My SOA

Stressed_Mess

Hiya,
Here goes. It seems my debts are higher than I anticipated

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1450 (Should be getting payrise soon, backdated to April. I estimate with the backdating it would be approx £1650, then around £1520 a month after that)
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 80
Total monthly income.................... 1530

Monthly Expense Details
Mortgage................................ 421 (repayment + interest)
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 38 (just gone up from £33)
Gas..................................... 40 (increasing in Oct)
Oil..................................... 0
Water rates............................. 19
Telephone (land line)................... 12
Mobile phone............................ 65 (very high I know, but 3 will not lower my tariff)
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 18
Groceries etc. ......................... 70
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 19
Contents insurance...................... 8
Life assurance ......................... 7
Other insurance......................... 19
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 30
Holiday................................. 25
Emergency fund.......................... 0
Total monthly expenses.................. 993

Assets
Cash.................................... 0
House value (Gross)..................... 75000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 75000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 70000....(421)......0
Total secured debts........... 70000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
sainsburys cc..................1600......35........20.9
virgin cc......................1500......55........15.9
halifax cc.....................800.......20........0
natwest loan...................27000.....235.......0
virgin loan....................4000......66........0
natwest cc.....................343.......10........16.9
Total unsecured debts..........35243.....421.......-

Monthly Budget Summary
Total monthly income.................... 1,530
Expenses (including secured debts)....... 993
Available for debt repayments........... 537
Monthly UNsecured debt repayments....... 421
Surplus(deficit if negative)............ 116

Personal Balance Sheet Summary
Total assets (things you own)........... 75,000
Total Secured debt...................... -70,000
Total Unsecured debt.................... -35,243
Net Assets.............................. -30,243

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.Thanks for showing me the SOA!! :T

Burlesque_Babe

any chance you can move the Sainsburys and Virgin CC's to a 0% card?

The £30 for clothes each month could go/be reduced. Ebay/Asda/Tesco for clothes when you really need them

runmichellerun

You say 3 wont lower your tariff, but when does your contract end? Maybe you could switch to a different provider. Or speak to other companies about a better deal then 3 may better that.

I know I threaten to leave O2 every 18 months and I always get a better deal.

A_fiend_for_life

You might be able to reduce your council tax by spreading it over the last two months of the financial year. So if your paying £80 per month for 10 months and have 5 payments left spreading it over 7 months into February and March would give monthly payments of £57. An extra £13 to pay on a credit card per month.

Holiday? Are you able to suspend that for now?
Hairdressing? Any friends or local colleges - not sure if colleges do hair for free!?
Look at spending nothing on clothes for the next two or three months see how you get on.
Satellite - I would consider stopping this for now - digibox?

The cards are a bit strange. Sainsbury's has a higher interest rate but less on the monthly payments. Is there payment protection on the sainsbury card? Focus on paying off the sainsbury and virgincard but if youcan try and switch to a 0%card (I think you know this anyway!!) This could help more than anything but see what other folk have to say first.

Some questions:
Have you claimed back credit card charges if you have any?
How are you paying for gas and electricity : might be normal for DD but high for pre pay?
What's other insurance for by the way?

Stressed_Mess

Hiya,
Thanks for all the comments and suggestions, really appreciated.
The "other" insurance is actually my pet insurance - put it in the wrong section!
The holiday - I'm spending Xmas with my wife's family. Its already paid for. Won't be spending much money whilst I'm there though.
Clothes - I'm searching the charity shops. Have found some good stuff there
My 3 contract doesn't end until May 09 (18 month contract) I was a very high user at the time, but don't use anywhere near my monthly quota. Going to cancel it next year and go to a much lower tariff. Sod the upgrading phones nonsense. More than happy with the one I've got.
Credit card charges - How do I claim this back ??
Gas and electric are direct debit.

Thanks again for all the advice!

Robbda

check out the post we created yesterday for tips

http://forums.moneysavingexpert.com/showthread.html?t=1120381

peb

OK, good start, however you should have money left over at the end of the month - do you? You may want to consider a spending diary - literally writing down wverything that you spend so you know where the surplus goes.

I am a little concerned in that it seems that the groceries are very low - you mention your wife which suggests that there are two of you to feed; are you really only spending this amount? Also is your wife not working - can she? Again no mention of child benefit....

Sorry - I don't mean to pry but you need to consider if the budget you have is actually right!

Staciep88

Stressed_Mess wrote: »

Hiya,
Here goes. It seems my debts are higher than I anticipated

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1450
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 80 WHAT'S THIS?
Total monthly income.................... 1530

Monthly Expense Details
Mortgage................................ 421 COULD YOU NOT SWITCH TO INTEREST ONLY FOR A WHILE?
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80 IS THIS OVER 10 MONTHS? IF SO, SWITCH IT TO OVER 12 MONTHS
Electricity............................. 38 Gas..................................... 40
Oil..................................... 0
Water rates............................. 19
Telephone (land line)................... 12 GET RID OF THIS - YOU HAVE A MOBILE
Mobile phone............................ 65 REALLY TRY HARD TO GET THEM TO LOWER IT - IT SOMETIMES WORKS
TV Licence.............................. 12
Satellite/Cable TV...................... 20 GET RID OF THIS - FREEVIEW IS GREAT
Internet Services....................... 18 A CHEAPER DEAL MAYBE?
Groceries etc. ......................... 70
Clothing................................ 30 THIS IS WAY TOO MUCH
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 19
Contents insurance...................... 8
Life assurance ......................... 7
Other insurance......................... 19 WHAT'S THIS?
Presents (birthday, christmas etc)...... 20 HALF THIS
Haircuts................................ 20 AGAIN, THIS IS TOO MUCH
Entertainment........................... 30 GET RID OF THIS
Holiday................................. 25 YOU CAN'T AFFORD A HOLIDAY
Emergency fund.......................... 0
Total monthly expenses.................. 993

Assets
Cash.................................... 0
House value (Gross)..................... 75000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 75000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 70000....(421)......0
Total secured debts........... 70000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
sainsburys cc..................1600......35........20.9
virgin cc......................1500......55........15.9
halifax cc.....................800.......20........0
natwest loan...................27000.....235.......0
virgin loan....................4000......66........0
natwest cc.....................343.......10........16.9
Total unsecured debts..........35243.....421.......-
YOU NEED TO MOVE AS MUCH AS YOU CAN TO 0% BALANCE TRANSFER CARDS
Monthly Budget Summary
Total monthly income.................... 1,530
Expenses (including secured debts)....... 993
Available for debt repayments........... 537
Monthly UNsecured debt repayments....... 421
Surplus(deficit if negative)............ 116

Personal Balance Sheet Summary
Total assets (things you own)........... 75,000
Total Secured debt...................... -70,000
Total Unsecured debt.................... -35,243
Net Assets.............................. -30,243

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.Thanks for showing me the SOA!! :T

I have added a few bits in red for you to take a look at

A_fiend_for_life

Hi Stressed Mess,

Here's a lin to the credit card reclaiming section:

http://www.moneysavingexpert.com/reclaim/credit-card-charges

As mentioned above try your hardest to get the mobile contract reduced.

If they don't put notes down on your account it might be worth trying a different branch.