spiral of card charges

shez1987

can i switch my home insurance if i have just renewed?
i need to look at my gas will do that tomoz i know its expensive but its open plan downstairs and if heating not on it goes cold really quick

[Deleted User]

shez1987 wrote: »

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2 - Do you really need 2 cars?

Monthly Income Details
Monthly income after tax................ 720
Partners monthly income after tax....... 1264
Benefits................................ 464
Other income............................ 192
Total monthly income.................... 2640

Monthly Expense Details
Mortgage................................ 432.1
Secured/HP loan repayments.............. 93.75
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 50
Gas..................................... 100 - This and the electricity adds up to £1,800 per year. Check comparison sites.
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 18
Mobile phone............................ 65 - How many phones?
TV Licence.............................. 12.37
Satellite/Cable TV...................... 50 - This is £600 a year. Get rid ASAP.
Internet Services....................... 0
Groceries etc. ......................... 480
Clothing................................ 0 - None ever, with three children?
Petrol/diesel........................... 160 - This isn't a lot of fuel for 2 cars. Again, do you really need 2 cars?
Road tax................................ 39
Car Insurance........................... 103.5 This and the Road Tax is £1,710 a year. Is there a reason it is so high?
Car maintenance (including MOT)......... 0 - Nothing, ever?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 - Not even school trips, after school activities etc.?
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 36 - This is quite high. Check comparison sites.
Contents insurance...................... 0 - Is this included in the buildings insurance?
Life assurance ......................... 0 - Isn't this a requirement for having a mortgage?
Other insurance......................... 5
Presents (birthday, christmas etc)...... 0 - None?
Haircuts................................ 0
Entertainment........................... 0 - Nothing at all,with three children?
Holiday................................. 0 - Not even a day at the seaside?
Emergency fund.......................... 0 - You need something in here, especially with being a homeowner.

Total monthly expenses.................. 1771.72

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 92500....(432.1)....4.79
Hire Purchase (HP) debt ...... 5000.....(93.75)....
Total secured & HP debts...... 97500.....-.........-!

Unsecured Debts
Description....................Debt......Monthly.. .APR
capital one....................2500......102.......0
vanquis........................3000......150...... .0
marbles........................300.......25....... .0
littlewoods....................900.......65.75.... .0
safestyle......................810.......82.78.... .0
dfs............................1243......56.5..... .0
next...........................300.......11....... .0
Total unsecured debts..........9053......493.03....-!


Monthly Budget Summary
Total monthly income.................... 2,640
Expenses (including HP & secured debts). 1,771.72
Available for debt repayments........... 868.28
Monthly UNsecured debt repayments....... 493.03
Amount left after debt repayments....... 375.25

My comments in RED.

There's quite a few gaps. Are you sure you've covered everything?

Are all the debts (bar the mortgage) really at 0%?

[Deleted User]

shez1987 wrote: »

we have 3 mobile phones

So an average of £21-66 per phone?

You can get them for about half that.

I don't put away monthly for Christmas and birthdays car breakdown or repairs

But I presume you still do spend on them?

You need to figure out how much you spend on each, over a year, divide them by 12 and input them into the SOA, at which point you'll probably discover where a fair chunk of that £375 a month is going.

My friend cuts my hair and we very rarely go out

You still need to include these spends.

shez1987

yes we need two cars as husband needs to get to work and i need it for my job. we spend 20 a week each for fuel

can you change insurance company if just renewed?

tv and internet comes in together
some of them are 0 because we dont budget month by month we just pay it when it comes in
clothes yes we buy but dont know how much each month just see when they need them and buy them
0% interest isnt 0 i dont know them off the top of my head

[Deleted User]

shez1987 wrote: »

can you change insurance company if just renewed?

You can (provided you haven't made a claim), but you will lose some money in the cancellation.

You would need to get a better quote, then find out the cost of cancelling, and do the maths to see if it'd be financially worth it.

some of them are 0 because we don't budget month by month we just pay it when it comes in
clothes yes we buy but dont know how much each month just see when they need them and buy them

Which probably explains where most of the £375pm of "spare" cash is going.

0% interest isnt 0 i dont know them off the top of my head

You need to find out the actual APRs, so you can work out the order in which to pay them off.