Help with SOA please

MinniMe_2

Hi all,

As I'm making a real effort at my debt I was hoping you could all have a look over and rip to shreds my SOA.

As a bit of background my OH stay at mine 3 nights a week, hence I have put 2 adults, but he does not contribute to the household income as he has his own hous to support (which I stay at about 2 nights a week).

My "other insurance" is Bupa - I cannot reduce this as I have claimed on it, it is one of the few things I will not compromise on. I have had a few problems and it has been a real lifeline.

Any advice would be appreciated.

Thanks

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 2009
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2009
Monthly Expense Details
Mortgage................................ 800
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 113
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 11
Mobile phone............................ 35
TV Licence.............................. 12.95
Satellite/Cable TV...................... 11
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 10
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
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..................... 0
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 63
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 25
Emergency fund.......................... 0
Total monthly expenses.................. 1551.95

Assets
Cash.................................... 1000
House value (Gross)..................... 120000
Shares and bonds........................ 1000
Car(s).................................. 16000
Other assets............................ 0
Total Assets............................ 138000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 83000....(800)......0
Total secured & HP debts...... 83000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Halifax CC.....................7280......72........16.9
Mint CC........................1230......52........0
Tesco CC.......................3800......68........11.9
Total unsecured debts..........12310.....192.......-

Monthly Budget Summary
Total monthly income.................... 2,009
Expenses (including HP & secured debts). 1,551.95
Available for debt repayments........... 457.05
Monthly UNsecured debt repayments....... 192
Amount left after debt repayments....... 265.05
Personal Balance Sheet Summary
Total assets (things you own)........... 138,000
Total HP & Secured debt................. -83,000
Total Unsecured debt.................... -12,310
Net Assets.............................. 42,690
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

arby

it all depends how serious you are. Personally, I would instantly sell the £16k car and pay off all your unsecured debt and buy a £4k car which would be more than adequate, leaving you with ~£500 a month 'spare' to either save for a better car or for whatever else you want. The reason I say this is all the money you're paying to the credit cards isn't reducing the amount. If you really are only paying £72 a month to the halifax then the amount owed is increasing so you're not even covering the interest so you're just throwing money away with no end in sight.

However, if you don't feel like you could cope in a £4k car then I guess just things like checking you get the single-person discount for council tax or reducing your mobile phone contract.

edit: you also haven't included anything for mot's/servicing/repairs of your car, or for building insurance. As you have a mortgage, I'm sure you haven't only got contents insurance, right?

bargainbetty

If you are struggling, try keeping a spending diary - it will show you where the surplus is going. However, you have left out car insurance and maintenance - you should put a bit in there.

You have a pretty good SOA - what are you seeking advice about?

Thrifty_Pixie

Hi Minni

Here are my thoughts...

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... --- Is this 1 car or two for £16k?
Monthly Income Details
Monthly income after tax................ 2009
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2009
Monthly Expense Details
Mortgage................................ 800
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 113
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 11
Mobile phone............................ 35 --- reduce this or go PAYG
TV Licence.............................. 12.95
Satellite/Cable TV...................... 11 --- change to Freeview
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 50 --- reduce using charity shops/ebay or cut out for a few months
Petrol/diesel........................... 120
Road tax................................ 10
Car Insurance........................... 0 --- you need to budget for this
Car maintenance (including MOT)......... 0 --- and this
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..................... 0
Contents insurance...................... 6 --- good!
Life assurance ......................... 0
Other insurance......................... 63
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20 --- could maybe halve this or have a trim every other month?
Entertainment........................... 50 --- need to cut down
Holiday................................. 25 --- need to cut out for a while
Emergency fund.......................... 0
Total monthly expenses.................. 1551.95

Assets
Cash.................................... 1000 --- if you can I would use this and your shares/bonds below to clear debt then start saving again when you're clear
House value (Gross)..................... 120000
Shares and bonds........................ 1000
Car(s).................................. 16000 --- whether this is for one or two cars I would SERIOUSLY recommend selling and buying cheaper
Other assets............................ 0
Total Assets............................ 138000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 83000....(800)......0
Total secured & HP debts...... 83000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Halifax CC.....................7280......72........16.9
Mint CC........................1230......52........0 --- when does this 0% run out?
Tesco CC.......................3800......68........11.9
Total unsecured debts..........12310.....192.......-

Monthly Budget Summary
Total monthly income.................... 2,009
Expenses (including HP & secured debts). 1,551.95
Available for debt repayments........... 457.05
Monthly UNsecured debt repayments....... 192
Amount left after debt repayments....... 265.05
Personal Balance Sheet Summary
Total assets (things you own)........... 138,000
Total HP & Secured debt................. -83,000
Total Unsecured debt.................... -12,310
Net Assets.............................. 42,690

That £265.05 actually looks quite healthy for extra debt repayments without any of the cutbacks, however I'm guessing you don't have that left over? If not, try a spending diary for EVERYTHING. I found it immensely useful when clearing my debt as I hadn't realised how much money I was p***ing away on sandwiches...chocolate...magazines, etc.

Good luck

MinniMe_2

Thank you all for your reply.

To answer a few questions, the £16K is for one car, it is new hence no MOT or maintenece needed - all covered for the next 5 years - including service - it was part of the deal I bought the car on.

I don't need building insurance as it is covered in the management fees which I have included in the £800 mortgague.

i will add in money to save for car insurance - I pay this annually - this year was £350.

I can't get rid of the sky as I am still in contract - although this was actually the cheapest option as its £26 a month for sky, phone and internet. There was no landline in the property so actually to be in contract with sky ta this price for all three, coupled with no having to pay BTs stupid prices for putting a line in, actually for the first year works out the cheapest.

I will cut out the clothes and holiday money. You are right - I certainly don't see the "spare" £250 each month. I do over pay the debts when I can - PAD thread has been great but I will start a spending diary and try and figure out where it is all going!!

Thank you all for your help - I really do appreciate it.

Tixy

Hi

MinniMe wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 2009
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2009
Monthly Expense Details
Mortgage................................ 800 repayment or interest only?
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 113 presume you are claiming the 25% discount?
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 11
Mobile phone............................ 35
TV Licence.............................. 12.95
Satellite/Cable TV...................... 11
Internet Services....................... 0
Groceries etc. ......................... 150 could reduce a little here
Clothing................................ 50 could reduce this a bit
Petrol/diesel........................... 120
Road tax................................ 10
Car Insurance........................... 0 budget for this (1/12) each month
Car maintenance (including MOT)......... 0 you may not need MOT or servicing but might need to budget for tyres etc
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 do you need anything here? dentist, optition? odd prescriptions? or all covered by BUPA?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 63 is this all BUPA?
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 25
Emergency fund.......................... 0
Total monthly expenses.................. 1551.95

Assets
Cash.................................... 1000 is this for anything specific? what apr does it earn you?
House value (Gross)..................... 120000
Shares and bonds........................ 1000
Car(s).................................. 16000
Other assets............................ 0
Total Assets............................ 138000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 83000....(800)......0 looks quite a high APR, do you know what it is? is it fixed and for how long?
Total secured & HP debts...... 83000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Halifax CC.....................7280......72........16.9
Mint CC........................1230......52........0 how long on 0%?
Tesco CC.......................3800......68........11.9
Total unsecured debts..........12310.....192.......-
Do you have an overdraft? if so remember to include it here.

Monthly Budget Summary
Total monthly income.................... 2,009
Expenses (including HP & secured debts). 1,551.95
Available for debt repayments........... 457.05
Monthly UNsecured debt repayments....... 192
Amount left after debt repayments....... 265.05 where is this going? are you overpaying on any of the cards (if all the above are just the minimums?) If you are target the highest apr first. Keep a spending diary to help find any money you cannot account for.
Personal Balance Sheet Summary
Total assets (things you own)........... 138,000
Total HP & Secured debt................. -83,000
Total Unsecured debt.................... -12,310
Net Assets.............................. 42,690
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi - I've put in just a few comments, the key is what you are doing with the £250 surplus and how much is being going towards your cards.

Numpty_Monkey

Do you use the snowball calc?
http://www.makesenseofcards.com/snowcalc.html
I think others have mentioned everything I could spot:o:A

MinniMe_2

Tixy - thank you for your comments.

I don't have an overdraft, just about manage not ot go into it each month.
0% runs out in November.
the other insurance is all Bupa - covers dentist, perscription evrything.
as for the cash - see above post.
mortgague is repayment, not sure of the APR will have to have a look and post later when I get home and can look it up.

Thanks

MinniMe_2

numpty, I have used the snowball thanks - is really usefull - have now got it on to my favorites