Advice on SOA please

Jamrock

Hi everyone, please can you give me some advice on my SOA, where I might be able to shave more moneh off. Got myself into debt partly because I decided to buy another flat and rent out the one I was living in. Builders promising work will be done in 8 weeks turned into 6 months:( paying two mortgages for the 6 months:eek:!! Just as I started to make in roads towards the debt I was also made redundant.:( Was out of work for 3 months whilst looking for work I saw an add for a job in the Middle East - tax free salary and I thought that is my way out. So I am now living in the Middle East (rather not say where) and I want rid of this debt so that I can then start on MFW. :j

Statement of Affairs and Personal Balance Sheet
Household Information[/b]
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 2143.48
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 1410
Total monthly income.................... 3553.48
Monthly Expense Details
Mortgage................................ 759
Secured/HP loan repayments.............. 770
Rent.................................... 0
Management charge (leasehold property).. 32
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 7
TV Licence.............................. 0
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 60
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 21(Compassion Charity I sponsor a child)
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 25 (Landlord insurance for rental and building and contents)
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 91(This is critical/life insurance for both mortgages.
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1855

Assets
Cash.................................... 0
House value (Gross)..................... 300000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 300000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 157000...(759)......0
Hire Purchase (HP) debt ...... 0........(20).......20% (HFC going to call them today to see how much is left and pay off
Mortgage 2 ....................143000...(750)......
Total secured & HP debts...... 300000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC OD........................4000......0.........17.9 (Aiming to pay this off 1st)
Lloyds CC......................6800......150.......17.9
Virgin CC......................4545......115.......15
HSBC Loan......................1450......207.5.....0
Barclays.......................3758......66........15
Total unsecured debts..........20553.....538.5.....-

Monthly Budget Summary
Total monthly income.................... 3,553.48
Expenses (including HP & secured debts). 1,855
Available for debt repayments........... 1,698.48
Monthly UNsecured debt repayments....... 538.5
Amount left after debt repayments....... 1,159.98
Personal Balance Sheet Summary
Total assets (things you own)........... 300,000
Total HP & Secured debt................. -300,000
Total Unsecured debt.................... -20,553
Net Assets.............................. -20,553

Debtfreein2011

Hi!

Obviously your SOA is in pretty good order but do you really have £1,159.98 left each month? If so, I don't think there's much else you can do.
The only areas which could change are:
Cancel charity sponsorship (YOu need to do this - Chairty starts at home etc etc. You can set this up again once you are Debt-free).
Sorry if I'm being silly but why no Council tax/gas/electric? Is this all included in your rent figure?
Cancel Sattelite TV - this needs to go while you're in debt. (I'm yet to persuade my other half on this one though!)
Reduce amount of life insurance.

HTH

redpete

Jamrock wrote: »

Other insurance......................... 91(This is critical/life insurance for both mortgages.

If you have no dependants why have life insurance on the mortgage?

But going from £1160 a month available to pay off debts to maybe £1200 wouldn't seem that significant, maybe the difference between paying it off in 17 months instead of 18 months. Do you really have £1160 now or is there lots of spending left off the SOA?

Sunnylooloo

Hi

just a couple of things as has been said do you really have that excess left at the end of each month? If so I would use some of that each month to pay larger chunks and get rid of the smaller debts maybe starting with HSBC.

As has been said there is not really much to cut back on on your SOA?

good luck

**confuzzled**

Jamrock wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information[/b]
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 2143.48
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 1410
Total monthly income.................... 3553.48
Monthly Expense Details
Mortgage................................ 759
Secured/HP loan repayments.............. 770
Rent.................................... 0
Management charge (leasehold property).. 32
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0 Really? None of these in the Middle East?? Or is it included in rent?
Mobile phone............................ 7
TV Licence.............................. 0
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 60 Wow! Is it THAT cheap over there???
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 21(Compassion Charity I sponsor a child)
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 25 (Landlord insurance for rental and building and contents)
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 91(This is critical/life insurance for both mortgages. If no dependents do you really need it?
Presents (birthday, christmas etc)......0
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1855

Assets
Cash.................................... 0
House value (Gross)..................... 300000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 300000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 157000...(759)......0
Hire Purchase (HP) debt ...... 0........(20).......20% (HFC going to call them today to see how much is left and pay off So what was the damage?
Mortgage 2 ....................143000...(750)......
Total secured & HP debts...... 300000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC OD........................4000......0.........17.9 (Aiming to pay this off 1st) Have you played around with the snow ball calculator to see which way would be the fastest??? Link is at the top of DFW board:)
Lloyds CC......................6800......150.......17.9
Virgin CC......................4545......115.......15
HSBC Loan......................1450......207.5.....0 Is this right?
Barclays.......................3758......66........15
Total unsecured debts..........20553.....538.5.....-

Monthly Budget Summary
Total monthly income.................... 3,553.48
Expenses (including HP & secured debts). 1,855
Available for debt repayments........... 1,698.48
Monthly UNsecured debt repayments....... 538.5
Amount left after debt repayments....... 1,159.98
Personal Balance Sheet Summary
Total assets (things you own)........... 300,000
Total HP & Secured debt................. -300,000
Total Unsecured debt.................... -20,553
Net Assets.............................. -20,553

Wow, you SOA is amazing, is this absolutely everything you pay out? and do you actually have that amount at the end of the month? If not, start a spending diary to see where it goes and if it is what you have left..get cracking with paying stuff off:p
Personally for the momentum and to get rid of 1 debt in 1 foul strike I'd pay off the HSBC loan 1st, assuming you won't incur any extra charges;) as that free's up another £207 taking you're amount left at end of month to £1360 and then do the rest in order of charges. Although if the loan is at 0% then it's probably best to let it run its course

Jamrock

Many thanks to you all for your comments. I had forgotten some things. Loan to my mum £185pm, Skype calls £15pm, also HSBC bank charges! £12pm and then other charges. Last month it was £57. Groceries should really be £100 as includes my lunches as well. As I live in the Middle East I don't pay poll tax, gas, & elec come with the apartment. My monthly pay is minus rent. They take it out before it hits my bank account. Thank you guys as you prompted me to call HFC, outstanding balance was £109 which I have paid in full. Frees up £20. I also called HSBC this loan is not 0% it is around 9 or 10%. There are no charges to pay off early and infact I will get an early repayment bonus of £147 when I do pay it off . Also I have cancelled the DD for the insurances which frees up another £103. You all are all brilliant. :money::beer::j

persian_star

Sounds like you're doing well, your SOA as others have said is already pretty streamlined. If you're looking now to paying off your debt as fast as possible and with the least interest, you could try http://www.whatsthecost.com/snowball.aspx which I found really useful - it shows the best way to pay off your debt with the money available.

Good luck!

Jamrock

Thanks Persian Star, am going to do just that :beer: