Drinkupretty's SOA

[Deleted User]

So now I have finished uni and got myself a job I decided to go on credit expert and check my credit history. No surprises really but now I'm working I would like to get rid of the consumer debts hanging over me.
Statement of Affairs and Personal Balance Sheet

(most household type bills entered are divided by 3 apart from satellite tv and food shopping which are divided between my partner and I )

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 777.08
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 777.08

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 28.42
Electricity............................. 10
Gas..................................... 0
Oil..................................... 0
Water rates............................. 10.48
Telephone (land line)................... 4.67
Mobile phone............................ 30
TV Licence.............................. 3.96
Satellite/Cable TV...................... 20
Internet Services....................... 3.33
Groceries etc. ......................... 60
Clothing................................ 15
Petrol/diesel........................... 0
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).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 5
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 555.86


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
capital one....................709.......35........34.9
Vanquis........................282.......15........39.9
Style..........................381.......15........0 (unsure of apr)
Natwest credit card............276.......0.........0 (cca request ignored)
Natwest overdraft..............1500......5.........0 (student account at 0%)
HSBC overdraft.................1250......0.........0 (student account at 0%)
Total unsecured debts..........4398......70........-


Monthly Budget Summary
Total monthly income.................... 777.08
Expenses (including HP & secured debts). 555.86
Available for debt repayments........... 221.22
Monthly UNsecured debt repayments....... 70
Amount left after debt repayments....... 151.22

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,398
Net Assets.............................. -4,398

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

andys15

Well for a kick off your council tax is not £300+ a month, and I find it hard to believe your water rates too.

Why is your overdrafts 0%??

You just have live like a hermit for a few months and get rid of the high interest credit cards, throw every penny at them. Sell stuff, try and get another part time job, and the 2 high interest cards will gone soon. Then just keep paying everything else off.

talana

TV licence surely wrong too

Kylie

Council tax, water rates and TV Licence need to be amended please.

boo80

Hi Drink, I think a few of your figures are wrong. Have you put your annual cost down for council tax and TV license instead of monthly? Your water rates look far, far too high too, can you double check this? Well done for trying to get debt free! Boo.x

[Deleted User]

andys15 wrote: »

Well for a kick off your council tax is not £300+ a month, and I find it hard to believe your water rates too.

Why is your overdrafts 0%??

You just have live like a hermit for a few months and get rid of the high interest credit cards, throw every penny at them. Sell stuff, try and get another part time job, and the 2 high interest cards will gone soon. Then just keep paying everything else off.

overdrafts are student so 0% , council tax and water divided by 3 but forgot to divide into 12 for the per month amount hang on ill try again.

andys15

I think on somethings you have put in the yearly amount divided by 3 as opposed to a monthly amount. Dont know where you live but council tax divided by 3 for a month must come to £50 tops. tv licence divided by 3 should be about £3 per month.

Horace

Cut your entertainment budget too and use that towards your credit cards.

talana

Once you make those adjustments to council tax, water rates and TV licence, suddenly your SOA looks a lot healthier. You actually have a surplus!

So your plan should be to chuck as much as you can per month at Vanquis till you pay that off in full, then move it all over to Cap One.

How long do your overdrafts now remain at the student 0%? Surely that may change soon.

[Deleted User]

have fixed my soa, not sure when 0% will end

andys15

Its easy mate. Just pay every spare penny into the high interest accounts. Even having £100 on entertainment wont take too long, but if i was you on payday I would pay of the vanquis and work out your money left for the month. Next 2 months payday, straight away pay your other card. The rest of the debt is interest free and try and wack £200 everymonth. Do it on pay day, so you cannot run the risk of spending it and then make sure you live within your means for the rest of the month. Youre not in a bad situation at present.