Worrying over debt...again.

Statement of Affairs and Personal Balance Sheet

Household Information

Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details

Monthly income after tax................ 1586
Partners monthly income after tax....... 1000
Benefits................................ 147.33
Other income............................ 0
Total monthly income.................... 2733.33


Monthly Expense Details

Mortgage................................ 786
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 134
Electricity............................. 40
Gas..................................... 0
Oil..................................... 50
Water rates............................. 39
Telephone (land line)................... 0
Mobile phone............................ 21
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 280
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 15
Car Insurance........................... 15
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................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1563



Assets

Cash.................................... 250
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 195250



Secured & HP Debts

Description....................Debt......Monthly...APR
Mortgage...................... 170000...(786)......3.64
Total secured & HP debts...... 170000....-.........-


Unsecured Debts
Description....................Debt......Monthly...APR
Santander......................479.......5.........0 for 12mths expires Dec 2020
Mbna...........................3227......34........0 for 24months expires September 2020
Barclaycard....................2196......50........0 for 24mths expires Jan 2020
Nationwide.....................154.......5.........0 for 12 months expires Dec 2020
Halifax........................83........5.........19.4
Hitachi-sofa...................1016......24........0 for 18months until paid
Hitachi-kitchen................2317......134.......0 for 18mths til paid
Total unsecured debts..........9472......257.......-



Monthly Budget Summary

Total monthly income.................... 2,733.33
Expenses (including HP & secured debts). 1,563
Available for debt repayments........... 1,170.33
Monthly UNsecured debt repayments....... 257
Amount left after debt repayments....... 913.33


Personal Balance Sheet Summary
Total assets (things you own)........... 195,250
Total HP & Secured debt................. -170,000
Total Unsecured debt.................... -9,472
Net Assets.............................. 15,778


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


Hello everyone. See my soa above. I am worrying over the level of debt we have accrued since buying our first home. Currently I am throwing every spare penny at Barclaycard to pay it down. Luckily,all of our debts are interest free however these in time will come to an end. I hope to again balance transfer a couple, but of course this is down to whether we qualify at the time. The nationwide and Halifax have been accrued this month- one for a vet bill and the other my husband put my Christmas gifts on as we didn't have the cash.
I plan to pay Halifax and nationwide in full when hubby gets paid on 4th, which will then impact on the level of money we have available next month.

My husband's hours are 22 per week and over the past month they have not been giving him more shifts leading me to be concerned about his pay going forward. He is going to speak to his manager but is also seeking a new job. Any suggestions appreciated- Thank you

Replies

  • Pixie5740Pixie5740 Forumite
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    kezzygirl wrote: »
    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1586
    Partners monthly income after tax....... 1000
    Benefits................................ 147.33
    Other income............................ 0
    Total monthly income.................... 2733.33


    Monthly Expense Details

    Mortgage................................ 786
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 134
    Electricity............................. 40
    Gas..................................... 0
    Oil..................................... 50
    Water rates............................. 39
    Telephone (land line)................... 0
    Mobile phone............................ 21
    TV Licence.............................. 13
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 280
    Clothing................................ 0
    Petrol/diesel........................... 150
    Road tax................................ 15
    Car Insurance........................... 15
    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................. 0
    Buildings insurance..................... 10
    Contents insurance...................... 10
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1563



    Assets

    Cash.................................... 250
    House value (Gross)..................... 190000
    Shares and bonds........................ 0
    Car(s).................................. 5000
    Other assets............................ 0
    Total Assets............................ 195250



    Secured & HP Debts

    Description....................Debt......Monthly...APR
    Mortgage...................... 170000...(786)......3.64
    Total secured & HP debts...... 170000....-.........-


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Santander......................479.......5.........0 for 12mths expires Dec 2020
    Mbna...........................3227......34........0 for 24months expires September 2020
    Barclaycard....................2196......50........0 for 24mths expires Jan 2020
    Nationwide.....................154.......5.........0 for 12 months expires Dec 2020
    Halifax........................83........5.........19.4
    Hitachi-sofa...................1016......24........0 for 18months until paid
    Hitachi-kitchen................2317......134.......0 for 18mths til paid
    Total unsecured debts..........9472......257.......-



    Monthly Budget Summary

    Total monthly income.................... 2,733.33
    Expenses (including HP & secured debts). 1,563
    Available for debt repayments........... 1,170.33
    Monthly UNsecured debt repayments....... 257
    Amount left after debt repayments....... 913.33


    Personal Balance Sheet Summary
    Total assets (things you own)........... 195,250
    Total HP & Secured debt................. -170,000
    Total Unsecured debt.................... -9,472
    Net Assets.............................. 15,778


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


    Hello everyone. See my soa above. I am worrying over the level of debt we have accrued since buying our first home. Currently I am throwing every spare penny at Barclaycard to pay it down. Luckily,all of our debts are interest free however these in time will come to an end. I hope to again balance transfer a couple, but of course this is down to whether we qualify at the time. The nationwide and Halifax have been accrued this month- one for a vet bill and the other my husband put my Christmas gifts on as we didn't have the cash.
    I plan to pay Halifax and nationwide in full when hubby gets paid on 4th, which will then impact on the level of money we have available next month.

    My husband's hours are 22 per week and over the past month they have not been giving him more shifts leading me to be concerned about his pay going forward. He is going to speak to his manager but is also seeking a new job. Any suggestions appreciated- Thank you

    I'm not sure why you are worried. According to your SOA you have over £900 left each month after paying your household expenses and servicing your debts. Unless your SOA isn't accurate and you don't actually have a spare £900 every month.
  • AaleighaAaleigha Forumite
    615 Posts
    Ninth Anniversary 500 Posts Combo Breaker
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    One thing I can see that you MIGHT be able to save on is petrol costs
    I assume mist of that us to get your DH to work
    Does he use a work journey to perhaps do the weekly shop at the same time and is there any possibility of car sharing fo work
    Emergency fund £10,000
    Several categories with savings in
    Cars, house maintenance, birthdays
    Etc I have about 10 categories

    Really happy to be debt free after being a compulsive spender
  • You have costs missing from your SOA, such as clothing, entertainment, holidays (do you never have a weekend away?) and presents.

    I calculate you need around £550 a month to clear all your debts by the time your interest free periods end. That assumes you pay off the two recent debts in January and the sofa and kitchen loans tick along without any overpayments.

    That leaves you approx. £360 a month to allocate over the pots in your SOA that you've missed off. You have a very small emergency fund so I'd look to allocate at least £100 a month to this to boost it.

    If you haven't already, go through your spending for the last three months and work out where your money is really going. It will help to confirm the figures you have listed are correct but it will also tell you how much you are spending elsewhere. This will help you complete your SOA and identify any spending habits you need to manage better.
  • mark55manmark55man Forumite, Ambassador
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    No Life insurance? really suggest you do - surprised its not a requirement of the mortgage

    but otherwise you are not close to unsustainable debt, although clearly you would prefer to have none so I think you just need to follow your plan. Maybe skip a holiday this year or do a cheap one
    I think I saw you in an ice-cream parlour/Drinking milk shakes cold & long/Smiling & waving & looking so fine
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  • enthusiasticsaverenthusiasticsaver Forumite, Ambassador
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    You need to start allocating money to categories you spend on. The soa shows nothing for presents and vets bills which is clearly inaccurate as your husband used credit to pay these. Internet services also says nothing and clothing but if you have kids this must be wrong too. Entertainment, holidays and haircuts show nothing allocated. You have a healthy surplus though so should be allocating this to the categories you have allowed nothing for but clearly spend on.

    As your partners income may be reducing I suggest you tackle the Barclaycard but also save something for emergencies. £185 should clear it within the deal period. Watch the Hitachi loans as they often charge high interest once the 0 deal finishes.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert.
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  • kezzygirlkezzygirl Forumite
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    Thanks all. You are right, we dont have over £700 left. I have made a list of the things I haven't included and will be looking at our outgoings today and allocating how much to pay on each per month. This will start from hubbys next pay on the 4th.
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