My SOA - Oh dear!

rachaelfleur

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1689
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1689

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 200
Rent.................................... 240 (240 arrears)
Management charge (leasehold property).. 0
Council tax............................. 110 (110 arrears)
Electricity............................. 40 (prepay meter)
Gas..................................... 40 (prepay meter)
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 40 (sky/phone/internet)
Mobile phone............................ 20 (fixed)
TV Licence.............................. 0 (father pays)
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160 (shared)
Clothing................................ 0 (buy & sell on ebay)
Petrol/diesel........................... 60
Road tax................................ 12
Car Insurance........................... 41 (renewal march)
Car maintenance (including MOT)......... 0 (not 3 years old yet)
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15 (dental ins)
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 7 (sky repair plan)
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 26 (gym membership)
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1037

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 6714.....(200)......0
HP top up......................726.......-.........0
Total secured & HP debts...... 7440......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclay CC.....................259.94....5.........24.9
Vanquis CC.....................531.11....25........39
Capital One CC.................203.12....20........25.9
Citifinancial Loan.............9247.88...239.4.....0
Welcome Finance Loan...........8274.42...197.......0
PaydayUK.......................525.......525.......0
RBS OD.........................2065.2....20........0
LLoyds TSB OD..................342.......50........0
HFCS...........................503.......180.......0
Total unsecured debts..........21951.67..1261.4....-

Monthly Budget Summary
Total monthly income.................... 1,689
Expenses (including HP & secured debts). 1,037
Available for debt repayments........... 652
Monthly UNsecured debt repayments....... 1,261.4
Amount short for making debt repayments. -609.4

Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total HP & Secured debt................. -7,440
Total Unsecured debt.................... -21,951.67
Net Assets.............................. -17,677.67

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/i][/FONT]

Ok so that's everything entered correctly now I think. Still a mess though.

tasha-debt

I know it is generally a bad idea to consolidate loans but would it be worth you looking to consolidate the loans that are at the really high APR to a loan of a much lower APR - payday loan, citi loan and the vanquis card????

Not sure but it was just an idea as the APR is very high.

fallenwiccan

just some advice on the hairdressers thing, i don't know how you style your hair (i get layers in mine and then get it dyed) but i find a little local or village hairdresser the best place, i get a dry trim for £6.50~ and then I dye it myself, it takes a bit of getting used to (start with semi permanents and then you won't go wrong) but it saves you so much money and you can bulk by the dyes when they're on offer in boots (and save up your boots points to get freebie ones woo!)

I actually can't remember the last time I got my hair cut *oops* but I just bung a dye on it and I feel like i've had a new haircut regardless hehe

rachaelfleur

I have thought about dying my own hair, but it's blonde and I'm so scared I mess it up! I can definately get my hair done cheaper that's for sure, I've just never thought about how much I spend on it till now.

tasha-debt: I have thought about consolidating my loans but I'm really scared about getting another loan! I will be clear of citi, welcome and HP loans in 2011, I was hoping to hold out till then without getting into more debt.

dumpy

The problem is that every month you are £600 short according to your SOA, which means that your debt will be much higher in 2011.

You really do need to talk to a debt charity.

Nargleblast

If you do get a bonus use it to make sure your rent and council tax are up to date as these are priority debts - you could potentially be made homeless if you default on these, so the important rule of thumb is always protect your home first, then things like heating, lighting, water and food. Loan repayments have to go to the end of the queue behind basic living costs.
Please consider speaking to someone from CCCS as soon as possible. I know it is daunting but you need professional guidance to sort this debt issue out. And consider opening a basic bank account with a bank that you have no loans or credit cards with - otherwise your existing bank could dip into your wages to make payments into loans or credit card accounts, and you would not be able to stop them doing this. A different bank should be able to offer you a new account with no overdraft facility and no cheque book - but make sure you can have direct debits and a debit card. And do it as soon as possible before you start getting a dodgy credit record. Good luck.

sevenup01

This is my first post so i hope this is right. It looks to me like you have your hire purchase down twice - once under normal monthly expenses and then again under secured and hp debts. Is this 2 sperate hp's or a mistake (good one if it is a mistake as it frees up another 200 a month)?

RAS

Hi

The Apr on those loans and the HP will not be 0%, so can you check that out.

You do need to talk to a debt charity as listed above, unless you can cut your expenditure by £600 per month so you can keep up the minimum payments.

http://www.moneysavingexpert.com/loans/debt-help-plan#help

tyllwyd

You've got £525 to pay your payday loan, but on your SOA you are £609 short - I still can't help thinking that if you could borrow the money from family to get rid of the payday loan, you'd be much closer to getting your budget to balance.

But even so, you are still short and you haven't got a lot of scope to cut back, so you need to do something drastic - to me the only options I can see are consolidate to get a bit of breathing space, look to see if you can do anything about the car, get a second job, move in with family to save rent, or a debt management plan. What do you think - is there something I've missed? Would any of those things be possible?

RAS

sevenup01 wrote: »

This is my first post so i hope this is right. It looks to me like you have your hire purchase down twice - once under normal monthly expenses and then again under secured and hp debts. Is this 2 sperate hp's or a mistake (good one if it is a mistake as it frees up another 200 a month)?

Well spotted - so now we need to cut back by £400 permonth.