I need to be sensible this time around

bramble1

Have been in my new house with my OH for a month now and want to really start tackling my debts. I thought i could do it alone, but it's not working.

I want to pay off my over draft and my credit card and need as much help as possible as to the best way to go about it.

I supposed first thing i need to do is post an SOA right?

3Dogs

Yep you got it - an SOA (Statement of Affairs) will enable both you and potential helpers to see the exact position and offer advice accordingly

Post it using the following: http://www.makesenseofcards.com/soacalc.html and remember to include APR's as this is very important

Good luck and well done on posting :T

hillcats

Yes I echo that, well done.....

bramble1

Okay, here is my SOA. suggestions are more than welcome.

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.................... 1
Monthly Income Details
Monthly income after tax................ 1137
Partners monthly income after tax....... 800
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1937
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 146
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 70
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 20
Car Insurance........................... 100
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 52
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1423

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card ...................2000......40........0
Credit Card ...................3000......80........0
Loan...........................3141.14...242.3.....0
Overdraft......................1150......0.........0
Total unsecured debts..........9291.14...362.3.....-

Monthly Budget Summary
Total monthly income.................... 1,937
Expenses (including HP & secured debts). 1,423
Available for debt repayments........... 514
Monthly UNsecured debt repayments....... 362.3
Amount left after debt repayments....... 151.7
Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,291.14
Net Assets.............................. -7,291.14
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


I will say, the loan is my OH's we've not paid it properly for months, what little we do have left over we do put towards it but we really need to sort out our debts and repayments!

purpleheather2810

According to that SOA you should have 150 left over every month after making all your minimum payments. Do you know where that money goes? Maybe you should start a spending diary so you can keep track of every penny. With a surplus like that you should be able to start overpaying those debts straight away

bramble1

Absoutely no idea seeing as we don't even have enough to make the debt repyments. My partner is self employed, so his income is hit and miss. We've spent alot of money recently putting his truck back on the road as it was written off. OH and we owe his dad £1400.

bramble1

No one has any advice? I'd like to write a letter to the bank about my overdraft and arrange a payment plan and also with my credit card, or am i better trying to sort it out on my own?

Burlesque_Babe

Electricity............................. 40
Gas..................................... 40 Switch everything off at the plug, nothing on standby, check for a cheaper tariff, I pay £67 a month for 2 people in a bungalow.

Mobile phone............................ 70 High if even for 2 phones. Call network and ask to go to lowest tariff and move to PAYG as soon as possible and consider whether any call you are making or text you are sending is necessary, £5-£10 a month on credit is still a fair amount of useage
TV Licence.............................. 0 Need this adding
Groceries etc. ......................... 200 This can be lowered with meal planning and batch cooking.
Clothing................................ 0 Never?
Petrol/diesel........................... 60
Road tax................................ 20
Car Insurance........................... 100 ouch. This is high especially with your car being worth not much more than a years worth of insurance. As soon as they are up for renewal, use the comparison sites and then go through a cash back site.

Other travel............................ 52 what is this for?
Pet insurance/vet bills................. 20 Shop around when up for renewal as per car insurance
Contents insurance...................... 0 Figure needed here
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0 never?
Entertainment........................... 0 never?
Holiday................................. 0 never?



I've edited this to show the areas where savings can be made or figures need adding. Hope it helps with a few ideas.

pennypusher

Hi I would suggest you start a spending diary to see where your surplus money is going each month. Can you pay your council tax over 12 months instead of 10? Turn everything off at the wall and don't leave things on standby and see if you can bring your gas and electric down. Get rid of your mobile phone contracts if you have them and go payg. You need to add something for Insurance and also haircuts. Check out your debts and see what interest rates you are paying. If you have any cards with low interest rates see if you can transfer some of your debts on to them. Good luck.

bramble1

Burlesque_Babe wrote: »

Electricity............................. 40
Gas..................................... 40 Switch everything off at the plug, nothing on standby, check for a cheaper tariff, I pay £67 a month for 2 people in a bungalow.

Mobile phone............................ 70 High if even for 2 phones. Call network and ask to go to lowest tariff and move to PAYG as soon as possible and consider whether any call you are making or text you are sending is necessary, £5-£10 a month on credit is still a fair amount of useage
TV Licence.............................. 0 Need this adding
Groceries etc. ......................... 200 This can be lowered with meal planning and batch cooking.
Clothing................................ 0 Never?
Petrol/diesel........................... 60
Road tax................................ 20
Car Insurance........................... 100 ouch. This is high especially with your car being worth not much more than a years worth of insurance. As soon as they are up for renewal, use the comparison sites and then go through a cash back site.

Other travel............................ 52 what is this for?
Pet insurance/vet bills................. 20 Shop around when up for renewal as per car insurance
Contents insurance...................... 0 Figure needed here
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0 never?
Entertainment........................... 0 never?
Holiday................................. 0 never?



I've edited this to show the areas where savings can be made or figures need adding. Hope it helps with a few ideas.

Thanks for this, this years tv lisence is paid so we don't need to worry about that till next may.

I don't buy clothes and we've not been on holiday since 2007! Can't afford it!

Our car was written off last year hence the high insurance.

food shopping is somewhere i can definately cut down.

the other travel is my monthly train pass as it's cheaper to get the train than it is to drive.

Need to look into getting my tarrif lowered for my phone.

Thanks for the advice. Will sit down and try and work out where we can improve and save.