Soa

katiepatie

My LBM was at chirstmas when my OH used a cc for food shopping, OH payed for everything bills/food and we spent my wage and OH used cc (obviously) all month.

Anyway i have sorted out as much i can (we had 2 maxed cc at 25.9% and savings:( both now paid off) so a massive THANK YOU to you all on here!!!!

Just want to get out of debt as soon as possible, so any advice would be great.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 3558 average over 2 months
Partners monthly income after tax....... 900 average 12 mnths mat pay
Benefits................................ 238
Other income............................ 95
Total monthly income.................... 4791
Monthly Expense Details
Mortgage................................ 1417
Secured/HP loan repayments.............. 303
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 218 10 mths
Electricity............................. 90
Gas..................................... 50
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 50
Mobile phone............................ 35
TV Licence.............................. 12.12
Satellite/Cable TV...................... 40
Internet Services....................... 0
Groceries etc. ......................... 400 this includes nappies/milk for 2
Clothing................................ 30 not sure if this will even cover the teenagers size 11 shoes
Petrol/diesel........................... 120
Road tax................................ 40
Car Insurance........................... 27.05
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 75.6 school meals and chores money
Medical (prescriptions, dentist etc).... 22 contact lenses
Pet insurance/vet bills................. 0
Buildings insurance..................... 40.4 both
Contents insurance...................... 0
Life assurance ......................... 17.71 OH
Other insurance......................... 22.1 my life insurance
Presents (birthday, christmas etc)...... 100
Haircuts................................ 10
Entertainment........................... 5 DS2's football training
Holiday................................. 0
Emergency fund.......................... 0
window cleaner/bin cleaner.............. 10
work overseas .......................... 300
Total monthly expenses.................. 3459.98

Assets
Cash.................................... 0
House value (Gross)..................... 249000
Shares and bonds........................ 0
Car(s).................................. 12000
Other assets............................ 2500
Total Assets............................ 263500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 221466...(1417).....5.62
Hire Purchase (HP) debt ...... 15500....(303)......11
Total secured & HP debts...... 236966....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
rbs............................8064.43...279.......0
motorbike......................835.......119.......0
barclay card...................9089......231.......6.73
loan...........................7247.79...217.......11.9
Total unsecured debts..........25236.22..846.......-

Monthly Budget Summary
Total monthly income.................... 4,791
Expenses (including HP & secured debts). 3,459.98
Available for debt repayments........... 1,331.02
Monthly UNsecured debt repayments....... 846
Amount left after debt repayments....... 485.02
Personal Balance Sheet Summary
Total assets (things you own)........... 263,500
Total HP & Secured debt................. -236,966
Total Unsecured debt.................... -25,236.22
Net Assets.............................. 1,297.78

niccatw

Hey Katiepatie

Welcome to the forum! And well done on posting up your SOA - it's quite a scary thing to do, isn't it?

I'd recommend reading some DFW diaries for a bit of inspiration to help you through!

And I totally recommend a spending diary (although, my DFW diary shows it is the bain of my life . Probably because it tells me thing I don't want to know - like £10 out of the ATM does go on biscuits and magazines before I even notice!)

I hope you don't mind me making some comments on your SOA. Remember, they are only my opinions, not all of them will work for your family or your situation. But you may warm to them... I posted my SOA at the beginning of the month and still go back to it as I find, each time, I am more receptive to suggestions I didn't think would work for me previously.

katiepatie wrote: »

My LBM was at chirstmas when my OH used a cc for food shopping, OH payed for everything bills/food and we spent my wage and OH used cc (obviously) all month.

Anyway i have sorted out as much i can (we had 2 maxed cc at 25.9% and savings:( both now paid off)

Just want to get out of debt as soon as possible, so any advice would be great.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 3558 average over 2 months What does this mean?
Partners monthly income after tax....... 900 average 12 mnths mat pay
Benefits................................ 238
Other income............................ 95
Total monthly income.................... 4791
Monthly Expense Details
Mortgage................................ 1417
Secured/HP loan repayments.............. 303
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 218 10 mths
Electricity............................. 90 These both seem high. Have you shopped around or checked whether you are in credit?
Gas..................................... 50
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 50 This seems massive. Are you locked in? Again, can you shop around?
Mobile phone............................ 35 How many mobiles is this for? Can you cut it to £10 per mobile, if you are not locked in?
TV Licence.............................. 12.12
Satellite/Cable TV...................... 40
Internet Services....................... 0
Groceries etc. ......................... 400 this includes nappies/milk for 2 Have a look at the OS forum. You might be able to briung this down with a bit of hard work
Clothing................................ 30 not sure if this will even cover the teenagers size 11 shoes
Petrol/diesel........................... 120
Road tax................................ 40
Car Insurance........................... 27.05
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 75.6 school meals and chores money
Medical (prescriptions, dentist etc).... 22 contact lenses
Pet insurance/vet bills................. 0
Buildings insurance..................... 40.4 both This still seems high. Again, can you shop around?
Contents insurance...................... 0
Life assurance ......................... 17.71 OH
Other insurance......................... 22.1 my life insurance
Presents (birthday, christmas etc)...... 100 I'd reduce this if possible. Immediate family only. Again, OS forum is great for ideas on pressies for less.
Haircuts................................ 10
Entertainment........................... 5 DS2's football training Is this realisitc for yuour family?
Holiday................................. 0
Emergency fund.......................... 0
window cleaner/bin cleaner.............. 10
work overseas .......................... 300
Total monthly expenses.................. 3459.98

Assets
Cash.................................... 0
House value (Gross)..................... 249000
Shares and bonds........................ 0
Car(s).................................. 12000 Is it possible to trade in for a cheaper model?
Other assets............................ 2500 What's this? Any chance it could help pay anything off?
Total Assets............................ 263500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 221466...(1417).....5.62
Hire Purchase (HP) debt ...... 15500....(303)......11
Total secured & HP debts...... 236966....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
rbs............................8064.43...279.......0
motorbike......................835.......119.......0
barclay card...................9089......231.......6.73
loan...........................7247.79...217.......11.9
Total unsecured debts..........25236.22..846.......-
Have you had a look at the snowball calculator to play about with your options? Are the 0%s due to run out? What are the limits? You might have some room for transferring between balances?

Monthly Budget Summary
Total monthly income.................... 4,791
Expenses (including HP & secured debts). 3,459.98
Available for debt repayments........... 1,331.02
Monthly UNsecured debt repayments....... 846
Amount left after debt repayments....... 485.02
Personal Balance Sheet Summary
Total assets (things you own)........... 263,500
Total HP & Secured debt................. -236,966
Total Unsecured debt.................... -25,236.22
Net Assets.............................. 1,297.78

Hope at least some of this can be of use to you.
Happy debt busting

WASHER

katiepatie wrote: »

My LBM was at chirstmas when my OH used a cc for food shopping, OH payed for everything bills/food and we spent my wage and OH used cc (obviously) all month.

Anyway i have sorted out as much i can (we had 2 maxed cc at 25.9% and savings:( both now paid off) so a massive THANK YOU to you all on here!!!!

Just want to get out of debt as soon as possible, so any advice would be great.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 3558 average over 2 months
Partners monthly income after tax....... 900 average 12 mnths mat pay
Benefits................................ 238
Other income............................ 95
Total monthly income.................... 4791
Monthly Expense Details
Mortgage................................ 1417
Secured/HP loan repayments.............. 303
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 218 10 mths
Electricity............................. 90
Gas..................................... 50
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 50 - too high
Mobile phone............................ 35
TV Licence.............................. 12.12
Satellite/Cable TV...................... 40 - get rid of
Internet Services....................... 0 - do you not have the internet?
Groceries etc. ......................... 400 this includes nappies/milk for 2
Clothing................................ 30 not sure if this will even cover the teenagers size 11 shoes - I agree this is not enough for 4 children, my sons school shoes alone are £45 each time
Petrol/diesel........................... 120
Road tax................................ 40
Car Insurance........................... 27.05
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 75.6 school meals and chores money you cannot afford school meals, can you not do pack ups
Medical (prescriptions, dentist etc).... 22 contact lenses
Pet insurance/vet bills................. 0
Buildings insurance..................... 40.4 both
Contents insurance...................... 0
Life assurance ......................... 17.71 OH
Other insurance......................... 22.1 my life insurance
Presents (birthday, christmas etc)...... 100 each month?
Haircuts................................ 10
Entertainment........................... 5 DS2's football training
Holiday................................. 0
Emergency fund.......................... 0
window cleaner/bin cleaner.............. 10 - can you not do this yourself, or get one of the teenagers to do it, not the high windows obviously, every 2/3 month should be ok for the bedroom windows
work overseas .......................... 300
Total monthly expenses.................. 3459.98

Assets
Cash.................................... 0
House value (Gross)..................... 249000
Shares and bonds........................ 0
Car(s).................................. 12000
Other assets............................ 2500 - what is this?
Total Assets............................ 263500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 221466...(1417).....5.62
Hire Purchase (HP) debt ...... 15500....(303)......11
Total secured & HP debts...... 236966....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
rbs............................8064.43...279.......0
motorbike......................835.......119.......0
barclay card...................9089......231.......6.73
loan...........................7247.79...217.......11.9
Total unsecured debts..........25236.22..846.......-

Monthly Budget Summary
Total monthly income.................... 4,791
Expenses (including HP & secured debts). 3,459.98
Available for debt repayments........... 1,331.02
Monthly UNsecured debt repayments....... 846
Amount left after debt repayments....... 485.02
Personal Balance Sheet Summary
Total assets (things you own)........... 263,500
Total HP & Secured debt................. -236,966
Total Unsecured debt.................... -25,236.22
Net Assets.............................. 1,297.78

I have added comments in above. you have a very healthly surplus of £485 each month, you could almost repay the motorbike within 2 months if you had a few frugal months.

If you do not see any of the £485 each month, start a spending diary to see where it goes. Check your bank statements, see how much you and your OH withdrew from the ATM over a month, I got a huge shock when I totalled it up. As for your grocery bill, is this actual, or it is what you think you are spending, two very different things, again look at your bank statements. The surplus must be going somewhere.

katiepatie

arrrgh wrote a long response, then went to check bank statement for dec and it logged me out lol, you's are right about ATM's we withdraw ave 20 per day in dec, spending diary starts in the morning. OH's wage is split 4wks home, 4wks away and depends where he's working..i'll fill in the blanks in the morning but thanks again k

WASHER

Katie, you can press remember me once you log in then it will not log you out, it can be really frustrating to type a long post then you lose it.

£20 per day in December, £600 a month. Thats where you are using your surplus, ideally you need to set each other a budget, say £50 per month for non essential spends, withdraw the money on pay day and do not take your cards out with you, if you haven't got it, you cannot spend on it.

Do have a look at your grocery shopping on your bank statement, I thought I was spending £400 per month, but in reality I was spending almost £600. Have reduced this to £400 now, and I am happy with that, many peeps on here can live on alot less, but we are debt free now and as I don't spend money on clothes etc, good food and a little wine certainly makes life a little more comfortable.

foxgloves

Hi,
I agree you should be able to reduce your grocery spend, tho' it does require more planning (i.e monthly meal plans) and more cooking from scratch. There are perfectly good Mobile tariffs available for £15 a month, only a small saving I know. Your phone, satellite, etc, seems quite high. Can you roll these into one package? Not always possible, I know, but we pay about £46 for broadband, cable TV and landline which works out cheaper than having everything separately. I found a lot of it for me, when I had my moment of clarity about our terrible spending habits was understanding the difference between a 'need' and a 'want'. Also, you might just be on a high electricity & gas tariff, but usually, bills can be reduced a bit by being very careful not to waste energy. Energy is so expensive now, it's worth making sure that lights are always switched off, etc. We have just had our payments reduced for both, plus a rebate, and I think what's helped is that I started reading the meters myself every Sunday night, writing it down & working out how many units we'd used that week. I felt like a bit of an anorak at first, but it has definitely helped, as if you suddenly get a reading that's shot up, you can have a serious think about what you did differently that week. This has meant changes like running the washing machine on timer overnight, which saves money if you are on Economy 7 type dual tariff.Best of luck with it. The most important thing is to realise there's a problem and facing up to dealing with it, which you've done by posting on here.

Tixy

Monthly income after tax................ 3558 average over 2 months
Partners monthly income after tax....... 900 average 12 mnths mat pay do you go back to work soon? how will this impact on income & childcare costs?
Benefits................................ 238
Other income............................ 95 what does this relate to?
Electricity............................. 90 Elec is very high - have you got arrears? have you shopped around?
Gas..................................... 50
Water rates............................. 0 is this right? is this in with ctax?
Telephone (land line)................... 50 any reason so high? can you find a cheaper package? if calling abroad can you use skype?
Satellite/Cable TV...................... 40 reduce package maybe?
Other child related expenses............ 75.6 school meals and chores money
Buildings insurance..................... 40.4 both shop around at next renewal time, may get a small reduction
Contents insurance...................... 0
Presents (birthday, christmas etc)...... 100 this is a lot over the year, try to reduce for now until your debts are repaid
Entertainment........................... 5 DS2's football training £5 per month? Are you sure this is all you spend between 6 of you?
window cleaner/bin cleaner.............. 10 ? necessary?
work overseas .......................... 300 What is this? is it essential? can it be reduced?

Other assets............................ 2500 What are these? can they be sold to put towards debts?
Hire Purchase (HP) debt ...... 15500....(303)......11 is this the car?

Hi Katie - I've just picked out a few items where you may be able to make reductions or explain what the items are.
But as others have said I think a spending diary is going to help you enormously based on all those cash withdrawals.

euronorris

40 pm on road tax? Is that right??

niccatw

Hey, this might help with the spending diary... http://www.spendingdiary.com/

And with regards to your satellite TV... I don't know who you are with, but my friend just managed to get her Sky package (4 packs, or whatever they are called. I have Freeview) for £10 pm for the next 12 months.

How? She cancelled as she couldn't afford it. They called to "retain" her at tea-time when the kids were creating havoc, she gave them 5 mins to "persuade her", she kept saying no as she really couldn't afford it and the £10 was the third or fourth offer... which she snapped up, Sky was re-instated within the hour and she got a wee bit of peace from the kids who were happy to see Peppa Pig again .

Worth a go, I reckon!

Numpty_Monkey

katiepatie wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 3558 average over 2 months use basic income as start line
no overtime/bonus/comission-if guarnteed average over 12 months
Partners monthly income after tax....... 900 average 12 mnths mat pay
Benefits................................ 238
Other income............................ 95
Total monthly income.................... 4791
Monthly Expense Details
Mortgage................................ 1417
Secured/HP loan repayments.............. 303
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 218 10 mths ask to pay over 12 months
Electricity............................. 90 high, turn things off, not standby, check comparison sites, and cashback sites
Gas..................................... 50 as elec
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 50 Look for cheaper package deals,
Mobile phone............................ 35
TV Licence.............................. 12.12
Satellite/Cable TV...................... 40 as Landline
Internet Services....................... 0
Groceries etc. ......................... 400 this includes nappies/milk for 2 the OS board peeps:A will cut this down
Clothing................................ 30 not sure if this will even cover the teenagers size 11 shoes cheaper shoes, use online shopping /cashback sites and voucher codes all on MSE
Petrol/diesel........................... 120
Road tax................................ 40
Car Insurance........................... 27.05 Any insurance use Martins guides
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 75.6 school meals and chores money is chores money pocket money for kids
Medical (prescriptions, dentist etc).... 22 contact lenses
Pet insurance/vet bills................. 0
Buildings insurance..................... 40.4 both As car
Contents insurance...................... 0
Life assurance ......................... 17.71 OH As Car
Other insurance......................... 22.1 my life insurance as car
Presents (birthday, christmas etc)...... 100 reduce, half this
Haircuts................................ 10
Entertainment........................... 5 DS2's football training and the rest;)
Holiday................................. 0 No day's out?
Emergency fund.......................... 0 I think its nearly always worth having £10 in here
window cleaner/bin cleaner.............. 10 the kids new chores:D
work overseas .......................... 300
Total monthly expenses.................. 3459.98

Assets
Cash.................................... 0
House value (Gross)..................... 249000
Shares and bonds........................ 0
Car(s).................................. 12000
Other assets............................ 2500
Total Assets............................ 263500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 221466...(1417).....5.62
Hire Purchase (HP) debt ...... 15500....(303)......11
Total secured & HP debts...... 236966....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
rbs............................8064.43...279.......0 really 0%
motorbike......................835.......119.......0really 0%
barclay card...................9089......231.......6.73
loan...........................7247.79...217.......11.9
Total unsecured debts..........25236.22..846.......-

Monthly Budget Summary
Total monthly income.................... 4,791
Expenses (including HP & secured debts). 3,459.98
Available for debt repayments........... 1,331.02
Monthly UNsecured debt repayments....... 846
Amount left after debt repayments....... 485.02 :T:huh:
Personal Balance Sheet Summary
Total assets (things you own)........... 263,500
Total HP & Secured debt................. -236,966
Total Unsecured debt.................... -25,236.22
Net Assets.............................. 1,297.78

I've left a few comments
Not the worst SOA I've seen:D
You and OH need to keeep a spending diary, that surplus is going somewhere:huh:
Hope I've not been to hard :A