newbie -my soa please help

ickletezza

Someone please help me get my life back on track

here is my soa

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1215
Partners monthly income after tax....... 1320
Benefits................................ 150
Other income............................ 0
Total monthly income.................... 2685
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 410
Management charge (leasehold property).. 0
Council tax............................. 103
Electricity............................. 50
Gas..................................... 70
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 11
Mobile phone............................ 85
TV Licence.............................. 12
Satellite/Cable TV...................... 45
Internet Services....................... 25
Groceries etc. ......................... 500
Clothing................................ 30
Petrol/diesel........................... 50
Road tax................................ 18
Car Insurance........................... 88
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 5
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1669

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................11000.....259.......8.6
loan...........................2000......99........0
loan...........................10000.....261.......0
littlewoods....................950.......60........0
next...........................200.......30........0
edge...........................725.......17........0
credit card....................1426......50........0
Total unsecured debts..........26301.....776.......-

Monthly Budget Summary
Total monthly income.................... 2,685
Expenses (including HP & secured debts). 1,669
Available for debt repayments........... 1,016
Monthly UNsecured debt repayments....... 776
Amount left after debt repayments....... 240
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,301
Net Assets.............................. -22,301
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

credit score is shredded so cant get credit card transfers or anythin

any help much appreciated.

Tezza

catherine_h_2

ickletezza wrote: »

Someone please help me get my life back on track

here is my soa

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2 do you really need 2?
Monthly Income Details
Monthly income after tax................ 1215
Partners monthly income after tax....... 1320
Benefits................................ 150
Other income............................ 0
Total monthly income.................... 2685
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 410
Management charge (leasehold property).. 0
Council tax............................. 103 Is this monthly?Have you checked your paying the right amount??
Electricity............................. 50 Have you thought of combining with Gas/Switching provider?
Gas..................................... 70
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 11
Mobile phone............................ 85 Can this be lowered? Do you need both mobile & landline?
TV Licence.............................. 12
Satellite/Cable TV...................... 45 Do you really need this?? look at lower packages.
Internet Services....................... 25 You can get good deals online, look at search engines. I pay £10 p/m for phone & broadband with Virgin.
Groceries etc. ......................... 500 Do you use supermarket own brands?
Clothing................................ 30
Petrol/diesel........................... 50
Road tax................................ 18
Car Insurance........................... 88
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 5
Childcare/nursery....................... 0
Other child related expenses............ 40 What are these? Can it be reduced/cut out?
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 Per month? This can lowered, check out message boards, tonnes of fab ideas.
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50 How much do you need, e.g new boiler. Anything over this, pay off debts!
Total monthly expenses.................. 1669

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................11000.....259.......8.6
loan...........................2000......99........0
loan...........................10000.....261.......0 Possibly consolidate all loans.
littlewoods....................950.......60........0
next...........................200.......30........0
edge...........................725.......17........0
credit card....................1426......50........0
Total unsecured debts..........26301.....776.......-

Monthly Budget Summary
Total monthly income.................... 2,685
Expenses (including HP & secured debts). 1,669
Available for debt repayments........... 1,016
Monthly UNsecured debt repayments....... 776
Amount left after debt repayments....... 240
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,301
Net Assets.............................. -22,301
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

credit score is shredded so cant get credit card transfers or anythin

any help much appreciated.

Tezza

Hope I haven't offended, I've tried to be nice as mine ended up very similar to yours. The advice I've given are things I've done myself and managed to pay off £1000 of my debt inthe past few months.
Making birthday presents yourself is also cheap and satisfying, I didn't think I had the time but I figured I had the time go shopping every week so I must have the time to make things too.

Good luck and hope it helps.:D

Pollycat

Hi & welcome

Your income covers your outgoings and debt repayments but are the loans and other debts really all 0% interest? And if they are, will they stay that way?
Have you chucked away your Littlewoods & Next catalogues?
Don't use them again.
What happens to the £240 per month left over after you've paid for everything?
What do you do with the £50 in your budget for emergencies?

Catherine has highlighted lots of areas that savings really CAN be made.
Look on the Moneysaving OldStyle board, you'll get lots of advice on cutting your grocery budget.

Jesthar

Hello and welcome! Don't worry, you just landed in one of the best places for chasing debts away - and although some of the advice we give may be hard, we don't bite!

Now, let's have a look:

ickletezza wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1215
Partners monthly income after tax....... 1320
Benefits................................ 150
Other income............................ 0
Total monthly income.................... 2685
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 410
Management charge (leasehold property).. 0
Council tax............................. 103
Electricity............................. 50 - Seems rather high, can you switch provider?
Gas..................................... 70 - Seems rather high, can you switch provider?
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 11
Mobile phone............................ 85 - ouch, contract, I take it? Can you reduce this, or are you mid contact?
TV Licence.............................. 12
Satellite/Cable TV...................... 45 - you could save money here by reducing your package, or ditching and getting a Freeview box
Internet Services....................... 25 - this is rather high, and could be combined with telephone/sky to lower costs unless you need specialist access for some reason
Groceries etc. ......................... 500 - Oooh, nastily high! If no-one has special dietary requirements, you can knock £100 off this without noticing, £150 easily, and £200 with a little more effort. Possibly more! Check out the Moneysaving Old Style section of the board for plenty of inspiration.
Clothing................................ 30
Petrol/diesel........................... 50
Road tax................................ 18
Car Insurance........................... 88 - for two cars, I take it? Seems pretty high, my car insurance works out at under £25 a month...
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 5
Childcare/nursery....................... 0
Other child related expenses............ 40 - details of what this is would help
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 10
Buildings insurance..................... 0 - you should have this
Contents insurance...................... 0 - you should have this
Life assurance ......................... 0 - and with children, you should probably have this
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 - some of this budget would be better spent paying off your debts.
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50 - right now, your debts are your emergency!
Total monthly expenses.................. 1669

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................11000.....259.......8.6
loan...........................2000......99........0 - APRs would be useful
loan...........................10000.....261.......0
littlewoods....................950.......60........0
next...........................200.......30........0
edge...........................725.......17........0
credit card....................1426......50........0
Total unsecured debts..........26301.....776.......-

Monthly Budget Summary
Total monthly income.................... 2,685
Expenses (including HP & secured debts). 1,669
Available for debt repayments........... 1,016
Monthly UNsecured debt repayments....... 776
Amount left after debt repayments....... 240
Well, the good news is you theoretically have money left over - this should be used to pay more off your debts!

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,301
Net Assets.............................. -22,301
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

As I noted above, on paper you have spare cash to throw at your debts - if that doesn't happen in reality, then the extra money is going somewhere. I think it would be a very good idea to start a spending diary (I use a spreadsheet) - write in absolutely EVERYTHING you spend and find out where all those extra pennies slip away.

It would be very useful if you could find out the APRs on all your debts, as that helps you work out which to pay extra off first. This is called 'snowballing', and there is a useful calulator you can use to work out which order to overpay on your debts in to minimise the interest you are charged once you have the APRs to hand. Looking at the figures, I'd say making extra payments to pay off Next as quickly as possible first (also has the advantage of being small, so you get a quick 'win' ), then Littlewoods.

Sowball calculator is here: http://www.whatsthecost.com/snowball.aspx?country=uk

Hope that give you somewhere to start

~Jes

TotallyBroke

ickletezza wrote: »

Someone please help me get my life back on track

here is my soa

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1215
Partners monthly income after tax....... 1320
Benefits................................ 150
Other income............................ 0
Total monthly income.................... 2685
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 410
Management charge (leasehold property).. 0
Council tax............................. 103
Electricity............................. 50 Both of these are quite high try switching provider and unplugging everything not needed
Gas..................................... 70 Same as above try and cut back on the usage
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 11
Mobile phone............................ 85 Can you lower down tariffs, how many is this for?
TV Licence.............................. 12
Satellite/Cable TV...................... 45 You could cut back on this to minimum package
Internet Services....................... 25 You can include this in with you tv or landline costs
Groceries etc. ......................... 500 This can be reduced by at least £100
Clothing................................ 30
Petrol/diesel........................... 50 Not a lot considering 2 cars, do you really need 2
Road tax................................ 18 This only works out at £100 for each car. Is your tax that low
Car Insurance........................... 88
Car maintenance (including MOT)......... 10 This will only just cover 2 mot certificates, what about servicing and repairs
Car parking............................. 0
Other travel............................ 5
Childcare/nursery....................... 0
Other child related expenses............ 40 What is this for?
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 Not a lot considering size of family. What sis you spend over the course of last year and then divide by 12
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1669

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................11000.....259.......8.6
loan...........................2000......99........0
loan...........................10000.....261.......0
littlewoods....................950.......60........0
next...........................200.......30........0
edge...........................725.......17........0
credit card....................1426......50........0
Total unsecured debts..........26301.....776.......-

Monthly Budget Summary
Total monthly income.................... 2,685
Expenses (including HP & secured debts). 1,669
Available for debt repayments........... 1,016
Monthly UNsecured debt repayments....... 776
Amount left after debt repayments....... 240 You are showing you have this spare each month but I'm guessing you don't. Go through bank statements and do a spending diary to see where this is going.
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,301
Net Assets.............................. -22,301
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

credit score is shredded so cant get credit card transfers or anythin

any help much appreciated.

Tezza

Just a few things that spring to mind HTH

RAS

ickletezza wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1215
Partners monthly income after tax....... 1320
Benefits................................ 150
Other income............................ 0
Total monthly income.................... 2685
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 410
Management charge (leasehold property).. 0
Council tax............................. 103
Electricity............................. 50
Gas..................................... 70 - this is hig. Look at the utility forum, consder a comparison site and sap via ww.quidco.com to get cashback
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 11
Mobile phone............................ 85 - thi si massive. Reduce the trafiifs to a minimum and then go PAYG
TV Licence.............................. 12
Satellite/Cable TV...................... 45 - get rid for a couple of years.
Internet Services....................... 25
Groceries etc. ......................... 500 - this is huge. it might be OK for a BK or DMP OA, but if you want to head off the debts, we would consider £200 for 2 adults and 2 children sensible.
Clothing................................ 30
Petrol/diesel........................... 50
Road tax................................ 18
Car Insurance........................... 88 - this is high, do you have points? Comparison sites and quidco or other cashback site.
Car maintenance (including MOT)......... 10 - is this enough
Car parking............................. 0
Other travel............................ 5
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 0 - you need this
Life assurance ......................... 0 and this - will cost £12-15 per month for term insurance unless you have health issues.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50 - pay off your debts.
Total monthly expenses.................. 1669



No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................11000.....259.......8.6
loan...........................2000......99........0
loan...........................10000.....261.......0
littlewoods....................950.......60........0
next...........................200.......30........0
edge...........................725.......17........0
credit card....................1426......50........0
Total unsecured debts..........26301.....776.......-

We cannot help until we know the APRs. Pay off the most expensive first.

Monthly Budget Summary
Total monthly income.................... 2,685
Expenses (including HP & secured debts). 1,669
Available for debt repayments........... 1,016
Monthly UNsecured debt repayments....... 776
Amount left after debt repayments....... 240
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,301
Net Assets.............................. -22,301
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

credit score is shredded so cant get credit card transfers or anythin

any help much appreciated.

Tezza

Where is that £240 going? To pay off debts or what?

Look at the snowball on https://www.whatsthecost.com

ickletezza

here is my soa

Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2 one sorn in garage costing us nothing
Monthly Income Details
Monthly income after tax................ 1215
Partners monthly income after tax....... 1320
Benefits................................ 150
Other income............................ 0
Total monthly income.................... 2685
Monthly Expense Details
Rent.................................... 410
Council tax............................. 103 i have checked this it is the right band
Electricity............................. 50 with scottish power dual fuel both prepayment
Gas..................................... 70 wouldnt surprise me if it was more then this its like £5 everyday sometimes otherwise its freezing.
Telephone (land line)................... 11
Mobile phone............................ 85 Mine and partners contracts they wont reduce ive asked
TV Licence.............................. 12
Satellite/Cable TV...................... 45 about to remove movies and sports
Internet Services....................... 25 cant add to sky no bt landline may ask to reduce package tho
Groceries etc. ......................... 500 as of pay day will be doing a meal planner and budgeting hoping to get this halved
Clothing................................ 30
Petrol/diesel........................... 50 this is 1 car run a really tight schedule so this is a need
Road tax................................ 18 220 a year 1 car
Car Insurance........................... 88 partner is 24 only been driving about 4 years. due for renewal soon been quoted 510 a year so this will be reduced
Car maintenance (including MOT)......... 10 mot gets paid from overtime money from stocktake once a year
Other travel............................ 5
Other child related expenses............ 40 for clubs, dinners
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 1
Presents (birthday, christmas etc)...... 30 this is brthdays for everyone divided over the year not including xmas
Emergency fund.......................... 50
Total monthly expenses.................. 1669

Assets
Car(s).................................. 4000
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
loan...........................11000.....259...... .8.6
loan...........................2000......99....... .29.9
loan...........................10000.....261...... .9.0
littlewoods....................950.......60....... .0
next...........................200.......30....... .0
edge...........................725.......17....... .0
credit card....................1426......50........15.9 and killing me
Total unsecured debts..........26301.....776.......-

Monthly Budget Summary
Total monthly income.................... 2,685
Expenses (including HP & secured debts). 1,669
Available for debt repayments........... 1,016
Monthly UNsecured debt repayments....... 776
Amount left after debt repayments....... 240

Should give you a better idea now

thanks everyone

ickletezza

here is my soa

Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2 one sorn in garage costing us nothing
Monthly Income Details
Monthly income after tax................ 1215
Partners monthly income after tax....... 1320
Benefits................................ 150
Other income............................ 0
Total monthly income.................... 2685
Monthly Expense Details
Rent.................................... 410
Council tax............................. 103 i have checked this it is the right band
Electricity............................. 50with scottish power dual fuel both prepayment
Gas..................................... 70wouldnt surprise me if it was more then this its like £5 everyday sometimes otherwise its freezing.
Telephone (land line)................... 11
Mobile phone............................ 85 Mine and partners contracts they wont reduce ive asked
TV Licence.............................. 12
Satellite/Cable TV...................... 45about to remove movies and sports
Internet Services....................... 25cant add to sky no bt landline may ask to reduce package tho
Groceries etc. ......................... 500as of pay day will be doing a meal planner and budgeting hoping to get this halved
Clothing................................ 30
Petrol/diesel........................... 50this is 1 car run a really tight schedule so this is a need
Road tax................................ 18220 a year 1 car
Car Insurance........................... 88 partner is 24 only been driving about 4 years. due for renewal soon been quoted 510 a year so this will be reduced
Car maintenance (including MOT)......... 10mot gets paid from overtime money from stocktake once a year
Other travel............................ 5
Other child related expenses............ 40for clubs, dinners
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 1
Presents (birthday, christmas etc)...... 30this is brthdays for everyone divided over the year not including xmas
Emergency fund.......................... 50
Total monthly expenses.................. 1669

Assets
Car(s).................................. 4000
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
loan...........................11000.....259...... .8.6 15 months down from 68
loan...........................2000......99....... .29.9 over 2 years about 20 months left
loan...........................10000.....261...... .9.0 nearly 2 years in 0ut of 5
littlewoods....................950.......60....... .0
next...........................200.......30....... .0
edge...........................725.......17....... .0
credit card....................1426......50........15.9 and killing me
Total unsecured debts..........26301.....776.......-

Monthly Budget Summary
Total monthly income.................... 2,685
Expenses (including HP & secured debts). 1,669
Available for debt repayments........... 1,016
Monthly UNsecured debt repayments....... 776
Amount left after debt repayments....... 240

Should give you a better idea now

thanks everyone

sarahs999

Could you sell the car in the garage to raish some cash to put towards your debts?

ickletezza

sarahs999 wrote: »

Could you sell the car in the garage to raish some cash to put towards your debts?

I could but hope to be learning to drive soon as i walk home from work everynight at 10.30pm and can be quite scary the shifts me and my partner do wouldnt allow one car. Its old and wouldnt fetch anything much tbh.

MrsTinks

Don't mean to be funny but right now do you have the spare cash to learn to drive? And bear in mind it can take quite a while before you pass the money you could get for the car would help NOW - once you can manage your debts easier then you can save up for a new car. Also chances are the longer it sits in the garage without being turned over the more it will need when you finally start it... Being sat stationary isn't good for cars unless they have been "put away" properly - seals and tures etc will dry out and crack and need replacing and rust will form on the brakes etc etc etc

£5 a day for heating???? Does the property have double glazing and any insulation? Can you stop any draughts? Either you live in a REALLY badly insulated house or you are paying an extortionate rate for your gas!