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    • SunshineBecks
    • By SunshineBecks 10th Nov 17, 1:26 PM
    • 40Posts
    • 70Thanks
    SunshineBecks
    SOA- Feedback and advice please
    • #1
    • 10th Nov 17, 1:26 PM
    SOA- Feedback and advice please 10th Nov 17 at 1:26 PM
    Good Afernoon,

    Here is our SOA- any feedback or advice would be most welome,

    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................ 1050
    Partners monthly income after tax....... 1678
    Benefits................................ 82.2
    Other income............................ 0
    Total monthly income.................... 2810.2

    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 361.4 (OH DMP and car)
    Rent.................................... 495
    Management charge (leasehold property).. 0
    Council tax............................. 107
    Electricity............................. 65
    Gas..................................... 75
    Oil..................................... 0
    Water rates............................. 0 (we currently live in Scotland, included in CT)
    Telephone (land line)................... 0
    Mobile phone............................ 77.5
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 40
    Internet Services....................... 41
    Groceries etc. ......................... 300
    Clothing................................ 30
    Petrol/diesel........................... 40
    Road tax................................ 9.62
    Car Insurance........................... 46
    Car maintenance (including MOT)......... 10
    Car parking............................. 0
    Other travel............................ 165
    Childcare/nursery....................... 168
    Other child related expenses............ 190 (Child maintenance)
    Medical (prescriptions, dentist etc).... 5
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 10
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 45
    Haircuts................................ 16
    Entertainment........................... 47.49
    Holiday................................. 10
    Emergency fund.......................... 20
    Sons savings............................ 10
    itunes.................................. 0.79
    spotify................................. 4.99
    netflix................................. 7.99
    Total monthly expenses.................. 2410.15


    Assets
    Cash.................................... 14.8
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 5000
    Other assets............................ 0
    Total Assets............................ 5014.8


    Secured & HP Debts
    Description....................Debt......Monthly.. .APR
    Mortgage...................... 0........(0)........0
    Secured Debt.................. 7776.....(162)......0
    Hire Purchase (HP) debt ...... 5200.....(199.4)....0
    Total secured & HP debts...... 12976.....-.........-

    Unsecured Debts (All mine)
    Description....................Debt......Monthly.. .APR
    Cylesdale Loan.................280.......28.71.....0
    Halifax CC.....................3710......50........0
    Santander OD...................500.......50........0
    Very...........................873.99....60....... .39.9
    TSB OD.........................100.......5.........0
    Family.........................300.......5........ .0
    Aqua CC........................248.......50........39.9
    Total unsecured debts..........6011.99...248.71....-


    Monthly Budget Summary
    Total monthly income.................... 2,810.2
    Expenses (including HP & secured debts). 2,410.15
    Available for debt repayments........... 400.05
    Monthly UNsecured debt repayments....... 248.71
    Amount left after debt repayments....... 151.34

    Personal Balance Sheet Summary
    Total assets (things you own)........... 5,014.8
    Total HP & Secured debt................. -12,976
    Total Unsecured debt.................... -6,011.99
    Net Assets.............................. -13,973.19

    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other
    Halifax CC £4583.88 £3710 Aqua CC: £300 £248 Capital one: £200 £0 Santander OD £500 £462 Very: £1050 £785.50 TSB OD: £100 Family debt: £300
    Total paid off so far: £1429.38
    Emergency Fund: £20
    Trying to become debt free by Feb 2019 and build up those savings!
Page 1
    • StopIt
    • By StopIt 10th Nov 17, 2:28 PM
    • 1,391 Posts
    • 1,183 Thanks
    StopIt
    • #2
    • 10th Nov 17, 2:28 PM
    • #2
    • 10th Nov 17, 2:28 PM
    From that, you should be able to get this debt gone in less than 3 years, quicker with a few tweaks.


    Look into your Gas/Electricity. Unless if you live in a period mansion, you shouldn't be paying £140 a month for G/E. See here: https://www.moneysavingexpert.com/utilities/you-switch-gas-electricity


    Maybe kill off the subscriptions for a while and look into saving the pennies on your Entertainment and Grocery budgets. £500 a year for presents is quite high also.


    Snowball the interest bearing debt. If you have £200 a month after debt payments, get that Very debt gone before Easter next year by piling everything into that. Then get the Aqua debt gone also.
    I'm a Board Guide on the Debt Free Wannabe, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    In debt and looking for help? Look here for the MSE Debt Help Guide.
    Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.
    • datlex
    • By datlex 10th Nov 17, 2:52 PM
    • 1,410 Posts
    • 1,210 Thanks
    datlex
    • #3
    • 10th Nov 17, 2:52 PM
    • #3
    • 10th Nov 17, 2:52 PM
    Your gas and electric both seem high. You might want to look at how you use both.
    How do you use your Netflix? Do you watch on two devices? If not you could down grade to the £5.99 package.
    I am guessing you are in contract on your mobile? When it expires move to a sim only contract.
    With regards to your Grocery bill. Have you looked at your till receipts and considered swaps for cheaper items? If you don't like one cheaper brand try another until you get to the cheapest that you like. You might find that you actually like them more than what you have had before. Consider how much you bin. Also look at where you shop.
    • ReadingTim
    • By ReadingTim 10th Nov 17, 4:51 PM
    • 2,151 Posts
    • 3,048 Thanks
    ReadingTim
    • #4
    • 10th Nov 17, 4:51 PM
    • #4
    • 10th Nov 17, 4:51 PM
    Mobile phone............................ 77.5 - go SIM only for £10
    Satellite/Cable TV...................... 40 - ditch
    Internet Services....................... 41 - halve this
    Groceries etc. ......................... 300 - try and reduce this
    Clothing................................ 30 - halve this
    Presents (birthday, christmas etc)...... 45 - halve this
    Haircuts................................ 16 - per month? Reduce.
    Entertainment........................... 47.49 - halve, or ditch this
    Holiday................................. 10 - you can't afford one
    itunes.................................. 0.79 - ditch this
    spotify................................. 4.99 - ditch this
    netflix................................. 7.99 - ditch this
    Originally posted by SunshineBecks
    These might be good places to start...
    • enthusiasticsaver
    • By enthusiasticsaver 10th Nov 17, 4:53 PM
    • 4,674 Posts
    • 8,847 Thanks
    enthusiasticsaver
    • #5
    • 10th Nov 17, 4:53 PM
    • #5
    • 10th Nov 17, 4:53 PM
    What is the secured debt and HP for? Presumably some is car. Do you have anything to sell?
    4 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Bedsit Bob
    • By Bedsit Bob 10th Nov 17, 10:04 PM
    • 9,779 Posts
    • 51,247 Thanks
    Bedsit Bob
    • #6
    • 10th Nov 17, 10:04 PM
    • #6
    • 10th Nov 17, 10:04 PM
    The first thing that jumped out at me, was your two debts at 39.9%, and the £151.34 that, according to your SOA, you have left each month.

    At your current £60 per month, it's going to take 20 months to clear the Very debt, at a cost of £287 in interest.

    If you put £150 of your surplus to it, you could have it cleared in 5 months, for just £50 in interest.

    And that's without any cutting back.

    Ditching the Pay TV, and going £10 per month sim only on the (I'm assuming) 3 mobile phones, would give you another £87-50 to put toward Very, which would see the debt gone in 4 months, for £30 interest.

    I think you can see where I'm going with this.

    While you have those very high APR debts, you need to be throwing every available penny at them.

    Once those two are gone, you can put the freed up payments toward the 0% loans, and watch them disappear fast.
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - £1161
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