My SOA...Your thoughts appreciated

maxmycardagain wrote: »

thats as it is now, but once your BR it will be considerably different


Monthly Income Details
Monthly income after tax................ 2072.17
Partners monthly income after tax....... 550 (they dont want this they want your partners contributions to living costs)
Benefits................................ 0
Other income............................ 114.99 (What is the source as it may be exempt in the SOA)
Total monthly income.................... 2737.16

Monthly Expense Details
Mortgage................................ 608.28
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 118
Electricity............................. 35
Gas..................................... 39
Oil..................................... 20
Water rates............................. 45.49
Telephone (land line)................... 0
Mobile phone............................ 36
TV Licence.............................. 9.95
Satellite/Cable TV...................... 21 (Take this out your not allowed it)
Internet Services....................... 17.99 (check)(Dont think your allowed this)
Groceries etc. ......................... 350 (if this is for two people then its ok)
Clothing................................ 50 (10 per person per month)
Petrol/diesel........................... 150
Road tax................................ 30 (£360/yr?)
Car Insurance........................... 41.66
Car maintenance (including MOT)......... 80 (high)
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 55 (like?)
Medical (prescriptions, dentist etc).... 15 (prepay £10)
Pet insurance/vet bills................. 0
Buildings insurance..................... 33.29
Contents insurance...................... 0
Life assurance ......................... 90.49 (check)(Dont think they allow this and if its worth anything they will have you surrender it and nick the £££)
Other insurance......................... 14.9 (What?)
Presents (birthday, christmas etc)...... 50 (check)(dont think this is allowed)
Haircuts................................ 20 (£10 pp)
Entertainment........................... 100 (er, no) (not a chance)
Holiday................................. 60 (check)(think they work on 25 for a modest holiday)
Emergency fund.......................... 50 (i wish)(not going to happen im afraid)
Total monthly expenses.................. 2791.05 (1700)

Assets
Cash.................................... 500
House value (Gross)..................... 225000
Shares and bonds........................ 5500 (bye bye)
Car(s).................................. 5000 (OR looks and licks lips)
Other assets............................ 0
Total Assets............................ 236000

Secured Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 141000...(608.28)...5.19
Secured Debt.................. 77000....(650)......8.......(bye bye)
Total secured debts........... 218000....-.........-

Unsecured Debts.......(BYE BYE)
Description....................Debt......Monthly.. .APR
Credit card....................9000......150.......0
credit card....................4000......116.......0
credit card....................1400......60........14
Overdraft......................3100......150...... .20
loan...........................6500......229.6.... .8.9
Loan...........................13000.....187...... .14.9
Loan...........................13500.....291.1.... .10
Total unsecured debts..........50500.....1183.7....- all gone under BR

Monthly Budget Summary
Total monthly income.................... 2,737.16
Expenses (including secured debts).......
Available for debt repayments........... -53.89
Monthly UNsecured debt repayments....... 1,183.7
Surplus(deficit if negative)............ -1,237.59

Personal Balance Sheet Summary
Total assets (things you own)........... 236,000
Total Secured debt...................... -218,000
Total Unsecured debt.................... -50,500
Personal net worth...................... -32,500

Horace wrote: »

Hi and welcome

Your mobile, satellite and internet charges seem to be quite high. You can get a 4 for £40 deal with Virgin Media: mobile, tv, broadband and landline or if you dont want mobile get 3 for £30.

You can cut back on Entertainment at £100 per month and reduce your grocery bill down from £350 a month. Look on the oldstyle forum for tips on meal planning. When you go shopping make a list and buy what you need rather than what you want - check out your cupboards before you go because you might already have some stock in that needs to be used first.

I would move the credit card debts to a 0% balance transfer card and then put that card away and not spend on it. I am sure that someone more experienced than I can give you advice on loans because I have never had one so I know nothing about them.