Being Brave - posting my income/expenditure

BBAddict

Ok, below is my SOA from makesenseofcards.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Benefits................................ 1183.72

Total monthly income.................... 1183.72

Monthly Expense Details
Rent.................................... 29.25
Electricity............................. 60
Gas..................................... 40
Telephone (land line)................... 35
Mobile phone............................ 5
TV Licence.............................. 8.78
Satellite/Cable TV...................... 38
Groceries etc. ......................... 270
Clothing................................ 100
Other travel............................ 39
Contents insurance...................... 19
Presents (birthday, christmas etc)...... 50
Haircuts................................ 120 This should read approx £8 I put in the yearly figure!
replacement of bedding.................. 30
Total monthly expenses.................. 844.03

Assets
Total Assets............................ 0

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
buy as you view................1990......0.........0
brighthouse....................786.56....0.........0
provi..........................1533......0.........0
moorcroft(BT)..................162.15....0.........0
westcott credit servi..........385.83....0.........0
vanquis........................723.14....0.........0
fashionworld...................120.59....0.........0
marshall ward..................261.05....0.........0
capital one....................173.12....0.........0
npower.........................957.13....0.........0
mmf............................336.......0.........0
Total unsecured debts..........7428.57...0.........-

Monthly Budget Summary
Total monthly income.................... 1,183.72
Expenses (including secured debts)....... 844.03
Available for debt repayments........... 339.69
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 339.69

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -7,428.57
Personal net worth...................... -7,428.57

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

I've cut as much as I can see, but fresh eyes may see something else. I'm stuck with my energy provider because I do have arrears with them.
My unsecured debts - foolishly acquired because its so darn easy to be sucked in:mad: but I have stopped spending on those that I'm not in arrears with.

I'm off to double check all my figures before I start working out pro-rata payments etc.

Any input is greatly appreciated.

Many Thanks in advance

Paula

Angel11_2

Couple of things that stick out
£120 a month on haircuts - have it bi-monthly - or on student nights when they are supervised.
£100 a month on clothing - again leave this a couple of months - you've probably got enough with the labels still on. Have a sort out - ebay stuff you don't wear.
£30 a month on replacement bedding - is this for medical reasons?
Contact satellite company - goes for minimum package for a while

You don't say how many there are in your household. Maybe join one of the many challenges on these boards, grocery, make £10 a day, daily clicks, mystery shopping.

Use the snowball calculator - put in your debts and apr's - pay of the highest first

Good Luck!

MrsTinks

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Benefits................................ 1183.72

Total monthly income.................... 1183.72

Monthly Expense Details
Rent.................................... 29.25
Electricity............................. 60
Gas..................................... 40
Telephone (land line)................... 35 This seems high?
Mobile phone............................ 5
TV Licence.............................. 8.78
Satellite/Cable TV...................... 38 Can you reduce this to a lower package?
Groceries etc. ......................... 270 This can be cut! How many people are you feeding on this?
Clothing................................ 100 How? Why?
Other travel............................ 39
Contents insurance...................... 19
Presents (birthday, christmas etc)...... 50 This can be cut too! Have a trip over to the special occasions boards for loads of ideas!
Haircuts................................ 120 Uhmmm I had my wedding trial, cut and then actual wedding day arrangement for less than this! Definitely possible to reduce this!
replacement of bedding.................. 30 ?
Total monthly expenses.................. 844.03

You can definitely make some cuts on here. Why not join in one of the grocery challenges over on the Old Style board? They are super at find ideas you'd never have thought of!

BBAddict

Thanks Angel, I knew a fresh pair of eyes would help!
There is just myself and my son in the household. I'm a full time parent/carer and don't do nights out.

Haircuts - my mistake - that figure is over the year, I forgot to put the monthly figure!
Bedding/clothing - extra because of sons medical condition, same for clothing - I do spend more than normal on both of these items. Clothing I could probs cut back on this a little.
Sky - I am about to take the movies off package, everything else would need to stay.

Re paying off debts - I used the sheet over at national debt helpline, which worked out pro rata payments. Is it better to pay each one a pro-rata payment, or to use available money to pay off largest creditor first, which would mean other creditors getting nothing until its 'their turn'

Thanks again


Paula

10past6

Hello Paula

Can you just confirm your rent, is that figure correct £29.95 PER MONTH

What about your Gas & electric, £100.00 per month, have you tried any other companies, you may well get a cheaper deal.

MrsTinks

Ok that makes more sense
If your son needs the bedding then he needs the bedding - simple as!
Same with food - if he has certain requirements for food then make sure you factor them in.
With clothes if it's because you go through a lot with your sons condition then again you need to keep that, but I would maybe split it down a little? Seperate as "My clothes £10 - Sons clothing £90"
Sky - is this something your son watches? I don't know what his condition is but if you are a full time carer then I am guessing he's pretty housebound? If he gets a lot of enjoyment out of the TV maybe consider either keeping the movies package OR Tesco's DVD rental?
If the figures are right then they are right It's just important that you explain WHY they might seem high

fatbelly

Talk to CCCS/ Payplan/CAB

You should be able to handle 7500 of debt on a surplus income of £340 pcm.

The key is going to be getting (high) interest and charges stopped

beanielou

DO u actually have a surplus income of £340 pm though?

Angel11_2

BBAddict wrote: »

Ok, below is my SOA from makesenseofcards.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Benefits................................ 1183.72

Total monthly income.................... 1183.72

Monthly Expense Details
Rent.................................... 29.25
Electricity............................. 60
Gas..................................... 40
Telephone (land line)................... 35 Can this be cut down a bit
Mobile phone............................ 5
TV Licence.............................. 8.78
Satellite/Cable TV...................... 38
Groceries etc. ......................... 270
Clothing................................ 100
Other travel............................ 39
Contents insurance...................... 19
Presents (birthday, christmas etc)...... 50 - Cut down a bit on this too. Cheaper presents this year
Haircuts................................ 120 This should read approx £8 I put in the yearly figure!
replacement of bedding.................. 30
Total monthly expenses.................. 844.03

Assets
Total Assets............................ 0

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
buy as you view................1990......0.........0
brighthouse....................786.56....0.........0
provi..........................1533......0.........0
moorcroft(BT)..................162.15....0.........0
westcott credit servi..........385.83....0.........0
vanquis........................723.14....0.........0
fashionworld...................120.59....0.........0
marshall ward..................261.05....0.........0
capital one....................173.12....0.........0
npower.........................957.13....0.........0
mmf............................336.......0.........0
Total unsecured debts..........7428.57...0.........-

Monthly Budget Summary
Total monthly income.................... 1,183.72
Expenses (including secured debts)....... 844.03
Available for debt repayments........... 339.69
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 339.69

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -7,428.57
Personal net worth...................... -7,428.57

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

I've cut as much as I can see, but fresh eyes may see something else. I'm stuck with my energy provider because I do have arrears with them.
My unsecured debts - foolishly acquired because its so darn easy to be sucked in:mad: but I have stopped spending on those that I'm not in arrears with.

I'm off to double check all my figures before I start working out pro-rata payments etc.

Any input is greatly appreciated.

Many Thanks in advance

Paula

Provi - I assume this is provident - from what I've heard these are very high on the interest rates. Pay this as soon as.
Ref calculating how much to pay to who. Pay the minimum for the lower apr's. And pay as much as you can of the highest.
Ring or write to each company - explain temporary difficulties - can they freeze the interest for 4 months? No worse off if they say no.

Re the needs for your son - can you get any additional help from social services with bedding needs ect.

What is Brighthouse and Buy as you view? - can these be cancelled?
I'm off to bed now but keep in view your log. xx

MrsTinks

Angel Buy as you view is a shopping channel thingy... (Google...)

MrsTinks

Brightview - weekly payment store... Guessing HP agreement.