DEBT/DONT KNOW WHAT TO DO

ronnies6

MONTHLY EXPENSES (CONTINUED)
GROCERIES........       £180
CLOTHING...........      £5
PETROL...............       £30
ROAD TAX...........       £13
CAR INSURANCED...£25
CAR MAINT/MOT.....£10
CAR PARKING.......    £0
CHILDCARE.............  £0
MEDICAL PERSC......£0
PET INSURANCE AND
FOOD..............            £15
BUILDING INSURANCE AND 
CONTENTS............   £26
LIFE INSURANCE.....£57
PRESENTS.................£20
HAIRCUTS..................£7
ENTERTAINMENT/TRAVEL/ENERGENCY FUND.........               £0
TOTAL MONTHLY EXPENDUTURE
.............                        £1334.37
(I THINK)

ronnies6

Thank you 👍

Mr87

Well done @ronnies6, here's your SOA in full:

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]

Number of adults in household........... 1

Number of children in household......... 

Number of cars owned.................... 1[b]

Monthly Income Details[/b]

Monthly income after tax................ 2090

Partners monthly income after tax....... 0

Benefits................................ 0

Other income............................ 0[b]

Total monthly income.................... 2090[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 648

Secured/HP loan repayments.............. 0

Rent.................................... 0

Management charge (leasehold property).. 0

Council tax............................. 110

Electricity............................. 34

Gas..................................... 34

Oil..................................... 0

Water rates............................. 40

Telephone (land line)................... 0

Mobile phone............................ 20

TV Licence.............................. 13.2

Satellite/Cable TV...................... 0

Internet Services....................... 47

Groceries etc. ......................... 180

Clothing................................ 5

Petrol/diesel........................... 30

Road tax................................ 13

Car Insurance........................... 25

Car maintenance (including MOT)......... 10

Car parking............................. 0

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 0

Pet insurance/vet bills................. 15

Buildings & contents insurance..................... 25

Life assurance ......................... 57

Other insurance......................... 0

Presents (birthday, christmas etc)...... 20

Haircuts................................ 7

Entertainment........................... 0

Holiday................................. 0

Emergency fund.......................... 0[b]

Total monthly expenses.................. 1333.2[/b]

[b]

Assets[/b]

Cash.................................... 0

House value (Gross)..................... 0

Shares and bonds........................ 3000

Car(s).................................. 0

Other assets............................ 0[b]

Total Assets............................ 3000[/b]

[b]

Secured & HP Debts[/b]

Description....................Debt......Monthly...APR

Mortgage...................... 0........(648)......0[b]

Total secured & HP debts...... 0.........-.........-   [/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Barclays.......................3050......95........26.68

Nationwide.....................4200......95........15.9

Lloyds.........................5500......155.......22.44

Loan2..........................7600......236.......0

Loan1..........................10800.....249.......0

Virgin.........................1820......40........17.48

Halifax........................1750......55........22.45

MBNA...........................10000.....155.......8.93

Santander......................3600......98........0[b]

Total unsecured debts..........48320.....1178......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,090

Expenses (including HP & secured debts). 1,333.2

Available for debt repayments........... 756.8

Monthly UNsecured debt repayments....... 1,178[b]

Amount short for making debt repayments. -421.2[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 3,000

Total HP & Secured debt................. -0

Total Unsecured debt.................... -48,320[b]

Net Assets.............................. -45,320[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

ronnies6

Thankyou very much Mr87 for filling that all in its very much appreciated. I will await all your advice. My heads thinking leave the shares were they are and ask for  a DMP for the debt if possible? Then im wandering would I be able to just get a plan for the cards? I will shut up and wait for all your advice. Thanks so much again all 

EimearF

Thanks Mr87 for putting into the standard format so we can comment.
The SOA is showing -£421, however, with the share save money back that will bring it to £200  short. If you use £2k of your sharesave to clear the Barclaycar you will reduce that fixed payment by around £70, so now only £130 short.
Do you need that much life insurance or do you need it at all? Do you have children? I pay £22 a month for mine to leave money to my husband - you would get it cheaper if you need less cover. If you switched that you are now down to £95 short. (use topcashback and get some money for it)
As I mentioned above do you need a landline when you have a mobile? You can get internet for around £25 per month - which would shave another £22 off your months (£73 short now)
Can you swtch to sim only on your mobile? There is a tenner to be saved at least there (£63 short now) 
I cant advise on water rates as we dont pay them where i live.
Have you tried MSE credit club, if you could switch some of the high interest debt to 0% and shaved a little off your groceries you would be breaking even. 

EimearF

Also are you on the Standard variable rate for your mortage? If so see if you can get a better deal this could save hundred a month

ronnies6

Hi because ive remortgaged so many times due to debt going round in circles for years, I remortgaged last September its a five year deal as because the state of my affairs I stayed with who I was with Natwest. As no one else would look at it

Mr87

EimearF said:

The SOA is showing -£421, however, with the share save money back that will bring it to £200  short. If you use £2k of your sharesave to clear the Barclaycar you will reduce that fixed payment by around £70, so now only £130 short.

The share save isn't listed in the expenses, so we're still working to the £421 deficit [EDIT: just seen that your pay is after sharesave so you can ignore that comment - that's another £200 off the deficit as EimearF says]. BUT I agree you could use £2k of the £3k (leaving £1k for an emergency fund). EimearF is suggesting paying Barclaycard because it's the highest APR. I would suggest a slightly different approach: Halifax as it's a middling APR and you can pay off the CC in full, therefore, one fewer line of credit to deal with. The psychological boost you would get from that would be immense. Others may say differently on whether to keep the savings for an emergency. Is your job secure? If it is, it means you can use them. If it isn't, it points towards keeping a cash buffer to keep paying priority expenses.

I echo points on life assurance - do you need it, or as much as you've put here? You can definitely make savings on internet, you don't need a landline if you have a mobile. Definitely cheaper mobile deals on SIM only if you are out of contract.

Great piece of advice I found on my own SOA - presents. Just stop, let people know you're not buying for the time being and that they also don't need to buy you any. Cards / letters are so much more valuable.

I also noticed you said 'we' - who else lives with you, do they have any income/debts not factored in to the numbers above?

There may be things you can do to use the current wider situation to your advantage e.g. payment holidays with interest frozen. However, I'll leave more experienced hands to comment on that one.

ronnies6

Thankyou EimearF, I am currently waiting for a new  quote off Scottish Provident for a new monthly figure as the unemployment cover has stopped. The deal for internet and landline and phone calls I will look into. Many Thanks. Still not sure what to do A DMP or try myself but id need to ask cards for a holiday until I could get my shares through.  Sorry heads wrecked on best solution. Thanks

EimearF

Mr87 - the share save is take from the pay directly giving a lower income so that will increase the income by £220 reducing the deficit. I would usually totally agree with you re Halifax but the reason i chose barclaycard is because they're minimum payment is 2.25% much higher than the 1% plus interest on the others so i picked it to reduce the committed monthly payments. If there are savings elsewhere to get current then 100% agree clear the Halifax in full and have one less credit line to worry about (this is the approach i took)