Statement of affairs

thelostbeatle

Hi all, i am a new coming and have final bit the bullet over my dedits as you can see from my soa below things are not rossie. Any advice or help would be very much appreciated, thx

[tt]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................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1300
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 130
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 5
Satellite/Cable TV...................... 30
Internet Services....................... 10
Groceries etc. ......................... 200
Clothing................................ 100
Petrol/diesel........................... 150
Road tax................................ 15
Car Insurance........................... 60
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 20
Presents (birthday, christmas etc)...... 50
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1235

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 2200.....(130)......11.9
Total secured & HP debts...... 2200......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................3000......80........14.9
credit card....................1600......50........14.9
credit card....................900.......50........14.9
Total unsecured debts..........5500......180.......-

Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including HP & secured debts). 1,235
Available for debt repayments........... 65
Monthly UNsecured debt repayments....... 180
Amount short for making debt repayments. -115
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -2,200
Total Unsecured debt.................... -5,500

:mad:

Raggs_2

Groceries for one person are very high, even some simple budgeting should bring that down a lot. Where the clothes you have for a while, maybe £10 a month tops. Presents for close relatives only, and then nothing extravagant.

It should be possible to halve groceries, and with simply reducing your clothes budget, you can cover your debts easily. With some saving in the other areas you should have enough to start throwing the excess at the debts (if all the aprs are the same then pay off the 900 first (in my mind, get the highest minimum repayment paid off to free up most cash).

Not a terrible position, some definite places to save.

beanielou

Hi there.
There are a few things that seem really high for one person.
Surely you dont spend £100 on clothes in a month?
Grocceries are very high for one person at £200.
The satalite TV is high as is petrol.
Your car costs you £285 a month & you also have other travel at £20.
Presents are high~do u really spend £600 on presents in a year~you really cant afford it TBH along with a few other things in your SOA.

zarazara

thelostbeatle wrote: »

Hi all, i am a new coming and have final bit the bullet over my dedits as you can see from my soa below things are not rossie. Any advice or help would be very much appreciated, thx

[tt]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................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1300
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 130
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35 this is high. cut down calls and try payg
TV Licence.............................. 5????? £12 more like
Satellite/Cable TV...................... 30 cancel this ,unafordable luxury
Internet Services....................... 10
Groceries etc. ......................... 200v.expensive for 1 person. try Old Style board on here for cheap meals and ideas
Clothing................................ 100!!!!!! try the no-new-clothes-for a year-challenge.use what you already have
Petrol/diesel........................... 150
Road tax................................ 15
Car Insurance........................... 60
Car maintenance (including MOT)......... 50this seems steep to me
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 40look into dental insurance and prescription season tickets to see if its cheaper
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 20
Presents (birthday, christmas etc)...... 50 waaay too muchIMO. tell people you have to clear your debt and so no presents! they will understand,and if they dont then why buy for them anyway?
Haircuts................................ 20 try local college where its v cheap
Entertainment........................... 50 too much
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1235

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 2200.....(130)......11.9
Total secured & HP debts...... 2200......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................3000......80........14.9
credit card....................1600......50........14.9
credit card....................900.......50........14.9
Total unsecured debts..........5500......180.......-

Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including HP & secured debts). 1,235
Available for debt repayments........... 65
Monthly UNsecured debt repayments....... 180
Amount short for making debt repayments. -115
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -2,200
Total Unsecured debt.................... -5,500

:mad:

there are savings to be made, see red italics. Put all saved money into debt repayment and it will do down quicker, and dont forget...CUT UP THE CARDS.

bouncydog1

Statement of affairs

Hi all, i am a new coming and have final bit the bullet over my dedits as you can see from my soa below things are not rossie. Any advice or help would be very much appreciated, thx

[tt]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................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1300
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 130
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 0 Why no council tax?
Electricity............................. 0 Are these included in your rent?
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35 Go PAYG - £10 saved
TV Licence.............................. 5
Satellite/Cable TV...................... 30
Internet Services....................... 10
Groceries etc. ......................... 200 Go over to the old-style board to cut this by half if you are only 1 person. £100 saved
Clothing................................ 100 Stop this for now - £100 saved
Petrol/diesel........................... 150 Seems high - is there an alternative way of travelling to work - car share, public transport etc.
Road tax................................ 15
Car Insurance........................... 60 Use comparison sites or cashback such as QUIDCO to reduce this
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 20 What is this for
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 40 What is this for
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 20
Presents (birthday, christmas etc)...... 50 This is £600 per year - you can't affor this if you want to be debt free. Cut in half - save £25
Haircuts................................ 20 - every month? Leave longer between appointments - small saving?
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1235

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 2200.....(130)......11.9
Total secured & HP debts...... 2200......-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
credit card....................3000......80........14.9
credit card....................1600......50........14.9
credit card....................900.......50........14.9
Total unsecured debts..........5500......180.......-
What about your two overdrafts?
Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including HP & secured debts). 1,235
Available for debt repayments........... 65
Monthly UNsecured debt repayments....... 180
Amount short for making debt repayments. -115
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -2,200
Total Unsecured debt.................... -5,500

My comments are shown above - just by simple cutbacks you can save £235 per month to throw at your highest rated debt, which will probably be your overdraft. Use the snowball calculator (I'm sure someone will be along with the link) so you can motivate yourself to pay off what you owe.

Get a spending diary and write down everything you buy with the cost so that you can see where your cash goes - I bet you spend more than £50 on entertainment.

If you are strict with yourself you can make savings of £2,820 in a year just by cutting back. Pay this off your highest interest debt each month using the snowball calculator and see what satisfaction you get by seeing the amount owed each month coming down.

Do you have anything you could e-bay? Extra hours at work?

Only a few suggestions and I'm sure the real experts (I'm a newbie) will be along and give you some real help.

Your debt isn't that bad, provided you keep it under control, and it is excellent news that you have recognised that you need to do something about it before it becomes a real problem. WELL DONE:j

GeorgeUK

Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Water rates............................. 0
Are you living with you folks? Why no bills for these?

Mobile phone............................ 35
PAYG?

Satellite/Cable TV...................... 30
Internet Services....................... 10
Are these a package deal?

Groceries etc. ......................... 200
For one person you should be able to cut this down a bit. Try cooking in bulk and freezing, also look at the oldstyle board for meal plan ideas.

Clothing................................ 100
Every month? This should be cut right back.

Car Insurance........................... 60
Can you get a better deal than this? Try Uswitch or moneysupermarket to compare.

Presents (birthday, christmas etc)...... 50
Every month? Can this be reduced?

Numpty_Monkey

thelostbeatle wrote: »

Hi all, i am a new coming and have final bit the bullet over my dedits as you can see from my soa below things are not rossie. Any advice or help would be very much appreciated, thx

[tt]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................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1300
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 130
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 0 no council tax:eek:
Electricity............................. 0 is it in with rent?
Gas..................................... 0 is it in with rent?
Oil..................................... 0
Water rates............................. 0 is this in with rent?
Telephone (land line)................... 0 ?
Mobile phone............................ 35 is the correct tarrif, do you use the "free stuff"
reduce or cancel contract
TV Licence.............................. 5 should be £12 is it a s shared house
Satellite/Cable TV...................... 30 you can't afford, cancel and go to freeview
Internet Services....................... 10 Are you in a package deal?
Groceries etc. ......................... 200 High for 1 person, reduce to £150and thats been kind;), use meal planning, batch cooking, drop a brand challange, look on Old Style Board for more Ideas
Clothing................................ 100 :eek: wear what you have, (new uunder crackers allowed) sell the stuf you don't wear
Petrol/diesel........................... 150
Road tax................................ 15
Car Insurance........................... 60 any insurane use Martins Guide
Car maintenance (including MOT)......... 50 A bit the high side
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 40 If spending that much look at getting a pre paid certificate
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 20 whats this for ?
Presents (birthday, christmas etc)...... 50 you can't afford it, reduce to £5 this site will give you ideas;)
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1235

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 2200.....(130)......11.9
Total secured & HP debts...... 2200......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................3000......80........14.9
credit card....................1600......50........14.9
credit card....................900.......50........14.9
Total unsecured debts..........5500......180.......-

Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including HP & secured debts). 1,235
Available for debt repayments........... 65
Monthly UNsecured debt repayments....... 180
Amount short for making debt repayments. -115
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -2,200
Total Unsecured debt.................... -5,500

:mad:

Hi:hello:

I've left a few comments, hope they're not to bad :A

If you make some budget changes, reduce the clothes, groceries, mobile, sky, insurance,
include Gas and Electric costs to your SOA
you might get through it, with no damage to your credit record.
have a look at the CCCS Debt Remedy

:A

SGee

I'd echo what was said above about car insurance - £60 per month seems really high. Depends on your circumstances I guess, but unless you've just passed your test/live somewhere with a lot of crime/drive an expensive car/etc then you could maybe be getting a better deal.

My car insurance used to cost hundreds of pounds per year but it's now down to about £178. I'm with elephant.co.uk now - you should give them a try.

savingmummy

thelostbeatle wrote: »

Hi all, i am a new coming and have final bit the bullet over my dedits as you can see from my soa below things are not rossie. Any advice or help would be very much appreciated, thx

[tt]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................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1300
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 130
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 0 ?????
Electricity............................. 0 ?????
Gas..................................... 0 ?????
Oil..................................... 0
Water rates............................. 0 ???????
Telephone (land line)................... 0
Mobile phone............................ 35 go payg
TV Licence.............................. 5
Satellite/Cable TV...................... 30 lose this go freeview
Internet Services....................... 10
Groceries etc. ......................... 200:eek: too high
Clothing................................ 100:eek:use what you have
Petrol/diesel........................... 150
Road tax................................ 15
Car Insurance........................... 60 can you get cheaper
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 40 can you get prepaid prescription plan OR NHS dentist??
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 20 what is this
Presents (birthday, christmas etc)...... 50
Haircuts................................ 20 reduce
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1235

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 2200.....(130)......11.9
Total secured & HP debts...... 2200......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................3000......80........14.9
credit card....................1600......50........14.9
credit card....................900.......50........14.9
Total unsecured debts..........5500......180.......-

Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including HP & secured debts). 1,235
Available for debt repayments........... 65
Monthly UNsecured debt repayments....... 180
Amount short for making debt repayments. -115
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -2,200
Total Unsecured debt.................... -5,500

:mad:

your over spending with groceries and clothing, presents, mobile this needs to be halved or more!!
no elec/gas/water/council tax????

thelostbeatle

Hi all thanks for your suggestions and oppinions, i know the new clothes is high i would not spend that every month but say every couple of months would splash out,Which i know i shouldnt be)

My car insurance is expensive as i have previously been involved in an accident within the last 5 years and as i am a 25 year old male my inusrance quotes where all in the same ball park.

As for my gas,eletric, water etc etc this is all including from my landloard in the house that i rent (not bad i Know)

My fuel costs or quite high as my jobs involves driving around the country a lot.
I am going to (well try) reduce food,clothes as this is not a neccesary and being debit free is,

thanks again for all the input guys,

love thelostbeatle;)

savingmummy

thelostbeatle wrote: »

As for my gas,eletric, water etc etc this is all including from my landloard in the house that i rent (not bad i Know)

WOW lucky!!

i know the new clothes is high i would not spend that every month but say every couple of months would splash out,Which i know i shouldnt be)I am going to (well try) reduce food,clothes as this is not a neccesary and being debit free is,

:TNot many admit to that!! well done!
Sell things on ebay you no longer wear or NEED. I bet you have a lot.
when you get time sort out your wardrobe and see what you have - more then enough more then likely
Limit what you buy (some find it hard to just STOP splashing out)so maybe a new shirt every month, new jeans every other month and of course shop around for bargains online and instore. Again dropping the brand/designer.

With food it is really easy once you start. only buy what you NEED, meal plan for the week, write a list of what you will use and stick to it!! Drop a brand here and there.