Starting to panic, advice needed - SOA posted.

Stewart296

Hi everyone I need s

suzialwaysbroke

Hi there, not a lot jumps out at me, except you could look at combining the phone & internet service. We are with talk talk which is much cheaper. Also lose Sky/cable & just go with Freeview.
Looking at the number of loans/credit cards you have, I think you need to look at what's on the statements to see what exactly you have bought with them, as there is nothing untoward in your budget.

Love Suzi xx

TotallyBroke

Stewart296 wrote: »

Hi everyone, I could really do with a kick up the backside so I am posting my SOA, ran up all these debts in the last 3 years - fool that i am, not helped by OH not working due to illness, anyway i need some help here if I am going to make a dent in any of these debts. This is an honest SOA at the moment - changes will need to be made!!!!!

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details[/b]
Monthly income after tax................ 2100 - often a little more than this
Partners monthly income after tax....... 0
Benefits................................ 48.34 - £42 in April
Other income............................ 86.66 - Child Benefit
Total monthly income.................... 2235
Monthly Expense Details[/b]
Mortgage................................ 296.58
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 93
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 16.5 A little can be knocked off this. By using any free time wisely
Mobile phone............................ 20 Is this contract or payg can be reduced by careful calling
TV Licence.............................. 11.63
Satellite/Cable TV...................... 22 Can this be reduced, is it sky or cable
Internet Services....................... 15 Can you not lump this in with tv and phone package
Groceries etc. ......................... 250 This can easily be reduced with careful shopping and only buying what is needed each week
Clothing................................ 20 Only buy each other clothes as presents as for vouchers from family as presents
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 48.52 Is this for both of you to drive is it one company for two policies. Try looking into a cheaper deal via cashback site
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 45 What is this for can it be reduced?
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 19.78 (incl contents)
Contents insurance...................... 0
Life assurance ......................... 19 (changing at moment)
Other insurance......................... 0
Presents (birthday, christmas etc)...... 80 I personally can understand this if you have a big family but you can get some lovely presents for a lot cheaper. Only buy expensive for your own children. Everyone else gets expensive looking cheap presents
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 60 Can this be halved or stopped for a few months to get you on the straight and narrow
Emergency fund.......................... 0
Total monthly expenses.................. 1227.01

Assets
Cash.................................... 0
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 83000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 48098.6..(296.58)...2.75
Total secured & HP debts...... 48098.6...-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
BOS Loan.......................7277......251.9.....10.4
A&L Loan.......................6590......191.7.....12.3
Abbey Loan.....................2124......117.7.....9.5
Overdraft......................1200......8.5.......0
Family.........................1950......50........0 Can you put this on hold for a month or two
Argos..........................617.34....0.........0
Tesco CC.......................3444.83...103.......0
Sainsburys CC..................3335.11...76.17.....18.95
Halifax CC.....................4437......74.63.....23.95
Total unsecured debts..........30975.28..873.6.....-

Monthly Budget Summary
Total monthly income.................... 2,235
Expenses (including HP & secured debts). 1,227.01
Available for debt repayments........... 1,007.99
Monthly UNsecured debt repayments....... 873.6
Amount left after debt repayments....... 134.39 You have this spare each month. Where is it?
Personal Balance Sheet Summary
Total assets (things you own)........... 83,000
Total HP & Secured debt................. -48,098.6
Total Unsecured debt.................... -30,975.28
Net Assets.............................. 3,926.12
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.[/font]

OH is looking for a job at the moment - she is doing a lot better
My job isn't entirely safe - there will be redundancies at my work
Any advice appreciated, starting to panic if i'm honest
Thanks for taking the time to look at this for me

It's not looking too bad so long as you are lucky enough to keep your job. With the spare £134 and by cutting back elsewhere you can easily save £200 per month to pay onto your debts.
Is Argos really 0% or is that a mistake. Pay every spare penny onto the highest interest rate one which appears to be Halifax. By the time this is paid off you will also have paid or reduced other debts freeing up cash.