My SOA

laurasavon

HI Everyone

I've not posted my SOA although i've been reading the boards for a while.

Debts have been built up due to getting married and moving house which some shares I owned should have paid for but due to the prices falling so much there was a massive shortfall.

I was made redundant December last year but was given the opportunity to go back on secondment for 3 months (later extended to 6 months) so i'm working at the moment but i'm not sure for how long, but will get a redundancy payout when I leave.

I have recently changed gas / electric supplier so that is an estimate.
Buildings and contents is all one payment.
TV includes internet and phone (I have phoned them to negotiate price but it hasn't been amended on my account yet).
Mobiles are for the 2 and we are tied in to contracts.
The additional insurance is PPI for the mortgage (which I may soon need!)
The car loan is hubbys so not sure what the interest rate is.
Credit card is 0% until June.

My main priority is to pay off the overdraft but will about £200 left each month it will take a very long time - any suggestions where we could cut back??


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1150
Partners monthly income after tax....... 950
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2100
Monthly Expense Details
Mortgage................................ 654
Secured/HP loan repayments.............. 152
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120.49
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 0
Mobile phone............................ 70
TV Licence.............................. 12.12
Satellite/Cable TV...................... 60
Internet Services....................... 0
Groceries etc. ......................... 175
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 15
Car Insurance........................... 20
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20.11
Contents insurance...................... 0
Life assurance ......................... 10.04
Other insurance......................... 47.16
Presents (birthday, christmas etc)...... 15
Haircuts................................ 5
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1640.92

Assets
Cash.................................... 0
House value (Gross)..................... 145000
Shares and bonds........................ 1500
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 148500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 127039...(654)......3.5
Hire Purchase (HP) debt ...... 1216.....(152)......0
Total secured & HP debts...... 128255....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................2835......60........0
Overdraft......................9500......0.........17.3
Loan...........................9231......197.......7
Total unsecured debts..........21566.....257.......-

Monthly Budget Summary
Total monthly income.................... 2,100
Expenses (including HP & secured debts). 1,640.92
Available for debt repayments........... 459.08
Monthly UNsecured debt repayments....... 257
Amount left after debt repayments....... 202.08
Personal Balance Sheet Summary
Total assets (things you own)........... 148,500
Total HP & Secured debt................. -128,255
Total Unsecured debt.................... -21,566
Net Assets.............................. -1,321
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

savingwannabe

Hi Laurasavon,

I am a newbie! Well i have been on here for over a month now. I have used the following measures you may wish to try them too:

I have cut my internet, cable etc down. Ring them up threaten to leave and you will be surprised how they just drop the bill down by deleting a few channels. I wish i had done it sooner.

Can you reduce your entertainment? Visit friends, invite them for a meal, dvd etc?

Try dropping a brand on your shopping. Following a shopping list. My food bill has halved.

Take snacks to work, dont buy from vending machines.

Keep a spending diary and a savings tin that you can put your spare change into. This can be used for treats and means you don't waste it on - in my case- magazines and chocolates.

Good luck, some clever bod will think of more.

Well done on posting, you will make nice friends on here and you learn loads!!!!

:j

iamana1ias

laurasavon wrote: »

HI Everyone

I've not posted my SOA although i've been reading the boards for a while.

Debts have been built up due to getting married and moving house which some shares I owned should have paid for but due to the prices falling so much there was a massive shortfall.

I was made redundant December last year but was given the opportunity to go back on secondment for 3 months (later extended to 6 months) so i'm working at the moment but i'm not sure for how long, but will get a redundancy payout when I leave.

I have recently changed gas / electric supplier so that is an estimate.
Buildings and contents is all one payment.
TV includes internet and phone (I have phoned them to negotiate price but it hasn't been amended on my account yet).
Mobiles are for the 2 and we are tied in to contracts.
The additional insurance is PPI for the mortgage (which I may soon need!)
The car loan is hubbys so not sure what the interest rate is.
Credit card is 0% until June.

My main priority is to pay off the overdraft but will about £200 left each month it will take a very long time - any suggestions where we could cut back??


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1150
Partners monthly income after tax....... 950
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2100
Monthly Expense Details
Mortgage................................ 654
Secured/HP loan repayments.............. 152
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120.49
Electricity............................. 20 are you sure this reflects your usage and not just your DD?
Gas..................................... 20 are you sure this reflects your usage and not just your DD?
Oil..................................... 0
Water rates............................. 10 are you sure this reflects your usage and not just your DD?
Telephone (land line)................... 0
Mobile phone............................ 70 can you drop a level on your contract?
TV Licence.............................. 12.12
Satellite/Cable TV...................... 60 way too high - you can't afford this
Internet Services....................... 0
Groceries etc. ......................... 175
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 15 for 2 cars?
Car Insurance........................... 20 for 2 cars? cant' be right
Car maintenance (including MOT)......... 5 don't believe it. a tyre would cost more than £60 in a year
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20.11
Contents insurance...................... 0
Life assurance ......................... 10.04
Other insurance......................... 47.16
Presents (birthday, christmas etc)...... 15
Haircuts................................ 5
Entertainment........................... 50 this is high
Holiday................................. 0
Emergency fund.......................... 50 your debts are your emergency
Total monthly expenses.................. 1640.92

Assets
Cash.................................... 0 so where is the £50 a month emergency fund going?
House value (Gross)..................... 145000
Shares and bonds........................ 1500 sell these and throw them at your debt
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 148500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 127039...(654)......3.5
Hire Purchase (HP) debt ...... 1216.....(152)......0
Total secured & HP debts...... 128255....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................2835......60........0
Overdraft......................9500......0.........17.3
Loan...........................9231......197.......7
Total unsecured debts..........21566.....257.......-

Monthly Budget Summary
Total monthly income.................... 2,100
Expenses (including HP & secured debts). 1,640.92
Available for debt repayments........... 459.08
Monthly UNsecured debt repayments....... 257
Amount left after debt repayments....... 202.08
Personal Balance Sheet Summary
Total assets (things you own)........... 148,500
Total HP & Secured debt................. -128,255
Total Unsecured debt.................... -21,566
Net Assets.............................. -1,321
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

comments above

laurasavon

Thanks savingwannabe.

The entertainment is mainly hubby going to the football (season ticket has been paid for upfront) and the occasional concert and as much as I try and get him to give them up he won't.

I have a savings tin - I should really get round to banking it rather than it sitting on the side! I've got the day off next Friday so I will try and remember to bank it!

laurasavon

thanks iamania1ias, gas and electricity are new DD's so i'm not 100% sure how much useage will be
we recently had a refund for water and the £10 is the new DD
I'm not sure we can drop the mobiles but will check - do they usually let you drop tarrif if you are tied in?
Sky have agreed a reduction of £11 but I won't see that until next monthly payment comes out
The car money is how much I put away each month but usually just covers the insurance and end up buying tax and repairs out of the current account (I should really amend the DD)
The emergency fund gets emptied each month and goes towards the overdraft hence why cash is 0, so I don't really have an emergency fund but the standing order is still there from before the overdraft

[Deleted User]

Can you "up your income any"? - check out the board dedicated to that. Also, do you have things you can sell at car boot, ebay, gumtree, amazon?

I agree with comments above - you don't need cable/satelite TV at the moment - it's a luxury you cannot afford. If you are tied into a contract go to the lowest package until you can cancel.

Mobile phones are also very high. Again if you are tied into a contract go to the minimum until you can cancel then switch to SIM only, there are some great minutes and text deals for £10/£15 per month.

Also agree sell your shares/bonds - you need the money more to pay your debts. Also agree about the emergency fund at the moment - you can start to build this up after you've paid all/more of your debts off - where's this money? Is it in a seperate account, it seems you've not taken it into account in the totals - pay off some of your debts with this.

You need to get OH to see the £50 entertainment is unaffordable at the moment. Get them to cut down on football/concerts if they won't give up completly.

Also, although your grocerie expensess are not massive savings can still be made - packed lunches to work, drop a brand, cook from scratch etc - see the oldstyle money saving board for tips

Good luck

laurasavon

Thanks Domino9

I do Avon as well as working full time but it is commission based so I can't guarantee the amount coming in. I usually make a couple of hundred a month, I was making more but since my full time job changed in January it has become a lot more demanding so I don't have as much time to do Avon.

I've sold a few bits on ebay and i've got a couple more things I can list but nothing that's going to make big money.

I'm pretty sure i'm tied into Sky and we definately are with the mobiles.

I was thinking about selling some of the shares to put towards the credit card when the 0% finishes in June, I just feel a bit like if I sell them then they might go up and I could have paid off more of my debts

the_cat

laurasavon wrote: »

I was thinking about selling some of the shares to put towards the credit card when the 0% finishes in June, I just feel a bit like if I sell them then they might go up and I could have paid off more of my debts

Or they could go down and leave you with less!

Besides the chances of them going up by more of a percentage than the interest you are paying (ie 17%) are seriously slim at best, espec with the uncertainty surrounding a hung parliament and how that might (or obv might not!!;)) effect the stock market

laurasavon

that's true the_cat although i'm not sure they could go down much further!

I read on mortgage strategy that there may be a rights issue announced next week - does anyone know if this likely to impact the share price?

the_cat

I am be no means an expert (they live on the savings and investments board!!) but my take on rights issue is this:

It is designed to raise capital for the company and has the effect of flooding more shares into the market. As there are more shares, the value of each individual one is diluted and therefore the share price is likely to go down. The problem is that the market may already have factored this in (ie others have read what you have and decided to bail while the price is higher, thus lowering the price in advance)

HTH

laurasavon

Thanks The Cat, I thought that may be the case, i'll have a look on the S&I board see if anyone has any advise on the best time to sell (they've gone up a few pence this week and I don't think the story / rumour about the rights issue came out until late Friday)