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Any advice much appreciated

DebtLee
DebtLee Posts: 3 Newbie
First Post
in Debt-free wannabe
[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......... 0
Number of cars owned.................... 1[b]

Monthly Income Details[/b]
Monthly income after tax................ 1800
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0[b]
Total monthly income.................... 1800[/b][b]

Monthly Expense Details[/b]
Mortgage................................ 380
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 94
Electricity............................. 54
Gas..................................... 40
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 10
Mobile phone............................ 82
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 23
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 150
Road tax................................ 20.5
Car Insurance........................... 39.5
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 24
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50[b]
Total monthly expenses.................. 1364[/b]
[b]

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0[b]
Total Assets............................ 126000[/b]
[b]

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 108632...(380)......1.9[b]
Total secured & HP debts...... 108632....-.........-   [/b]

[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
Loyds CC ......................7167......0.........22.19
American Express CC............5597......0.........22
Mbna CC........................4888......0.........20.93
Barclaycard CC.................8287......0.........19.95
Bank of Scotland  CC...........2903......0.........26.45
Halifax CC.....................5194......0.........25.8[b]
Total unsecured debts..........34036.....0.........-  [/b]

[b]
Monthly Budget Summary[/b]
Total monthly income.................... 1,800
Expenses (including HP & secured debts). 1,364
Available for debt repayments........... 436
Monthly UNsecured debt repayments....... 0[b]
Amount left after debt repayments....... 436[/b]

[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 126,000
Total HP & Secured debt................. -108,632
Total Unsecured debt.................... -34,036[b]
Net Assets.............................. -16,668[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

Comments

  • DebtLee
    DebtLee Posts: 3 Newbie
    First Post
    Ok so I am here because I know things are no longer going to add up, the reason for the debt is due to a house renovation that had a lot of hidden expenses, anyway I tried to juggle my credit cards well ensuring I had spare credit for balance transfers onto existing cards etc, but well I can’t get any balance transfers anymore and all the interest free periods have ended or about to within the next 3 months, also another issue is that due to Covid work had informed me that all overtime has stopped which was approximately 200 a month extra for me, also I will no longer have access to a works van for commuting so an estimated 150 of fuel will be needed .

    so to now start paying interest, being 200 a month down on wages plus having to pay 150 on fuel that I am not used to has drastically changed my circumstances, and I don’t know how I am going to do it.

    thank you to anyone who can offer any advice.

    lee
  • Karonher
    Karonher Posts: 958 Forumite
    Part of the Furniture 500 Posts Name Dropper
    I still don't think you have put the figures in.
    Aiming to make £7,500 online in 2022
  • DebtLee
    DebtLee Posts: 3 Newbie
    First Post
    edited 10 May 2020 at 10:39PM
    Thanks Karonher I have hopefully updated it correctly now.

    [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......... 0
    Number of cars owned.................... 1[b]

    Monthly Income Details[/b]
    Monthly income after tax................ 1800
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0[b]
    Total monthly income.................... 1800[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 380
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 94
    Electricity............................. 54
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 32
    Telephone (land line)................... 10
    Mobile phone............................ 82
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 23
    Groceries etc. ......................... 250
    Clothing................................ 20
    Petrol/diesel........................... 150
    Road tax................................ 20.5
    Car Insurance........................... 39.5
    Car maintenance (including MOT)......... 30
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 15
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 24
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 40
    Haircuts................................ 10
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 50[b]
    Total monthly expenses.................. 1364[/b]
    [b]

    Assets[/b]
    Cash.................................... 0
    House value (Gross)..................... 125000
    Shares and bonds........................ 0
    Car(s).................................. 1000
    Other assets............................ 0[b]
    Total Assets............................ 126000[/b]
    [b]

    Secured & HP Debts[/b]
    Description....................Debt......Monthly...APR
    Mortgage...................... 108632...(380)......1.9[b]
    Total secured & HP debts...... 108632....-.........-   [/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    Loyds CC ......................7167......98........22.19
    American Express CC............5597......181.......22
    Mbna CC........................4888......50........20.93
    Barclaycard CC.................8287......195.......19.95
    Bank of Scotland  CC...........2903......40........26.45
    Halifax CC.....................5194......57........25.8[b]
    Total unsecured debts..........34036.....621.......-  [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 1,800
    Expenses (including HP & secured debts). 1,364
    Available for debt repayments........... 436
    Monthly UNsecured debt repayments....... 621[b]
    Amount short for making debt repayments. -185[/b]

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 126,000
    Total HP & Secured debt................. -108,632
    Total Unsecured debt.................... -34,036[b]
    Net Assets.............................. -16,668[/b]

    [i]Created using the SOA calculator at www.LemonFool.co.uk.
    Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
  • DrEskimo
    DrEskimo Posts: 2,454 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    There seems to be little in the form of entertainment, and there is £50 for an emergency fund, but no cash? Is this SoA an accurate reflection of what you have spent in the last 6-12months?

    Gas and electric, groceries, presents and clothing could all be cut to try and get you back breaking even, but I take it these payments on your cards are simply the minimum payments? You need to try and find additional surplus in your budget to overpay the cards and get the cleared, which is certainly not going to be easy on your income.

    I think you may have to explore some debt management plans.
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 10 May 2020 at 11:48PM
    Yup...It will need several more attempts before we have a realistic, affordable and sustainable SOA that allows the OPs family to maintain a reasonable quality of life, whilst making monthly repayments.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • ryanm8655
    ryanm8655 Posts: 1,221 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    A few quick thoughts.

    Do you need a landline? Sure you can get internet without these days.

    Your mobile phone is ridiculous - when does that end? I got the latest iPhone for £35/month by shopping around, will go sim only when it expires.

    You could get the groceries down a little. Where do you shop?

    Nothing for entertainment or holidays? Need to be realistic.

    No contents insurance or is this included in buildings?

    Can you cut your own hair and save a tenner?

    If you’re travelling for work are you no entitled to fuel expenses? This is usually about 45p/mile, so more than the fuel costs, though does allow for depreciation/maintenance.

    August 2019: £28.8k

    November 2020: £0 (0% interest)

    My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320


  • Mahsroh
    Mahsroh Posts: 769 Forumite
    Sixth Anniversary 500 Posts Name Dropper Combo Breaker
    As already said by others, a debt management plan may be the way forward and there are others on here who'll be able to advise on that much better than me. I don't think any small savings in your SOA are going to solve your monthly deficit in full, but some things you could do to help it....
    1. Mobile phone is the one that sticks out like a sore thumb. That's ludicrously expensive. When does your contract renew? Look at keeping the same phone and getting a sim only deal.
    2. Gas and Electricity - Combined £94/month. Not earth shattering but for someone who lives alone there are potential savings here. Try and get a better deal if you can, and also look at your usage around the house.
    3. Some potential savings in groceries - again, I don't think £250/month is earth shattering but for someone who lives alone there are some potential savings to be had here through meal planning etc. 

    As others have said though, you definitely need to look at your entertainment / holidays etc. I know you said the debt has come from a house renovation but is that the extent of it? I suspect (and you may tell me i'm wrong) that some of that debt is partially due to things spent on those type of things that aren't included in your SOA?

    One final point - is the property value correct? I only ask this because your LTV is currently circa 87% based on the figures, you've given, but you then have unsecured debt of £34k of which the majority appears to have come from house renovations. Have these renovations been reflected in your estimated property value? 

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