Some credit card/loan advice pls!

MallyGirl

Sophia1108 wrote: »

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1315
Partners monthly income after tax....... 2149
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3464

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 795
Management charge (leasehold property).. 0
Council tax............................. 145
Electricity............................. 27
Gas..................................... 40
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 0
Mobile phone............................ 95 seems high
TV Licence.............................. 12
Satellite/Cable TV...................... 65 can you cancel?
Internet Services....................... 15
Groceries etc. ......................... 400high
Clothing................................ 30
Petrol/diesel........................... 240
Road tax................................ 19
Car Insurance........................... 90
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7
Life assurance ......................... 27
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 cut back for a bit till you are out of debt
Haircuts................................ 8
Entertainment........................... 70cut back for a bit till you are out of debt
Holiday................................. 0
Emergency fund.......................... 0 should have something here
Total monthly expenses.................. 2217


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 6000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
virgin ........................7800......170.......0 what APR will it revert to in Jan 18?
Barclay card ..................2800......140.......0APR?
car loan ......................3400......200.......0 APR?
Total unsecured debts..........14000.....510.......-


Monthly Budget Summary
Total monthly income.................... 3,464
Expenses (including HP & secured debts). 2,217
Available for debt repayments........... 1,247
Monthly UNsecured debt repayments....... 510
Amount left after debt repayments....... 737 do you really have this left - if so, where is it?

Personal Balance Sheet Summary
Total assets (things you own)........... 6,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,000
Net Assets.............................. -8,000

there are certainly some areas you could make savings

Sophia1108

it missed out a few lines for some reason...
Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1315
Partners monthly income after tax....... 2149
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3464

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 795
Management charge (leasehold property).. 0
Council tax............................. 145
Electricity............................. 27
Gas..................................... 40
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 0
Mobile phone............................ 95
TV Licence.............................. 12
Satellite/Cable TV...................... 65
Internet Services....................... 15
Groceries etc. ......................... 400
Clothing................................ 30
Petrol/diesel........................... 240
Road tax................................ 19
Car Insurance........................... 90
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7
Life assurance ......................... 27
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 8
Entertainment........................... 70
Holiday................................. 0
Emergency fund.......................... 0
the national trust ..................... 10
national lottery........................ 40
maintenance ............................ 250
Total monthly expenses.................. 2517


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 6000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
virgin ........................7800......170.......0
Barclay card ..................2800......140.......0
car loan ......................3400......200.......0
Total unsecured debts..........14000.....510.......-


Monthly Budget Summary
Total monthly income.................... 3,464
Expenses (including HP & secured debts). 2,517
Available for debt repayments........... 947
Monthly UNsecured debt repayments....... 510
Amount left after debt repayments....... 437

Personal Balance Sheet Summary
Total assets (things you own)........... 6,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,000
Net Assets.............................. -8,000

EssexHebridean

OK - comments in red as usual:

Sophia1108 wrote: »

it missed out a few lines for some reason...
Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1315
Partners monthly income after tax....... 2149
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3464

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 795
Management charge (leasehold property).. 0
Council tax............................. 145
Electricity............................. 27
Gas..................................... 40
Oil..................................... 0
Water rates............................. 32 Might be worth you looking into a water meter
Telephone (land line)................... 0
Mobile phone............................ 95 HOW much?!!! Ouch! Look to switch to SIM only as soon as you possibly can - you will definitely get cheaper
TV Licence.............................. 12 £12.12 - beware of rounding up/down on an SOA
Satellite/Cable TV...................... 65 See if you can drive this and the internet down a bit
Internet Services....................... 15
Groceries etc. ......................... 400 This is high. Two adults should be able to manage really well on half of that - add in another £50 - £75 tops to account for having the kids about at weekends
Clothing................................ 30 You need to cut this down to essentials only for a while at least to make an impact on the debt
Petrol/diesel........................... 240 Read Martin's guide to cutting petrol use -
some good tips in there!
Road tax................................ 19 Do you actually pay this out monthly? If so look to set the money aside to pay it in 6 monthly instalments instead as they charge a fee for monthly DD - if you're not paying it monthly where are you saving it as you don't show any cash assets?
Car Insurance........................... 90 Worth you shopping around throroughly when renewals come up but you probably won't save enough to make it worth cancelling an existing policy.
Car maintenance (including MOT)......... 30 For two cars this probably isn't enough - particularly when you're doing pretty high mileages. Budget £50 each car for MOT
£150 each for a service a year plus the cost of at least two tyres per car per year and then add on a bit for random odds and ends. Divide by 12 and set aside that amount monthly - again though where is this currently being saved? No cash assets?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7
Life assurance ......................... 27
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 Honestly - this is high bearing in mind the debt. And assuiming you don;t spend that every single month - it's that question again ,
where are you saving it?
Haircuts................................ 8
Entertainment........................... 70
Holiday................................. 0
Emergency fund.......................... 0 You need something here - aim to set aside £500 initialy to cover an unexpectedly heavy car repair bill or an appliance going wrong. Look to set aside £50 a month for this to start you off.
the national trust ..................... 10
national lottery........................ 40 You know what I'm going to say here,
don't you? It needs to go - just think "It could be you" who gets debt free but it's highly unlikely to be you who wins a million!
maintenance ............................ 250
Total monthly expenses.................. 2517


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 6000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
virgin ........................7800......170.......0
Barclay card ..................2800......140.......0
car loan ......................3400......200.......0 I suspect this is not interest free,
is it!
Total unsecured debts..........14000.....510.......-


Monthly Budget Summary
Total monthly income.................... 3,464
Expenses (including HP & secured debts). 2,517
Available for debt repayments........... 947
Monthly UNsecured debt repayments....... 510
Amount left after debt repayments....... 437 Do you have this amount left over each month?

Personal Balance Sheet Summary
Total assets (things you own)........... 6,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,000
Net Assets.............................. -8,000

OK - there's definitely scope for savings there. I'm guessing that a spending diary might be a good way forwards for you too as I just bet that £437 surplus isn't still in the bank at the end of the month, is it! That's the first thing you need to track down - that's over £5,000 a year you need to find where it's going.

Check when your o% interest deals on the cards end and plan paying off accordingly. Even if you can just make savings of £100 a month on those SOA figures, plus that surplus and you'll be making a really good impact on those figures.

On the cards - set your direct debits to their current levels rather than just leaving it at "minimum payment" - that way they maintain a level rather than falling over time, so you make more impact without even noticing it, plus there's not extra money being left in the bank that you end up frittering because you forget it's there. This only works for cards you don't spend on - but as you're cutting up those cards that shouldn't matter, should it!