enough is enough

Clariman

GeorgeUK wrote: »

You migh mention Ctrl+a Ctrl+v - then again that might REALLY confuse people. :rotfl:

Indeed!

How about when you hit the MSE button it copies the result into the clipboard.;)

I was actually thinking the same myself. I'm not a web developer so it is not something I know how to do, but you'd think there would be a way.

Still think it's a touch of class that tool. :T :beer:

Thank you If anyone would like me to have a crack at any other useful calculators, I'd be happy to have a go (time willing). The site does have a couple of others that may be useful e.g. a Balance Transfer calculator and a Repayments calculator.

Clariman

Robflh

Hi debtmuncher

Can you put an L at the end of debts that are loans and state how long they were for and how long they have left to go.

Can you also put a C at the end of all credit cards and state what the credit limit is for them.

I need to do a bit of juggling with the debts you currently have so that you are paying out less each month and paying less in interest each month.

You have no debt for the Black Horse (Car) and Northern Rock but you are making payments each month. That does not make any sense.

£360 a month for groceries is either very good or very bad. For a large family that could be good but for a couple that is on the high side. Keep an eye on what you are buying and look for all the offers.

Bigger is better. It is often the case that the big box of cornflakes will cost less then the smaller box, so get the bigger packets but always check that they are cheaper and that you will use all of it before the use by date.

Down branding or buying all the supermarkets value products will reduce the cost of your shopping. Have a look at the money saving old style forum. There are lots of tips on there.

GeorgeUK

Monthly Expense Details
Council tax............................. 120 If you are paying this over 10 months, could you ask to pay it over 12?
Electricity............................. 55 A bit high - might be worth comparing other providers
Gas..................................... 55 Again, compare prices. When was the last time you switched providers?
Water rates............................. 0 Is this included in the council tax?
Telephone (land line)................... 12.5
Mobile phone............................ 35
TV Licence.............................. 14
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 360 That's alot of choccy biccies. See the old style board on how to reduce the cost with meal plans etc
Clothing................................ 10
Petrol/diesel........................... 200
Road tax................................ 24.5
Car Insurance........................... 22
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 5
Other child related expenses............ 5
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 13
Contents insurance...................... 13
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 Alot of presents for that much
Haircuts................................ 5
Entertainment........................... 0 No going out, no drinks, no nuffink? Not even a wispa??

Made a few suggestions in red.

debtmuncher

debtmuncher wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1050
Partners monthly income after tax....... 650
Benefits................................ 1200
Other income............................ 0
Total monthly income.................... 2900

Monthly Expense Details
Mortgage................................ 395
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 120
Electricity............................. 55
Gas..................................... 55
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 12.5
Mobile phone............................ 35
TV Licence.............................. 14
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 360
Clothing................................ 10
Petrol/diesel........................... 200
Road tax................................ 24.5
Car Insurance........................... 22
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 5
Other child related expenses............ 5
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 13
Contents insurance...................... 13
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1424

Assets
Cash.................................... 0
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 90000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 62349....(395)......5.49
Total secured debts........... 62349.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
aqua...........................334.44....10.02.....39.95
barclaycard....................3976.71...89........27.9
vanquis........................493.02....22........47.89
overdraft......................2500......30........0
capital........................482.43....24.12.....30.34
argos mastercard...............1031.65...36........0
homebase.......................560.6.....22.14.....27.9
argos..........................682.17....27.29.....27.9
next...........................740.96....84........26.49
littlewoods....................798.92....39........32.9
kays...........................732.79....100.......0
barclaycard....................668.39....15........0
vanquis........................230.46....11........38.58
argos..........................334.45....13.38.....27.9
argos mastercard...............1510.34...45.31.....0
capital........................1018.56...50.93.....30.34
next...........................823.41....77.66.....26.49
littlewoods....................1166.82...58........32.9
black horse (car)..............0.........280.......12.2
northern rock..................0.........215.......10.9
black horse....................4530......236.......15.9
Total unsecured debts..........22616.12..1485.85...-

Monthly Budget Summary
Total monthly income.................... 2,900
Expenses (including secured debts)....... 1,424
Available for debt repayments........... 1,476
Monthly UNsecured debt repayments....... 1,485.85
Surplus(deficit if negative)............ -9.85

Personal Balance Sheet Summary
Total assets (things you own)........... 90,000
Total Secured debt...................... -62,349
Total Unsecured debt.................... -22,616.12
Personal net worth...................... 5,034.88

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

dont know the balance to car loan and northern rock as yet...waiting to get hubbys credit file sorted out which will then tell me the info but that wont be until tomorrow.

debtmuncher

Robflh wrote: »

Hi debtmuncher

Can you put an L at the end of debts that are loans and state how long they were for and how long they have left to go.

Can you also put a C at the end of all credit cards and state what the credit limit is for them.

I need to do a bit of juggling with the debts you currently have so that you are paying out less each month and paying less in interest each month.

You have no debt for the Black Horse (Car) and Northern Rock but you are making payments each month. That does not make any sense.

£360 a month for groceries is either very good or very bad. For a large family that could be good but for a couple that is on the high side. Keep an eye on what you are buying and look for all the offers.

Bigger is better. It is often the case that the big box of cornflakes will cost less then the smaller box, so get the bigger packets but always check that they are cheaper and that you will use all of it before the use by date.

Down branding or buying all the supermarkets value products will reduce the cost of your shopping. Have a look at the money saving old style forum. There are lots of tips on there.

black horse £280 is the car loan for five years and was taken out last year
northern rock is a 5 year loan and started in april 2005
black horse is a loan started in 2004 and is meant to finish in early 2009 (took payment holidays)

credit cards
hubby-
argos mastercard limit-1000
vanquis limit - 500
capital one limit - 500
barclaycard limit - none...its closed down whilst we are paying it off
aqua limit - 350.00

mine
vanquis limit - 250
argos mastercard - limit 1500
capital one - limit 1000
barclaycard - limit 680.00

£360 is for a family of 2 adults and 4 children could possibly get it less but until i start regular weekly shopping trips i cant say exactly how much we can live off

hope this helps and thankyou!

debtmuncher

hi!
will try the council office tomorrow to see if it can go over 12 mths.worth a try!

doubtful to the gas/elect....we just changed over a few months ago and this was the price we were give but will have a look round though

scottish here so the water rates are in with the council tax

:eek: at the choccie biscuits comment!! lol its for a family of 2 adults and four kiddies but yes i do seem to be buying packed lunch choccie biscuits (jacobs are two packs for 1.29) which end up being demolished by night time...i need to hide them better lol

its about 75 per child for birthdays and 100 per child for xmas...always shopping for bargains where i can but i havent been budgeting properly yet so thats not being done. main family get a token gift each more for fun so we (or rather i!) set a limit of two pounds and we have to try and stick to it in a fun way! its fab! kiddies get a fiver birthdays/xmas again i look for bargains

we dont go out.....i only get one weekend off in the month which i tend to spend cheaply with the kiddies. might get a wee bottle of something in but we arent into drinking (done that years ago!) too old for that stuff now!

thankyou for helping!

debtmuncher

debtmuncher wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1050
Partners monthly income after tax....... 650
Benefits................................ 1200
Other income............................ 0
Total monthly income.................... 2900

Monthly Expense Details
Mortgage................................ 395
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 120 correct figure is £116 so a four pounds saving on that.
Electricity............................. 55
Gas..................................... 55
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 12.5
Mobile phone............................ 35
TV Licence.............................. 14
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 360
Clothing................................ 10
Petrol/diesel........................... 200
Road tax................................ 24.5
Car Insurance........................... 22
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 5
Other child related expenses............ 5
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 13
Contents insurance...................... 13
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1424

Assets
Cash.................................... 0
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 90000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 62349....(395)......5.49
Total secured debts........... 62349.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
aqua...........................334.44....10.02.....39.95
barclaycard....................3976.71...89........27.9
vanquis........................493.02....22........47.89
overdraft......................2500......30........0
capital........................482.43....24.12.....30.34
argos mastercard...............1031.65...36........0
homebase.......................560.6.....22.14.....27.9
argos..........................682.17....27.29.....27.9
next...........................740.96....84........26.49
littlewoods....................798.92....39........32.9
kays...........................732.79....100.......0
barclaycard....................668.39....15........0
vanquis........................230.46....11........38.58
argos..........................334.45....13.38.....27.9
argos mastercard...............1510.34...45.31.....0
capital........................1018.56...50.93.....30.34
next...........................823.41....77.66.....26.49
littlewoods....................1166.82...58........32.9
black horse (car)..............0.........280.......12.2
northern rock..................0.........215.......10.9
black horse....................4530......236.......15.9
Total unsecured debts..........22616.12..1485.85...-

Monthly Budget Summary
Total monthly income.................... 2,900
Expenses (including secured debts)....... 1,424
Available for debt repayments........... 1,476
Monthly UNsecured debt repayments....... 1,485.85
Surplus(deficit if negative)............ -9.85

Personal Balance Sheet Summary
Total assets (things you own)........... 90,000
Total Secured debt...................... -62,349
Total Unsecured debt.................... -22,616.12
Personal net worth...................... 5,034.88

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

this "wanna be debt free" lark is like wading through mud. its hard to keep motivated now.

phoned the council....if wanted payments spread over 12 mths and income/expenditure form needs to be completed first. advisor took the opportunity to tell me that currently in arrears by a pound which needed paying immediately! told her that hubby got his numbers mixed up so next payment was to increase by a pound...he sure as heck wasnt going to do an online payment of a pound just after he realised his mistake.

phoned the mortgage...cant remortgage with them (nothing going for remortgaging) so to give them one months notice if changing but thats not until oct when current fixed deal rate is finished....was kind of hoping to get a bit of equity to put towards consolidation....was even looking at one year loans of £1000 to put towards three cc of the highest interest as it would be lower payments thus more towards the others total cost of three payments is 133 pds and loan would be just about £97 pds. hmmm hmmm hmmm. tempting.

one other job still to do is phone experian .

GeorgeUK

Be careful DM. Consolidating is not usually a good idea, and there may be cheaper ways of reducing the interest. Have you read the CC shuffle article?
http://www.moneysavingexpert.com/cards/cut-credit-card-interest

How many credit searches have you had in the last 6 months? You can usually have 3 within that period before your credit score is affected. Too many searches close together may also influence whether you are given credit. Hopefully you don't have any late payments and will be able to make a dent in the debt without missing payments until Oct when you remortgage.

With regards to getting a loan, that's why i ask about the number of credit searches, when was the last time you applied for credit and more specifically a creditcard. Do you think you would be able to get something like the virgin money credit card? This would enable you to do balance transfers at 0% APR for 15 months. (3% BT fee, 3% min payment 1st month, 2nd-15th months min payment £25) Much better than getting a loan. By the time you get to remortgaging you will want as few credit searches as possible.

Thought it might be worth considering.

Also with regards the CC shuffle, if you can do a BT to some of the lower interest cards and clear the higher ones, you may be able to start tarting. (Threaten to close a card and get 0% deal for 6 months etc, do BT and repeat with another card) This way you would not get any credit searches on your file as it is an offer to an existing customer.

Robflh

Hi debtmuncher

Unfortunately, you have little leeway with your credit cards. As they are all very close to their limits you cannot transfers some of the other debts to them.

I would agree with George, both you and your husband should apply for a Virgin Credit card. I would suggest that he applies for one and when he has his, you can apply for one.

http://uk.virginmoney.com/credit-card-v3/

I could not believe it the first time I herd it but it would seem to be true, after the first month you only have to pay £25 each month until the 15-month offer ends.

You transfer as many of the other CC debts as you can to the Virgin card and then you buy everything you can with the credit card that has the lowest APR (Not the Virgin card) and the least possibility of being able to transfer balances to it from other cards.

Money you would normally pay for things like food, fuel and so on is used to pay as much off one of your non-CC debts as you can. During the fifteen months, you should be able to kill off a number of them. The more of them you kill the more money you will free up for other things.

If neither of you are able to get a Virgin card or you have too low a limit on it/them. A consolidation loan would seem to be the next best option. Excluding the car loan and the Northern rock loan, you are paying out £925.85 each month for debts totalling £22,616.12.

A loan for £23,000 over 36 months @ 7.9% is £717.19 a month. That would leave you with £208.66 a month for other things.

£23,000 over 48 months @ 7.9% is £557.89 a month and that would leave you with £376.96 and is the one I would go for.

www.lombarddirect.com/loan_calculator.as

Both loans are without payment protection and you might have to be very lucky to get a loan @ 7.9%. However, you have a good track record with Black Horse and Northern Rock, so if you decided to go for the loan, try them first and in that order.

In four years time, excluding the mortgage, you would be debt free.