Ok here is my SOA - I feel sick!!!! Help!!

sjd069

What a mess!!!! I will be paying off the highest rate card first....I have also not included my overdrafts which are all maxed out and total approx 6k. Any suggestions will be great especially ref my mortgage........locked in and it will cost us 8782 to switch!!!!

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 3
Monthly Income Details
Monthly income after tax................ 1380
Partners monthly income after tax....... 2400
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 3860
Monthly Expense Details
Mortgage................................ 1000
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 129
Electricity............................. 70
Gas..................................... 60
Oil..................................... 0
Water rates............................. 41
Telephone (land line)................... 30
Mobile phone............................ 75
TV Licence.............................. 12
Satellite/Cable TV...................... 39
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 30
Petrol/diesel........................... 150
Road tax................................ 20
Car Insurance........................... 30
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 20
Buildings insurance..................... 17
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 30
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 12
Total monthly expenses.................. 2175

Assets
Cash.................................... 0
House value (Gross)..................... 220000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 228000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 186601...(1000).....5.29
Total secured & HP debts...... 186601....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
A&L Loan.......................2249......449.9.....7.7
Black Horse Loan...............299.......294.8.....6.9
Comet card.....................1330......53.28.....24.9
Egg............................754.......22........17.9
Barclaycard (his)..............420.......20........12.4
Debenhams card.................1985......79.4......17.4
Virgin (His)...................10929.....145.5.....16
Virgin (hers)..................9789......127.7.....16
Barclaycard (hers).............9510......213.9.....13.9
Barclaycard Goldfish...........8765......175.3.....17.9

Where do I go from here?

Thanks in advance

Sarah

churchrat

hi
sorry got my dim hat on--could you add up the debt?? and have I read it that the Black horse loan will be gone next month and will free up £300?

thanks

sjd069

To clarify, 1 car is hubby's company car.....big mistake costs a fortune in tax....got to wait to get rid of that. 2nd car is an old land rover defender which is car we pay tax/insurance on.....3rd car is an old banger £200....costs nothing really and need as Defender is impractical.......hubby will not get rid of Defender as it's his hobby and as I have created this mess I cannot ask him to get rid of it.

Emergency fun is my 12 a month British gas boiler cover - boiler is old....had to call them over xmas.

Haircuts - £7 every 6 weeks for my son £60 every 8 weeks for me I think....maybe longer....possibly over estimated that

Mobiles...I agree but stuck in contracts....2 I -phones @ £35 per month & my son's phone £5 a month........1 I phone contract is near ending so I can get rid of it

Food - any advice would be fab

Where do I put overdrafts in the SOA? Halifax have now changed rates to £1 a day so is no longer a rate........crap as I have 2 small overdrafts that used to cost £7 a month but now £28 min!!!!!

Flippen eck where do I start???

katsu

sjd069 wrote: »

Household Information
Number of adults in household........... 2
Number of children in household......... 1 - how old?
Number of cars owned.................... 3 - you have 2 adults 3 cars - can you reduce this?
Monthly Income Details
Monthly income after tax................ 1380
Partners monthly income after tax....... 2400
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 3860
Monthly Expense Details
Mortgage................................ 1000
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 129
Electricity............................. 70 - seems high - arrears or have you looked at switching?
Gas..................................... 60 - as above
Oil..................................... 0
Water rates............................. 41 - considered a meter?
Telephone (land line)................... 30 - does this include your internet? if not it seems excessive
Mobile phone............................ 75 - do you use this many calls? can you reduce?
TV Licence.............................. 12
Satellite/Cable TV...................... 39 - I'd reduce this, personally.
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 30
Petrol/diesel........................... 150 - how much essential for work as opposed to leisure?
Road tax................................ 20
Car Insurance........................... 30
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 20
Buildings insurance..................... 17 - do you use a cashback site and have you checked this is the best deal? Is it worth combining with contents?
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 30 - per month? Have you thought of clippers for your OH. Could you go 1 week more between cuts? Got a college near you with H&B students for cheap cuts?
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 12 - do you really save this?
Total monthly expenses.................. 2175

Assets
Cash.................................... 0
House value (Gross)..................... 220000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 228000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 186601...(1000).....5.29
Total secured & HP debts...... 186601....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
A&L Loan.......................2249......449.9.....7.7 - does this finish soon or are you missing a 0?
Black Horse Loan...............299.......294.8.....6.9 - as above?
Comet card.....................1330......53.28.....24.9
Egg............................754.......22........17.9
Barclaycard (his)..............420.......20........12.4
Debenhams card.................1985......79.4......17.4
Virgin (His)...................10929.....145.5.....16
Virgin (hers)..................9789......127.7.....16
Barclaycard (hers).............9510......213.9.....13.9
Barclaycard Goldfish...........8765......175.3.....17.9

Where do I go from here? - can you post the whole SOA including the shortfall/surplus line, easier for us to see than add up for ourselves!

Hope this starts you off. Once we know more about the age of your cild people can advise re grocery bill cutting.

mumto2monkeys_2

Hi! The A&L loan is a high repayment on a low balance - is that due to finish too?

You have a similar income and debt to me, although it looks like some of yours will be finishing soon.

Have you thought about ways to make some additional income? Ebay and Amazon can really add up if you have things that you can sell. I made a bit by selling on DVD boxsets and textbooks on Amazon, and Ebay seems good for anything. There could be sites with lower fees to sell on too, but I don't know much about it. There's threads on here. Surevys are good for a little extra, though it takes time to build up. I've also started using cashback sites to pay for things online.

Good luck with it. Once you have a plan in place, debt-busting can be quite addictive!

mumto2monkeys_2

Surveys even. Oops.

katsu

I cross posted with you. Put overdrafts in as unsecured debt with 0 repayment monthly unless you are currently reducing them and leave the rate column blank or maybe add a note with their charges

sjd069

churchrat wrote: »

hi
sorry got my dim hat on--could you add up the debt?? and have I read it that the Black horse loan will be gone next month and will free up £300?

thanks

Hiya unsecured (not inc overdrafts is 46k) not sure who to copy over all the other info?

Yes I pay the last Black Horse payment this Month....so pleased

katsu

sjd069 wrote: »

Haircuts - £7 every 6 weeks for my son £60 every 8 weeks for me I think....maybe longer....possibly over estimated that

Can you use clippers on your son?

£60 for you - look for somewhere cheaper this seems astronomical to me.
Mine is significantly cheaper including the 50 mile round trip :eek:

BeautyandtheBeast_3

are the cards all out of interest free periods? xxx

firestronaut

sjd069 wrote: »

What a mess!!!! I will be paying off the highest rate card first....I have also not included my overdrafts which are all maxed out and total approx 6k. Any suggestions will be great especially ref my mortgage........locked in and it will cost us 8782 to switch!!!!

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 3 Sell one of the cars. Sell two if you can manage.
Monthly Income Details
Monthly income after tax................ 1380
Partners monthly income after tax....... 2400
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 3860
Monthly Expense Details
Mortgage................................ 1000
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 129
Electricity............................. 70 Are you getting the cheapest deal for your area?
Gas..................................... 60 See above.
Oil..................................... 0
Water rates............................. 41
Telephone (land line)................... 30 Is this due to your packages or phone calls?
Mobile phone............................ 75 Why is this so high, especially since you have a landline. I understand this is more than 1 phone, however I'm currently paying for two phones and pay £40 a month.
TV Licence.............................. 12
Satellite/Cable TV...................... 39 You can reduce this to a basic package.
Internet Services....................... 0
Groceries etc. ......................... 300 This can easily be cut by planning meals and dropping a brand or two. My households consists of 4 adults and 2 children and we spend less than £400 a month and never go hungry.
Clothing................................ 30 Do you really need new clothes?
Petrol/diesel........................... 150 Combine errands and walk/use public transport when possible.
Road tax................................ 20
Car Insurance........................... 30
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 20
Buildings insurance..................... 17
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 30 £30 a month on hair cuts? Switch hairdressers and reduce the amount of haircuts you get. I moved to a backstreet salon and get my hair cut every 3 months, averages at £6 a month.
Entertainment........................... 20 Nice figure but is it right?
Holiday................................. 0
Emergency fund.......................... 12
Total monthly expenses.................. 2175

Assets
Cash.................................... 0
House value (Gross)..................... 220000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 228000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 186601...(1000).....5.29
Total secured & HP debts...... 186601....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
A&L Loan.......................2249......449.9.....7.7 pay less on this if possible and more to the higher APR debts.
Black Horse Loan...............299.......294.8.....6.9 see above
Comet card.....................1330......53.28.....24.9
Egg............................754.......22........17.9
Barclaycard (his)..............420.......20........12.4
Debenhams card.................1985......79.4......17.4
Virgin (His)...................10929.....145.5.....16
Virgin (hers)..................9789......127.7.....16
Barclaycard (hers).............9510......213.9.....13.9
Barclaycard Goldfish...........8765......175.3.....17.9

Where do I go from here?

Thanks in advance

Sarah

Pay off your higher APR cards and loans first, it'll save you lots of money in the long run.
Hope this helps.