Loan declined

Dobbibill

hazelbl 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.................... 2

Monthly Income Details
Monthly income after tax................ 2799
Partners monthly income after tax....... 1900
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4699

Monthly Expense Details
Mortgage................................ 565.2
Secured/HP loan repayments.............. 606.8
Rent.................................... 0
Management charge (leasehold property).. 24
Council tax............................. 132 Is this over the standard 10 months - if so change it to 12.
Electricity............................. 104
Gas..................................... 0
Oil..................................... 0
Water rates............................. 47.63 As above with the C Tax - change to 12 if it's currently over 10.
Telephone (land line)................... 33
Mobile phone............................ 30 when you are out of contract look at SIMO - you will easily cut £10 off this
TV Licence.............................. 12.83
Satellite/Cable TV...................... 3.99
Internet Services....................... 0
Groceries etc. ......................... 450 Pop over to the Old Style board and do lots of batch cooking from scratch - you should see a saving now you've changed supermarkets
Clothing................................ 25
Petrol/diesel........................... 160
Road tax................................ 35
Car Insurance........................... 91.8
Car maintenance (including MOT)......... 40 Are you sure this is enough for 2 cars?
Car parking............................. 38
Other travel............................ 0
Childcare/nursery....................... 364
Other child related expenses............ 34
Medical (prescriptions, dentist etc).... 34
Pet insurance/vet bills................. 32
Buildings insurance..................... 24 This could be cut by comparing/switching/price matching also try cashback sites like TCB or Quidco to make a net saving.
Contents insurance...................... 9.72 As above with Buildings.
Life assurance ......................... 42
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20 Every month? Can you use a local college and only go every 6 weeks?
Entertainment........................... 11
Holiday................................. 50 You should move this from here....
Emergency fund.......................... 0and put it here.
Total monthly expenses.................. 3049.97


Assets
Cash.................................... 0 why no cash if you are putting away MOT money and holiday savings?
House value (Gross)..................... 158000
Shares and bonds........................ 0
Car(s).................................. 14650
Other assets............................ 0
Total Assets............................ 172650


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 128000...(565.2)....2.6
Secured Debt.................. 23749....(109.9)....2.6
Hire Purchase (HP) debt ...... 21170.1..(496.9)....6.9
Total secured & HP debts...... 172919.1..-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard freedom............11467.4...258.4.....18
Santander......................3989.7....52........15
barclaycard cashback...........10879.5...378.7.....20
Halifax........................6609.54...99.4......5
Barclaycard Plat Visa..........10106.1...232.......17
NUBA...........................3964......41.2......0 Is this really 0%?
MBNA...........................13177.3...334.6.....30 I take it this is the one you are overpaying? That APR is horrid.

A couple of thoughts added above in red.

It's quite common not to get a SOA spot on first time and often requires tweaking.

All the best.

hazelbl

Dobbibill wrote: »

A couple of thoughts added above in red.

It's quite common not to get a SOA spot on first time and often requires tweaking.

All the best.

Thank you so much all really useful. The mobiles are SIM only I'm going to cut mine back to 10 hopefully and hubby has reduced his from 25 to 15 already. The buildings insurance bizarrely is tied in to our house so we have to buy off them (we are leasehold) but contents I change annually. Hadn't thought about the money aside as a cash asset thanks will update that. Haircuts is three of us but we can cut back there too - thanks.

The food is hard for me as I have many allergies so have to buy a lot of special food (free from) and have to cook from scratch. We aren't perfect though so scope to get better.

Also didn't know you could go from 10 months to 12 really good to know thank you!!

As for cards yes that's the one I'm overpaying and yes nuba is 0% until 2020 yippee !!!55357;!!!56842;

Really helpful thank you x

macman

I wouldn't want to deter you from future provision for dependents, but £504pa for life insurance does seem on the high side: how much cover is that buying you?

hazelbl

macman wrote: »

I wouldn't want to deter you from future provision for dependents, but £504pa for life insurance does seem on the high side: how much cover is that buying you?

It's mine and my hubby policy so that's the cost for both of us, we both have medical conditions but happy to shop around and revise. I'll be honest I've considered not having it at all as we both have public sector pension so have an ok death in service - is that terrible?

josecc

Out of curiosity why do you recommend changing council tax from 10 months to 12 months?

Willing2Learn

Spreading the council tax over 12 months means slightly lower monthly payments, which means more money available in each monthly budget to service the debts.

foxy-stoat

If your paying over £1300 a month on credit card debt you should be able to minimum pay the all but the highest interest card and clear it and work your way down. Any chance of balance transferring to reduce the interest overall?

Is your monthly car repayments £606, both cars on PCP?

Find out half way repayment mark and look to get out of these deals - over £7K a year just to rent a couple of cars isnt very cost effective.

macman

hazelbl wrote: »

It's mine and my hubby policy so that's the cost for both of us, we both have medical conditions but happy to shop around and revise. I'll be honest I've considered not having it at all as we both have public sector pension so have an ok death in service - is that terrible?

Not terrible at all. Or you could suspend it until such time as you have more cash spare to fund it, obviously depending on what you are already contracted to.

macman

josecc wrote: »

Out of curiosity why do you recommend changing council tax from 10 months to 12 months?

It's interest-free credit, on a longer term. Same with the water bill.

Dobbibill

josecc wrote: »

Out of curiosity why do you recommend changing council tax from 10 months to 12 months?

A couple of reasons, as some have said it means your money is in your account longer so why not.
The other reason is to create a consistent budget - every month is the same.

Many people believe they have 'free' months when in fact that's not the case.

As interest on lending is calculated daily, the more you can free up in your budget to address it, the less you will pay over the length of the borrowing.