My SOA - don't know where to begin....

escapism

Hi all,

I've been a lurker on here for a while and am trying to get serious about my financial situation after years of sticking my head in the sand...

Here's my SOA

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1204
Partners monthly income after tax....... 862
Benefits................................ 368
Other income............................ 160
Total monthly income.................... 2594
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 98
Electricity............................. 40
Gas..................................... 20
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 10
Mobile phone............................ 40
TV Licence.............................. 22
Satellite/Cable TV...................... 36
Internet Services....................... 5
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 203
Childcare/nursery....................... 560
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)...... 30
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 100
Emergency fund.......................... 0
Total monthly expenses.................. 1959

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
Credit card....................240.......12.75.....0
Credit card....................380.......0.........0
Loan...........................3600......0.........0
CCJ............................468.......0.........0
Littlewoods....................688.......0.........0
Orange.........................201.......0.........0
Next...........................230.......0.........0
Creche debt....................870.......0.........0
Council Tax....................1200......0.........0
Total unsecured debts..........7877......12.75.....-

Monthly Budget Summary
Total monthly income.................... 2,594
Expenses (including HP & secured debts). 1,959
Available for debt repayments........... 635
Monthly UNsecured debt repayments....... 12.75
Amount left after debt repayments....... 622.25
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,877
Net Assets.............................. -7,877


I have recently started working again following a period of unemployment and am looking to tackle the debts we have with the extra income we will have coming in... Any thoughts greatfully appreciated.. Am not sure where to start

Thanks

staceydaisy

first think that stands out for me is tv internet and landline you can get cheaper i pay 46 for th lot and get every channel. youve budgeted too much for your tele license too.

Eupho

Hellooo and welcome! :wave:
I'm not very good at these SOAs advice.. :rolleyes:

LOTS of people are though.. and will be along to give you lots of ideas.

But at least from what I can see .. you have £600+ per month towards repaying debts.. that's GREAT!.. a lot of us have a big fat zilch (until we cut back) .. have little.. or a minus figure..

So thats good for a start off.. :T

escapism

staceydaisy wrote: »

first think that stands out for me is tv internet and landline you can get cheaper i pay 46 for th lot and get every channel. youve budgeted too much for your tele license too.

Hiya

My TV, Internet and broadband are all through Sky and we pay £55 per month for the lot - just didn't know how to split it on the SOA

TV License is high as OH forgot to tell them we had moved :rolleyes: and so we have some payments to make to take us up to where we should be, this should drop in 2 months time to £11 (I think) per month.

Thanks,

SueP19

escapism wrote: »

Hi all,

I've been a lurker on here for a while and am trying to get serious about my financial situation after years of sticking my head in the sand...

Here's my SOA

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1204
Partners monthly income after tax....... 862
Benefits................................ 368
Other income............................ 160
Total monthly income.................... 2594
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 98
Electricity............................. 40
Gas..................................... 20
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 10
Mobile phone............................ 40
TV Licence.............................. 22
Satellite/Cable TV...................... 36
Internet Services....................... 5
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 203
Childcare/nursery....................... 560
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)...... 30
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 100
Emergency fund.......................... 0
Total monthly expenses.................. 1959

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
Credit card....................240.......12.75.....0
Credit card....................380.......0.........0
Loan...........................3600......0.........0
CCJ............................468.......0.........0
Littlewoods....................688.......0.........0
Orange.........................201.......0.........0
Next...........................230.......0.........0
Creche debt....................870.......0.........0
Council Tax....................1200......0.........0
Total unsecured debts..........7877......12.75.....-
Are these monthly payments £0???
Monthly Budget Summary
Total monthly income.................... 2,594
Expenses (including HP & secured debts). 1,959
Available for debt repayments........... 635
Monthly UNsecured debt repayments....... 12.75
Amount left after debt repayments....... 622.25
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,877
Net Assets.............................. -7,877


I have recently started working again following a period of unemployment and am looking to tackle the debts we have with the extra income we will have coming in... Any thoughts greatfully appreciated.. Am not sure where to start

Thanks

Hi there I am not sure if this is right, your debts are £7877 but you only repay 1 of them at 12.75???

escapism

Eupho wrote: »

Hellooo and welcome! :wave:
I'm not very good at these SOAs advice.. :rolleyes:

LOTS of people are though.. and will be along to give you lots of ideas.

But at least from what I can see .. you have £600+ per month towards repaying debts.. that's GREAT!.. a lot of us have a big fat zilch (until we cut back) .. have little.. or a minus figure..

So thats good for a start off.. :T

Thanks for the welcome

I think what I am struggling most with is where to start, most of the accounts listed have gone into arrears and so I have no idea what the minimum payments are, the only one we are up to date with at the moment is my credit card and even that is £40 over the agreed balance

I think it is finally dawning on me what you all mean when you talk about lightbulb moments :rolleyes:

escapism

SueP19 wrote: »

Hi there I am not sure if this is right, your debts are £7877 but you only repay 1 of them at 12.75???

Currently yes

I want to start paying the others but they are all in arrears and I have no clue on how to start

SueP19

Ahhhhh understand now, we were posting at the same time.......you need to check the interest rates on them, unless they have already agreed to 0%

escapism

I am typing letters as we speak to each company to see how much is actually owed and whether we can freeze the interest... Dreading the loan one as its with Welcome Finance :eek:

As far as I can estimate, the figures owed are about right. I know the council tax (outstanding bill from last year) is and the credit card ones are right....

I just want to get it sorted - stopped paying most in Feb as I was out of work and OH was only one earning, just buried heads in sand and hoped it would go away tbh

joolsybools

A few ideas from me:

Transfer your credit cards to 0% if poss
Get a better phone(s) deal (both on same network?)
Can either of you look for another job?
Can you cut down on childcare somehow? Family? Friends?
STOP using catalogues if you have not already. The only person getting clothes in your household should be a growing child. Only get stuff for yourselves if you really need it (not want it). Bin the catalogues.
Cut down/stop saving for a holiday? You can have a night away now and again for much cheaper than £100 a month (travelodge etc)

Good luck and well done! You've taken the first step!

escapism

joolsybools wrote: »

A few ideas from me:

Transfer your credit cards to 0% if poss
Get a better phone(s) deal (both on same network?)
Can either of you look for another job?
Can you cut down on childcare somehow? Family? Friends?
STOP using catalogues if you have not already. The only person getting clothes in your household should be a growing child. Only get stuff for yourselves if you really need it (not want it). Bin the catalogues.
Cut down/stop saving for a holiday? You can have a night away now and again for much cheaper than £100 a month (travelodge etc)

Good luck and well done! You've taken the first step!

Hiya

The catalogues are old debts - don't use them at all now I actually can't remember the last time I bought clothes for self - DS has tons more than either of us!

Both OH and I are on PAYG now, debt to Orange is on an old contract. Both credit cards are with Capital One and don't think we'd have much chance of currently switching to a better rate.

Good point about the holiday, can cut this down to £40 per month then at least we can save a little bit for the odd weekend away

Thanks again