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Finally trying to sort me life out!!
rllowe1
Posts: 26 Forumite
I was always bought up to save save save, never borrow money etc etc. However, when a ex partner stole 9 grand off me and i found out the same week my job contract came to an end and I was evicted due to him not paying rent etc I ended up moving to my parents 3 years ago again, getting a cc spending a bit but coping. (I have tried to recover some money from my ex but to absolute no avail) I took on a morgatge last year as I inherited some money, was in a real good job etc. However, earlier this year I made some serious rush choices on taking loans out without really sitting down and thinking how much they would be on a monthly repayment (partly down to my lack of ability to say no when im unsure to pushy salesmen)
I've also had mental health issues for the last ten years but this year they steadily got worse and worse and I ended up resigning from work. (luckily I had some savings to cover mortgage and meet bare minimums payments) However, after recieving a lot of medical help I am trying to sort my life out so I am not forever worrying. I kind of knew I was a bit in debt but probably only by a few hundred at most. (HA)
I have only really started this the weekend (Saturday 29th) so i havent got all the figures but I am working on it.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1400 (Only started job yesterday though)
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400
Monthly Expense Details
Mortgage................................ 189
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 20
Gas..................................... 10
Oil..................................... 0
Water rates............................. 17
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 10 (this is very very low as i have a gastric band so cant eat much anyway and i do one hug bulk shop and cook and freeze)
Clothing................................ 0 (everything i have is sisters handouts)
Petrol/diesel........................... 0 (I dont driver her anywhere as I failed my test boo she is up for sale though)
Road tax................................ 16 (im looking for some where to park her so I can sorn her)
Car Insurance........................... 65 (have to insure her until she is sorn)
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 116 (i've found out today theres a scheme I can apply for for discounted bus fares, so i have filled in the app form)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 7.16
Buildings insurance..................... 17
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 averaged over 12 months
Haircuts................................ 0 Aunty does them for free
Entertainment........................... 20 inc cigarettes, tea and cake out
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 535.16
Assets
Cash.................................... 0
House value (Gross)..................... 56000
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 56300
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 35116....(189)......2.5
Total secured & HP debts...... 35116.....-.........-
Unsecured Debts need to check apr for some of these
Description....................Debt......Monthly...APR
band loan......................4039.03...108.......16.9
sp loan........................5000......120.......14
nationwide.....................445.......89........NaN
mbna cc........................789.18....20........NaN
aqua cc........................902.43....12........33.18
friend.........................500.......0.........0
Total unsecured debts..........11675.64..349.......-
Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including HP & secured debts). 535.16
Available for debt repayments........... 864.84
Monthly UNsecured debt repayments....... 349
Amount left after debt repayments....... 515.84
Personal Balance Sheet Summary
Total assets (things you own)........... 56,300
Total HP & Secured debt................. -35,116
Total Unsecured debt.................... -11,675.64
Net Assets.............................. 9,508.36
Ok this doesn't look too bad, but the last 4 months i havent been working so its been a struggle, my first proper pay day wont be until 23rd december, but i think just getting it all in black and white and admitting it to myself has helped. It doesn't look as overwhelming as I thought it would be.
I have also started doing the pound a day challenge, where I can only spend a pound a day. Although I have been over twice it is really making me question whether I need things. Like I would just stick a hot chocolate on a credit card and just be like ahh who cares deal with at some other point in my life.
My plan is to clear all my unsecured debts off by 28.10.17
I've also had mental health issues for the last ten years but this year they steadily got worse and worse and I ended up resigning from work. (luckily I had some savings to cover mortgage and meet bare minimums payments) However, after recieving a lot of medical help I am trying to sort my life out so I am not forever worrying. I kind of knew I was a bit in debt but probably only by a few hundred at most. (HA)
I have only really started this the weekend (Saturday 29th) so i havent got all the figures but I am working on it.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1400 (Only started job yesterday though)
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400
Monthly Expense Details
Mortgage................................ 189
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 20
Gas..................................... 10
Oil..................................... 0
Water rates............................. 17
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 10 (this is very very low as i have a gastric band so cant eat much anyway and i do one hug bulk shop and cook and freeze)
Clothing................................ 0 (everything i have is sisters handouts)
Petrol/diesel........................... 0 (I dont driver her anywhere as I failed my test boo she is up for sale though)
Road tax................................ 16 (im looking for some where to park her so I can sorn her)
Car Insurance........................... 65 (have to insure her until she is sorn)
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 116 (i've found out today theres a scheme I can apply for for discounted bus fares, so i have filled in the app form)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 7.16
Buildings insurance..................... 17
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 averaged over 12 months
Haircuts................................ 0 Aunty does them for free
Entertainment........................... 20 inc cigarettes, tea and cake out
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 535.16
Assets
Cash.................................... 0
House value (Gross)..................... 56000
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 56300
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 35116....(189)......2.5
Total secured & HP debts...... 35116.....-.........-
Unsecured Debts need to check apr for some of these
Description....................Debt......Monthly...APR
band loan......................4039.03...108.......16.9
sp loan........................5000......120.......14
nationwide.....................445.......89........NaN
mbna cc........................789.18....20........NaN
aqua cc........................902.43....12........33.18
friend.........................500.......0.........0
Total unsecured debts..........11675.64..349.......-
Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including HP & secured debts). 535.16
Available for debt repayments........... 864.84
Monthly UNsecured debt repayments....... 349
Amount left after debt repayments....... 515.84
Personal Balance Sheet Summary
Total assets (things you own)........... 56,300
Total HP & Secured debt................. -35,116
Total Unsecured debt.................... -11,675.64
Net Assets.............................. 9,508.36
Ok this doesn't look too bad, but the last 4 months i havent been working so its been a struggle, my first proper pay day wont be until 23rd december, but i think just getting it all in black and white and admitting it to myself has helped. It doesn't look as overwhelming as I thought it would be.
I have also started doing the pound a day challenge, where I can only spend a pound a day. Although I have been over twice it is really making me question whether I need things. Like I would just stick a hot chocolate on a credit card and just be like ahh who cares deal with at some other point in my life.
My plan is to clear all my unsecured debts off by 28.10.17
0
Comments
-
Well done for getting to grips wioth things before they get hold of you, for a start - and also well done for arriving here, SOA in hand! As is usual I will comment in red
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1400 (Only started job yesterday though)
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400
Monthly Expense Details
Mortgage................................ 189 Is this fixed rate?
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0 <- ? Assume something needs to go in here?
Electricity............................. 20 Do you have any credit stored up on gas/electric ready for the winter? If not you're probably going to find this increases a bit
Gas..................................... 10
Oil..................................... 0
Water rates............................. 17
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0 No TV and you don't watch iPlayer etc?
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 10 (this is very very low as i have a gastric band so cant eat much anyway and i do one hug bulk shop and cook and freeze) No - gastric band or no gastric band you cannot be eating properly on £10 a month - this is simply not realistic at all.
Clothing................................ 0 (everything i have is sisters handouts)
Petrol/diesel........................... 0 (I dont driver her anywhere as I failed my test boo she is up for sale though)
Road tax................................ 16 (im looking for some where to park her so I can sorn her)
Car Insurance........................... 65 (have to insure her until she is sorn) At those costs, and if you;re looking to sell anyway, I'd just get rid as quickly as possible. With the value of the car being so low, I'd consider just getting it scrapped to be honest. sadly there simply isn't the market for cheap old cars any more.
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 116 (i've found out today theres a scheme I can apply for for discounted bus fares, so i have filled in the app form)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 7.16
Buildings insurance..................... 17
Contents insurance...................... 0 Does your buildings insurance cover this?
Life assurance ......................... 0 As a single homeowner, are you sure your mortgage doesn't demand that you have this? It would be relatively unusual if not.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 averaged over 12 months
Haircuts................................ 0 Aunty does them for free
Entertainment........................... 20 inc cigarettes, tea and cake out
Holiday................................. 0
Emergency fund.......................... 0 You need to get something in here
Total monthly expenses.................. 535.16
Assets
Cash.................................... 0
House value (Gross)..................... 56000
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 56300
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 35116....(189)......2.5
Total secured & HP debts...... 35116.....-.........-
Unsecured Debts need to check apr for some of these
Description....................Debt......Monthly...APR
band loan......................4039.03...108.......16.9
sp loan........................5000......120.......14
nationwide.....................445.......89........NaN
mbna cc........................789.18....20........NaN
aqua cc........................902.43....12........33.18
friend.........................500.......0.........0
Total unsecured debts..........11675.64..349.......-
Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including HP & secured debts). 535.16
Available for debt repayments........... 864.84
Monthly UNsecured debt repayments....... 349
Amount left after debt repayments....... 515.84
Personal Balance Sheet Summary
Total assets (things you own)........... 56,300
Total HP & Secured debt................. -35,116
Total Unsecured debt.................... -11,675.64
Net Assets.............................. 9,508.36
Ok this doesn't look too bad, but the last 4 months i havent been working so its been a struggle, my first proper pay day wont be until 23rd december, but i think just getting it all in black and white and admitting it to myself has helped. It doesn't look as overwhelming as I thought it would be.
I have also started doing the pound a day challenge, where I can only spend a pound a day. Although I have been over twice it is really making me question whether I need things. Like I would just stick a hot chocolate on a credit card and just be like ahh who cares deal with at some other point in my life.
My plan is to clear all my unsecured debts off by 28.10.17
With the surplus you have, even allowing for getting some of your expenses in a slightly more realistic state, you're not in a bad position, really. By looking to deal with it you've already made a good start!🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Mortgage is fixed for another 12 months.
There's credit on both gas and electric. Dual fuel. But I have solar panels and rely stingy with electric so my electric bill actually only averages a few pounds.
Groceries are ridiculously cheap. My friend takes me once every 3 months of a night where everything is realllllllly cheap. Last time I went I got 7 bags of chicken fillets for 10 p each. Bags of frozen casserole mix for 2p each and then bulk cook things. I don't buy pop and everything is own brand (unless deals and woodside are cheaper)
Dooeven have a TV. If I want to watch something I usually YouTube it.
I've only just decided to sell car, I have a few people interested in buying her so fingers crossed
I know I'm.nowhere near as bad as some. But it's a he'll of a lot more than I thought and I feel guilty owing some one a pound0 -
It's not a bad way to be.
Good luck on getting shot of the car.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
It's weird seeing it in black and white isn't as scary as I thought. At least I know I'm taking positive steps. I'm.going to hide my cards as I know when I get stressed I think sod it I'll treat myself and book holidays or other ridiculous things I can't afford0
-
Hi,
Most jobs pay monthly in arrears, so you should receive full pay on November 30th? It would be a very unusual job that paid 2 months in arrears...
If you know your gross salary, you can work out your exact net pay at http://www.listentotaxman.com
Since you have an SOA and a projected surplus, put your cards and loans into the snowball payment calculator at stoozing.com and work out the most efficient order in which to pay everything back. But... just to reiterate EH's point above, keep £100pm as an emergency fund for now.0 -
I only started work Monday. Their cut off date is the 5th so I'll recieve a weeks pay the end of November x0
-
You sure this is right? You will have worked the full month of November, remember? And a day of October?🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
How about your mobile phone? Are you on a fixed contract or are you able to move to something cheaper?0
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