My SOA

lucylightning

DEEP BREATH:

Hi all and thank-you in advance for your support, help, and advise.
After a very turbulent last year, my circumstances have finally settled (today in fact), and I'm ready to face up to things.

I read in a post somewhere you like to here the more unusual life stories so:
Last year I got struck by lightening (cue spluttered cups of tea).
This has left me with quite extensive debilitating nerve damage to my arms and hands.
Just as this happened I found out my dirty rotten OH was a dirty rotten cheating OH. I threw him out but was left with the rent and bills to pay until the end of the tenancy of the house.

Fast forward a few months, and I am now back living with my mom and dad (cheaper plus I can no longer manage on my own), I have managed to stay in my job and today have finally negotiated working reduced hours so that it will hopefully mean I can stay in work.

Now I finally know what I will be earning it's time to sort this mess out.
Here is my SOA:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 30
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 11.54
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 80
Petrol/diesel........................... 100
Road tax................................ 12
Car Insurance........................... 40
Car maintenance (including MOT)......... 12
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 38.9
Presents (birthday, christmas etc)...... 50
Haircuts................................ 0
Entertainment........................... 60
Holiday................................. 0
Emergency fund.......................... 0
Bank account............................ 8.5
Total monthly expenses.................. 600.94


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 1100.....(30).......0
Total secured & HP debts...... 1100......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax CC.....................6600......80........14.9
Lloyds TSB CC..................1184......30........15.9
Lloyds Loan....................5882......158.4.....6.5
Studio account.................1000......50........29.4
Overdraft......................2000......0.........10.4
Total unsecured debts..........16666.....318.4.....-


Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including HP & secured debts). 600.94
Available for debt repayments........... 499.06
Monthly UNsecured debt repayments....... 318.4
Amount left after debt repayments....... 180.66

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -1,100
Total Unsecured debt.................... -16,666
Net Assets.............................. -16,266

RAS

Hi

What is your aim? To clear the debt or to clear it as quickly as possible?

Whatever, unless you are also clocking up loads of charges in addtion to the percentage, the account to clear first is Studio. Should be manageable in 3 months.

lucylightning

Hi yeah the SOA shows the minimum payments.
I want to try and clear it as quickly as possible really.
Studio will be the first one to tackle, it just seems like such a mountain, i feel really overwhelmed by it at times.

That with everything else.
Time to face up to it and get it sorted as soon as I can!

Numpty_Monkey

lucylightning wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 30
Rent.................................... 0 nothing to your parents
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 11.54
Mobile phone............................ 40 is this the best tarrif, do you use all the freebie stuff you get?
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 80
Petrol/diesel........................... 100
Road tax................................ 12
Car Insurance........................... 40 any insurance use comparrison sites and cashback sites
Car maintenance (including MOT)......... 12
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 38.9 whats this for?
Presents (birthday, christmas etc)...... 50 reduce to £10
Haircuts................................ 0
Entertainment........................... 60
Holiday................................. 0
Emergency fund.......................... 0
Bank account............................ 8.5
Total monthly expenses.................. 600.94


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 1100.....(30).......0
Total secured & HP debts...... 1100......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax CC.....................6600......80........14.9
Lloyds TSB CC..................1184......30........15.9
Lloyds Loan....................5882......158.4.....6.5
Studio account.................1000......50........29.4 hit 1st
Overdraft......................2000......0.........10.4
Total unsecured debts..........16666.....318.4.....-


Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including HP & secured debts). 600.94
Available for debt repayments........... 499.06
Monthly UNsecured debt repayments....... 318.4
Amount left after debt repayments....... 180.66

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -1,100
Total Unsecured debt.................... -16,666
Net Assets.............................. -16,266

Hello lucy:hello:
yep you get a :staradmin for the lightning, Glad you're ok now:T
and i'll try not to put this :eek: in:D

Quite a few things on your SOA have £0, do you give your folks the odd £10 here and there for things;) soon adds up

As your SOA stands you have a surplus:cool:
I'd sugguest you keep a spending diary to see if you really do have that,
and then have a look at snowballing
http://www.makesenseofcards.com/snowcalc.html

HTH:A

doodledo_2

Hi and welcome to the board. Sorry to hear about your accident and your OH.

On paper your debts are manageable. They key is to pay that excess cash towards your debt.

First one to concentrate on is the studio cards one as this has the highest APR, so I would suggest upping your repayments to them.

Could you consider reducing your clothing allowance each month and throw some of this at your debts too?

I don't know your circumstances with regards to your accident, but have you checked if you are entitled to any disability allowances or similar in view of you no longer being able to work full time?

Good luck with your journey

savingwannabe

Hello, I have a couple of quick points, i am a newbie but i can make suggestions i have followed that helped me:

Can you downgrade your mobile ?
Shop in a cheaper supermarket or drop a couple of brands so the cost of groceries is reduced,
Do you really need new clothes, can you make do for a while?
Dont buy snacks like coffee, chocolate at work. buy it cheaper from the supermarket - you save a fortune.
I have done these things and it makes a difference.

good luck,

:j

Tixy

Hi

As you've said you want to clear it as quickly as possible I've put some suggestions on where you can cut back. Hopefully some will suit you.

At least he is now an ex-dirty-rotten-cheating-OH

lucylightning wrote: »

Here is my SOA:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 30
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 11.54
Mobile phone............................ 40 look to see if you can geta better deal or reduce to a lower tariff
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100 do you buy your own or contribute to the family. If you buy your own may be able to reduce a little.
Clothing................................ 80 this looks really quite high. Unless you have specific needs due to your illness then cut right back for a few months and then maybe budget half this amount.
Petrol/diesel........................... 100 is this all essential? do you drive efficently? (boringly and slowly!)
Road tax................................ 12
Car Insurance........................... 40
Car maintenance (including MOT)......... 12
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 38.9 what is this for? is it the best deal
Presents (birthday, christmas etc)...... 50 try to reduce a little
Haircuts................................ 0 ? never anything?
Entertainment........................... 60
Holiday................................. 0
Emergency fund.......................... 0
Bank account............................ 8.5 is this a monthly fee for a premium account?
Total monthly expenses.................. 600.94


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 1100.....(30).......0
Total secured & HP debts...... 1100......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax CC.....................6600......80........14.9 3rd
Lloyds TSB CC..................1184......30........15.9 2nd
Lloyds Loan....................5882......158.4.....6.5
Studio account.................1000......50........29.4 very high APR, throw all you can at this debt first.
Overdraft......................2000......0.........10.4
Total unsecured debts..........16666.....318.4.....-


Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including HP & secured debts). 600.94
Available for debt repayments........... 499.06
Monthly UNsecured debt repayments....... 318.4
Amount left after debt repayments....... 180.66 do you think you will end up with this spare? if so and you use it all to pay off debts do so in the order listed above.

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -1,100
Total Unsecured debt.................... -16,666
Net Assets.............................. -16,266

Do you have anythings you no longer need and could sell (furniture or things from when you lived away from home?)

Good luck

lucylightning

Thanks everyone.
Im very lucky, except a few bits from the supermarket (included in the groceries), my mom and dad refuse to take any money from me.
The £100 is a rough guess, next month I will keep a spending diary and all my receipts.
I don't have facilities to buy stuff at work which is very lucky as I work 12hr shifts! I just take a mountain of food with me from home.

I need to find out if I am entitled to any DLA etc. I think I am eligible for the lower rate. I need to get it sorted, just that talking about and sorting DLA means I have to accept I have a disability which is still VERY hard to come to terms with.

A spending diary seems to be a great idea.
Also does anyone use those pre-pay cards to budget themselves?
I try to pay by card for everything because cash is so fiddly for me I drop it and loose it

Tixy

I think quite a lot of prepay cards cost quite a bit to use. Instead if it helps you to split out your money you could consider setting up a new basic bank account with a debit card. Each month you could transfer your 'spending money' and groceries money etc to the basic account by standing order or online transfer and then know that you only have that much to spend. Then you dds and debt repayments can all go out the main account.

If you don't have internet banking then its a good idea to set that up so you can keep an eye on your balance and control of your budget.

lucylightning

Great idea, thanks )