SOA (new girl) I think Ive done i right?

meery

I would be interested on how you think I can save. I am always in my overdraft and have 2 credit cards owing nearly 3500 on them. Please help!
SOA below;

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................ 1376
Partners monthly income after tax....... 1970
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3346

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 590
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 25
Gas..................................... 35
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 15
Mobile phone............................ 65
TV Licence.............................. 12
Satellite/Cable TV...................... 16
Internet Services....................... 0
Groceries etc. ......................... 175
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 17
Car Insurance........................... 40
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 40
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1430

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 13000
Other assets............................ 3000 (horse)
Total Assets............................ 13000

Secured & HP Debts
Description....................Debt......Monthly.. .APR

Total secured & HP debts......25000 .....590.........?-

Unsecured Debts
Description....................Debt......Monthly.. .APR
Halifax Credit Card........3500.…...150..…....?
Barclay Credit Card...........950……...64.….....0
HSBC Credit Card ……..2500…….100…….0
Total unsecured debts.......6950...…..314.......-

Monthly Budget Summary
Total monthly income.................... 3346
Expenses (including HP & secured debts). 1744
Available for debt repayments........... 1602
Monthly UNsecured debt repayments....... 314
Amount short for making debt repayments. 0

Personal Balance Sheet Summary
Total assets (things you own)........... 16000
Total HP & Secured debt................. -25000
Total Unsecured debt.................... -6950
Net Assets.............................. -15950

djj

No rent?No mortgage?

meery

djj wrote: »

No rent?No mortgage?

No, luckily

JasX

If you have £1200 left at the end of each month you should easily be able to clear £3500 of debt and your overdraft in a few months, if you don;t have £1200 at the end of each month you're into starting a spending diary to work out where your money is going vs that budget and where the gaps are

eg does the £175 groceries include the horse? does it eat/get stabled somewhere?

meery

JasX wrote: »

If you have £1200 left at the end of each month you should easily be able to clear £3500 of debt and your overdraft in a few months, if you don;t have £1200 at the end of each month you're into starting a spending diary to work out where your money is going vs that budget and where the gaps are

eg does the £175 groceries include the horse? does it eat/get stabled somewhere?

No and to be honest it is where most of my money goes, she costs me about 300 a month. I will be sure to make a note of all my expenses. In our house, hubby pays for everything apart from horse, food and diesel - which is what I pay. And my own cards which are 3500 ish (which obviously he doesnt know about)! I just want to get rid of the whole lot and get out my overdraft.

RAS

meery wrote: »

No and to be honest it is where most of my money goes, she costs me about 300 a month. I will be sure to make a note of all my expenses. In our house, hubby pays for everything apart from horse, food and diesel - which is what I pay. And my own cards which are 3500 ish (which obviously he doesnt know about)! I just want to get rid of the whole lot and get out my overdraft.

So you need to get all your recent statements out and work out what you spent on every itemover the last 3 months and divide the totals by three.

Then re-post the SOA

Idiophreak

meery wrote: »

(which obviously he doesnt know about)!

Yeah, I'd fix that first...

VanillaDelia

I think you need to post without your husbands wage there or either include everything you both pay. Personally as you are husband and wife, I think you need to put everything down, you are a team. I also think you need to be telling your husband about your card debt, this will enable you to both sit down and look at everything again and work at it from there.

Tixy

Hi and well done for posting.
Obviously you need to try to work out where all the money is going, including the cost of the horse.
What is the situation with your housing? you have no council tax insurance etc but do pay gas & elec?
And it certainly can be hard paying off debts your OH doesn't know exists but that aside I think there are some items you could reduce from what you have posted so far.

meery wrote: »

I would be interested on how you think I can save. I am always in my overdraft and have 2 credit cards owing nearly 3500 on them. Please help!
SOA below;

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................ 1376
Partners monthly income after tax....... 1970
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3346

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 590
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0 do you not pay this?
Electricity............................. 25
Gas..................................... 35
Oil..................................... 0
Water rates............................. 0 or water rates?
Telephone (land line)................... 15
Mobile phone............................ 65 is this for both of you? might be worth seeing if you can get slightly cheaper deals either by moving to a new provider or asking to drop a tariff
TV Licence.............................. 12
Satellite/Cable TV...................... 16
Internet Services....................... 0
Groceries etc. ......................... 175 could be done for a little less, maybe you could aim for £150 for the 2 of you.
Clothing................................ 50 do you need these every month? cut out for a while, only buy essentials.
Petrol/diesel........................... 200 is this all essential mileage? do you drive efficently, fill up at the cheapest place etc?
Road tax................................ 17
Car Insurance........................... 40
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 40 is this the cheapest deals? have you both shopped around recently?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1430

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 13000
Other assets............................ 3000 (horse)
Total Assets............................ 13000

Secured & HP Debts
Description....................Debt......Monthly.. .APR

Total secured & HP debts......25000 .....590.........?-

Unsecured Debts
Description....................Debt......Monthly.. .APR
Halifax Credit Card........3500.…...150..…....?
Barclay Credit Card...........950……...64.….....0
HSBC Credit Card ……..2500…….100…….0
Total unsecured debts.......6950...…..314.......- have you only been paying the minimums, also remember to include your overdraft as a debt.

Monthly Budget Summary
Total monthly income.................... 3346
Expenses (including HP & secured debts). 1744
Available for debt repayments........... 1602
Monthly UNsecured debt repayments....... 314
Amount short for making debt repayments. 1288 - you need to account for this, how much for the horse food, livery, vets etc, where else are you spending?

Personal Balance Sheet Summary
Total assets (things you own)........... 16000
Total HP & Secured debt................. -25000
Total Unsecured debt.................... -6950
Net Assets.............................. -15950

If you want to try to pay this off without OH knowing (which I think will be tough) can you increase your hours at work or do overtime? do you have any personal items you could sell to raise money to put towards paying off your debts?
What did you run the debts up on? have you stopped all spending on the cards yet?

bodmil

Can you get a sharer for the horse and split some of the bills?

3Dogs

Spammer Kent Hamel reported