my new SOA, any advice please?!

littlepinkstars44

Ok, so i am getting my contact hours increased at work, and my wages are going up...hopefull starting this month.
So this is my new SOA to match the new wages

Any advice that anyone could give me, would be a big help!

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 395
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 340
Total monthly income.................... 735
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 40
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 45
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 310

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
dorothy perkins card...........210.......20........28.9
arcadia staff card.............219.73....20........28.9
new look card..................99.4......10........29.9
rbs overdraft..................1400......0.........0
bos overdraft..................953.98....50........0
additions account..............141.47....10........37.9
kays account...................150.......0.........0
Total unsecured debts..........3174.58...110.......-

Monthly Budget Summary
Total monthly income.................... 735
Expenses (including HP & secured debts). 310
Available for debt repayments........... 425
Monthly UNsecured debt repayments....... 110
Amount left after debt repayments....... 315
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,174.58
Net Assets.............................. -3,174.58
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

debrag

each month pay off one of your store or cat cards leaving you with your two ODs

catherine_h_2

Hi

Do you not spend ANY money on food??? The odd takeaway now and then??? I'm assuming you live with family as there you've not put anything for utilities

I would recommend starting by paying off as much as you can on the debt with the highest interest first... so that would be the additions account then go through the debts like that, obviously still paying at least the minimum payments on everything else.

If you're SOA is correct then you'll do it in no time at all:D Good luck:D

masterkay

littlepinkstars44 wrote: »

Ok, so i am getting my contact hours increased at work, and my wages are going up...hopefull starting this month.
So this is my new SOA to match the new wages

Any advice that anyone could give me, would be a big help!

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 395 can you increase this at all? it is very low
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 340
Total monthly income.................... 735
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0 No bills at all? Who pays these?
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 25 Can you go PAYG or ditch it?
TV Licence.............................. 0 No tv?
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0 No grocery bills? What do you eat?
Clothing................................ 40 Way too much on clothing considering your income
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 45
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 310

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
dorothy perkins card...........210.......20........28.9
arcadia staff card.............219.73....20........28.9
new look card..................99.4......10........29.9
rbs overdraft..................1400......0.........0
bos overdraft..................953.98....50........0
additions account..............141.47....10........37.9
kays account...................150.......0.........0
Total unsecured debts..........3174.58...110.......-

Monthly Budget Summary
Total monthly income.................... 735
Expenses (including HP & secured debts). 310
Available for debt repayments........... 425
Monthly UNsecured debt repayments....... 110
Amount left after debt repayments....... 315
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,174.58
Net Assets.............................. -3,174.58
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Pay off the additions account first and then hit the rest. Any chance of getting a new card and switching some of the debt even a 16.9% card would be better at this stage.

You seem to be on a very low income, any benefits you could get? Also great big holes in bills, you don't seem to buy food, water, electricity, heating etc. Is this true?

littlepinkstars44

masterkay wrote: »

Pay off the additions account first and then hit the rest. Any chance of getting a new card and switching some of the debt even a 16.9% card would be better at this stage.

You seem to be on a very low income, any benefits you could get? Also great big holes in bills, you don't seem to buy food, water, electricity, heating etc. Is this true?

I live with my mum, so i don't have any bills.
My wages are going up this month, my contract hours are going up from 9 to 16, and my hourly rate from £5.80 to £6.20.

I only work part time, as i'm a full time student.

No can't get any more credit i'm afraid, credit rating is really bad!

masterkay

littlepinkstars44 wrote: »

I live with my mum, so i don't have any bills.
My wages are going up this month, my contract hours are going up from 9 to 16, and my hourly rate from £5.80 to £6.20.

I only work part time, as i'm a full time student

So I take the other is your student loan? What about fees?

You'll pay it off in no time if you are good. Firstly you spend £40 on clothes a month which is way too much. Give up clothes shopping for 6 months and that is a saving of £240 already. I noticed some of your cards are clothes store cards which suggests that clothing is your weakness and you bought clothes you could not afford in the first place. Note that store cards are the worst to go for due to the high rates and normally any reward scheme is not worth it unless you pay the balance off in full each month. Cut the cards up for a start.

I'm also of the opinion you are spending more than you think (probably why you got into this in the first place), so write down what you spend every day for a month and you'll be surprised where your money goes. Coffees, soft drinks, crisps, takeouts, magazines etc all add up.

Cut the cards up
Stop buying clothes
Pay off additions first
Keep a spending diary
Ebay all the clothes that you don't wear

littlepinkstars44

masterkay wrote: »

So I take the other is your student loan? What about fees?

You'll pay it off in no time if you are good. Firstly you spend £40 on clothes a month which is way too much. Give up clothes shopping for 6 months and that is a saving of £240 already. I noticed some of your cards are clothes store cards which suggests that clothing is your weakness and you bought clothes you could not afford in the first place. Note that store cards are the worst to go for due to the high rates and normally any reward scheme is not worth it unless you pay the balance off in full each month. Cut the cards up for a start.

I'm also of the opinion you are spending more than you think (probably why you got into this in the first place), so write down what you spend every day for a month and you'll be surprised where your money goes. Coffees, soft drinks, crisps, takeouts, magazines etc all add up.

Cut the cards up
Stop buying clothes
Pay off additions first
Keep a spending diary
Ebay all the clothes that you don't wear

yes, its my student loan and bursary, SAAS pay the college fees.

i know it says i will have about £300 left over, at the moment i'm only getting around £300 wages, and i still feel like i have nothing left at the end of the month lol

pebblespop

cut up the store cards and wear the clothes you have bought on them.

do not buy anything else on credit. you do not need it.

littlepinkstars44

Thanks for all the advice everyone, looks like my contract hours and wages are NOT going to change after all! DAMN
So i am back to doing 9hours a week on £5.81 an hour!
Great, and i've just spent £300 odds on the new Hello Kitty Mac collection as well!

mooomin

littlepinkstars44 wrote: »

Thanks for all the advice everyone, looks like my contract hours and wages are NOT going to change after all! DAMN
So i am back to doing 9hours a week on £5.81 an hour!
Great, and i've just spent £300 odds on the new Hello Kitty Mac collection as well!

Holy carp, £300!!!!

Right, we have spoken on other threads about the glory of MAC, and I do understand, believe me, but £300!!! In your current situation that's madness I tells you!

Here is some advice from a wise old lady who let her addiction to Benefit and MAC b*gger her credit cards...


....



....

STOP IT!!!


...

...

Treats are all well and good, and when you're trying to pay off debts they can be damn near essential, but this is a crazy amount of money to spend on slap. If you haven't used all of it can you put some of it on Ebay? MAC collectibles sell really well.

Stop going to Harvey Nicks or wherever they stock it in Glasweegieland, and cut yourself off. Go cold turkey. If you're anything like me you have a bag full of makeup you don't wear anyway.

Good luck with the debt busting - think of what you could have cleared if you hadn't bought that...

beanielou

Hate to say it but you could have paid off two of your smaller debts with that money.
You are the only person who can say no!