I'm new - Here is my SOA.....

asile21

Hi all,
Here is my SOA.
I have been reading through the site for about 8 months and trying to cut down during that time - I now just need an extra shove to help me along the way!!!
My first time posting here so hello to everyone and thanks in advance for any advice.

Monthly Incomings:

My salary – 300 (Average – as I earn a varied amount depending on how much I work)
Partners salary - £863
WTC/CTC – 490
Child benefit – 160
Other (Ebay & car boot sales) - 100

Total - £1913

Monthly Outgoings:

Rent - £252
Council Tax - £80
Gas - £20
Electric - £47
TV License - £10.99
NTL – Tv & Phone (lowest package) - £40 (average)
Internet - £8.50
Mobile phones - £50 (one is being cancelled at end of contract in June) Reducing to £25
Food - £170
Car Insurance - £30
Petrol & LPG - £120
Dog insurance - £15 (She is old so don’t want to cancel this as wouldn’t be able to afford vet bills if she gets ill.)
Nappies, dog food & other household items - £30
Milkman - £11
Water rates - £32
Cigarettes - £80 (Partner smokes lots & giving up is not a likely option for him – I only smoke a small amount, about a day)

Total: £996.49

My Capital one card – Balance £993.15 (limit £1800) Monthly APR 2.186 %
Minimum payment - £30

Partner Capital one card – Balance £705.12 (limit £1000) Monthly APR 2.186 %
Minimum payment - £35

Virgin card – Balance £1387 (limit £1500) Monthly APR 1.24 %
Minimum payment - £32

Littlewoods credit card (Barclaycard) – Balance £396.47 (limit £450) APR 29.9 %
Minimum payment - £19

Littlewoods flexible account – Balance £1104 (limit £1500) APR 32.9%
Minimum payment - £55

Studio (catalogue) – Balance £350 (Limit £1200) Can’t find statement so not sure of APR, but probably about the same as the one above.
Minimum payment - £18

Partner has a loan in his name only with Abbey which was for £10.000 about a year ago, don’t know the APR or how much left to pay. Payment is £333

MBNA loan - £3500 Started paying 2 Mths ago at £160 (APR 15.9%)

I also have a BOS credit card which has a limit of £1500, I phoned 2 days ago to close the account, but while on the phone I asked if they could do a deal on a balance transfer & they have offered me 6.95% for the life of the balance, so I am transferring the balance from the littlewoods flexible account & the studio and then closing those to stop myself spending on them anymore!!

Overdraft of £2450 which is currently up to the limit.

Total debt repayments - £682
Total outgoings - £1678.49

I have rearranged the debt to some extent in an attempt to reduce payments & we are just about surviving we have used the overdraft this month as partner has changed from a weekly paid job to a monthly paid job which has caused us to struggle. Any more advice on how I can cut these debts more would be useful. Also I have not included any expenses for clothes (usually bought off Ebay for the kids) or for car tax/mot etc.

We have two cars and we could manage with one but I can’t convince other half to sell one (worth £4000) as he worked really hard to save up to buy it & its his pride & joy. (although I know we could pay off so much with the money)

I am also waiting for info from Abbey so that I can start to claim back charges from them – Approx £4000 over the last 6 years. (Not holding too much hope on that though!!)

Anyway sorry its so long winded, any help appreciated.
Thanks
Elisa

beanielou

Hi
Justwanted to say hi & welcome.
Nothing looks to auful on your SOA but I am tired!!
Sure others will be along to help you out soon
Lou

asile21

Hi Beanie,
Thanks!
I knwo its not really really awfull, just so much of it to deal with & other half doesn't help with money issues, so i'm struggling on my own with it and trying to survive!!!
I think i'm getting there (have cut up all the vredit cards!!!) but just need some moral support!
Thanks again
Elisa

southernscouser

Hi Elisa and welcome to MSE and the DFW board! :hello:

Is your OH on your side regarding tackling the debts? If so selling that other car would as you know be a massive massive help!

Also if he gave up the fags it would not only save you money but years on his life aswell!

Have you visited the Oldstyle board for tips on how to get your monthly groceries spend down?

Did you ask BOS for a credit limit increase at all? If not it could be worth a try. But be careful when transferring more balances that they are offering the same rate!

Have you considered applying for a low life of balance card? Is yours or your OH's credit file decent enough that you might be accepted?

southernscouser

Also meant to ask if you have any PPI or payment protection on the loans or credit cards?

asile21

Hi Southern,
Yes other half is on my side & the car may get sold if keep on enough!!!

As for the fags he is not even willing to discuss that & we argued over money so much lately that i don't want to cause anymore arguments.

I have visited the oldstyle board and have started cooking alot more than i used to and i have cut the shopping down a lot as i was spending £100 a week, so i'm quite pleased with the savings there.

I haven't asked BOS for an increase and thats a great idea, i'll get back on the phone to them tomorow and see what they can do.

I have just tried to apply for 2 low rate cards and got rejected so i'm reluctant to apply for anymore as probably be the same answer again.

Other half can't get anymore credit as hes not on the eltoral role at present.

Your advice is appreciated, thank you!
Elisa

asile21

Yes i have payment protaction on the loans & some of the cards - would have to check which ones though.

southernscouser

In that case my advice would be to cancel it all! Even if you did need to claim on it I've heard so many horror stories that you don't get anything half the time!

Have a look at this thread about cancelling PPI on loans. The credit card one you can just phone up and ask them to cancel it. Don't let them bully you into keeping it and don't agree to a lower rate or anything. Get totally rid!

southernscouser

Yeah leave it a couple of months before re-applying for anymore cards.

In the meantime order the statutory credit files from Experian and Equifax (£2 each) and just check it to make sure all old accounts are properly closed (will say settled) and on the other cards reduce the credit limits to about £100 above the balances. This will make you more appealing to future lenders.

And get OH on the Electoral Role!

oops_a_daisy

Hi Aisle - welcome to MSE and the DFW threads and well done for putting all that down
I hope you dont mind if I make a few obseravions - just call me anything...I cant hear you LOL Im sure you have already looked into these already though.

right electric - seems a lot higher than your gas ?
NTL - TV & Phone - again seems high - I have digital TV, broadband and phone from NTL for less than £40
Mobile phones - can you change the one left onto PAYG for a tenner a month ?
Food - as mentioned before go to the OS boards and you will make savings here
sorry dont know much about dog food, nappies ( a long time ago ) and other household things - but what other household things? if it is cleaning stuff go to the OS board and read up on stardrops and microfibre cloths, making your own washing powder etc etc. They also have threads there on reusable v's disposable nappies.
Milkman - can you get it cheaper at a supermarket ? I know your milkman wont thankyou but your bank balance will
Cigaretts - well as a newbie ex smoker I know how hard it is but you could pay off one of those credit cards with £80 x 12 = £960.00. But I need talk about smoking LOL

Definatley move higher rate credit onto lower - as mentioned before see if you can get a better LOB card. Pay more off higer rate credit first as it is costing you more. Go the snowball website to work out how long it will take to pay off the debts and work out how long with a £4000 car taken off the total - that might sway your OH.
Go for the unfair bank charges - the law is on your side. If you sold the car and got the unfair bank charges back you could pay off nearly half your debts.

Also have you done the budget planner at the top of the page ? it is brilliant to plan how much you can throw at what.

Good luck

asile21

I had thought about cancelling them after reading some threads on here just hadn't got round to it!
But i will do it ASAP, as its unlikely we would need to claim as OH works for my mum & dad so they would make sure he got paid if sick or something, so i guess we are wasting money there.
Thanks for pointing that out.