LP's DFW diary - Pixie Power.....

LilacPixie

Well after months and months floating about I have decided to do my own diary basically because I am losing all perspective of the ultimate goal at the moment.

Here is Our current SOA. I'm on maternity leave at the moment so this will need updated in around 6 months to reflect a drop in my income.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 1000
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 2520

Monthly Expense Details
Mortgage................................ 404
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 118
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 105
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 5
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 160
Road tax................................ 26.6
Car Insurance........................... 94
Car maintenance (including MOT)......... 12
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..................... 25
Contents insurance...................... 0
Life assurance ......................... 16
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1267.6

Assets
Cash.................................... 0
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 85000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 54000....(404)......6.3
Total secured debts........... 54000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Welcome HP.....................3500......276.......34
RBS Loan.......................3000......134.......10.9
sofa HP........................600.......20.2......12.9
07 C/tax arrears...............1000......110.......0
05 C/tax arrears...............900.......160.......0
next...........................400.......40........26.49
TV hp..........................200.......17........29.9
House loan.....................10000.....144.......12.9
Total unsecured debts..........19600.....901.2.....-

Monthly Budget Summary
Total monthly income.................... 2,520
Expenses (including secured debts)....... 1,267.6
Available for debt repayments........... 1,252.4
Monthly UNsecured debt repayments....... 901.2
Surplus(deficit if negative)............ 351.2

Personal Balance Sheet Summary
Total assets (things you own)........... 85,000
Total Secured debt...................... -54,000
Total Unsecured debt.................... -19,600
Personal net worth...................... 11,400

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


There is no water charges because they are included in our council tax payment. We run two cars hence high insurance/tax/petrol costs. Mobile phone bils are huge. OH's is £40 mines is £40 and we have a 3rd that is £25 that ends on 22nd july 08. OH gets a £10 per week tax free wage allowance for his so really it doesn't cost us anything but as the £10 is swallowed in his monthly wage it felt right to include in in this SOA.

We have quite hefty council tax arrears so at the moment we are concentrating on clearing them by the end of 2008 when my salary will take a nose dive.

Apparently we are also entitled to a £500 maternity grant so I think we will be putting that to clearing a little debt because we have bought all required baby items already.

sophiesmum_2

Hi lilacpixie.
Just dropping in to wish you well with your diary, you seem to be heading in the right direction with the stuff you post on the dfw things thread so i am sure you will be able to eventually sort things out.
Will be great if the surestart grant works out:D Look forward to hearing all about baby pixie.
Take care.

hayley_jayne

Just found your thead and wanted to wish you the best of luck. Do you have a plan on what you are paying off first?

LilacPixie

Unsecured Debts
Description....................Debt......Monthly.. .APR
Welcome HP.....................3500......276.......34
RBS Loan.......................3000......134.......10. 9
sofa HP........................600.......20.2......12.9
07 C/tax arrears...............1000......110.......0
05 C/tax arrears...............900.......160.......0
next...........................400.......40....... .26.49
TV hp..........................200.......17........29 .9
House loan.....................10000.....144.......12.9
Total unsecured debts..........19600.....901.2.....-

Sorry i've been a little quiet. baby is not giving me an easy ride.

Anyway I have a few choices to make. We have a small amount of money from a tax rebate for OH plus we have applied for a maternity grant for the new dinky pixie.

All together with the little bit of ebay earnings/bingo winnings/slice the pie earnings we have about £820 not including the £500 maternity grant.

Now we have almost 20k of debts in the SOA above so the obvious answer would be to pay off some of them, the question is which one.


In APR Order:

Welcome car finance HP has 13 payments left to go and it does not allow overpayments without financial penalty so that is out. The gits also did me over with PPI wich is currently subject to a complaint so i really would not want to give them a penny sooner than I have too

TV HP with HFC bank. This finishes in July 09 as well with 13 payment to be made. redemption figure from them is 35p less than paying the £16.05 a month for 13 months as the sneeky gits add a £25 redemption admin charge :mad:

Next store card. Looks pretty much a certain debt to be cleared.

Sofa HP on interest free until Jan 09. This isn't actually a HP agreement its on a credit card as a bal transfer. Currently paying them £20.20 which is the minimum interest free payment. rate rises to 12.9 on 26th Jan 09.

House loan is massive. APR 12.9 a one off OP wouldn't really make a diffrence to it I don't think. I also do not have a clue if i can overpay without penalty or how to go about it.

RBS loan is OH's loan. Finishes may 2010 i think. It's pretty much our lowest APR debt.

Council tax arrears are currently at 0% The 05 arrears are mine from being a student. Apparently from may - october 05 I should of been paying full council tax because I was between courses :mad: I have appealed but i'm considering it as debt until told otherwise. Last payment to be made 1st November 08. 07 arrears are just basic poor budgetting and not paying it when we should. mix of OH not working etc. last payment to that one to be made 1st march 09.

I'm just confused.

There is the added confusion which is there are a few things needing done to the home and my head says clear some debt, my heart says spend. :rolleyes:

As i mentioned above there is also a £500 maternity grant which we have applied for. we have everything we need for dinky pixie as far as I can see and what we don't have seems a waste of money and I grudge paying it even tho its money I never knew we could get. Plus until it is actually confirmed i don't believe it.

zena2105

LilacPixie wrote: »

Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 105

:eek:how do you manage to spend £105 a month on mobile phone, can you not get a cheaper deal, to pay more towards your debts?

Have you considered going to payplan or http://www.cccs.co.uk/ and asking them to set up a debt management plan!!! they are a charitable organization and totally free!

taxi73

Personally I would pay the council tax 05 with the money and next saving me £200 per month.I know you have an appeal but if you did win it then what you paid could come off the 07arrears....freeing up that amount of money also.
The £200 per month can then go towards the sofa and that will be gone freeing up more money.As your aim is to cut your expenses down these would be my choices....then I would pay the other council tax of with the £22o per month saved and the £110 you are already paying .So all these bills will be gone very quickly.

LilacPixie

Sorry I appear to have abandoned this thread. I have been in hospital having the new dinky pixie and then tru=ying to get into some sort of routine.

Zena Mobiles are so high because we both have £55p/m contracts and phones are a requirment for our job. We do get that amount reimbursed by our employers but its included in monthly salary. I found it to be more transparent to include the mobiles and the salary going into the bank rather than minus £55 of each salary and then leave mobiles as 0. I really don't think a DMP is the way forward for us as we are not struggling financially to make the minimum contractual monthly payments.

Taxi we have cleared the TV HP now with the Next account going just as soon as the bill arrives. As the c/tax arrears are at 0% I didn't see a point in paying interest on the next account at 26.49%. That has also allowed us to have a small amount in a savings account to clear the sofa when the time comes.

beer_tins

I've got to say you've got the right idea. Don't overpay on things with 0% interest, pay the highest APRs first, but only if you factor in the early repayment charges. If you have no debts left that are worth paying early because of the charges, put the money in savings and don't touch it, rather than paying off the council tax arrears. You can then use the savings to help pay council tax arrears once your income drops (if you find you don't have enough left at the end of the month).

P.S. Congrats on the little one!

Burlesque_Babe

hiya lilacpixie.

Have you done a DFD yet with the snowball? It will give you something to work towards and also a challenge to try to bring closer bit by bit.

LilacPixie

dfd as per snowball was may 2016 when i first joined this site based on minimum payments. Now its August 2010. I even have gotten brave and added in the mortgage plus student loans and at the current rate of repayment we can be df and mf in 61 months!!! that has given us a huge point to focus on.

Burlesque_Babe

that's excellent progress!