Been on here for a while but taken the large step of working out SOA

sazzledazzle · 29 March 2008 at 9:13PM

I have been looking at this website for a while and have finally plucked up the courage to do a SOA. Mine may look a little wierd as partner pays for some things but he isnt on here as we kept finances seperate, as we brought another house to do up a year ago and he pays for that at the mo. Its on the market and hopefully soon we should receive around £20k overall profit which will make life easier. I am also waiting on a cheque to arrive over the next 3 weeks for an insurance payout of £7k.
I have done alot so far, sold my BMW back to BMW, am selling bits on ebay when I can etc.

Any advice will be great but the good thing from doing this is I know where my money is going and have looked at ways of clearing debts quicker. think if I can sell more things etc, I can clear debts in 5 years rather than 9.

Total monthly income.................... 1200 (sometimes more depending on bonus but this is the basic)
Expenses (including secure debts)....... 1142.84
Available for debt repayments........... 57.16
Monthly UNsecured debt repayments....... 150
Surplus(deficit if negative)............ -92.84

Personal Balance Sheet Summary
Total assets (things you own)........... 139000
(Assets less secured debt).............. 41000
Total liabilities(what you owe)......... 100400
Personal net worth...................... 38600

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... (not included as at the mo they are seperate
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1200

Monthly Expense Details
Mortgage................................ 550
Secured loan repayments................. 180
Council tax............................. 90
Electricity............................. 40
Gas..................................... 0 (no gas in building)
Water rates............................. 11.65
Telephone (land line)................... 0 (partner pays)
Mobile phone............................ 35
TV Licence.............................. 10.99
Internet Services....................... 0 (partner pays)
Groceries etc. ......................... 120 (half with partner)
Clothing................................ 30
Petrol/diesel........................... 0 (partner drives me to work)
Road tax................................ 0
Car Insurance........................... 21 (left to pay since selling car.)

Pet insurance/vet bills................. 30
Buildings insurance..................... 0 (included in maintainence)
Contents insurance...................... 0 (partner paying)
Life assurance ......................... 14.2
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0 (not had cut for ages)
Entertainment........................... 0 (partner paying)
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1142.84

Secure Debt
Description....................Debt......Monthly...APR
Mortgage...................... 83000....(550)......N/A
Secure Debts.................. 15000....(180)......
Total secured debts........... 98000.....

Unsecured Debts
Description....................Debt......Monthly...APR
Barclay Card ..................700.......50........0
Capital one ...................1200......50........0
Ikea ..........................500.......50........0
Total unsecured debts..........2400......150.......N/A
AssetsCash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 139000

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.[/font]any help would be great, as I am typing this in tears realising what a mess my life is at 27.

Please excuse layout not great at all this.

Cleosmum · 29 March 2008 at 9:28PM

So when you sell the other house you can cover your debts and have a bit left over? Out of that 20k you can clear all but your mortgage and then look at ways to become mortgage free

Bills wise, can you cut the mobile bill? Are you paying council tax over 10 or 12 months? How many people are you feeding on £240 a month?

sazzledazzle · 29 March 2008 at 9:38PM

My other half has a lot of debts as well, hence why we brought this house to try and help clear some of them. I think I will be able to have a around £9k of it, so will still have some debts. also not got an offer on the house yet, and dont know when that will be so want to get a start with it as its stopping me sleep.
Spoke to mobile phone company today and they can decrease it to £30 a month from next month, so doing that. paying council tax over 10 as didnt know you could do 12.
feed 2 people, dog and 2 cats on £240.00. Used to be £300 a month but cut it back this month to £240.00.
Thanks for the advise cleosmum. feeling better now I know I am not alone.

Cleosmum · 29 March 2008 at 9:43PM

Do things look any better if you do a joint SOA? Maybe you need to pool debts and money and attack it jointly?

You are never alone on MSE, always someone around to give a hand and some support

sazzledazzle · 29 March 2008 at 9:47PM

Thank you ever so much. Problem with my debts is a lot of them have gone to debt collection agencies etc, plus behind one month on mortgage. Made OH sit down today and work out his finances as well. We both have our own aims for the next few months to clear our own debts so we are kind of tackling them together. Recently OH has been paying for nights out etc, but decided to stop these, get a money box and start cutting back on everything. Going to go through cupboards in a mo and write a list of what is in there, and then put a food plan together for next week so when I shop we should be able to halve the bill again.
I love MSE, have recommended it to several people at work who need support as well.

Cleosmum · 29 March 2008 at 9:54PM

What about doing a storecupboard challenge and seeing if you can do a whole weeks meals on what you have in the house? I see you have Ikea in your sig, you could put that weeks shopping money to that debt. Have you done a snowball calculation? I found that was invaluable in getting me focussed on what needed to go first and how much to pay off each month. Do you have anything you can ebay? Is the £7k insurance yours to pay off your debts, or will you and OH go halves on it?

sazzledazzle · 29 March 2008 at 10:02PM

In the process of doing storecupboard and think with just getting a few basics should be able to get through the week with about a £20 spend, so will leave me around £30 of this weeks spend to put on ikea.
going to do the snowball calculator in the morning to work out which to clear first but looking at interest rates think ikea will be first. hoping to increase payments to £100 a month to clear in in 5 months.
Going to go through all our stuff tomorrow and get a pile of ebay things, have a couple of bits on there at the mo, so hopefully anything I get from there I can put towards ebay as well.
Most of the 7k is for my debts said I would lend partner a little bit to help him out. We are using £1k of it to go to my best friends wedding. Its money from a car accident I was nearly killed in so wanted to have a least one treat, and she is one of my longest friends so wedding and holiday in one. i know it should go on a debt but feel I need to have at least one little treat, plus negotiated £200 off the bill.

A_Nice_Englishman · 29 March 2008 at 10:02PM

The profit from you property development business should come in handy, but don't forget to put aside money for any tax you may have to pay on it. It may be worth posting in the Tax Saving part of the forum for tips on minimising this.

sazzledazzle · 29 March 2008 at 10:05PM

A_Nice_Englishman wrote: »

The profit from you property development business should come in handy, but don't forget to put aside money for any tax you may have to pay on it. It may be worth posting in the Tax Saving part of the forum for tips on minimising this.

Thank you for that advise, something we have thought of but dont 100% understand so going to go on that forum and find out more. Plus we would like to do another one when we are financially better off, so that we can try and clear the mortgage alot quicker so worth while investigating now properly.

Thanks for you advice, feeling alot better with all the replies i am getting.

off to see my dad in a mo and confessed to him the bit of a pickle we are in, so he is going to try and support us tonight by talking about options.

Cleosmum · 29 March 2008 at 10:06PM

Well Sazzle, I spent £40 on a treat meal to Nandos today, so I wont tell you off for having a treat lol.

sazzledazzle · 29 March 2008 at 10:08PM

Cleosmum wrote: »

Well Sazzle, I spent £40 on a treat meal to Nandos today, so I wont tell you off for having a treat lol.

i read about your treat and it made me smile. What great kids you have, and they are obviously very proud and supportive of you. We went through a similar thing when we were kids and to this day I am still proud of what she did to get through it all.

Been on here for a while but taken the large step of working out SOA

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