My SOA

justanothermuppet_2

Hi I'm new here, and I'm wanting to get myself out of debt asap (who doesn't? ) I'd be grateful for any advice that people can offer, so I thought I'd get posting my SOA

Monthly Incomings:

My salary - £1,192.72
Partners salary - £824.32

Total: - £2,017.04

Monthly Outgoings:

Mortgage - £462
Council Tax - £96
Gas - £20
Electric - £31.50
TV License - £21
Internet -£29.00
Phone - £15.00
Food - £200
Car Insurance - £56
House Insurance - £50
Petrol - £50
Life Insurance - £20
Patner's Mobile - £35
Water Rates - £14
Contact Lenses - £13
Cinema Pass - £11
Gym - £31

Total: £1,154.50

Hope I haven't forgotten anything there!

Now for the debts...

Bank Loan - £12,772 APR 12% (55 months to go)
Credit Card - £198.67 APR 29.9% (Limit £200)
Provident Loan - £350
Overdraft - £435.64 EPR 18.9% (Limit £450)
Unauthorsied Overdraft on another account - £55.71 (unknown APR)
Car Finance - £3,200 outstanding. APR 30% (Last payment date June 2008)

Like, I said, I need all the help I can get!

lovelife!

Just thought I'd say hi before I log off, I guess we're the two newest DFW's here! Good luck getting sorted out!

Mrs_Arkwright

Good morning

Just a quick one before I go to work - your house insurance seems very high, have you shopped around to change it, ours is only twenty quid with Esure. And do you actually use your cinema and gym memberships - could they be ditched to save a little money towards your debts each month?

Debt_Free_Chick

Can you give us the minimum repayments on the loans & cards please?

Also, do you spend any other money in addition to what's on your SOA i.e. do you actually have £862.54 left over after you've paid all your bills?

wigginsmum

If it's just the two of you, you could shave some money off the food by using cheaper places like Lidl. I pay £120/month for the two of us, and we eat really well.

Browntoa

Internet @ £29 a month is very high these days, if you are light users then £12-14 is the norm

Bestthingsinlifearefree

Hi JAM,

Welcome to MSE,

Is it possible to transfer some of that debt onto zero % or low interest credit cards ?

The rates of interest you are paying is extortionate.

I would also recommend a spending diary for you and your OH.

To see where the money is going.

On your income you should be able to live comfortably BUT the debts have been run up.

So it seems the problems is not so much your income but your spending (if that makes sence).

I wish you well.

justanothermuppet_2

ooh, I forgot about minimum payments...sorry...

Bank Loan - £300 per month
Credit Card - 3% of balance
Provident Loan - £40 per month
Overdraft - trying to pay no less than £20 per month
Unauthorsied Overdraft on another account - Just need to get rid asap (have only had this debt for 2 months)
Car Finance - £180 per month

Total: £546

So that leaves approx £315 a month. I don't know where it all goes, usually there some emergency that uses it up...new brakes etc. for the car....this month the cellar has flooded and the front door is leaking when it rains.

I do use my cinema pass a lot (it's a real saving because 1 trip to the cinema is £6 these days). I've been a bit slack going to the gym recently but, unfotunately my minimum membership time doesn't runout for about 6 weeks...)

The internet...we do use it an awful lot, and our current provider imposes no download limits. The cost is supposed to be £25 per month but I've had problems with my direct debits and I'm currently paying a £4 non-direct debit admin fee

I'm really shocked that I supposedly have £300 after all my bills need paying...I guess it must just get frittered away

missk_ensington

How come you are paying two TV licenses??

I would get that £300 left over and starting with the small balances, clear them entirely and then cut the card to pieces!

Bestthingsinlifearefree

If it just gets frittered away. You both need a spending diary.

This will act as a real brake on your spending.

If each time you buy a newspaper or a coffee you need to log it in the little book it will help you identify where your moment of weaknesses are.

saverram

i think u need to cut down on u r partners mobile a bit