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

sjd069

katsu wrote: »

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

Hi my son is 13 years old.

Yes Both loans near finishing the smaller 1 in Jan and the next in May

How do I post the whole SOA? I try to convert as it says but it seems to miss off all the info?

We have just switched to an economy 7 type plan which is costing more..........we have a consumption meter now sitting on the fireplace......the toaster costs a fortune to run!!

We called BT about the phone today, they are reducing it to £22 a month - sorry I forgot about that and £5 of that is also a mobile

Off to add overdrafts and make a few changes as advised

Thank you

wannabedebtfree_2

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 What age?
Number of cars owned.................... 3 Can you sell 1 or 2 of these?
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 10 months or 12? Can you spread this to 12 months to bring it down (slightly)
Electricity............................. 70 This is a little high can you switch providers?
Gas..................................... 60 As with elec
Oil..................................... 0
Water rates............................. 41
Telephone (land line)................... 30 This is pretty high, most line rentals are about £9-12 can you change the package?
Mobile phone............................ 75 OUCH......why this so high if you have a home phone??
TV Licence.............................. 12
Satellite/Cable TV...................... 39 Cancel this or at least reduce it to a lower package
Internet Services....................... 0 Is this included with Sky or phone....I assume you use the internet to have posted here!
Groceries etc. ......................... 300 This can be reduced, I spend around £50-60 per week for 2 adults and 2 teens (including lunch boxes) but there are lots of people here who do even better than me!!
Clothing................................ 30 Ebay, second hand shops etc, clothes swap with other mums
Petrol/diesel........................... 150 Not bad for 3 cars I suppose!
Road tax................................ 20 Is this right for 3 cars??
Car Insurance........................... 30 As above!
Car maintenance (including MOT)......... 50 Get rid of at least one car!
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 20 Shop around
Buildings insurance..................... 17 Shop around
Contents insurance...................... 10 Shop around
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15 Look out for bargains or admit to everyone you can't afford pressies for a while
Haircuts................................ 30 Too much........I spend about £17 every 4-5 months on me, trim my DD's hair if she gets split ends and shave my OH's head, my DS has his head shaved to about a grade 4-5 every so often then lets it go a bit rock star before it gets shaved again!!
Entertainment........................... 20 Too much (at the moment)
Holiday................................. 0
Emergency fund.......................... 12 Sensible, but I think the emergency is here, how much have you saved??
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
£46030 + £6k od = £52030 £1581.78 pcm

So £3756.78 outgoings leaving £103 per month but this clearly isn't the case, you need to cut back in lots of areas as soon as possible, but don't panic.......there are plenty of people on here to give advice, but all the advice in the world won't get you debt-free unless you act on it!!

Where do I go from here?

Thanks in advance

Sarah

Hope this helps, I'm no expert on my own finances but can always seem to see where others need help!!!

BeautyandtheBeast_3

can you tart your cards anywhere?

wannabedebtfree_2

Dagnammit, I must have been typing my reply as the OP was submitting.......now I feel like a copycat!

Butti

Hi Sarah

Keep calm and breathe......

I have also read it as the Black Horse loan finished next month which will free up £300 per month to throw at the Goldfish Card.

Assuming your child is a child I would suggest selling the third car and throwing that money at the Comet card, since that has the highest APR. If you can more or less clear this card with the sale of the car you can concentrate on the next highest which is the goldfish.
With the Comet card cleared you have £1685 to throw at your remaining debts (3860 - 2175). Paying the minimum on all of them apart from the Goldfish leaves you with £630 to pay on the Goldfish plus the £300 freed up by the end of the loan from next month. So paying £930 towards a £8766 debt is your starting point. If you can stay with us and stay focused by the Autumn you will really be getting somewhere and WILL BE ABLE TO SEE that you are getting somewhere.

I hope I haven't overlooked anything.

B

sjd069

It's nice to know I am not alone, I feel my debts are massive in comparison to some on here, I have caused this and I am determined to get us out. I have an e-bay account and I have a few things to list and books for Amazon, I will get up the loft and dig out the dead money.

I have found it difficult to do the SOA as not really sure what I spend on food, fuel, clothes, haircuts, leisure etc so I am just guessing really, I should keep a diary I suppose so I can provide more accurate figures.

Thanks

Sarah

mumto2monkeys wrote: »

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!

BeautyandtheBeast_3

try selling stuff on ebay in 2 days i have made a total of £50!!
any designer stuff handbags, sunglasses - dresses you only worn once?

Butti

Hi Sarah

Keep calm and breathe......

I have also read it as the Black Horse loan finished next month which will free up £300 per month to throw at the Goldfish Card.

Assuming your child is a child I would suggest selling the third car and throwing that money at the Comet card, since that has the highest APR. If you can more or less clear this card with the sale of the car you can concentrate on the next highest which is the goldfish.
With the Comet card cleared you have £1685 to throw at your remaining debts (3860 - 2175). Paying the minimum on all of them apart from the Goldfish leaves you with £630 to pay on the Goldfish plus the £300 freed up by the end of the loan from next month. So paying £930 towards a £8766 debt is your starting point. If you can stay with us and stay focused by the Autumn you will really be getting somewhere and WILL BE ABLE TO SEE that you are getting somewhere.

I hope I haven't overlooked anything.

B

sjd069

BeautyandtheBeast wrote: »

can you tart your cards anywhere?

Hi,

I tried getting another card yesterday to move my highest rate cards and they said no......I missed a payment on a card once as I did not have a DD set up so not sure if that was reason for decline, it was a Halifax card to.....my own bank.

BeautyandtheBeast_3

sjd069 wrote: »

Hi,

I tried getting another card yesterday to move my highest rate cards and they said no......I missed a payment on a card once as I did not have a DD set up so not sure if that was reason for decline, it was a Halifax card to.....my own bank.

are your virgin ones interest free? can you call any of the companies to see if that can lower the interest rates? xxx