Day 0 - HELP!

YorkshireSlider

Hi,

Ha! I've judged myself and the SOA is a great first step to understanding what is fully going on! I'm not sure its totally right as we have a separate account for the house. So I pay my bit and my partner pays his bit - then everything comes out of that, i.e I pay £500 a month and he pays £475. Also, as I said, I'll do this again at the end of August which I hope, will show a far more accurate spending habit!

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1900
Partners monthly income after tax....... 475
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2375

Monthly Expense Details
Mortgage................................ 617.2
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 39
Gas..................................... 39
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 11.66
Mobile phone............................ 29
TV Licence.............................. 0
Satellite/Cable TV...................... 11.66
Internet Services....................... 11.66
Groceries etc. ......................... 395
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 9
Contents insurance...................... 9
Life assurance ......................... 35
Other insurance......................... 30
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 160
Emergency fund.......................... 0
Health / Gym ........................... 96
Pet Food................................ 100
Total monthly expenses.................. 1881.18


Assets
Cash.................................... 0
House value (Gross)..................... 225000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 225000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 102176...(617.2)....3.14
Total secured & HP debts...... 102176....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CC1............................7809.55...222.1.....26.95
CC2............................849.6.....16........17.9
CC3............................11019.....137.9.....4.9
CC5............................844.22....5.........30.35
CC4............................5488.3....57.74.....3.99
Total unsecured debts..........26010.67..438.74....-


Monthly Budget Summary
Total monthly income.................... 2,375
Expenses (including HP & secured debts). 1,881.18
Available for debt repayments........... 493.82
Monthly UNsecured debt repayments....... 438.74
Amount left after debt repayments....... 55.08

Personal Balance Sheet Summary
Total assets (things you own)........... 225,000
Total HP & Secured debt................. -102,176
Total Unsecured debt.................... -26,010.67
Net Assets.............................. 96,813.33

YorkshireSlider

I think one of the main issues which got me into this situation, as well as not tracking my spending at all until payday, was I was in £11k worth of debt, this was due to a house sale and buy and an early mortgage repayment which was not anticipated! (I know I know!). I got a loan for the 11k over 2 years, but the monthly repayments were more than it turns out I could handle, so ended up covering the gaps with the credit cards, and have now come out the other side almost double!

I know CC1 is a big issue with the interest, but I am unable to get another one to transfer the balance onto a small %age...

Willing2Learn

How come you pay £100 for petrol/diesel but have no car?

YorkshireSlider

Hi,

It's a company car, so thats the only thing I pay for it in (after the tax taken out of wages etc).

Brookside88

My first observation would be that you're spending a fiver short of £500 a month feeding yourselves and your dog. I feed 2 adults, a 2 year old and 2 cats for £180 a month so you can easily more than half that!

YorkshireSlider

Hi,

Yes I spotted that That is solely down to a lack of planning and we tend to just get to each meal and then go shop, days are never the same, but yes, this is something I am going to look at going forward & budget for! It's top of the list.
Dog wise its 2 dogs, second on the list is to try and cut down that cost without compromising their well being, I have started to bring that cost down month by month.
I am hoping, sorry I will, at the end of August have a better grasp on the spending and where it goes. I've come to realise there is no quick fix for this!

YorkshireSlider

The other one, is CC1, what are the chances of me calling them up and asking them to reduce the interest on it? I can't move it, no option to , but would like to get the monthly payments down, even if just for a short while to help stabilise things...? Any advice?

Brookside88

YorkshireSlider wrote: »

The other one, is CC1, what are the chances of me calling them up and asking them to reduce the interest on it? I can't move it, no option to , but would like to get the monthly payments down, even if just for a short while to help stabilise things...? Any advice?

no harm in asking them but be prepared for them to say no or possible reduce it by a measly couple of %. Make sure you stress that you are struggling to repay and not just chancing it

lindens

YorkshireSlider wrote: »

Hi,


Dog wise its 2 dogs, second on the list is to try and cut down that cost without compromising their well being, I have started to bring that cost down month by month.

I have 3 cats and they are on prescribed complete dried food. It worked out cheaper from Amazon (same product) and to sign up for a subscription. You are not tied in so can cancel at any time, but if you sign up for it monthly, it's a bit cheaper and best of all it gets delivered to your door.

YorkshireSlider

Looking at the debt, if a loan could be secured, at a lower rate than those CC's above - if a longer term loan could be gained, with the view to have set monthly payments reduced than the CC %age, would that be an ideal option if it were possible? (closing all CC accounts of course!).