Lost my frugal way SOA

ellanutella

A lifetime ago I was a lurker on the OS boards and had 0 debt.
Times have changed and I would welcome any help on how to bust the debt. Debt has been accumulated by big purchases such as car and a trip to disney that we were definitely going to pay off combined with disabilities affecting our career paths.

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.................... 1

Monthly Income Details
Monthly income after tax................ 1122.8
Partners monthly income after tax....... 1076.24
Benefits................................ 182
Other income............................ 0
Total monthly income.................... 2381.04

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 316.7
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 133
Electricity............................. 48
Gas..................................... 0 (combined with gas)
Oil..................................... 0
Water rates............................. 25.18
Telephone (land line)................... 37
Mobile phone............................ 76 (Will reduce by £20 a month from November as I can move to a much cheaper sim only deal then. OH can't move until next year)
TV Licence.............................. 12.12 (actually 38.87 per quarter, couldn't see how to change this to monthly online
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 225
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 10.5
Car Insurance........................... 125 (3 year medical licence)
Car maintenance (including MOT)......... 22
Car parking............................. 0
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10.4
Pet insurance/vet bills................. 32
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1677.9


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 3748.99..(168.7)....3.9
Hire Purchase (HP) debt ...... 3000.....(148)......4 (Total guess on this but the monthly price is correct)
Total secured & HP debts...... 6748.99...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest........................3831.29...59.99.....6.684
Barclaycard....................1900......55........0
Next...........................325.53....18........22.9
Total unsecured debts..........6056.82...132.99....-


Monthly Budget Summary
Total monthly income.................... 2,381.04
Expenses (including HP & secured debts). 1,677.9
Available for debt repayments........... 703.14
Monthly UNsecured debt repayments....... 132.99
Amount left after debt repayments....... 570.15

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -6,748.99
Total Unsecured debt.................... -6,056.82
Net Assets.............................. -12,805.81


Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

D_M_E

You have £317 listed under Monthly Expenses and it also appears to be the total of the Secured and HP payments.

As you have an amount for rent and nothing for mortgage then it must be assumed that the secured is on the car?

With your surplus of £570 - if that is the case - my solution would be to save say £100 per month in a savings account (you never know what you may have to pay for unexpectedly, or whether your employment will last) and to use the rest to pay off Next first, followed by Natwest then Barclaycard, increasing the payments to each one once the previous one has been cleared.

Also, I don't believe Next interest rate at 22.9% - they are usually far more than that.

datlex

You have a big grocery bill. What does it include?

ellanutella

£50 a week plus £25 extra is for 2 adults and 4 animals including household stuff and cat litter.

System

You pay £250 just to maintain your car !! Do you really need it? If the HP is for the car too...you know you are paying nearly £600 just for transport??!?


That's nearly half your income

ellanutella

Yes I think the car is un-affordable. With it being on HP i'm not sure how to get rid of it without a lump sum that we don't have. We do need a car thanks to cancelled bus routes but don't need this particular car. Would love some advice on how to get out of it.