When money speaks, the truth keeps silent.

jobbingmusician

SOA is statement of accounts. Something like this (template provided in another post by southernscouser)

Monthly Incomings:

My salary - £1,300
Partners salary - £800
Benefits - £100

Total - £2,200

Monthly Outgoings:

Mortgage/Rent - £700
Gas - £20
Electric - £20.53
TV License - £10
Phone - £40.79
Food - £300
Car Insurance - £32.53

Total: £1,123.85

HTH!

mrcow

ezmai wrote:

Quick question though, can this tool be used for existing loans as well as credit cards? How would I stipulate an existing premium?

You need to know your outstanding balances on each of the debts, so you'll need your latest credit card statements, and maybe a call to the loan company for an outstanding balance enquiry would be of help.

You also need to know your APRs and and minimum payment requirements on any cards or loans.

Give it a go with the figures that you have and see what it comes up with.

It may also help you to post details here of your cards and loans providers with APRs and length of terms left if you'd like advice into alternative options.

With your loans, have you taken out payment protection insurance on them? As this is a massive way to cut back for starters?

ezmai

Dear All
Whilst I sit here working out my SOA, would it also be wise to do the following:-
Current situation –
Card 1 – 6230.48/7000 – 15.9% APR – Monthly payments of £200.00 per month
Card 2 – 3329.50/7100 – 15.9% APR – Monthly payments of £200.00 per month
Total = 9559.98

How should I go about obtaining new credit cards with these balances at 0% APR for 6 or 9 months depending?

Should I apply for 3 cards at approx 3500 each?
Or 2 cards at 5000.00 each?

Just having read up on some of the articles, it would be wise for me (I think!) to change these cards immediately!

Should I also cancel and close the accounts on these cards (should I get others with 0% APR) or should I keep them open but store them for a better credit rating?

Your help would be most appreciated.

Many Thx ezmai

mrcow

Who are your 2 cards with?

Whenever I've applied for cards, I don't usually stipulate a credit balance, I'm usually just offered one by the company. I think that you can haggle once you've had the offer though.

For example, in my experience, MBNA have always seemd to offer a credit balance of about 1/3 annual salary (this is probably different for different customers).

The fewer cards, I'd say, the better, as it means that you have more options when any 0% offers run out. Also, it's less credit searches on your credit file.

Look for cards with either 0% on balance transfers or low APR life of balance.

frugglewump

It's usually recommended not to apply for too many cards at the same time - repeated searches on your file reduce chances of further cards in the short term.

Also you won't be able to get a card from a company you are already with - for example there is no point applying for a Mint card if you have a RBS card.

For 0% cards look at https://www.stoozing.com/0fees.htm

ezmai

Good Evening all,
As accurately as I can, I have create my first SOA.

Wages 2,300.00
Rent 1,300.00
Income totals 3,600.00
Mortgage/rent EC1 553.00
Mortgage/rent N16 783.00
Life Insurance 71.00
Service Charges EC1 123.00
Service Charges N16 94.00
British Gas Service Care 17.00
Council Tax 94.00
Electricity 12.50
Mobile telephone (Orange) 100.00
Home telephone (BT) 50.00
Sky 42.00
BT Broadband 30.00
Water 16.67
Weekly Spend (inc food) 433.33
TV Licence 10.00
Car Insurance 33.33
Car Tax 10.00
Cleaner 42.00
MS MasterCard 200.00
Egg 200.00
RBS Loan 376.00
MS Loan 195.00
Overdraft 50.00
Total Expenses 3,577.83

Feedback most welcome.
Thank you ezmai

jobbingmusician

A good first stab There are quite a few things you haven't included though - like FOOD! You have to put absolutely everything down to work out exactly where you are.....

There's a budget planner somewhere on the moneysaving page http://www.moneysavingexpert.com/budgetcalculator.phtml - sorry I didn't think to mention this before! This will give you some ideas of all the things to include. Good luck!

jobbingmusician

A good first stab There are quite a few things you haven't included though - like FOOD! You have to put absolutely everything down to work out exactly where you are.....

There's a budget planner somewhere on the moneysaving page http://www.moneysavingexpert.com/budgetcalculator.phtml - sorry I didn't think to mention this before! This will give you some ideas of all the things to include. Good luck!

PS What/who is Edith??

ezmai

Oops, thinking about writing to a friend and completing my SOA...I must concentrate!

moonbeam682

morning ezmai

is it possible for you to let us know in more detail what is included in your weekly spend?

At 433.33 it is possible that there could be some good savings to be had there or is this a monthly figure?

Also do you live alone or do you have a family/partner (would help to determine amount spent on food etc)

Orange mobile seems very high is it a contract?

Also you have given the aprs on the 2 cards of 15.9% but what are the aprs on the loans?

Just a few things to start with as I have to go now but will be back later.