summary
Total monthly income.................... 3,880
Expenses (including HP & secured debts). 1,701
Available for debt repayments........... 2,179
Monthly UNsecured debt repayments....... 392
Amount left after debt repayments....... 1,787where is this going? you need to account for all your (and OH) spending, maybe a spending diary?

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -80,000
Total Unsecured debt.................... -12,256
Net Assets.............................. -92,256

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

just a few of my thoughts, you have a big surplus so you need to understand where it's going.

Lawa

Sorry that looks confusing as the way mine and my other halfs money works I will re do in a mo as this makes it look like we have loads and we don't grr

sourcrates

Lawa wrote: »

Hi guys I posted here around 2 years ago when I was trying to get debt free. Well it didnt really work so here I am again!

You say you have £50 a week after all your bills are paid, for two of you, have you concidered a debt relief order ?

I am a bit confused about why you have mortgage and rent listed, which one is it ?

If your a homeowner you can't have a DRO.

fatbelly

sourcrates wrote: »

You say you have £50 a week after all your bills are paid, for two of you, have you concidered a debt relief order ?

I am a bit confused about why you have mortgage and rent listed, which one is it ?

If your a homeowner you can't have a DRO.

Looks like too much surplus income as well as the homeowner issue.

Lawa - you need to either do a full soa for the two of you, or just put your income in and the contribution you make to the household expenses.