Cruisingkerrys statement of affairs

cruisingkerry

Hi Everyone,

Been browsing the site and am well impressed with the advice and support you all give to everyone so I thought I'd tap into it too

My personal situation is - currently living alone, my boyf is Filipino and we want to get married and settle in England. Need to have about 3k in bank as savings so when we apply for a visa I can show I can support him, until he can work. As you can see I currently have zilch.

I work full time as a nurse and have applied for bank work to do some extra shifts every month to make more money. I've also just applied to be an avon lady after reading the boards on here. So hopefully in the near future my earnings could go up approx £500 a month (4 bank shifts + avon commission).

I shop very frugally at Aldi and Home Bargains only visiting Tescos etc for things like coffee (one little luxury - decaf ground coffee).

Someone did suggest I get a lodger but I am really, really not keen on that idea, too used to my own space, work shifts etc.

Anyway, be really interested to hear what you think and any advice you may have for me.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1300

Monthly Expense Details
Mortgage................................ 328
Council tax............................. 80
Electricity............................. 30
Gas..................................... 30
Water rates............................. 30 have got a water meter so probably will go down now
Telephone (land line)................... 35 including internet
Mobile phone............................ 30
TV Licence.............................. 28 apparently have to pay 1st year over 6 months
Groceries etc. ......................... 100
Petrol/diesel........................... 100
Road tax................................ 0 just renewed 6 months
Car Insurance........................... 24
Buildings and contents insurance..................... 24
Life assurance ......................... 24
Total monthly expenses.................. 863

Assets
Cash.................................... 0
House value (Gross)..................... 70000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 70500
Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 62000....(328)......5.9
Total secured debts........... 62000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
A&L Credit Card................2300......100.......15.9
Cap 1 Credit Card..............800.......38........15.9
Citifinancial Loan.............12000.....255.......12.99
Egg Loan.......................1300......33.95.....5.9
Total unsecured debts..........16400.....426.95....-

Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including secured debts)....... 863
Available for debt repayments........... 437
Monthly UNsecured debt repayments....... 426.95
Surplus(deficit if negative)............ 10.05

Personal Balance Sheet Summary
Total assets (things you own)........... NaN
Total Secured debt...................... -62,000
Total Unsecured debt.................... -16,400
Personal net worth...................... NaN

Thanks very much all, looking forward to your comments with bated breath......

Kerry

jinky67

hi there
firstly petrol very high,
groceries... only you?
swap credit cards to lower interest ones
life insurance also high

experts will be along shortly no doubt....but theres a starter for 10!

Merlot

Petrol high at £100, where does Jinky live? (my OH spends £240 per month and thats just to work and back).

Your Life assurance - is this for your mortgage? If so, its not high, its about the right amount, you may get a £1 or two off if you try.

Try to obtain lower cards, your APR are high.

When you apply for the visa, will they know you have debts? I think you are going to struggle to save the money and repay the debts off at the same time, can your bf save some money too.

cruisingkerry

Yep, life ins is for mortgage.
Boyf will be saving too, but he's on a much lower wage than me (the curse of the 3rd world), makes me feel really bad that I have wasted so much over the years and am now in the mess I am.

No chance of changing to lower interest rates, no one will have me.

No they don't look into credit history, you provide them with payslips, bank statements etc for 6 months min

cruisingkerry

btw, thanks both for your comments x

Tigert

I agree with Merlot - £100 isn't high for Petrol. If I just pay for getting to work and back it's over £200. I'd love to be able to lower mine but I have to get to work.

You do need to include your Car Tax in your SOA though, you may have renewed for 6 months but then what?

My only suggestions are around your phone and mobile. You can get combined phone/internet for a lot cheaper. Also could you lower your mobile tariff?

CLAPTON

First thing to do is to redo your SOA including ALL your spending... that means the average of everything you will spend over the next 12 months
e.g. you say zero for car tax as you have already paid it... so in six months time how will you pay the next tax ... by borrowing or using the money you have saved up...

so you need to add:-

car tax
clothes
holidays
presents
christmas
car MOT/repairs
emergency fund for the house

and do you really never socialise, have a haircut, spend anything at lunch time etc etc?

start aspending diary and write down everything single thing you spend


so you neeed to include the average value of everything you will spend over the next 12 months (i.e. divide by 12)
so

cruisingkerry

got ages left on my mobile contract but could maybe reduce it, I'll have a
look.

I have the phone and internet contract because they have the best rates to the Philippines so I can speak to my honey