what should i do

nicolacarr

im new on here i have been looking through posts for a while. can anyone help i have
mortgage of £142,867.50 :eek: apr 6.49% fixed until 2012 over 34yrs 4 mths

unsecured loan £22,063.14 :eek: apr 6.49% over 34yrs 4mths taken out same time as mortgage. if i leave existing mortgage they re negotiate apr on loan.

unsecured loan £8000 apr 15.9% over 7yrs didn't check apr at time could kick myself.

cc £1300 0% apr until dec

littlewoods £97.00 will be paying that off asap.

was just wondering i want to start overpaying some of my debts but dont know where to start as will prob only have about £100 mth to overpay. The £8000 loan is over 15.9% and want to pay it off asap as dont want to pay that much interest. but worried that if i dont start paying off £22000 loan then when it comes to end of term the apr will go up and wont be able to afford repayments. can anyone give me any suggestions thanx in advance

Merlot

Hi and welcome to DFW. You have come to the right place for help.

Firstly, if you could post a full SOA (incomings and outgoings) it will help us to help you. Can you list your repayments for your mortgage and loan etc (is it really unsecured at 34 years?)

Sorry, but I can't get the link to work to help you with the SOA (I'm on the laptop and cor blimey I'm not use to this touchpad thing, the curser keeps shooting off in the wrong direction.)

I'll try again and I'll come back with the link.

Well done for posting, you have really taken the first steps.

Merlot.x.

Edited: Nicola, read this, it will help you, it may be a wee bit daunting, but take your time, and post your SOA when your ready, we can then help. Sorry it took me so long, flippin laptop!http://forums.moneysavingexpert.com/showthread.html?t=107280

poorandindenial

Here's the SOA calculator http://www.makesenseofcards.com/soacalc.html

And a snowball calculator (lots of fun to play with to see what you can do with your debts by overpaying) www.whatsthecost.com

nicolacarr

Monthly income after tax................ 0
Partners monthly income after tax....... 2400
Benefits................................ 205
Other income............................ 0
Total monthly income.................... 2605

Monthly Expense Details
Mortgage................................ 861.9
Secured loan repayments................. 0
Rent.................................... 231.67
Management charge (leasehold flat)...... 0
Council tax............................. 168
Electricity............................. 52
Gas..................................... 57
Oil..................................... 0
Water rates............................. 51.44
Telephone (land line)................... 22.99
Mobile phone............................ 0
TV Licence.............................. 11.61
Satellite/Cable TV...................... 21
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 40
Petrol/diesel........................... 280
Road tax................................ 0
Car Insurance........................... 43
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..................... 24.6
Contents insurance...................... 0
Life assurance ......................... 38.87
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2024.08

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

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... NaN......(861.9)....6.49
Total secured debts........... NaN.......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
unsecured loan.................NaN.......132.......6.49
unsecured loan.................NaN.......228.......15.9
credit card....................1300......50........0
Total unsecured debts..........NaN.......410.......-

Monthly Budget Summary
Total monthly income.................... 2,605
Expenses (including secure debts)....... 2,024.08
Available for debt repayments........... 580.92
Monthly UNsecured debt repayments....... 410
Surplus(deficit if negative)............ 170.92

Personal Balance Sheet Summary
Total assets (things you own)........... 5,000

brummiebabe

nicolacarr wrote: »

Monthly income after tax................ 0
Partners monthly income after tax....... 2400
Benefits................................ 205
Other income............................ 0
Total monthly income.................... 2605

Monthly Expense Details
Mortgage................................ 861.9
Secured loan repayments................. 0
Rent.................................... 231.67 why are you paying rent & mortgage?
Management charge (leasehold flat)...... 0
Council tax............................. 168
Electricity............................. 52 have you shopped around?
Gas..................................... 57 as above?
Oil..................................... 0
Water rates............................. 51.44 seems expensive - would a meter be cheaper?
Telephone (land line)................... 22.99
Mobile phone............................ 0
TV Licence.............................. 11.61
Satellite/Cable TV...................... 21
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 40
Petrol/diesel........................... 280
Road tax................................ 0 do you not budget for this?
Car Insurance........................... 43
Car maintenance (including MOT)......... 0 ditto above
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..................... 24.6 seems high just for buildings - I pay that for bulidings & contents combined - is that the same for you?
Contents insurance...................... 0
Life assurance ......................... 38.87
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0you probably need to consider budgeting for these aswell
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2024.08

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

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... NaN......(861.9)....6.49
Total secured debts........... NaN.......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
unsecured loan.................NaN.......132.......6.49
unsecured loan.................NaN.......228.......15.9
credit card....................1300......50........0
Total unsecured debts..........NaN.......410.......-

Monthly Budget Summary
Total monthly income.................... 2,605
Expenses (including secure debts)....... 2,024.08
Available for debt repayments........... 580.92
Monthly UNsecured debt repayments....... 410
Surplus(deficit if negative)............ 170.92

Personal Balance Sheet Summary
Total assets (things you own)........... 5,000

Hi & welcome to DFW!! I'm not the most experienced with SOAs but I do think you've missed out some important things. In my experience - it's those things that can destroy any budget (xmas, birthdays car expenses etc etc) - might be worth thinking about!

Best of luck...I'm sure there will be more of the regulars along shortly!!;)

nicolacarr

thanx for reply.
ok my husband works away all week so have to pay rent for his house that's why petrol is so high.
every time i have moved house i have ended up paying more than £100. is this the case with just switching supplier. mum swapped and had to pay £150 to change supplier.
also checked about water meter and its no cheaper.
yes that figure is for buildings and contents.
at the moment we are not buying presents for adults only children. my xmas bill was about £300 just for immediate family so cutting back and only buying for kiddies.
road tax and car maintenance im saving loose change.

SPEN69

Yesterday approached HBOS to Consolidate Existing Mortgage and some Unsecured Loans. I have enough equity in property to so do.
Application failed on HBOS credit score system.
Reason was I had in the last month made several applications and enquiries
re O% Credit Cards and Secured loans. Every application is noted on your Credit File and counts against you on HBOS system.
Why should this be when all i was trying to do was be responsible about my borrowing and find a secure way of paying all my debts.?
Frustrated i am now having to go to Independant Financial Advisor.
First thing he has confirmed is that he can get me the mortgage i am looking for from Guess Who Hbos! 1.5% MORE than their standard Rate. Am i mad or is the system playing with us?

nicolacarr

i have just rang my gas and electric supplier and they said that i would only be charged for what i have used up to when i change. so going to go on comparison site now.

beverleyhills

Welcome to MSE.

nicolacarr wrote: »

thanx for reply.
road tax and car maintenance im saving loose change.

This is a flickering lightbulb. Account for all your predicted spending. If you have any loose change save it for treats.

Does your husband share his house? Is this the only expense he has living away from home.

Do you have anything that you can sell?

Good luck bh

nicolacarr

he shares with two other men. all his other bills are included on my soa. can anyone give me advise about which debt to pay off first (explained in my first post)thanx

nicolacarr

i have just done a price comparrison on my gas and elec and cant get my bills down any more any other advice. please