SOA please help

Stuckinarut

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1101
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1101

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 205.84
Management charge (leasehold property).. 0
Council tax............................. 78.43
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 15
Mobile phone............................ 30
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 100
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 5
Car Insurance........................... 35
Car maintenance (including MOT)......... 5
Car parking............................. 20
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 12.5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 732.77

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly.. .APR
Car Loan.......................4702.28...85........0
Greenwood Loan.................670.......10........0
Moorcroft debt.................86........10........0
Studio Cards...................60........10........0
Loan...........................382.59....76....... .0
o2.............................386.98....10....... .0
Vanquis........................334.88....20....... .47.89
Sky............................58.95.....5........ .0
Additions......................251.94....5........ .0
Talk Talk......................59.67.....5.........0
Total unsecured debts..........6993.29...236.......-

Monthly Budget Summary
Total monthly income.................... 1,101
Expenses (including secured debts)....... 732.77
Available for debt repayments........... 368.23
Monthly UNsecured debt repayments....... 236
Surplus(deficit if negative)............ 132.23

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total Secured debt...................... -0
Total Unsecured debt.................... -6,993.29
Net Assets.............................. -3,993.29

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

oilrag

Hi mate.

Personally i think you should try knock down that vanquis asap as ive had alot of clients with vanquis cards which always have pretty high int rates.

Speak to some of your lenders and explain your having financial difficulty.

I spoke to my bank, hsbc, when i was struggling and they lowered my int rate from 18.9% to 4.9% for 6 months. While its not ideal it saves me about 35 quid a month on interest. i was quite surprised.

At least you have a disposable income which is good so just start taking donw the smaller high interest accounts first. Not sure what sort of work you do but if you have time for a wknd or evening job this could get you an extra 200-400 per month which will help a great deal.

good luck

GeorgeUK

Hi stucki

Your SOA seems to be in pretty good shape.
Council tax - if paying over 10 months, can you ask to pay it over 12?
Mobile - change to PAYG?
Groceries - have a look at the old style board and they may be able to help save through meal plans etc

Are all those debts really 0% or do you just not have the APR's handy?

I agree that you should pay the minimum on all the cards and then throw everything left at the highest APR debt.
You have a few loans there - if you are unable to overpay without incurring charges and the interest is quite severe, i'd look at possibly trying to get a 0% card such as virgin money to transfer funds. The virgin card allows you to do a balance transfer to your current account so you would then be able to use this cash to pay off the loan in full (if you could get enough credit).

oilrag

the other thing i was gonna mention is the parking cost. any chance you can leave a bit earlier and get a free parking spot and walk from there?

Stuckinarut

thanks its appreciated.

I'm looking into starting part time work at the beginning of August.
I work in the middle of town, all carparks are pay and display so will always have that charge until job changes.

dancingfairy

Your SOA looks pretty good. However you have obviously racked up nearly £7000 worth of debt. You need to have a think about why this is. Is it a case of always just overspending what you earn or was it spent on specific things ie car blew up and you needed one for work? or what? you don't need to explain it to us but it would help you to know what caused the debt to make sure it doesn't occur again.

Anyway I suggest you do a spending diary to see where all your money is going. While I appreciate you are trying to pay off you debt - you must spend some money on entertainment? at least put a small amount in the budget for some. Your SOA suggests you are able to make all the minimum payments and have £130 a month spare so maybe sent yourself a budget for entertainment and make sure the rest of the surplus goes to paying off that debt.

I think Vanquis and Moorcroft are likely to be charging the highest rates of interest but worth checking if you can.

Good Luck

Stuckinarut

Thanks, whats a spending diary? Is that just where I keep a note each time I spend anything and what it was for and amount?

tyllwyd

Do you really have money over at the end of the month? If you do, I'd look at clearing some of the little debts like £60 to Studio cards. You are probably paying stupidly high interest rates on some of these, and also it would help you concentrate on the larger debts.

Stuckinarut

I had to buy new glasses which will get paid of next months pay, but after that i'm going to try clear off the small balances each month.

I start a part time job on 9/08/08 which will give me about an extra £110 a month which I can put towards my vanquis card.

RAS

Look at the boost your income tab at the top of the page.

if you have been buying stuff, then hunt round for the clothese that you never wear, the CDs and DVDs you are unlikely to use again, anything, and do a car boot, stick it on amazon or e-bay. if you can knock a £200 of your most expensive debts then you can start to turn this round.

Also find those APRs and post you debts in the snowball on www.whatsthecost.com. That will tell you have to pay off your debt most effectively and you can see the impact of paying off a lump sum on any account.

bank_of_slate

Stuckinarut wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1101
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1101

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 205.84
Management charge (leasehold property).. 0
Council tax............................. 78.43
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 15
Mobile phone............................ 30 re-negotiate if possible
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 100 As others have said - old style board, shopping list and meal planning
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 5
Car Insurance........................... 35 Have you looked for a cheaper provider?
Car maintenance (including MOT)......... 5
Car parking............................. 20 do your homework and look for car parks that are a little further away, cheaper and perhaps walk the last bit
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 12.5 Is this a payment plan?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 732.77

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly.. .APR
Car Loan.......................4702.28...85........0
Greenwood Loan.................670.......10........0
Moorcroft debt.................86........10........0
Studio Cards...................60........10........0
Loan...........................382.59....76....... .0
o2.............................386.98....10....... .0
Vanquis........................334.88....20....... .47.89 Whoa!!!!! :eek:
Sky............................58.95.....5........ .0 Are these all 0%? DO not default on any payments if they are, they'll whack the interest straight back up.
Additions......................251.94....5........ .0
Talk Talk......................59.67.....5.........0
Total unsecured debts..........6993.29...236.......-

Monthly Budget Summary
Total monthly income.................... 1,101
Expenses (including secured debts)....... 732.77
Available for debt repayments........... 368.23
Monthly UNsecured debt repayments....... 236
Surplus(deficit if negative)............ 132.23

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total Secured debt...................... -0
Total Unsecured debt.................... -6,993.29
Net Assets.............................. -3,993.29

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Hi and welcome to the forum!
...Linda xx