more help with soa??

losethedebtlou

I think I have done everything I can to get things as low as possible but heres my SOA to see if it can be improved. Please note I am in the forces and dont pay any mortgage/rent/utilites which is why they are all 0

Statement of Affairs and Personal Balance Sheet[/b]

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................ 1680
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1680

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 223
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 25 (this includes phone insurance at £5)
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 16
Groceries etc. ......................... 80
Clothing................................ 0
Petrol/diesel........................... 160 (unavoidable , in the forces)
Road tax................................ 20
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10 (contact lenses)
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 7
Other insurance......................... 15 (kit insurance for work, health ins)
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 15 (mess bill for work, unavoidable)
Holiday................................. 0
Emergency fund.......................... 50 (actually extra i pay off my overdraft every month)
Total monthly expenses.................. 681[/b]


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 6000.....(223)......19
Total secured & HP debts...... 6000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loans..........................18000.....726.......16
Overdraft......................640.......50........11
Nan Money Borrowed.............2200......50........0
Total unsecured debts..........20840.....826.......-


Monthly Budget Summary
Total monthly income.................... 1,680
Expenses (including HP & secured debts). 681
Available for debt repayments........... 999
Monthly UNsecured debt repayments....... 826
Amount left after debt repayments....... 173

Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total HP & Secured debt................. -6,000
Total Unsecured debt.................... -20,840
Net Assets.............................. -21,840

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.[/font]

DarkConvict

I honestly can't see any means to reduce your debt quicker, other than snowballing, so throw more money (remaining £173) at the highest rate first (the car at 19%).