Soa help

WOWICANDOIT

Hi any help with this SOA

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1085
Partners monthly income after tax....... 190
Benefits................................ 845
Other income............................ 0
Total monthly income.................... 2120
Monthly Expense Details
Mortgage................................ 252
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 90(ARREARS)
Gas..................................... 60(Arrears included)
Oil..................................... 0
Water rates............................. 53
Telephone (land line)................... 15
Mobile phone............................ 35(mine husband and 2 kids all payg)
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10(mobile dongle)
Groceries etc. ......................... 240
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 10(1 car paid via work)
Car Insurance........................... 50
Car maintenance (including MOT)......... 10(1 car paid via work)
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..................... 25
Contents insurance...................... 0(in above)
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 5
Entertainment........................... 0(part of grocery)
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1062

Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 15000
Other assets............................ 0
Total Assets............................ 265000

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 49000....(252)......0
Total secured & HP debts...... 49000.....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
tesco..........................6300......142...... .16
barclaycard....................4100......98....... .24.9
virgin.........................4600......45....... .0
hsbc loan......................3645......179.......0
egg............................2300......56....... .21.9
capital 1......................1400......35........24.9
Total unsecured debts..........22345.....555.......-

Monthly Budget Summary
Total monthly income.................... 2,120
Expenses (including HP & secured debts). 1,062
Available for debt repayments........... 1,058
Monthly UNsecured debt repayments....... 555
Amount left after debt repayments....... 503
Personal Balance Sheet Summary
Total assets (things you own)........... 265,000
Total HP & Secured debt................. -49,000
Total Unsecured debt.................... -22,345
Net Assets.............................. 193,655
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

IWantToBeFree_2

Do you really have £503 a month left after debt repayments? If not I would suggest doing a spending diary for a month so you can get a more accurate picture of where your money is going.

You don't spend a lot of fuel which indicates maybe low mileage, could you sell one of the cars?

How long left have you on your Virgin card at 0% - that payment will probably rocket as soon as you come out of the promotional period.

Numpty_Monkey

Nothing really big stands out:D
Apart from

Do you use comparrison and cashback sites for insurance;)
Have you kept a spending diary to find out where the £503 a month surplus goes:think:
it realy is a great thing to do:cool:

As for the debts have you used the snowbal calc
http://www.makesenseofcards.com/snowcalc.html

and seeing as you have a crap 1 account have a read of this thread:cool:
https://forums.moneysavingexpert.com/discussion/2532927

WOWICANDOIT

Thanks for the replies we have a small economical car which is used for my work, i receive reimbursment for the mileage. OH car is his for school run and hospital visits vital at moment,
virgin is 0% for 16 months only just got so approx 15 months left
thanks

property.advert

Re-mortgage the house to get rid of the debts and start again. You can go beat yourself up over things but it is obvious that you have been spending way more than you earn for a long time and have built up the credit card debt to prove it.

Your debt is costing you £555+£252=£807. Obviously you cannot manage that as you are getting further into debt. If you could pay a new mortgage of £500 a month, then that would be cleared after less than 15 years on a repayment basis, adding £23k to the outstanding £49k and you would still only be on a (49+23)/250=29% LTV which is nothing.

OK, it looks like your salary would not cover it but that is cobblers. You'd have to gross up your benefits income as they are effectively net of tax and you'd be easily within the most stringent of mortgage multipliers.

The other option is to sell and clear, buying a cheaper house but that just wastes money. Going the long slog and actually trying to repay 17% and 29% debts when they could be financed at 2.5% to 3% is just madness.

WOWICANDOIT

Thanks for reply remorgaging is not something my partner will consider. I have been aproved for a 0% card limit 3500 so want some advice on the best way to shuffle
thanks

daviesalie_2

Hi

Enter everything on here http://www.whatsthecost.com/snowball.aspx and it'll work out the best way to pay off your debts

WOWICANDOIT

do other posters think it will be best for me to remorgage or pay off the debts snowball says i can be clear in 28 months with some frugal living

Mrs_Jojo

If you can live frugally for just over 2 years and be debt free then I would do that - there are costs involved with taking out a new mortgage, however good a rate, and why sentence yourselves to carry the debt around for another 15 years when you could be free of it in less than 3!

Triggles

I don't think that I would be in a rush to remortgage. Yes, you need to do a spending diary to find out where that extra £500 is going. But I'd rather pay more for 28 months to clear the debts and then have my expenses/debt go back down than remortgage and lock myself into a higher mortgage for 15 years!!! In the scope of things, 28 months ISN'T that long!! Some of us are going to be repaying our debts/credit cards for much much longer than that! Based on that, I definitely wouldn't remortgage!

WOWICANDOIT

Thanks again for the advice everyone is so kind. I deffo think that reshuffling cards is the best way to go for me, so i need some advice on trimming my budget so that i can repay them even faster
thanks