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SOA - Please Help if you can

[tt]Statement of Affairs and Personal Balance Sheet
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................ 1030
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 390
Total monthly income.................... 1420

Monthly Expense Details

Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 108
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 25
Gas..................................... 0
Oil..................................... 50
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 50
TV Licence.............................. 6
Satellite/Cable TV...................... 36
Internet Services....................... 50
Groceries etc. ......................... 140
Clothing................................ 0
Petrol/diesel........................... 220
Road tax................................ 10
Car Insurance........................... 30
Car maintenance (including MOT)......... 20
Car parking............................. 40
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 815


Assets

Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000


No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loan ..........................7630......211.8.....0
loan...........................8790......283.5.....0
vanquis........................204.36....10........39.9
cap 1..........................390.37....20........15.9
mint...........................324.......20........16.9
egg............................978.71....40........16.9
barclay........................244.79....10........12.4
Total unsecured debts..........18562.23..595.3.....-


Monthly Budget Summary

Total monthly income.................... 1,420
Expenses (including HP & secured debts). 815
Available for debt repayments........... 605
Monthly UNsecured debt repayments....... 595.3
Amount left after debt repayments....... 9.7

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -18,562.23
Net Assets.............................. -16,562.23

[/tt]
«1

Comments

  • RAS
    RAS Posts: 36,115 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    welcome

    There are different sorts of SOAs and I am going to be mean. Others may be kinder but this gives you an idea of what is possible.
    [tt]Statement of Affairs and Personal Balance Sheet
    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................ 1030
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 390
    Total monthly income.................... 1420

    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 108
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 25
    Gas..................................... 0
    Oil..................................... 50
    Water rates............................. 0
    Telephone (land line)................... 10
    Mobile phone............................ 50 - this is high - cut your package and then consider PaYG
    TV Licence.............................. 6 - this is low are you house sharing?
    Satellite/Cable TV...................... 36 - get rid and use freeview
    Internet Services....................... 50 - this is massive. check bundles and swap, preferably via a cashback site like www.quidco.com.
    Groceries etc. ......................... 140 - Ok but for one yoyu could skin a few quid off this in the short term
    Clothing................................ 0
    Petrol/diesel........................... 220 - do you have to make all these journeys and can you reclaim any from work?
    Road tax................................ 10
    Car Insurance........................... 30
    Car maintenance (including MOT)......... 20
    Car parking............................. 40
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0 - you need this
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 815


    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 2000
    Other assets............................ 0
    Total Assets............................ 2000


    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly...APR
    loan ..........................7630......211.8.....0 - ????
    loan...........................8790......283.5.....0 ???
    vanquis........................204.36....10........39.9 - you pay
    every brass farthing off this account and then close it
    cap 1..........................390.37....20........15.9
    mint...........................324.......20........16.9
    egg............................978.71....40........16.9
    barclay........................244.79....10........12.4
    Total unsecured debts..........18562.23..595.3.....-


    Monthly Budget Summary

    Total monthly income.................... 1,420
    Expenses (including HP & secured debts). 815
    Available for debt repayments........... 605
    Monthly UNsecured debt repayments....... 595.3
    Amount left after debt repayments....... 9.7

    Personal Balance Sheet Summary
    Total assets (things you own)........... 2,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -18,562.23
    Net Assets.............................. -16,562.23

    [/tt]

    You need to cut smalll amounts off your monthly spends and put them all to your most expensive debt -currently vanquis.

    Please play with the snowball on www.whatsthecost.com and you will see what effect an extra tenner has over time.
    If you've have not made a mistake, you've made nothing
  • urg123
    urg123 Posts: 1,997 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    [tt]Statement of Affairs and Personal Balance Sheet
    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................ 1030
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 390
    Total monthly income.................... 1420
    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 108
    Management charge (leasehold property).. 0
    Council tax............................. 0 should you be paying council tax?
    Electricity............................. 25
    Gas..................................... 0
    Oil..................................... 50
    Water rates............................. 0
    Telephone (land line)................... 10
    Mobile phone............................ 50 can this be reduced? go on to payg.
    TV Licence.............................. 6
    Satellite/Cable TV...................... 36 do you really need this? get freeview or at least go down to the lowest possible tariff
    Internet Services....................... 50 really?!? I thought mine was high at £14 per month. You can get integrated packakges with phone, tv etc or just get a cheaper 'net deal.
    Groceries etc. ......................... 140 you can reduce this. Have a look at the old style board. Learn to cook from scratch; freeze portions; meal plan; go down a brand when you are shopping. Lots of ways to save here. JOin the grocery challenge.
    Clothing................................ 0
    Petrol/diesel........................... 220 can you use alternative transport?
    Road tax................................ 10
    Car Insurance........................... 30
    Car maintenance (including MOT)......... 20
    Car parking............................. 40
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 815

    Assets
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 2000
    Other assets............................ 0
    Total Assets............................ 2000

    No Secured nor Hire Purchase Debts
    Unsecured Debts
    Description....................Debt......Monthly...APR
    loan ..........................7630......211.8.....0
    loan...........................8790......283.5.....0
    vanquis........................204.36....10........39.9 make this your priority debt. IT is the smallest and the highest apr - it will feel great when it goes.
    cap 1..........................390.37....20........15.9
    mint...........................324.......20........16.9
    egg............................978.71....40........16.9
    barclay........................244.79....10........12.4
    Total unsecured debts..........18562.23..595.3.....-

    Monthly Budget Summary
    Total monthly income.................... 1,420
    Expenses (including HP & secured debts). 815
    Available for debt repayments........... 605
    Monthly UNsecured debt repayments....... 595.3
    Amount left after debt repayments....... 9.7
    Personal Balance Sheet Summary
    Total assets (things you own)........... 2,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -18,562.23
    Net Assets.............................. -16,562.23
    [/tt]

    HI

    Please see my comments above.

    There are ways to shave at least £100 per month.

    You should also look at the reasons why you have got into debt. Learn about your spending habits so that you can avoid falling back into the same holes.

    Then you need to look at ways to make some cash to throw at the debts. What can you sell? Use ebay/amazon/carboots etc. Can you get over time at work?

    Just a few thoughts.

    Good luck with your DFW journey.

    urg x x
  • council tax - i live in northern ireland so no.
    phone - it can be reduced a bit so i will look into this
    satellite/cable - i get setanta and sky so i guess it will have to be reduced
    net - i signed up with bt at a previous address just before i moved and they wouldnt change it so i am paying two deals
    groceries- i dont do the shop but pay half, will have to see about getting reduced
    petrol - i live in a remote area and would have to travel 15 miles by car anyway and save very little anyway. i also work two jobs and the public transport doesnt fit around it.
    tv license - yes i house share


    a big part of my debt is food related, i spend a lot of money at work on food and drinks.
    overtime was available but has now been stopped.
  • ~Beanie~
    ~Beanie~ Posts: 3,043 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    [tt]Statement of Affairs and Personal Balance Sheet
    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................ 1030
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 390
    Total monthly income.................... 1420

    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 108 - This is cheap, do you share or something?
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 25
    Gas..................................... 0
    Oil..................................... 50
    Water rates............................. 0
    Telephone (land line)................... 10
    Mobile phone............................ 50 - Can be lowered
    TV Licence.............................. 6 - Should be more than this unless this is just a share
    Satellite/Cable TV...................... 36 - Can be lowered or even cut completely
    Internet Services....................... 50 - HOW MUCH????? For what exactly?
    Groceries etc. ......................... 140 - Can be cut by about £40
    Clothing................................ 0
    Petrol/diesel........................... 220
    Road tax................................ 10
    Car Insurance........................... 30
    Car maintenance (including MOT)......... 20
    Car parking............................. 40
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0 - Should have this
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 0 - Don't you get haircuts?
    Entertainment........................... 0 - Don't you ever go out? get a takeaway? Buy alcohol? etc etc
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 815


    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 2000
    Other assets............................ 0
    Total Assets............................ 2000


    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly...APR
    loan ..........................7630......211.8.....0
    loan...........................8790......283.5.....0
    vanquis........................204.36....10........39.9
    cap 1..........................390.37....20........15.9
    mint...........................324.......20........16.9
    egg............................978.71....40........16.9
    barclay........................244.79....10........12.4
    Total unsecured debts..........18562.23..595.3.....-


    Monthly Budget Summary

    Total monthly income.................... 1,420
    Expenses (including HP & secured debts). 815
    Available for debt repayments........... 605
    Monthly UNsecured debt repayments....... 595.3
    Amount left after debt repayments....... 9.7

    Personal Balance Sheet Summary
    Total assets (things you own)........... 2,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -18,562.23
    Net Assets.............................. -16,562.23

    [/tt]

    Just a few thoughts above, you seem to have some things missing. Don't you ever get haircuts? And surely there should be something for entertainment?

    Sorry, just seen your last post. Where is the food and drink at work included, is this ibn the grocery budget?

    Yes, you definately can cut Setanta and Sky!!!
    :p
  • Horace
    Horace Posts: 14,426 Forumite
    Rather than buying food and drink at work, take a packed lunch and maybe some juice or something.

    Keep a spending diary so that you know where you are spending money e.g. the odd newspaper etc. note it all down.

    Get rid of Setanta - there are plenty of free sports channels to watch that are just as good if not better.
  • i shave my own head so no hair cuts, i guess i would spend something on entertainment but it is very rare when you havent got the money and work upwards on 60 hours a week. the reason i have setanta is i am a celtic fan and you get to see every away match and the way i see it is it would be cheaper watching it in the house than in the pub.
  • jamespmg44
    jamespmg44 Posts: 130 Forumite
    i shave my own head so no hair cuts, i guess i would spend something on entertainment but it is very rare when you havent got the money and work upwards on 60 hours a week. the reason i have setanta is i am a celtic fan and you get to see every away match and the way i see it is it would be cheaper watching it in the house than in the pub.

    Hail hail Gerry!

    I'd suggest cancelling Setanta then at the end of the season for the summer (will save you £13/month over the summer) you will also probably be able to take advantage of new deals in the new season and get your subscription for half price for the first few months of the year.

    Or if the pub is handy, drive there and just nurse a coke during the game - we're only away 2/3 times a month so that would also work out cheaper than the £13 subscription.
  • cally6008
    cally6008 Posts: 7,629 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    net - i signed up with bt at a previous address just before i moved and they wouldnt change it so i am paying two deals

    BT should have simply done a "house movers" and allowed you to keep the phone line and broadband (or whatever package you have with them).
  • pubs a little too handy. rolling distance it could be said. i will have to have a think about it as the pub could hold too many temptations
  • i shave my own head so no hair cuts, i guess i would spend something on entertainment but it is very rare when you havent got the money and work upwards on 60 hours a week. the reason i have setanta is i am a celtic fan and you get to see every away match and the way i see it is it would be cheaper watching it in the house than in the pub.

    There are sites online where you can watch Celltic games that are broadcast on Setanta, Only prob is that if its an important game or an Old Firm game you may be chucked out a a vital moment due to over subscription:mad:

    Sorry cant give you the site details yet as my son isnt home just now
    cheerio hen
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