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Should We Consolidate?
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Ok guys here is my SOA: -
Statement of Affairs and Personal Balance Sheet
Monthly Budget Summary
Total monthly income.................... 2537.88
Expenses (including secure debts)....... 1970.95
Available for debt repayments........... 566.93
Monthly UNsecured debt repayments....... 150
Surplus(deficit if negative)............ 416.93
Personal Balance Sheet Summary
Total assets (things you own)........... 187500
(Assets less secured debt).............. 112500
Total liabilities(what you owe)......... 78200
Personal net worth...................... 109300
Monthly Income Details
Monthly income after tax................ 1178.88
Partners monthly income after tax....... 814
Benefits................................ 325
Other income............................ 220
Total monthly income.................... 2537.88
Monthly Expense Details
Mortgage................................ 370.96
Secure loan repayments.................. 204
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 66
Electricity............................. 68
Gas..................................... 0
Oil..................................... 100
Water rates............................. 38
Telephone (land line)................... 20
Mobile phone............................ 25
TV Licence.............................. 10
Satellite/Cable TV...................... 19
Internet Services....................... 17.99
Groceries etc. ......................... 400
Clothing................................ 0
Haircuts................................ 0
Entertainment........................... 0
Petrol/diesel........................... 400
Road tax................................ 29
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 40
Buildings insurance..................... 15
Contents insurance...................... 18
Life assurance ......................... 40
Other insurance......................... 20
Presents (birthday, christmas etc)...... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1970.95
Secure Debts
Description....................Debt......Monthly...APR
Mortgage...................... 60000....(370.96)...N/A
Secure Debts.................. 15000....(204)......0
Total secured debts........... 75000.....N/A.......N/A
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................1600......50........0
Credit Card....................1100......50........0
Store Card.....................500.......50........0
Total unsecured debts..........500.......150.......N/A
Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 500
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 187500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.
I have finished the Debt Remedy form with CCCS, now it is asking for to phone them for my booklet. Should I do this?
Cheers0 -
Wow that was quick
Author of the first Stoozing FAQ on the Internet and Creator of the SOA & Snowball calculators at Lemonfool.co.uk0 -
The big thing that jumps out is the groceries figure at £400 - a huge amount!
How many is the money feeding each month? As a rough guide, 2 people can easily be fed on £150 a month with batch cooking, cooking from scratch, meal planning etc.
I would definitely give the CCCS a ring.
"Stay Wonky":D
:j:jBecome Mrs Pepe 9 October 2012 :j:j0 -
It's up to you, but there are a few things that you could make savings on from your SOA. Your income a little better than ours & your debt is much less. We should be debt free in just over 4 years on the £32k we owe,so you should be able to get there alot quicker. Good luck.Debt at LBM(July 1st 07)-£35,053.92 Debt on 1st Anniversary of LBM(July 1st 08)-£33,170.11 (31st January 09)-£32,318.73Paid off so far £2,735.19(7.8%) Average paid off p.m. £143.95 L/H supporter 115 DFD target February 2018 DFD March 2028. PAD(Started 28/12/08) £253.77 £10 a day Feb £110/£280 WEDDING Paid off £1,585.96 Saved Up £925.400
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Ok guys here is my SOA: -
Statement of Affairs and Personal Balance Sheet
Monthly Budget Summary
Total monthly income.................... 2537.88
Expenses (including secure debts)....... 1970.95
Available for debt repayments........... 566.93
Monthly UNsecured debt repayments....... 150
Surplus(deficit if negative)............ 416.93
Personal Balance Sheet Summary
Total assets (things you own)........... 187500
(Assets less secured debt).............. 112500
Total liabilities(what you owe)......... 78200
Personal net worth...................... 109300
Monthly Income Details
Monthly income after tax................ 1178.88
Partners monthly income after tax....... 814
Benefits................................ 325
Other income............................ 220
Total monthly income.................... 2537.88
Monthly Expense Details
Mortgage................................ 370.96
Secure loan repayments.................. 204
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 66 Can you switch to payment over 12 months, instead of 10? Most councils will let you do this if you call and ask
Electricity............................. 68
Gas..................................... 0
Oil..................................... 100 How do you buy your oil? I know some people on here club together with neighbours and bulk buy at a slightly cheaper rate
Water rates............................. 38
Telephone (land line)................... 20 This is high
Mobile phone............................ 25 This can be reduced
TV Licence.............................. 10
Satellite/Cable TV...................... 19 Cancel/switch to Freeview
Internet Services....................... 17.99 If you bundle this up with your landline, TV and even mobile, you can get a much better deal than this
Groceries etc. ......................... 400 And this can be cut back-have a look at the Old Style board for some tips, but there is definately room for manouver (sp?) here!Clothing................................ 0
Haircuts................................ 0 I pay a fiver and have mine cut at the local college-it's worth factoring in some money for this at least
Entertainment........................... 0
Petrol/diesel........................... 400
Road tax................................ 29
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 40 I assume you shopped around for this but it seems quite high
Buildings insurance..................... 15
Contents insurance...................... 18
Life assurance ......................... 40 Again, pretty high
Other insurance......................... 20 What is this for?
Presents (birthday, christmas etc)...... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1970.95
Secure Debts
Description....................Debt......Monthly...APR
Mortgage...................... 60000....(370.96)...N/A
Secure Debts.................. 15000....(204)......0
Total secured debts........... 75000.....N/A.......N/A
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................1600......50........0
Credit Card....................1100......50........0
Store Card.....................500.......50........0
Total unsecured debts..........500.......150.......N/A
Are you quite sure your store card is 0%? They are usually in the 26-30% realm....
Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 500
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 187500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.
I have finished the Debt Remedy form with CCCS, now it is asking for to phone them for my booklet. Should I do this?
Cheers
Sure, def worth giving CCCS a call, and I have put some comments in bold. Welcome! x0 -
If you can get £500 for your shares/bond and they are accesible, I would cash them in and use them to clear the store card - is the APR of that 0%? They are usually something awful like 29%."Stay Wonky":D
:j:jBecome Mrs Pepe 9 October 2012 :j:j0 -
Believe it or not we do shop at Lidl and Tesco (the reason why we have to go to Tesco is that Lidl don't do veggie food and toiletries) We cook 95% of our food from scratch and have a take away about once every 2 months or so. We feed 4 mouths during the week and 5 at the weekend (my eldest is in uni and comes home every weekend). The shopping bill has come down quite a lot. I would go to Aldi's but I found the quality of there food to be worse than Tesco's value range.
I will phone the CCCS on Tuesday as they are shut now until then. You know just talking about it to others who are sympathetic and have been/are in the same position certainly has eased the pressue a bit and I thank each one of you for your advice. I popped over to moneysupermarket.com's forums and read some really bad horror stories about consolidation loan companies especially picture loans and first plus. So if it is one thing that I will take away with me today is I will NOT be taking out a consolidation loan.
Are there anyother tips you guys can give me? I have made some savings thanks to Martin's tips (I subscribe to his newsletter now to). There are areas I could improve on, but unfortunately where I live I cannot do without Sky as I cannot recieve any sort of TV signal with an aerial, and I could save around £30 a month if I switch my phone and internet to Sky as well.
Cheers0 -
A tip I would give is to go over to the Old Style board on MSE. Join the monthly Grocery challenge from the 1 April and you'll spend less and less each month - I promise! Have a look at the meal planner threads for ideas for making weekly plans with odds and ends around the house.
Join some challenges on this board and come and say hello on the Daily Chat Thread - you will be made very welcome."Stay Wonky":D
:j:jBecome Mrs Pepe 9 October 2012 :j:j0 -
Join up to quidco.com and get cashback on purchases, free trials and things you might swap, like sky (even as a current customer), talk talk (you can get phone, BB and calls for around £15-£20 depending on the package), savings accounts, dvd trial periods, the list goes on. How about having a declutter and doing an ebay challenge? Whatever you make you can throw at the highest % rate card and really feel like you are attacking it head on 0
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Yes, get over to old style to get the groceries down. Currently feeding 2 adults and 3 kids on £200 pm, so you can definately get yours down a bit 0
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