My SOA as promised.

tawecdl

I created a post "consolidate or juggle" and I was advised to post my SOA. I have done so now and would like some advice if possible on where I'm going wrong. I never have any money and never pay all my minimum payments because of lack of funds. This will change but advice is appreciatred


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 20
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 50
Clothing................................ 10
Petrol/diesel........................... 120
Road tax................................ 11
Car Insurance........................... 120
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 120
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)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 706

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

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 5060.....(20).......15
Total secured debts........... 5060......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................335.12....6.........6
Barclays.......................950.......20........0
Mint...........................4242.88...7.........0
A&L............................364.4.....10........0
Total unsecured debts..........5892.4....43........-

Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including secured debts)....... 706
Available for debt repayments........... 394
Monthly UNsecured debt repayments....... 43
Surplus(deficit if negative)............ 351

Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total Secured debt...................... -5,060
Total Unsecured debt.................... -5,892.4
Net Assets.............................. -10,652.4

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

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

tawecdl

I have been offered a £6000 loan but I said I wasn't interested before they told me the APR. This could clear all my smaller debts and make it into 2 big ones. (CDL and Loan) Is this a bad idea. I am not sure of the APR on my current debts btw.

redsquirrel80

Hello and welcome :hello:

I think the first thing you need to look at is where the £350 you should have left according to your SOA is going - try keeping a spending diary and writing down everythng you spend.

As for the loan, I suspect it might cost you more in the long term. If you can get the APRs for your cards then put the details into http://www.whatsthecost.com/snowball.aspx this will show you how long it'll take to pay off your debts, and what the total cost will be, you can then compare this with the loan.

Obviously if you can figure out what you're spending on and put more towards the debts you can get them paid off quicker.

Good luck! x

poorandindenial

tawecdl wrote: »

I created a post "consolidate or juggle" and I was advised to post my SOA. I have done so now and would like some advice if possible on where I'm going wrong. I never have any money and never pay all my minimum payments because of lack of funds. This will change but advice is appreciatred


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 20 (do you own and rent?)
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0 (does someone else pay this)
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0 (ditto electricity)
Telephone (land line)................... 0
Mobile phone............................ 35 (this can very likely be reduced if you are on a pay monthly tariff)
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 50 (this seems low, either well done or are you sure you have included everything)
Clothing................................ 10
Petrol/diesel........................... 120
Road tax................................ 11
Car Insurance........................... 120 (this seems high, how many cars is this for? when was the last time you changed supplier)
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 120
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)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 706

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

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 5060.....(20).......15
Total secured debts........... 5060......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................335.12....6.........6
Barclays.......................950.......20........0 (you need to find thr aprs of these before you make ANY decisions)
Mint...........................4242.88...7.........0
A&L............................364.4.....10........0
Total unsecured debts..........5892.4....43........- (are you on a dmp? the monthly payments seem low otherwise - especially on the mint card)

Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including secured debts)....... 706
Available for debt repayments........... 394
Monthly UNsecured debt repayments....... 43
Surplus(deficit if negative)............ 351 (this is the good news, although if you get to the end of the month and have no money you need to keep a spendng diary; put your debts into the snowball calculator at www.whatsthecost.com/snowbal.aspx)

Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total Secured debt...................... -5,060
Total Unsecured debt.................... -5,892.4
Net Assets.............................. -10,652.4

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

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

Just a few comments from me

veyrongirl

If your car is only worth £300 why is your insurance £120pm:eek:

tawecdl

Right,

I live in accomodation where I pay my part of the rent £200 and the other bills and the utility bills and food bills are paid for. Occassionally I will buy milk, bread, small extras (£50 total).

Mobile phone is on orange (dolphin). I will look into reducing the tariff.

Car insurance is so high because I have a driving conviction and 0 no claims. My car is worth £300 but I guess mistakes have to be paid for.

I actually stopped every debt I had by calling them and telling them that I'm skint. I sent a "incoming/outgoings" form to each of them when I was unemployed. I'm not sure of the APR on each one as they were all closed last night. I'll call them all on my lunch hour today to confirm the APR's.




I think it's the diary I need to do more than anything. When I saw how much I should have left i was quite suprised.

tawecdl

Has anyone ever been suprised when they do a diary?

Where do people usually find they spend more than they realise?

Dinner at work? take away's? etc?

redsquirrel80

Yes! It's just all those little bits - yep, dinner at work, the odd snack, magazine, bottle of wine etc etc. Personally, I was shocked when I worked out how much two bus fares a day was costing me and started walking more!

This is a good tool if you know roughly how much you spend on e.g. dinner every day - http://www.moneysavingexpert.com/protect/demotivator/

RichOneday_2

Definitely the 'below the radar' small items. Just bear in mind that each £5 per day that gets frittered away is near enough £2,000 per year.

I'm a little puzzled how you have a secured loan. What is it secured on?

tawecdl

I am in a bit of a mess now because I had a car accident and wasn't covered as it was my fault. I had to buy a car on spec for £300. This has crippled me.

redsquirrel80

tawecdl wrote: »

I am in a bit of a mess now because I had a car accident and wasn't covered as it was my fault. I had to buy a car on spec for £300. This has crippled me.

Hey, I'm sure you can find your way back from this - you're definitely in the right place!