SOA! Before i apply for loan!

Mightyowl

Just thought i'd posted my SOA to see if i would look a viable applicant for a loan

Household Information[/b]
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1300

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 80
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 100
Petrol/diesel........................... 60
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
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)...... 0
Haircuts................................ 10
Entertainment........................... 200
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 490


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 10000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Next...........................644.......61........0
Argos..........................140.......2.........0
Total unsecured debts..........784.......63........-


Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including HP & secured debts). 490
Available for debt repayments........... 810
Monthly UNsecured debt repayments....... 63
Amount left after debt repayments....... 747

Personal Balance Sheet Summary
Total assets (things you own)........... 10,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -784
Net Assets.............................. 9,216

How do i look to the banks?
I have one late payment on my credit file

Typhoon2000

Wow thats an impressive expenditure, dont you eat? It might take a bit of explaining to the bank but it looks like you could afford a sizable loan.

Rafter

No money on groceries and no payment on your car?

It really depends on how much you want to borrow and whyand whether they other owners in the house are dependent on you.

One late payment isn't going to hurt you.

R.

TotallyBroke

Are you joking with this question!!! I guess you live at home with your parents.

Mightyowl wrote: »

Just thought i'd posted my SOA to see if i would look a viable applicant for a loan

Household Information[/b]
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1300

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 80
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 40 Do you use all the free texts/minutes/internet. If you don't then reduce the tariff until you do use them. Could save £10 here
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 100 Do you always spend this each month. Sell all you old clothes. Could make £50 each month
Petrol/diesel........................... 60
Road tax................................ 0 How much does this cost you?
Car Insurance........................... 0 How much does this cost you?
Car maintenance (including MOT)......... 0 How much does this cost you?
Car parking............................. 0
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)...... 0 You didn't buy a single gift for anyone last year.
Haircuts................................ 10
Entertainment........................... 200
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 490


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 10000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Next...........................644.......61........0
Argos..........................140.......2.........0
Total unsecured debts..........784.......63........-


Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including HP & secured debts). 490
Available for debt repayments........... 810
Monthly UNsecured debt repayments....... 63
Amount left after debt repayments....... 747 You have this spare each month

Personal Balance Sheet Summary
Total assets (things you own)........... 10,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -784
Net Assets.............................. 9,216

How do i look to the banks?
I have one late payment on my credit file

Ok you have at least £747 spare each month, you could take that to almost £800 per month. Why, why, why would you consider getting a loan? What do you need to buy that you cannot save up for it? Do not get into the slippery slope of falling into the debt trap.

Mightyowl

I do live at home with parents yes! £80 a month is my board which includes all my food. Mum works dads retired.

£40 a month is the most i have ever spent on my phone in any one month.

I'm the worlds worst saver, i have just started putting £50 a week away but i want a Motorbike as i have just passed my test.

Mightyowl

Car is still under warrenty so no maintence as yet!

£200 a year for insurance forgot to put that in plus £130 road tax a year

talana

Mightyowl wrote: »

I'm the worlds worst saver, i have just started putting £50 a week away but i want a Motorbike as i have just passed my test.

So where is the £747 (£719 if we now figure in the road tax and insurance) surplus every month ending up?

In one month you could pay off your existing debts, cut your clothing bill in half, cut your entertainment bill a fraction and that surplus will be hitting £900. Few months of dedicated saving and you'll have your motorbike. No loan required!

TotallyBroke

Ok I'm going to be straight with you and give you some advice that I wish I had taken myself many years ago. But first some questions.
Will you sell the car when you get the bike? If yes could you sell it before and use the money to buy the bike. If No, why not?
Do you pay your car insurance yearly or monthly?
Do you pay your parent's cash or into their bank?

This is my suggestion to you. Two days after payday have a direct debit that pays your parent's their rent money and another that pays £700 into the savings account. This will leave you £500 in your account for mobile, clothes, insurances, road tax and going out. If you pay car ins & road tax yearly then transfer the monthly amount into the savings account, then it is there when you need to pay it.

You'll soon be able to buy the bike and not get into the debt trap. Because the fact you say you are struggling to save £50 per month rings alarm bells to me. The quicker you sort this out the better.

Mightyowl

I might just pay off my debts then go for the loan!

I want the loan so i can get the bike i have already seen, so saving wouldn't help me as of now!

I've been spending stupid amounts on clothes over the last few months.

So do you think i shouldn't have a problem being accepted for a loan?

Mightyowl

TotallyBroke wrote: »

Ok I'm going to be straight with you and give you some advice that I wish I had taken myself many years ago. But first some questions.
Will you sell the car when you get the bike? If yes could you sell it before and use the money to buy the bike. If No, why not?
Do you pay your car insurance yearly or monthly?
Do you pay your parent's cash or into their bank?

This is my suggestion to you. Two days after payday have a direct debit that pays your parent's their rent money and another that pays £700 into the savings account. This will leave you £500 in your account for mobile, clothes, insurances, road tax and going out. If you pay car ins & road tax yearly then transfer the monthly amount into the savings account, then it is there when you need to pay it.

You'll soon be able to buy the bike and not get into the debt trap. Because the fact you say you are struggling to save £50 per month rings alarm bells to me. The quicker you sort this out the better.

£50 a week i save!

Mightyowl

I pay my board in cash!
Car insurance is paid up front yearly!
I will keep the car, as i work shifts and getting up at stupid o'clock and waking the neighbours with the noise from the bike would cause grief