Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • obay
    • By obay 14th Sep 18, 10:21 AM
    • 479Posts
    • 403Thanks
    obay
    Going wrong?
    • #1
    • 14th Sep 18, 10:21 AM
    Going wrong? 14th Sep 18 at 10:21 AM
    I don't feel like I'm struggling but I am working on paying everything off over the next year or so (bar mortgage and car). I've never missed a payment and this is as accurate as I can get it.

    I'm slowly working my through the boiler, it was a ten-year loan that I have reduced to less than 2 years. I don't feel that I'm overally in debt but just want to become a bit cleaner.

    Also hopefully just before November our mortgage drops to 570 per month (remortgage).

    My WIFE has only just started working, otherwise she has no debt and I have assumed more debt than her.

    The AIP is going through and have been hard checked, valuation / legals are working now so it's only a matter of time when my mortgage drops to 570 meaning I will have an additional 205 for debt repayment (it can't come quick enough!) Can any one advice where I can cut back or pay back faster?


    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1500
    Partners monthly income after tax....... 600
    Benefits................................ 82.5
    Other income............................ 0
    Total monthly income.................... 2182.5


    Monthly Expense Details

    Mortgage................................ 775.1
    Secured/HP loan repayments.............. 192
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 113
    Electricity............................. 50
    Gas..................................... 50
    Oil..................................... 0
    Water rates............................. 42
    Telephone (land line)................... 25
    Mobile phone............................ 10
    TV Licence.............................. 12.13
    Satellite/Cable TV...................... 0
    Internet Services....................... 25
    Groceries etc. ......................... 200
    Clothing................................ 20
    Petrol/diesel........................... 50
    Road tax................................ 0
    Car Insurance........................... 50
    Car maintenance (including MOT)......... 30
    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..................... 4.44
    Contents insurance...................... 4.44
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 30
    Haircuts................................ 25
    Entertainment........................... 80
    Holiday................................. 0
    Emergency fund.......................... 1000
    Total monthly expenses.................. 2788.11



    Assets

    Cash.................................... 0
    House value (Gross)..................... 210000
    Shares and bonds........................ 1000
    Car(s).................................. 10000
    Other assets............................ 0
    Total Assets............................ 221000



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 142196...(775.1)....4.84
    Hire Purchase (HP) debt ...... 8100.....(192)......5.99
    Total secured & HP debts...... 150296....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    barclays boiler................459.......47........14.9
    secure trust bank..............1502......36........14.9
    hiatchi capital................10000.....183.......14.9
    Total unsecured debts..........11961.....266.......-



    Monthly Budget Summary

    Total monthly income.................... 2,182.5
    Expenses (including HP & secured debts). 2,788.11
    Available for debt repayments........... -605.61
    Monthly UNsecured debt repayments....... 266
    Amount short for making debt repayments. -871.61


    Personal Balance Sheet Summary
    Total assets (things you own)........... 221,000
    Total HP & Secured debt................. -150,296
    Total Unsecured debt.................... -11,961
    Net Assets.............................. 58,743


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    1/12/16 - 152,599.00
    11/11/17 - 145,990.00
    Two Credit agreements to pay off - 13653! (inc interest).
    Sofa (DFS) (0%)923/923 - Paid off 7th November - 2017
    Barclays Boiler (18.9%!)3021.36/3021.36 - Paid 14th September 2018!
    Barclays Car (5.99%)0/8,832.37
Page 1
    • Willing2Learn
    • By Willing2Learn 14th Sep 18, 10:30 AM
    • 1,451 Posts
    • 1,102 Thanks
    Willing2Learn
    • #2
    • 14th Sep 18, 10:30 AM
    • #2
    • 14th Sep 18, 10:30 AM
    Are you sure your SOA figures are correct? You are saying you are struggling but have never missed a payment. How can that be correct with such a large shortfall available to pay your debts?

    Edit: Are you really putting 1,000 aside each month toward your emergency fund? That would explain the shortfall...
    Last edited by Willing2Learn; 14-09-2018 at 10:41 AM.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • tallyhoh
    • By tallyhoh 14th Sep 18, 10:33 AM
    • 2,158 Posts
    • 2,227 Thanks
    tallyhoh
    • #3
    • 14th Sep 18, 10:33 AM
    • #3
    • 14th Sep 18, 10:33 AM
    Have you got life insurance with your job? You need some I think with a child.
    Are you really putting 1000 a month away for emergency or is it a typo?
    Tallyhoh!

    Stopped Smoking October 2000. Saved 21,840 so far!
    • LiveLifeFull
    • By LiveLifeFull 14th Sep 18, 10:36 AM
    • 108 Posts
    • 290 Thanks
    LiveLifeFull
    • #4
    • 14th Sep 18, 10:36 AM
    • #4
    • 14th Sep 18, 10:36 AM
    Surely your not putting 1000.00 away for your EF every month? Is that incorrect?
    My CC - Feb 18 849.69 July 18 0.00
    My OD - Feb 18 1250.00 July 18 1250.00
    OH CC - Feb 18 976.00 July 18 1852.00
    OH OD - Feb 18 500.00 July 18 0.00
    TOTAL OD/CC DEBT: Feb 18 3575.69 Mar 18 3490.95Apr 18 3257.78 July 18: 3102.00
    OD/CC DEBT FREE DATE: DECEMBER 2018
  • National Debtline
    • #5
    • 14th Sep 18, 10:42 AM
    • #5
    • 14th Sep 18, 10:42 AM
    Hi obay,


    I think there is an error on your SOA with the emergency fund as well. Whilst you should save something 1000 is disproportional to your situation to save each month - I suspect this is a typo. So, if this was 100 per month, that would mean you would have 2182.50 coming in (however, please be aware that child benefit for one child is 89.70 per calendar month - so that also needs a small tweak), and your expenses would be 1888.11 meaning that you would have a surplus of approximately 295 per month.

    There doesn't seem to be anything that you need to reduce on your main expenses, in fact, you need to make sure that the budget is realistic and sustainable. And if the CMI's are 266, and you are in the process of savings another 205 per month on your mortgage you should be able to overpay the debts to drive the balances down quicker as well. Best of luck,


    Laura
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • obay
    • By obay 14th Sep 18, 10:45 AM
    • 479 Posts
    • 403 Thanks
    obay
    • #6
    • 14th Sep 18, 10:45 AM
    • #6
    • 14th Sep 18, 10:45 AM
    Hi! I thought that meant what is in my savings fund! Sorry I have 1000 in my fund, NOT 1000 per month! Sorry!

    I'll redo and post. Thanks everyone
    1/12/16 - 152,599.00
    11/11/17 - 145,990.00
    Two Credit agreements to pay off - 13653! (inc interest).
    Sofa (DFS) (0%)923/923 - Paid off 7th November - 2017
    Barclays Boiler (18.9%!)3021.36/3021.36 - Paid 14th September 2018!
    Barclays Car (5.99%)0/8,832.37
    • obay
    • By obay 14th Sep 18, 10:49 AM
    • 479 Posts
    • 403 Thanks
    obay
    • #7
    • 14th Sep 18, 10:49 AM
    • #7
    • 14th Sep 18, 10:49 AM
    This is near correct I suppose, I made a mistake sorry. As said I am not struggling one bit, I'm just wanting to pay my debt off a bit sooner.

    Life cover is covered by work and I do not pay for this.

    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1500
    Partners monthly income after tax....... 600
    Benefits................................ 89.7
    Other income............................ 0
    Total monthly income.................... 2189.7


    Monthly Expense Details

    Mortgage................................ 775.1
    Secured/HP loan repayments.............. 192
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 113
    Electricity............................. 50
    Gas..................................... 50
    Oil..................................... 0
    Water rates............................. 42
    Telephone (land line)................... 25
    Mobile phone............................ 10
    TV Licence.............................. 12.13
    Satellite/Cable TV...................... 0
    Internet Services....................... 25
    Groceries etc. ......................... 200
    Clothing................................ 20
    Petrol/diesel........................... 50
    Road tax................................ 0
    Car Insurance........................... 50
    Car maintenance (including MOT)......... 30
    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..................... 4.44
    Contents insurance...................... 4.44
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 30
    Haircuts................................ 25
    Entertainment........................... 80
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1788.11



    Assets

    Cash.................................... 1000
    House value (Gross)..................... 21000
    Shares and bonds........................ 1000
    Car(s).................................. 10000
    Other assets............................ 0
    Total Assets............................ 33000



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 142196...(775.1)....4.84
    Secured Debt.................. 8100.....(192)......5.99
    Total secured & HP debts...... 150296....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    barclays boiler................459.......47........14.9
    secure trust bank..............1502......36........14.9
    hiatchi capital................10000.....183.......14.9
    Total unsecured debts..........11961.....266.......-



    Monthly Budget Summary

    Total monthly income.................... 2,189.7
    Expenses (including HP & secured debts). 1,788.11
    Available for debt repayments........... 401.59
    Monthly UNsecured debt repayments....... 266
    Amount left after debt repayments....... 135.59


    Personal Balance Sheet Summary
    Total assets (things you own)........... 33,000
    Total HP & Secured debt................. -150,296
    Total Unsecured debt.................... -11,961
    Net Assets.............................. -129,257


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.




    After all the bills have come out on the 1st of the month, we are left with approx 300 (before shopping).. The barclays boiler is slowly reducing with 25 per week going on it extra.. (at the start I was paying 250 per week). This one has been the bain of my life it's just been annoying.
    Last edited by obay; 14-09-2018 at 10:54 AM.
    1/12/16 - 152,599.00
    11/11/17 - 145,990.00
    Two Credit agreements to pay off - 13653! (inc interest).
    Sofa (DFS) (0%)923/923 - Paid off 7th November - 2017
    Barclays Boiler (18.9%!)3021.36/3021.36 - Paid 14th September 2018!
    Barclays Car (5.99%)0/8,832.37
    • Willing2Learn
    • By Willing2Learn 14th Sep 18, 11:00 AM
    • 1,451 Posts
    • 1,102 Thanks
    Willing2Learn
    • #8
    • 14th Sep 18, 11:00 AM
    • #8
    • 14th Sep 18, 11:00 AM
    When the Barclays boiler is paid up you can put the extra money toward the Hitachi debt with the horrible APR. Even without the extra being diverted from the boiler, you can still afford to overpay the Hitachi debt each month...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • obay
    • By obay 14th Sep 18, 11:34 AM
    • 479 Posts
    • 403 Thanks
    obay
    • #9
    • 14th Sep 18, 11:34 AM
    • #9
    • 14th Sep 18, 11:34 AM
    Apart of my application with my mortgage, they have just phoned me to tell me that I have to pay 2 of my agreements off the boiler and the secure trust bank or what not.. i'll be doing that now as I want the new mortgage
    1/12/16 - 152,599.00
    11/11/17 - 145,990.00
    Two Credit agreements to pay off - 13653! (inc interest).
    Sofa (DFS) (0%)923/923 - Paid off 7th November - 2017
    Barclays Boiler (18.9%!)3021.36/3021.36 - Paid 14th September 2018!
    Barclays Car (5.99%)0/8,832.37
    • obay
    • By obay 14th Sep 18, 11:56 AM
    • 479 Posts
    • 403 Thanks
    obay
    They're paid off... I suppose it's a plus anyways... be better off in the long term, the boiler was doing my head in as it was taking so long to pay off.. anyways that's 2 agreements off my file when it comes to it anyways...
    1/12/16 - 152,599.00
    11/11/17 - 145,990.00
    Two Credit agreements to pay off - 13653! (inc interest).
    Sofa (DFS) (0%)923/923 - Paid off 7th November - 2017
    Barclays Boiler (18.9%!)3021.36/3021.36 - Paid 14th September 2018!
    Barclays Car (5.99%)0/8,832.37
    • ratrace
    • By ratrace 14th Sep 18, 1:52 PM
    • 608 Posts
    • 422 Thanks
    ratrace
    They're paid off... I suppose it's a plus anyways... be better off in the long term, the boiler was doing my head in as it was taking so long to pay off.. anyways that's 2 agreements off my file when it comes to it anyways...
    Originally posted by obay

    Good job mate, just for the future if anything needs replacing try to go down the second hand route first before buying new such as the boiler etc...

    our washing machine has just started rumble and needs the drum replacing, am i going to buy a new drum for 120 am i hell, just bidding on the same washing machine from flee bay and just goint to swap parts over

    same with a freezer i just bought used for only 30 i always go down the used route first before buying new you get to save a lot of money first

    all the best with your goals
    People are caught up in an egotistic artificial rat race to display a false image to society. We want the biggest house, fanciest car, and we don't mind paying the sky high mortgage to put up that show. We sacrifice our biggest assets our health and time, We feel happy when we see people look up to us and see how successful we are

    Rat Race
    • MovingForwards
    • By MovingForwards 14th Sep 18, 1:57 PM
    • 314 Posts
    • 388 Thanks
    MovingForwards
    Update your SOA to reflect the now current position.

    Water and council tax are they over 12 months? Yes you pay the same over the year but it frees up a couple of quid a month.
    • obay
    • By obay 14th Sep 18, 2:54 PM
    • 479 Posts
    • 403 Thanks
    obay
    Update your SOA to reflect the now current position.

    Water and council tax are they over 12 months? Yes you pay the same over the year but it frees up a couple of quid a month.
    Originally posted by MovingForwards
    the council tax is 10 months and the water is yearly.
    1/12/16 - 152,599.00
    11/11/17 - 145,990.00
    Two Credit agreements to pay off - 13653! (inc interest).
    Sofa (DFS) (0%)923/923 - Paid off 7th November - 2017
    Barclays Boiler (18.9%!)3021.36/3021.36 - Paid 14th September 2018!
    Barclays Car (5.99%)0/8,832.37
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

119Posts Today

2,138Users online

Martin's Twitter