My SOA

Moneytroubles_2

Hi i've just sat down and done my statement of affairs, I have probably missed some info out such as APR's that's because im not sure at the moment, but i have filled what I can in so far. So what's your opinions, whats the damage??

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 2000
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3100
Monthly Expense Details
Mortgage................................ 680
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 123
Electricity............................. 50
Gas..................................... 68
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 21
Mobile phone............................ 90
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 13.99
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 90
Road tax................................ 0
Car Insurance........................... 35
Car maintenance (including MOT)......... 0
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..................... 20
Contents insurance...................... 0
Life assurance ......................... 10
Other insurance......................... 11
Presents (birthday, christmas etc)...... 100
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1608.99

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 3500
Total Assets............................ 106500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 103......(680)......6.7
Total secured & HP debts...... 103.......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclays.......................2500......167.......0
A&L............................4000......205.......0
Halifax........................8400......203.......0
Hitachi finance................300.......56........0
Littlewoods....................900.......45........0
Virgin CC......................2000......46........0
Nationwide Overdraft...........450.......40........0
Lloyds Overdraft...............3000......35........0
Total unsecured debts..........21550.....797.......-

Monthly Budget Summary
Total monthly income.................... 3,100
Expenses (including HP & secured debts). 1,608.99
Available for debt repayments........... 1,491.01
Monthly UNsecured debt repayments....... 797
Amount left after debt repayments....... 694.01
Personal Balance Sheet Summary
Total assets (things you own)........... 106,500
Total HP & Secured debt................. -103
Total Unsecured debt.................... -21,550
Net Assets.............................. 84,847
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Moneytroubles_2

I just edited as i noticed my house value was 100.00 instead on 100,000! Thanks - Moneytroubles

talana

Doesn't really look too bad at all.
Income - healthy
Monthly expenses - plenty of scope there for savings if you want them.

But even as your SOA stands, you have a monthly surplus of £694. Is that realistic?
Do you actually see that surplus at the end of the month? Divert that surplus to paying off the debts and you'll be shot of them double quick.

But do find out those apr's. You need that information to know the best way to tackle the debt.

You don't have to answer this one, but I can't help wondering how you got in such debt in the first place when your overall siutuation is basically so good?
Perhaps you need to also address your spending habits and attitude to money.

Good luck with it.

Pippilongstocking

Hiya well done on posting and good luck with it all - the one thing that sticks out is you have a car but no car tax - servicing etc in the SOA - therefore its needed to be sort of put in somehow to give you a more realistic indication of your expenses

No work lunches etc and no holiday type expenses ?

If you kept a spending diary - or like we did - kept every single reciept for a month - you might find out things like we did - we thought we spent 200 a month on food but it was nearer 400 and also at least 150 on takeaways, cafe's lunches etc................does open your eyes!!

200 a month for 2 folks is quite high - but then again - food is one of our luxuries

Goodluck with it all - you look like you are in a pretty strong position to pay off some debts quicker

gingerscot

Basically the same as above!

A spending diary is the best option. Keep tabs of EVERYTHING you buy over the next month (including random lunch snacks, the whole lot) and it will amaze you at where the money is disappearing. Clearly something is missing otherwise you wouldn't be in so much debt unless you've had a salary increase recently or something.

Your electricity/gas seems pretty high? £118/month is alot. Check your tariff and comparision sites to see if you can get a better deal and there's loads of forum advice about reducing your usage.

The main other one clearly is your mobiles! Do you both have iphones :rolleyes: Unless its for business and you need 1000's of minutes/txts then there's no need to be in a contract over £25 max.

Hope that helps!

Moneytroubles_2

Thanks for the input, I wil go back and amend some of the things you suggested such as car and holidays, I wasnt really sure how to input it though as tax only comes round every 6 months, and MOT every 12?

Gas / Electric is alot but thats because we received a quarterly bill for each which we couldn't afford, so we asked if we could have the paypoint cards, which they allowed us to do but added the quarterly bills on to them if that makes sense?

£90 mobile bills are for both mobiles, and yes they are iphones

Also to answer talana question, me and other half lived with our parents before living together, I already had nationwide account and the barclays loan (bought a car) before we moved in together, and he had the A&L and his Lloyds account. We got the halifax loan when we moved into our home to put towards home improvement (in hindsight a big mistake!) Littlewoods I will be honest we just got in the habit of using when we wanted something there and then, but as i've stated in another post we no longer order from it, and as for the Virgin CC well thats other halfs doing!

We were on a lot less money 2 years ago and have gradually worked our way up within our current companies, therefore both our incomes are the highest they have ever been.

I think one of the problems we face is that other half gets paid weekly and his pay is higher some weeks than others, we often find that we dont have money in the account ready for bills to come out and then were hit with charges, last month we were charged a total of £210 by halifax as we kept getting admin charges for companies trying to take payments and not enough money being in the account, which then leaves us short, and its like a vicious circle.

I think I am going to save all receipts etc because we certainly dont have over £600 left, also forgot to mention before other half works away and has to use his wages to pay for digs again this can vary, and he also buys his meals, where as i take pack lunches to work. We have also been paying for upcoming wedding. (to be honest i think i have just answered the question, where is this £600 going!)

Hope all this makes sense?? Thanks Moneytroubles X

dancingfairy

"Thanks for the input, I wil go back and amend some of the things you suggested such as car and holidays, I wasnt really sure how to input it though as tax only comes round every 6 months, and MOT every 12?"

Take what it costs over the year and divide by 12 to get a monthly figure. Then every month you need to put that away so when the bill comes you have the money in a savings account to pay for it. You might have to save up a bit more to do this to start with as you will be starting part way through a year but if you can put an amount away monthly you will not worry about a big bill hitting you.
df

Moneytroubles_2

Thank you dancingfairy! I will do that :-)