My SOA turn.....it aint too pretty!

oilrag

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1250
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1250

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 20
Clothing................................ 10
Petrol/diesel........................... 250
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 20
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 485

Assets
Cash.................................... 850
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 300
Total Assets............................ 1150

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
hsbc loan......................7400......166.......10.04
aa loan........................3450......73........7.9
hsbc cc........................3894......98........4.9
family loan (cc)...............3025......75........0
Total unsecured debts..........17769.....412.......-

Monthly Budget Summary
Total monthly income.................... 1,250
Expenses (including secured debts)....... 485
Available for debt repayments........... 765
Monthly UNsecured debt repayments....... 412
Surplus(deficit if negative)............ 353

Personal Balance Sheet Summary
Total assets (things you own)........... 1,150
Total Secured debt...................... -0
Total Unsecured debt.................... -17,769
Net Assets.............................. -16,619

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

moved back home a month or two ago to start sorting this debt problem out. even split up with partner a month ago because of this. I think its probably quite obvious that i need to start paying more off credit card but just wanted to get my SOA out there.

The aa loan is in joint names and everything else is in mine

POV guys?

CCCS_Matthew

Hi there,

Looking at your situation, you seem to have more than enough money left over at the end of the month to meet the repayments. So in order to tackle these debts you need to look at tackling the debts with the larger interest on them.

Take a look at the Snowball Calculator that will identify where to overpay. You could also look at reducing your entertainment right down to really make a difference to these debts. Your petrol seems high too, do you travel long distances to work?

Horace

There is nothing for road tax, car insurance, maintenance yet you are paying £250 a month for petrol. Also you haven't included a tv licence yet you have satellite/cable services.

If you cut out your £100 entertainment budget and get rid of the holiday and presents spending then you have more money to chuck at your debts.

The mobile phone bill looks a bit high - see if you can change tariff and move to a PAYG one instead.

saver03

Hello and welcome, also well done on paying off quite a bit of your debts already £1622 in just over a month is amazing :T . I have added some points to your soa, in red, I hope you find them helpful. In regards to your debts I know it is obvious but you need to concentrate on paying off the debts with the highest apr first. Do you know if there are any penalties if you pay off the loans earlier or can you possibly make overpayments each month?

oilrag wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1250
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1250

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 40 Is this contract? Could you go on payg or maybe reduce your contract?
TV Licence.............................. 0
Satellite/Cable TV...................... 20 What do you get for this? I am with virgin and get tv, phone as internet for £30
Internet Services....................... 20 see above
Groceries etc. ......................... 20
Clothing................................ 10
Petrol/diesel........................... 250 This is very high can you use the car less? Maybe you could walk more. Less petrol more exercise! :rotfl:
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 20
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 485

Assets
Cash.................................... 850 Can you not use this to pay some off cc unless it's in an account that has higher interest than the cc apr
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 300 What is this?
Total Assets............................ 1150

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
hsbc loan......................7400......166.......10.04
aa loan........................3450......73........7.9
hsbc cc........................3894......98........4.9
family loan (cc)...............3025......75........0
Total unsecured debts..........17769.....412.......-

Monthly Budget Summary
Total monthly income.................... 1,250
Expenses (including secured debts)....... 485
Available for debt repayments........... 765
Monthly UNsecured debt repayments....... 412
Surplus(deficit if negative)............ 353 Can you pay £350 into a savings account and use it to pay off loan sooner as long as the interest is higher than the 4.9% apr if you can not get a saving account with over 4.9% interest you should put the £350 straight onto your cc

Personal Balance Sheet Summary
Total assets (things you own)........... 1,150
Total Secured debt...................... -0
Total Unsecured debt.................... -17,769
Net Assets.............................. -16,619
quote]

If you find that you don't actaully have the £353 a month extra you should start a spending diary to see where the extra money goes.

Sorry if you think I am being super strict:p

oilrag

thanks for the comments!

I should have explaiend the car a bit more. i have a company car so thats why i dotn pay insurance, tax etc but i do alot of travelling for my job which is why i spend so much on petrol.

I have a second interview for another company tomorrow with a better basic and its 5 mins down the road!!! so will have another few hundred per month in disposable.

The £20pm on broadban is unavoidable because im tied in for another 6 months even though i have moved out of the house....ouch!

The interest rate on my savings account is higher than my credit card until jan next year so im thinking of taking it all out then and knocking it off the card.

I have cut back a huge amount since lviing at home and being single and my £100 monthly entertainment is probably more than what im actually spending.

I have just got a new contract which can with a free phone which i plan to sell on ebay for £300 and a free laptop which my sister is going to buy for £250. The contract is alot better than my current and will be £35 per month which is probs what id spend on PAYG.

The £300 asset is my laptop and its the only real asset i have! lol. I have TV which i am selling form£400 tomorrow (my baby ) so that will be more cash in the bank. I get paid next thursday too so its looking a bit better

Dithering_Dad

Do you not think you should start paying even a token amount to your parents to cover the additional utilities & food?

In order to start learning to live within your means, you need to start taking responsibility for your life and living off the charity of your parents isn't going to help you in the long run.

oilrag

believe me i have offered. I used to pay board money as soon as i got out to work at 18 until i rented my first prop so they know im good for it but its been a tough year. I do let them know how much i appreciate what they do but they have a big house with no mortgage and are in a very good financial position. Im so lucky to have them really. If i asked them to they would probably clear the lot and i pay them something each month but id rather sort this out myself.