Help Please

claireb86

Below is my SOA

I live with my parents and currently only have a temp job. As my hours are not set i do not know what to write in my income part.

I have mainly had 30 hours per week at £6.50 a week if this helps.

I am in serious need of help.
I have contacted vodafone and i am reducing my tariff each month until i can cancel and i am in process of setting up a repayment plan with natwest regarding the overdraft as i am no longer a student.



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................
Benefits................................ 0
Other income............................ 0
Total monthly income....................
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 62
Rent.................................... 130
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 20
Clothing................................ 5
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 54
Car maintenance (including MOT)......... 8.30
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 1.25
Pet insurance/vet bills................. 5
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 17.50
Presents (birthday, christmas etc)...... 25
Haircuts................................ 7.50
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Books................................... 0
Total monthly expenses.................. 455.55

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1200.00
Other assets............................ 0
Total Assets............................ 1200.00

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
Natwest Student Overdraft......1500 ......0.........0
Halifax Mastercard.............1816.14....0.........19.9
Barclaycard Visa................642.28....0.........19.9
Lloyds Mastercard ..............700.00... 0....... .19.9
Argos Storecard.................500.................24.99
Total unsecured debts..........5158.42.................-

TMoose

I suggest to work out your income, do an average of your payslips (after tax) for the past dozen or so weeks (or however many you can find) then multiply by 52 and divide by 12 to make it monthly. Based on 30hrs a week I would expect you to be looking at somewhere between 700/800 after tax.

Also you need to put your minimum payments amounts into the SOA to understand what your monthly outgoings truly are...

Once that's done, pop back here, and then we can get to work in getting you back on track

claireb86

Ok income will be around £650 from previous pay slips.

At the moment i am paying minimum on cards

Halifax - £41
Barclaycard - £15.00
Lloyds - £23
Argos - £10.00

Thanks

Debtwatcher

From what you have put, then your income is £650/month and your expenses are £455.55 + £89= £544.55. If this were the case ,then your Natwest overdraft would be going down by £115/month.
As this is at 0% interest you should only pay a minimum off this and offset your surplus to pay off the credit/store cards first.
Clear the Argos card first as it is the highest rate and then work through the credit cards. Go for the smaller balance first as there is a feel good factor with clearing a 'whole debt' off.
Now from my experience in dealing with clients in debt, then this might not be the whole picture and you will probably say that you never have a surplus income left over each month. If that is the case, then you will need to look again at your figures, then come back to the forum for more help.

gfplux

hello Claireb96,
Well done in posting your SOA.

Start a spending diary TODAY to find out exactly where you money goes. Knowledge is power.


Is your c/c debt going up or have you stopped using the cards?


Have you shown the SOA to your parents.


Looking forward to your updated SOA
Good Luck

Fire_Fox

Do you need to run a car or could you walk/ cycle/ get a lift/ car share with parents/ use public transport? You have not factored anything for maintenance into your budget so this is not a true picture of what the car is costing you.

david_hellier

gfplux wrote: »

hello Claireb96,
Well done in posting your SOA.

Start a spending diary TODAY to find out exactly where you money goes. Knowledge is power.


Is your c/c debt going up or have you stopped using the cards?


Have you shown the SOA to your parents.


Looking forward to your updated SOA
Good Luck

Another way of using a spending diary is to allocate a weekly amount to yourself per week, from your budget after all essentials have been deducted. Using receipts, deduct as you spend through the week. Try to get to the end of the week leaving some over to carry forward to the next week. This has the effect of keeping your overdraft down and avoids overspend.

Debt_Free_Dreamer

Hi Claire.

Welcome to the forum....

Are you able to get another part time job to help you increase your income? In my younger days when I lived at home I worked at the local hotel behind the bar, as well as at my day job.

I have previously undertaken Youth Work, Cook in the Snappy Cafe, Selling Avon and being a Barmaid all to help up my income and pay for all the things I bought (and did not really need).