sinkorswim's SOA

sinkorswim_2

Just done my SOA and copied and pasted onto this post, as instructed, but it doesn't look like any other one I've seen. Do I need to delete some of the detail? Just keep the headlines? Anyway, just getting my head around the enormity of my debt and have done the 'snowball' calculator as well. Now need to get through Xmas without spending too much, and really get stuck into repayments in January. Any advice, help, suggestions welcome. I've been reading this site for months, and didn't have the courage to total up all my debts, but it really is inspiring to see how everyone here is dealing with debt and helping each other. I can hardly believe I can clear all this before I retire. (Should be retiring this year, but aim to try and clear the debt in two and a half years (That's what the snowball calculator told me!) So debt-free by July 2011!!??

[b]Monthly Income Details[/b]
Monthly income after tax................ 2400


Monthly Expense Details
Mortgage................................ 324
Secured loan repayments................. 408

Electricity............................. 49
Gas..................................... 70

Water rates............................. 23
Telephone (land line)................... 35
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 27
Internet Services....................... 10
Groceries etc. ......................... 300
Clothing................................ 10
Petrol/diesel........................... 40
Road tax................................ 12
Car Insurance........................... 44
Car maintenance (including MOT)......... 20

Other travel............................ 10

Medical (prescriptions, dentist etc).... 20

Presents (birthday, christmas etc)...... 25
Haircuts................................ 20
Entertainment........................... 10
Holiday................................. 25
Emergency fund.......................... 15
Total monthly expenses.................. 1544

Assets

House value (Gross)..................... 150000

Car(s).................................. 3000

Total Assets............................ 153000[/b]

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 30000....(324)......6.54
Secured Debt.................. 4928.....(408)......7.96
Total secured debts........... 34928.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
marb...........................7672......0.........24.9
BC.............................6350......0.........17.9
CarCit.........................480.......0.........19.5
Zopa...........................800.......0.........12.5
AmExpr.........................400.......0.........17.6
Cap1...........................1366......0.........19.6
Total unsecured debts..........17068.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,400
Expenses (including secured debts)....... 1,544
Available for debt repayments........... 856

Surplus(deficit if negative)............ 856[/b]

Personal Balance Sheet Summary
Total assets (things you own)........... 153,000
Total Secured debt...................... -34,928
Total Unsecured debt.................... -17,068
Net Assets.............................. 101,004

sinkorswim_2

At last I've been able to do my SOA, thanks to your link - couldn't work it out before. Really kind of you to think of people confused like me! I want to get organised and committed to clearing my debt.

Can you tell me how to set up a signature?

Cheers!

tbsouth2004

i haven,t the courage either sink to do a soa haven,t even added up my debt i know it isn,t massive but its big enough to bother me good luck 2 u

sinkorswim_2

TBSouth - it is almost heart-stopping to keep putting all the info into a calculator - I was so nervous, and I realised I hadn't a clue about outstanding amounts or interest rates - when I finally presed the 'calculate' button, I couldn't bear to look at the results.

When I did, it told me that if I was very careful, I wd be able to pay all my debts off by 2041!!!!!! I'm so stupid with money that I accepted this for a while, before deciding to check the amounts again ... I had added a couple of zeros to one debt by mistake!! The new calculation was bound to be better, so two and a half years of careful snowballing doesn't seem too bad now.

So glad I've faced the worst now. I've applied for a 'Nerd' number to be an official debt-free wannabe. I still have a sense of disbelief - I've never saved a penny in my (long) life, so will find it all very strange, but it's the only way to go.

I'm sure you will brace yourself and do it when you're ready - it's like a lot of problems - you face up to them when the moment seems right. Good luck! Thank God for this website, or I don't know what I would have done.

fermi

I've put this SOA and posts in a new thread so sinkorswim can get advice specific to their situation.

dancingfairy

Ahh the magic of the board guides. It's much better now you have your own thread.

Mortgage................................ 324
Secured loan repayments................. 408

Electricity............................. 49 get low energy bulbs everywhere, don't leave everything on standby (well apart from the fridge - I have been so zealous I nearly turned it off!!), turn lights off when not in the room etc
Gas..................................... 70 these seem quite high - can you switch to a better deal at all?

Water rates............................. 23
Telephone (land line)................... 35
Mobile phone............................ 35 negotiate on this and try and batter them down even if not due for renewal - worst they can say is no.
TV Licence.............................. 12
Satellite/Cable TV...................... 27 do you really need sky/cable? would this not be better used to pay off your debts? can you just get the basic package or go freeview?
Internet Services....................... 10
Groceries etc. ......................... 300 this seems quite high - how many are you feeding?
Clothing................................ 10
Petrol/diesel........................... 40
Road tax................................ 12
Car Insurance........................... 44
Car maintenance (including MOT)......... 20

Other travel............................ 10

Medical (prescriptions, dentist etc).... 20 would a season ticket for prescriptions help you out?

Presents (birthday, christmas etc)...... 25
Haircuts................................ 20
Entertainment........................... 10
Holiday................................. 25
Emergency fund.......................... 15

The good news is that you have over 800 available for debt repayment so are you making the minimum payments on all your cards etc?
Good Luck
df

dancingfairy

Just a bump for you so you can find your thread before it disappears off the front page.

Seaxwyn

Hi and welcome sinkorswim! To make a signature, click on 'User CP' at the top of this page, then choose 'Edit signature'.

Good luck!

sistercas

good luck on your journey. keep posting as the advice from here is invaluable.
to do your signature click 'quick links' at the top of the page and then down to 'edit signature'

sinkorswim_2

Dancing Fairy - This may sound strange, but I feel so moved that anyone has taken the trouble to look at my finances and offer help. This has been my terrible, guilty secret for years, getting worse every year, while I tried to 'keep up appearances'. I have a good job and a good salary, and have felt so ashamed, when everyone else I know is saving and spending normally.

Reading this site, I realised that there were others floundering about like me, and then getting to grips. So many, many thanks for your advice. My notes below:

Electricity & Gas- I did renegotiate a few years ago, and got a very good deal with EDF, but that has doubled and gas has tripled, so maybe have another try - good idea. Also will go round replacing ordinary bulbs with energy-saving ones I've got IN THE CUPBOARD!!! Have been a bit lazy with standby lately-esp the computer, so that's a definite one to tackle.

Mobile - never felt confident enough before to challenge anyone about any payments, but with my new-found courage, I WILL give it a go.

TV - this is £10 for Virgin cable (contact up for renewal January I think) and £17 for TV hire - obviously a waste of money, but the TV conked out and I didn't have any money to buy. Should I try and buy with interest free credit? I should do without, but I live alone and it's company.

Groceries - I can see this is a lot for one person - for health reason, I like to eat organic if I can - but clearly not sensible in current situation - probably part of what gets me overspending month by month! Will aim for £200.

Medical - This is mainly dentist / optician bills - rarely need prescriptions. My dentist went private and no decent NHS dentists in my area. This is probably an over-estimate, but I don't want to change my dentist, so this one may have to stay.

sinkorswim_2

The good news is that you have over 800 available for debt repayment so are you making the minimum payments on all your cards etc?
Good Luck

Fairy - Just noticed this on the end of your last message - yes, I do have money to pay it off - the snowball calculator has suggested an order that I will follow, so it suddenly feels like an organised assault on debt rather than that sinking / drowning feeling. Thanks again