MY SOA - little help please..

danieljamie

My SOA.. more info below..

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household.........
Number of cars owned.................... 3
Monthly Income Details
Monthly income after tax................ 814
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 814
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 40
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 10
Clothing................................ 20
Petrol/diesel........................... 170
Road tax................................ 15
Car Insurance........................... 70
Car maintenance (including MOT)......... 5
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)...... 20
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 15
Emergency fund.......................... 0
Current account......................... 7
Experian................................ 7
Total monthly expenses.................. 484

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Capital One card...............1050......50........30
Mastercard card................1245......25........16
Barclaycard card...............425.......10........30
Overdraft......................950.......0.........15
Loan in mums name..............1500......75........8
Littlewoods....................200.......20........0
Total unsecured debts..........5370......180.......-

Monthly Budget Summary
Total monthly income.................... 814
Expenses (including HP & secured debts). 484
Available for debt repayments........... 330
Monthly UNsecured debt repayments....... 180
Amount left after debt repayments....... 150
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,370
Net Assets.............................. -4,370
Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using IE browser.

I'm 18 years old, working full time doing an apprenticeship in electrical engineering. I am currently applying for the RAF, but we will see how that goes..

My overdraft limit is £1000, and I am at 950.
Mastercard limit 1250, Capital one limit 1100, Barclaycard limit 450, so nearly all are maxed out.

I am repaying a loan that mum took out for me for 1500, to help, but it didn't help. I could do with one big loan to get rid of them all, but my credit score is low because of the amount of money I owe.

What would your advice be? I can make repayments, but usually not do much else for that week.

Ask if you would like any more info..

Thanks, Dan

angelicmary85

Hi Dan,

My wee bro (who's only 16) went off to the RAF a few months ago...so I'll do what i can to help one of his collegues!

di3004

Hi there

I'm sure someone will be along soon to give some good advice, but have you also been in touch with any of these below, they are also very good and may try to work out some sort of plan for you.

http://www.cccs.co.uk/

http://www.payplan.com/

http://www.nationaldebtline.co.uk/england_wales/
Also Scotland.

There are others as well.

We have been advised to write to creditors to request to pay token payments, there are templates on the site and in the national debtline link there are templates you can use on there too, you can try doing this alone if you prefer by using the templates, good luck.;)

angelicmary85

danieljamie wrote: »

My SOA.. more info below..

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household.........
Number of cars owned.................... 3?
Monthly Income Details
Monthly income after tax................ 814
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 814
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 40
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45 Although you are away from home (I assume you are anyway) you have to try to cut this down
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 10
Clothing................................ 20 Only buy essentails - socks and such like!
Petrol/diesel........................... 170 This seems very high
Road tax................................ 15
Car Insurance........................... 70 Do you really pay all that??
Car maintenance (including MOT)......... 5
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)...... 20
Haircuts................................ 10 You don't need to get a cut every month
Entertainment........................... 50 You should try to cut this down!!
Holiday................................. 15
Emergency fund.......................... 0
Current account......................... 7
Experian................................ 7 Now you know your credit report, can you not cancel this?
Total monthly expenses.................. 484

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Capital One card...............1050......50........30
Mastercard card................1245......25........16
Barclaycard card...............425.......10........30
Overdraft......................950.......0.........15
Loan in mums name..............1500......75........8
Littlewoods....................200.......20........0
Total unsecured debts..........5370......180.......-

Monthly Budget Summary
Total monthly income.................... 814
Expenses (including HP & secured debts). 484
Available for debt repayments........... 330
Monthly UNsecured debt repayments....... 180
Amount left after debt repayments....... 150
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,370
Net Assets.............................. -4,370
Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using IE browser.

I'm 18 years old, working full time doing an apprenticeship in electrical engineering. I am currently applying for the RAF, but we will see how that goes..

My overdraft limit is £1000, and I am at 950.
Mastercard limit 1250, Capital one limit 1100, Barclaycard limit 450, so nearly all are maxed out.

I am repaying a loan that mum took out for me for 1500, to help, but it didn't help. I could do with one big loan to get rid of them all, but my credit score is low because of the amount of money I owe.

What would your advice be? I can make repayments, but usually not do much else for that week.

Ask if you would like any more info..

Thanks, Dan

Dan,

If you can cut back on your entertainment you could pay extra money to littlewoods to get it cleared quicker. DON'T opt for a consolidation loan...it may only make matters worse if you keep spending!

Keep a spending diary to see where your money is going...newspapers and bottles of juice and things like that can add up to quite a bit a month!

angelflower_2

danieljamie wrote: »

My SOA.. more info below..

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3 only 1 relevant as you are not supporting the others
Number of children in household.........
Number of cars owned.................... 3 only 1 relevant
Monthly Income Details
Monthly income after tax................ 814
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 814
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 40 digs money?
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45 ditch contract and go PAYG saving approx £20 pm
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 10
Clothing................................ 20
Petrol/diesel........................... 170 this is HUGE. Why so much?
Road tax................................ 15
Car Insurance........................... 70 high cause age? Can you still shop around or perhaps have gone on parents insurance? Do you really NEED the car right now?
Car maintenance (including MOT)......... 5
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)...... 20
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 15 you need to consider not having a holiday at the moment unless you can save on the entertainment
Emergency fund.......................... 0
Current account......................... 7 change account to a non fee paying one (unless this is the overdraft interest?)
Experian................................ 7 cancel this!
Total monthly expenses.................. 484

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Capital One card...............1050......50........30 1 joint with mastercard until mastercard clear then all to CAP one
Mastercard card................1245......25........16 2
Barclaycard card...............425.......10........30 1
Overdraft......................950.......0.........15 2 you need to start paying something off this - even if just £10.
Loan in mums name..............1500......75........8
Littlewoods....................200.......20........0
Total unsecured debts..........5370......180.......-

Monthly Budget Summary
Total monthly income.................... 814
Expenses (including HP & secured debts). 484
Available for debt repayments........... 330
Monthly UNsecured debt repayments....... 180
Amount left after debt repayments....... 150 you have money left over and money you could save. Throw this at the debts above in the numbered order
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,370
Net Assets.............................. -4,370
Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using IE browser.

I'm 18 years old, working full time doing an apprenticeship in electrical engineering. I am currently applying for the RAF, but we will see how that goes..

My overdraft limit is £1000, and I am at 950.
Mastercard limit 1250, Capital one limit 1100, Barclaycard limit 450, so nearly all are maxed out. cut up all the cards right now. If they are maxed you cant use them anyway huh.

I am repaying a loan that mum took out for me for 1500, to help, but it didn't help. I could do with one big loan to get rid of them all, but my credit score is low because of the amount of money I owe. Very bad idea. If at your age you have this level of debt it means you have not learned to live within your means. You really need to knuckle down, pay this off and start again before you get to the stage some of us do. I got my first credit at 18 and 15 years later, still paying the price. Sorry if thats harsh but hope you can avoid mistake some of us made.

What would your advice be? I can make repayments, but usually not do much else for that week. You have money budgeted for entertainment each week so you should be fine

Ask if you would like any more info..

Thanks, Dan

comments above in red. Hope some of that helps?

tallyhoh

Can you honestly say you need a car?? Dont you have public transport.

di3004

Just to give the OP some idea of what we have done, is cancel the dearest insurance for cheaper ones, especially if they are essential ones, but make sure your not charged or penalised first.

We have a Sky package, and are now in the situation to either have this cancelled or at least come down to the lowest package.

Shopping for food, obviously you must eat, but go to shop brand names and go for by one get one free, to get more for your money, and petrol, is already cut down from £40 to £20 and only use the car now if essential.

Its little things like that that help and also if you decide to pay token payments, its always best as well to open a new basic bank account, make sure they are not linked in any way to your current bank.

Hope this helps, all the best.

The others on here have give you some headway here, all good advice.;)
Every penny saved from sacrificing some things counts and helps to pay towards debts, good luck.

Tixy

Hi Dan & Welcome

You've already been given some good advice. Only other bits I would say are you might save on your car insurance if you put your Mum or Dad on as a named driver (if they have a clean licence) that way you still get to build up your no claims.

What are you currently spending the £150 surplus on? Are you using it to pay more than the minimums off your cards? Do you have a £150 surplus. If not you need to keep a spending diary to find out where it is going. Then stop spending it on whatever and start repaying off the debts.

Good luck.

Little_Miss_Uni-Debt

Hi!

Well done on posting! It is a hard thing to do but just be greatful that you have done in now and not another 3, 5 or 7 thousand pounds further down the line.

There is a straight forward way out of in which will take just under 12months to clear your cards (your loan is longer obviously) providing you stick to it. I'm sure you're made of tough stuff if you're joining the forces so I'm positive you can cope with the changes!

First off forget about monthly groceries, clothing, presents, haircuts, entertainment, holidays and definately experian. These are all things that happen some months and not others. They aren't a regular outgoing. Instead you should have a budget of £100 pcm just for YOU. That is to cover ALL of the above things. For example, if you have a birthday to pay for - haircut might have to wait til next month. If you want a holiday it means several weeks going without entertainment.

This leaves the following regular payments :- Rent, Mobile (change as SOON as you can), Petrol (drive as economically as possible and save 30%!!) Road Tax, Insurance (will be high if you are young but shop around next time it is due) Mot and Current account interest. This totals £412 pcm leaving you with £402 pcm for your debts!!!!

Get a new bank account with NO overdraft. Treat your OD as a separate debt. Then pay debts off as follows :-

Cap 1 - Start at £240 pcm then add £1.40 each month. Ends Oct 2009
Mastercard - £38 pcm reduce by £1 each month - Ends Mar 2010
Barclaycard - £13 pcm until Oct 09 then £132, £260, £33. Ends Dec 2009
Overdraft - £28 pcm til Apr 2010 then £320, £320, £160. Ends June 2010
Loan - This will be longest and last debt. £75 fixed until Mar 2011.
Littlewoods - £6 pcm until June 2010 then pay final £137 . Ends Jun 2010


If you do it this way you will only pay £432 interest on everything. There is no way you can find a consolidation loan for £5370 for less than this. This is the cheapest way!!!!!!

Hope this helps!!! :-) :-)

jayss

Before changing bank accounts check your T&Cs, £28 a month may end up being less than the charges if wages are not paid in, and then he'd be in overlimit territory.

Little_Miss_Uni-Debt

There's nothing stopping Dan from having his wages paid into his account still if this is the case. He could then move them elsewhere the day after and not incurr any charges. The important thing is that he gets to keep his own spending money away from a standard amount to pay off debts each month.