SOA (lightbulb moment!!)

fatlad9

Well today after all the bills etc went I was 260 over drawn on my current account (which doesnt have an OD facility and they wont give me one either).. I'm sick of paying 75-125 a month on bank charges, aswel as being hounded for money from stupid debts we have built up.

edit updated soa on p2

time to sort my life out
wife knows about debt so at least dont have the problem of telling her
we both just feel sick how we never have any money

in addition to my income, i also get up to 400 a month in lets call it 'over time' but due to the times i finish work on a friday and saturday night i have to get a taxi home... which is a tenner each time.

Trollfever

Total monthly income.................... 1950

.....and £1680 a year for mobile phones.

saxysarah

ur mobile contracts are crippling - its worth ringing them and deeing if u can drop a tariff - if you've been with them a while u usually can

other than that cut up the cards dont be tempted to use any more credit

keep a spending diary of every penny that goes out theres always something that doesnt make it onto the SOA
chuck every available penny at the high interest stuff - have u any acailable credit on any lower apr cards where u could BT it over?

saxysarah

plus seeing as ur phone contracts are so crazy and u are stuck with a mobile broadband bill for a year u may have to consider cancelling the sky and broadband and the landline and relying only on the mobile u may not want to but i think ur gonna have to make some tough cutbacks to cover £700 pm

Tixy

Hi fatlad

fatlad9 wrote: »

Monthly income after tax................ 1000 does this include the extra £400 overtime? do you get it each month?
Mobile phone............................ 140 (o2 contracts 12 and 15 mths remaining) phone up and beg to be put on cheaper tariffs (even whilst you are in contract)
TV Licence.............................. 36 (quaterly)so thats only £12 monthly
Satellite/Cable TV...................... 35 (inc sky broadband)
Internet Services....................... 11 (mobile bb 12 mths remaining)
Groceries etc. ......................... 300 try to reduce this down, meal plan before you shop, do a full store cupboard audit to see what you have in, shop around, try the drop a brand challenge.
Clothing................................ 50 (this used to be 0 when we were spending on store cards) you can't afford this each month at the moment, drop to bare essentials until you have repaid your overdraft and aren't incurring bank charges.
Presents (birthday, christmas etc)...... 50 try to reduce, look to earn vouchers free online (surveys/reviews) to put towards costs.
Haircuts................................ 0 never?
Entertainment........................... 150 Reduce, at least for a couple of months until overdraft is gone.
Assets
Cash.................................... 0.47 (copper jar):rotfl:!!
House value (Gross)..................... 125000
Unsecured Debts
Description....................Debt......Monthly...APR
Next dir 1.....................610.......250.......29.9 is that the right minimum?
Next dir 2.....................490.......50........29.9
Argos..........................480.......50........29.9
BANK CHARGES!!.................100.......100.......0 (flipping hate these)cut right back for a couple of months to get out this cycle
WESCOT ........................100.......100.......0 (old t-mobile bill) write to them negotiate to pay over 3-6months
BPO collections (CIT)..........200.......200.......0 (dell computer)write to negotiate repayment
lloyds OD......................650.......10........0 is this an authorised overdraft?
additionsdirect................50........25........39 very high apr
very.co.uk.....................400.......20........39 as above
Simply Be......................450.......30........29.9
HSBC loan......................418.......209.......19 (cant wait for this to finish)
Total unsecured debts..........3948......1044......-

Monthly Budget Summary
Total monthly income.................... 1,950
Expenses (including HP & secured debts). 1,603
Available for debt repayments........... 347
Monthly UNsecured debt repayments....... 1,044
Amount short for making debt repayments. -697
Personal Balance Sheet Summary
Total assets (things you own)........... 125,006.47
Total HP & Secured debt................. -119,000
Total Unsecured debt.................... -3,948
Net Assets.............................. 2,058.47
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

time to sort my life out
wife knows about debt so at least dont have the problem of telling her
we both just feel sick how we never have any money

in addition to my income, i also get up to 400 a month in lets call it 'over time' but due to the times i finish work on a friday and saturday night i have to get a taxi home... which is a tenner each time.

Do you do this overtime every fri and sat - if so put in the £400 as other income and £87 in expenses for the taxi fares - its still worth doing if you are bringing in over £300 per month.

Because of how short you are each month you need to drop to bare essentials for a few months, you can't afford to be spending on entertainment and clothes etc. Your groceries can definitely be reduced.

With your debts you cannot pay all of westcot or the computer debt, write to them to negotiate paying over say 6months. Which will reduce your repayments by £250. Don't speak to them on the phone and don't let them bully you.
Is next dir 1 really £250 minimum payment on a £610 debt - I suspect its not, at the moment you can only afford the minimums (at least until the loan is repaid).

Can your OH work any more hours/overtime? Once you have got rid of your unauthorised overdraft and loan then you can pay more than the minimum amounts - you need to start with those that cost the highest APR.

Beg to reduce your mobile contracts - you have no choice but to try pleading with them.

Hope this helps. Good luck

MyopicMoo

Well done for posting, it is always a bit scary. For the mobiles, if you call them and say you are having difficulties they can reduce your tariff - fewer minutes but the amount you are paying at the moment is shocking.

I would set up a new bank account with a bank you have no debts with - check their affiliations, get your salary paid into it and then make an arrangement to pay off the OD at an amount you can afford.

Looking at your SOA you need to cut entertainment and clothes, you can probably reduce your groceries as well. It might be worth speaking to one of the free dmp providers (e.g. CCCS) who should be able to suggest a way forward.

Love the 47p (every little helps)!

KPR11

fatlad9 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 950
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1950
Monthly Expense Details
Mortgage................................ 546
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 8
Council tax............................. 98
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 15 (i use her bath water!!)
Telephone (land line)................... 15
Mobile phone............................ 140 (o2 contracts 12 and 15 mths remaining)[you spend over 7% of your net income on phones? you can't be serious!]
TV Licence.............................. 36 (quaterly)
Satellite/Cable TV...................... 35 (inc sky broadband)[maybe time for freeview?]
Internet Services....................... 11 (mobile bb 12 mths remaining)[why do you need this when you have broadband?]
Groceries etc. ......................... 300 [feeding the neighbours as well are we?]
Clothing................................ 50 (this used to be 0 when we were spending on store cards)[i am sure it was, now it is costing you £100 a month in bank charges and screwing up your credit history royally]
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 36
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 10
Buildings & Contents insurance.......... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 [please tell me you are not serious about this and are actually winding us up!!]
Haircuts................................ 0
Entertainment........................... 150[please tell me you are not serious about this and are actually winding us up!!]
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1603

Assets
Cash.................................... 0.47 (copper jar):rotfl:
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 125000.47

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 119000...(546)......4
Total secured & HP debts...... 119000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Next dir 1.....................610.......250.......29.9 (in arrears they want 250 min payment)
Next dir 2.....................490.......50........29.9
Argos..........................480.......50........29.9
BANK CHARGES!!.................100.......100.......0 (flipping hate these)
WESCOT ........................100.......100.......0 (old t-mobile bill)
BPO collections (CIT)..........200.......200.......0 (dell computer)
lloyds OD......................650.......10........0
additionsdirect................50........25........39
very.co.uk.....................400.......20........39
Simply Be......................450.......30........29.9
HSBC loan......................418.......209.......19 (cant wait for this to finish just march and april... then we apparently get 400 quid back for paying on time for the full term)
Total unsecured debts..........3948......1044......-

Monthly Budget Summary
Total monthly income.................... 1,950
Expenses (including HP & secured debts). 1,603
Available for debt repayments........... 347
Monthly UNsecured debt repayments....... 1,044
Amount short for making debt repayments. -697
Personal Balance Sheet Summary
Total assets (things you own)........... 125,006.47
Total HP & Secured debt................. -119,000
Total Unsecured debt.................... -3,948
Net Assets.............................. 2,058.47
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Mate, is this some sort of a joke?!

Normally I would let other experienced members comment on your SOA but I think we would be wasting their time when they could be helping others who are actually serious about dealing with their debts.

Spending £140 pm on phones? (no wonder you have to use her bath water) £150 pm on entertainment? £300 pm on groceries? £50 pm on presents and clothes? No wonder you getting hit with £100 pm in bank charges.

If this is a joke it is a sick joke. If it isn't then I think you need to have a serious re-think about your lifestyle. Once you have done that and come up with a proper SOA, I am sure people will be more than willing to help.

I know this place is to give help and support and not judge; I am judging you by any means whatsoever - everyone to themselves. I am sorry if I have offended you.

fatlad9

hi,

the overtime is every month so that can be added to the income.
my OT is paid weekly so 100 each wed.
next 1 is so high as i have fallen behind with payments
wescot and bpo will hear from me in writing
entertainment i'll trim as much as i can.
groceries, i'll do as advised and meal plan and work out what i need to buy - we rely too heavily on buying food by the day or as and when we need it, as opposed to buying in weekly, fornightly, or monthly shops.
rang o2 the other day they wont budge on the contracts, even when i said i couldnt afford them.
sky broadband has 3 months left before i can cancel... even locked in with BT for line rental for god knows how long - due to 'free' install.

thanks everyone

savingmummy

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 950
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1950
Monthly Expense Details
Mortgage................................ 546
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 8
Council tax............................. 98
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 15 (i use her bath water!!)
Telephone (land line)................... 15
Mobile phone............................ 140 (o2 contracts 12 and 15 mths remaining):eek: OH MY!! this is horrendous! Haggle for cheaper contact them and explain you cant afford this anymore!
TV Licence.............................. 36 (quaterly)
Satellite/Cable TV...................... 35 (inc sky broadband) reduce package or go freeview
Internet Services....................... 11 (mobile bb 12 mths remaining)
Groceries etc. ......................... 300 reduce this, drop brands and meal plan. Stick to a shopping list of things you NEED
Clothing................................ 50 (this used to be 0 when we were spending on store cards) reduce! no need for new every month
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 36
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 10
Buildings & Contents insurance.......... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 reduce, limit who you buy for
Haircuts................................ 0
Entertainment........................... 150 reduce this!
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1603

Assets
Cash.................................... 0.47 (copper jar):rotfl:
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 125000.47

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 119000...(546)......4
Total secured & HP debts...... 119000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Next dir 1.....................610.......250.......29.9 (in arrears they want 250 min payment)
Next dir 2.....................490.......50........29.9
Argos..........................480.......50........29.9
BANK CHARGES!!.................100.......100.......0 (flipping hate these)
WESCOT ........................100.......100.......0 (old t-mobile bill)
BPO collections (CIT)..........200.......200.......0 (dell computer)
lloyds OD......................650.......10........0
additionsdirect................50........25........39
very.co.uk.....................400.......20........39
Simply Be......................450.......30........29.9
HSBC loan......................418.......209.......19 (cant wait for this to finish just march and april... then we apparently get 400 quid back for paying on time for the full term)
Total unsecured debts..........3948......1044......-

Monthly Budget Summary
Total monthly income.................... 1,950
Expenses (including HP & secured debts). 1,603
Available for debt repayments........... 347
Monthly UNsecured debt repayments....... 1,044
Amount short for making debt repayments. -697 you need to reduce outgoings to bring this to +
Personal Balance Sheet Summary
Total assets (things you own)........... 125,006.47
Total HP & Secured debt................. -119,000
Total Unsecured debt.................... -3,948
Net Assets.............................. 2,058.47
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


cut up the cards and stop the credit!
Reduce your outgoings as above - you are overspending on luxuries!
Once you are debtfree you can bring these back but for now you cant afford them x

miss_missy

fatlad9 wrote: »

Well today after all the bills etc went I was 260 over drawn on my current account (which doesnt have an OD facility and they wont give me one either).. I'm sick of paying 75-125 a month on bank charges, aswel as being hounded for money from stupid debts we have built up.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 950
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1950
Monthly Expense Details
Mortgage................................ 546
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 8
Council tax............................. 98
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 15 (i use her bath water!!)
Telephone (land line)................... 15
Mobile phone............................ 140 (o2 contracts 12 and 15 mths remaining)this needs to be reduce you cant afford it
TV Licence.............................. 36 (quaterly)12
Satellite/Cable TV...................... 35 (inc sky broadband)
Internet Services....................... 11 (mobile bb 12 mths remaining)
Groceries etc. ......................... 300 i budget this for 2 adults and 2 children and buy nappies and still manage to have between 30-40 per month left over you need to reduce this
Clothing................................ 50 (this used to be 0 when we were spending on store cards)you should have more than enough to last you for now no need for this
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 36
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 10
Buildings & Contents insurance.......... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 reduce this if you have included each other it has to be no presents or have a challenge and spend no more than 10-20 on each other you cant really afford this
Haircuts................................ 0 you need alittle something here
Entertainment........................... 150 reduce this
Holiday................................. 0
Emergency fund.......................... 0 some people dont think you should have this but i think you have to have something if your ever going to be able to stop using credit
Total monthly expenses.................. 1603

Assets
Cash.................................... 0.47 (copper jar):rotfl:
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 125000.47

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 119000...(546)......4
Total secured & HP debts...... 119000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Next dir 1.....................610.......250.......29.9 (in arrears they want 250 min payment)
Next dir 2.....................490.......50........29.9
Argos..........................480.......50........29.9
BANK CHARGES!!.................100.......100.......0 (flipping hate these)
WESCOT ........................100.......100.......0 (old t-mobile bill)
BPO collections (CIT)..........200.......200.......0 (dell computer)
lloyds OD......................650.......10........0
additionsdirect................50........25........39
very.co.uk.....................400.......20........39
Simply Be......................450.......30........29.9
HSBC loan......................418.......209.......19 (cant wait for this to finish just march and april... then we apparently get 400 quid back for paying on time for the full term)
Total unsecured debts..........3948......1044......-

Monthly Budget Summary
Total monthly income.................... 1,950
Expenses (including HP & secured debts). 1,603
Available for debt repayments........... 347
Monthly UNsecured debt repayments....... 1,044
Amount short for making debt repayments. -697
Personal Balance Sheet Summary
Total assets (things you own)........... 125,006.47
Total HP & Secured debt................. -119,000
Total Unsecured debt.................... -3,948
Net Assets.............................. 2,058.47
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

time to sort my life out
wife knows about debt so at least dont have the problem of telling her
we both just feel sick how we never have any money

in addition to my income, i also get up to 400 a month in lets call it 'over time' but due to the times i finish work on a friday and saturday night i have to get a taxi home... which is a tenner each time.

your additional income do you usually put it towards your debts or does it ususally get spent, this needs to go straight into which ever debt is the highest interest

saxysarah

Its easy to be shocked and horrified when we can see so clearly something as horrific as 140pm on mobiles on someones SOA - but some people have no money sense etc and that is one of the reasons they come here for help and support and that is what we should aim to provide - nothing wrong with being a bit blunt - a dramatic lifestyle change is going to have to happen immediately but we can be supportive 2;-)