My new and improved SOA!

littlepinkstars44 · 3 January 2010 at 9:31PM

A new year, and a new start

So here is my new and improved SOA, if anyone has any tips or ideas please let me know!

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 270
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 435
Total monthly income.................... 705
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 5
Internet Services....................... 0
Groceries etc. ......................... 25
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 290

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft #1...................1400......0.........0
Overdraft #2...................1040......15........0
Overdraft #3...................200.......0.........0
Old Mobile Debt................90........10........0
Kays BNPL Feb 2011.............150.......0.........0
Very BNPL Feb 2011.............400.......50........0
Very BNPL Sept 2010............120.......0.........0
Very...........................99........15........38.9
New Look Card..................84........10........28.9
Dorothy Perkins Card...........251.......15........29.9
Topshop Card...................224.......15........29.9
Total unsecured debts..........4058......130.......-

Monthly Budget Summary
Total monthly income.................... 705
Expenses (including HP & secured debts). 290
Available for debt repayments........... 415
Monthly UNsecured debt repayments....... 130
Amount left after debt repayments....... 285
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,058
Net Assets.............................. -4,058
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

pointypenguin · 3 January 2010 at 10:51PM

It all looks quite good to me. The only suggestion I can make is maybe trying to increase your income. Can you increase your hours at work?

Tixy · 3 January 2010 at 11:05PM

What are you going to use the £285 suplus for? If its all going to debt repayments within 2months you can be clear of the Very account, the DP card and the topshop card. (And if those cards have been cut up then you'll be free of them forever!)

How does the Very BNPL work? - is is interest free until the date given and then charged at 39.9%? If so you would be better tackling the one that starts charging interest in September before the Feb 2011 one.

littlepinkstars44 · 3 January 2010 at 11:10PM

Tixy wrote: »

What are you going to use the £285 suplus for? If its all going to debt repayments within 2months you can be clear of the Very account, the DP card and the topshop card. (And if those cards have been cut up then you'll be free of them forever!)

How does the Very BNPL work? - is is interest free until the date given and then charged at 39.9%? If so you would be better tackling the one that starts charging interest in September before the Feb 2011 one.

Yeah, they don't start adding intrest on till the dates stated, but the Very 2011 one is for 2 xbox elite consoles my mum ordered for me and my brother for Christmas. So i usually give her £150 a month, but to pay these off, shes told me to just give her £100 and pay the £50 towards them for her.

January is a bad time (5 family birthdays, including my own) So i am planning on paying min payments, then get pressies as cheap as possible, then pay extra to the debts.
After this month, i'm hoping to throw as much as possbile towards them!

littlepinkstars44 · 3 January 2010 at 11:12PM

pointypenguin wrote: »

It all looks quite good to me. The only suggestion I can make is maybe trying to increase your income. Can you increase your hours at work?

I only work 9 hours a week at £6 an hour, so generally my wages are only around £200 a month.
This is with extra hours and sundays (time and a half)
Have had a few extra hours over Christmas and New Year, as i've not been at uni. But when uni starts back i'll go down to 9 hours a week.

poppy_f1 · 4 January 2010 at 5:18PM

littlepinkstars44 wrote: »

January is a bad time (5 family birthdays, including my own) So i am planning on paying min payments, then get pressies as cheap as possible, then pay extra to the debts.
After this month, i'm hoping to throw as much as possbile towards them!

if things are that tight just tell people your skint and cant afford to buy them anything, im sure they will understand

tiny_courageous · 4 January 2010 at 6:55PM

littlepinkstars, it would probably be better to post an actual SOA of what you're currently spending rather than what you'd like to be spending. You posted an SOA in October which had a surplus of £250 a month yet your debt has actually increased since then. I think when you compare the accurate SOA with the one you want to have, you'll have a better picture of where the changes need to be made.

littlepinkstars44 · 5 January 2010 at 1:15AM

poppy_f1 wrote: »

if things are that tight just tell people your skint and cant afford to buy them anything, im sure they will understand

I would, but one of them is my 12year old brother

He goes out of his way every year to save some of his christmas money to buy me a birthday pressent in Jan. So i feel bad not giving him something in return.

littlepinkstars44 · 5 January 2010 at 1:16AM

tiny_courageous wrote: »

littlepinkstars, it would probably be better to post an actual SOA of what you're currently spending rather than what you'd like to be spending. You posted an SOA in October which had a surplus of £250 a month yet your debt has actually increased since then. I think when you compare the accurate SOA with the one you want to have, you'll have a better picture of where the changes need to be made.

Yes, because i have missed quite a few payments on things, and got £12 charges added.

littlepinkstars44 · 5 January 2010 at 1:18AM

closed wrote: »

Clear the highest apr storecards asap, use your money effectively, and deal with the debt instead of spending on credit.

You have no money to overpay, but you can afford to spend £40 on an Xbox game - £40 more debt.

I haven't bought an xbox game, i am asking for the cheapest place for it, because i know my brother wants to buy me it for my birthday on the 26th. So i am trying to find the best place for him to get it from, so i can tell my mum to take him there. As i don't want him spending everything he has kept aside from his christmas money to spend on me.

josephine82 · 5 January 2010 at 9:24AM

Hi pinkstars,

Paying the minimum payments is fine if you really have no other money.
Your SOA shows that you have £285 spare.

If you have birthdays in Jan then get your presents and then pay any extra off the most expensive debt.
Then in February:

Make the minimum payments, then pay off and close the two most expensive debts with the lowest balances:

Very...........................99........15....... .38.9
New Look Card..................84........10........28.9

Then in March & April clear these:

Dorothy Perkins Card...........251.......15........29.9
Topshop Card...................224.......15........29.9

Then in May you can clear these two:

Very BNPL Sept 2010............120.......0.........0
Kays BNPL Feb 2011.............150.......0.........0

And then this one in June:

Very BNPL Feb 2011.............400.......50........0

Then these in July:
Overdraft #3...................200.......0.........0
Old Mobile Debt................90........10........0

Then you can work at overpaying these.

Overdraft #1...................1400......0.........0
Overdraft #2...................1040......15........0

You could clear half of your debt by July this year, and then have the overdrafts cleared by the end of the year.

Its do-able if you are realistic and can stick to it.

If you commit to it and think about how much extra money you will have once the debts are paid off, and how nice it will be to buy things with cash, not credit, you will get there!

Josephine

My new and improved SOA!

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