Sparklygal's SOA-desperate for help :(

sparklygal123

Hi all,

I posted yesterday in desperation and it was suggested that I post the information below in order for you kind people to help me.I am at my wits end with all this debt and it is just a heavy,dark cloud hanging over me.I am scared senseless that people will find out abut my situation.I just dont know where to turn,so any information or advice would be greatly welcomed :rolleyes:

writing this all out has actually made me feel sick,please help!


Income -£1760 per month

Mortgage £482.64
Electricity £55
Council Tax £70
Water(1)£23
(2)£17.70
House Insurance(1)£33(service charge)
(2)£14 (building)
Contents Insurance £17.44
Car Insurance £42.44
Car Tax £10
Mobile Phone(1)£70
(2)£21
T.V,landline.B'band and calls £55
T.V Licence £11.95
Gym Membership £34
Groceries £120

AA Loan (£25,000@14.5%) £474.44
AA Credit Card(@1.527% per month) £5500(@16.94% p.a)
Lloyds TSB Credit Card £3086(@1.527 per month)
Catalogue £29.52(outstanding)

Damita

sparklygal123 wrote: »

House Insurance(1)£33(service charge)
(2)£14 (building)
Contents Insurance £17.44

These seem a little high to me, I have a two bed house and we only pay £20 a month for all three...

Maybe think about changing?

Welcome to the board :T

~Beanie~

sparklygal123 wrote: »

Hi all,

I posted yesterday in desperation and it was suggested that I post the information below in order for you kind people to help me.I am at my wits end with all this debt and it is just a heavy,dark cloud hanging over me.I am scared senseless that people will find out abut my situation.I just dont know where to turn,so any information or advice would be greatly welcomed :rolleyes:

writing this all out has actually made me feel sick,please help!


Income -£1760 per month

Mortgage £482.64
Electricity £55 - This seems very high, can you switch suppliers?
Council Tax £70 - As above
Water(1)£23
(2)£17.70
House Insurance(1)£33(service charge)
(2)£14 (building)
Contents Insurance £17.44
Car Insurance £42.44
Car Tax £10
Mobile Phone(1)£70 - Should be able to cut this (go PAYG?)
(2)£21
T.V,landline.B'band and calls £55 - Get a package deal and should pay less
T.V Licence £11.95
Gym Membership £34 - Is this essential?
Groceries £120

AA Loan (£25,000@14.5%) £474.44
AA Credit Card(@1.527% per month) £5500(@16.94% p.a) - What is the monthly payment?
Lloyds TSB Credit Card £3086(@1.527 per month) - As above
Catalogue £29.52(outstanding)

You also seem to have a few things missing. Try using the SOA calculator, find it here: http://www.makesenseofcards.com/soacalc.html

sparklygal123

-My mobile phone which I pay £70 per month with calls etc has only a month left on the contract,then i will be using the £21 per month contract which I have just taken out.
-My insurances for my property cannot be changed as I live in a flat and the management comapny determine the cost for the service charge and buildings cover.
-My T.V,Landline rental,B'band and calls are a package and that is more or less what I pay per month(which is inclusive of calls i make and the odd movie I watch)
-The gym membership is not an essential,but I have 4 months left on contract before i can terminate it
-The AA card I have just taken out because it is 0% for 6 months,my first payment was this month for £110
-The Lloyds card is £65 min payment per month

Hope this is better,sorry if im not providing all the relevant info,im new at all this!!

Thanks in advance for your help

~Beanie~

You also need to include things like hairdressing, car maintenance, petrol, birthday/christmas presents, clothes etc.

Even if you don;t spend each month on these things, they need to be included. Estimate how much you spend per year and then divide by 12 for the monthly amount.

milliemonster

Why are you paying 2 lots of water rates

milliemonster

I have worked out that once you have finished the contract on your £70 a month mobile (why oh why have you taken out another one when this hasn't finished yet????) and you pay off the catalogue payment you have £179 left a month out of your salary which is great!

Yes you need to cancel the gym as soon as you can, then you will have another £34 to add to that, your groceries of £120 a month is a lot for one person, you could easily cut this down to say £20 a week? this would give you another £40 spare

Also, why is your Lloyds TSB payment so high? while you are on 0%, you need to just pay the very bare minimum on this and throw all your spare cash at the AA credit card instead

pandapaws

If you live in a fairly average sized flat, you do seem to be paying a lot for utilities. We spend about £50 a month on electricity and live in a large detached house, and waste energy like nobody's business so you should be able to get that down loads (see http://forums.moneysavingexpert.com/showthread.html?t=1232029). Also the water - we pay £36 a month for water and £7 for drainage separately, but have found out we shouldn't be paying the second charge for some bizarre reason. Are you sure you have to pay both - seems loads!

I know these things seem small, but it really is worth making the effort. As well as the saving, it gets your mind in the moneysaving way of thinking which will save you more in the long run.

How about making some extra cash? Ebay, Quidco, Surveys, car-booting - see the £10-a-day challenge, the Ebay challenge or the up-your-income board for ideas. It is possible to add an extra £500 a month to your income from home with relatively little effort.

Good luck!

Sunny_Donny

Hi
With your gym membership you will need to check the back of your contract to see how much notice you need to give - some gyms require 3 months notice, others - one calendar month - even if you signed a contract for one year, you will still need to give them notice. (I work in a gym and am the one who rings people up if they just cancel membership direct debit without informing the gym!!!)
Get your letter done now - take it to the gym the next time you go and get a receipt for it. Ask the gym to send you a letter confirming when your last day of membership is and when your last payment will come out. Put a note in your diary to cancel the gym membership after it has been taken out the bank.
Hope this helps.
Get over to the Old Style board for ideas on saving money on groceries - it really does work!!

Good luck

Sunny

sparklygal123

IncomeAmount(£)Monthly income after tax1760Partners monthly income0Benefits0Other income0Total monthly income1760

ExpensesAmount(£)Mortgage482.64Secured loan payments0Rent0Management charge (leasehold property)33Council tax70Electricity55Gas0Oil0Water Rates40.7Telephone (land line)15.5Mobile phone21TV Licence11.95Satellite/Cable TV19Internet services5Groceries etc.120Clothing20Petrol/diesel40Road tax10Car Insurance42.44Car maintenenance (including MOT)10Car Parking0Other travel0Childcare/nursery0Other child related expenses0Medical (prescriptions, dentists, opticians etc.)8Pet Insurance/Vet bills0Buildings Insurance14Contents Insurance17.44Life Assurance0Other Insurance0Presents (birthday, christmas etc.)10Haircuts10Entertainment60Holiday0Emergency Fund0Total monthly expenses1115.67

Secured Debt DescriptionDebt(£)Monthly(£)APR(%)Mortgage86163(482.64) 0Secured Debt totals86163- -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)AA Loan25000474.40AA CC55001100Lloyds TSB CC3086650Unsecured Debt totals33586649.4-

Asset DescriptionValue (£)Cash1200House Value (Gross)84000Shares and bonds0Car(s)1000Other assets (e.g. endowments, jewellery etc) 0Total Assets86200



I have been on the site suggested,is this a better SOA?

sparklygal123

oh dear i made a hash of that didnt I!how can I re-format the SOA??Arrrggghhh!!!