My SOA Please help......

Wannabefree_2

Hi All well i`ve taken the plunge & done an up to date SOA.

Please tell me what you think i can do as i really have no idea?? :(


Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0 (lease car through work taken out of my wages)

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100

Monthly Expense Details
Mortgage................................ 454
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 65
Gas..................................... 0 (don`t have gas)
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 15
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 0 (have freeview)
Internet Services....................... 10
Groceries etc. ......................... 40
Clothing................................ 5
Petrol/diesel........................... 70
Road tax................................ 0 (taken out of wages)
Car Insurance........................... 0 (taken out of wages)
Car maintenance (including MOT)......... 0 (taken out of wages)
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0 (no kids)
Other child related expenses............ 0 (no kids)
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 5
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 20
Other insurance......................... 20
Presents (birthday, christmas etc)...... 5
Haircuts................................ 5
Entertainment........................... 10
Holiday................................. 10
Emergency fund.......................... 1
Total monthly expenses.................. 877

Assets
Cash.................................... 0 (no spare cash)
House value (Gross)..................... 75000
Shares and bonds........................ 0
Car(s).................................. 0 (lease car)
Other assets............................ 0
Total Assets............................ 75000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage.....................62000....(454)......6.13
Total secured & HP debts...... 62000..............


Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds mastercard...........3171......60........???
Lloyds Loan................... 8605......258.......18.2
Mint Loan...................... 1225......117.......5.8
Orange Card...................2502......65........0 until 04.11
Total unsecured debts.....15503.....500.......

Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including HP & secured debts). 877
Available for debt repayments........... 223
Monthly UNsecured debt repayments....... 500
Amount short for making debt repayments. -277

Personal Balance Sheet Summary
Total assets (things you own)........... 75,000
Total HP & Secured debt................. -62,000
Total Unsecured debt.................... -15,503
Net Assets.............................. -2,503

Thats really scarey now i`ve seen it written down.

Claire xx

Gemmzie

Hi Claire, SOAs can be scary at first but knowing is better - believe me!

I can't see much room for improvement on your SOA except maybe your buildings and contents - do you renew using comparison sites and/or cashback sites?
So the debts...

Unsecured Debts
Description....................Debt......Monthly.. .APR
Lloyds mastercard...........3171......60........???
Lloyds Loan................... 8605......258.......18.2
Mint Loan...................... 1225......117.......5.8
Orange Card...................2502......65........0 until 04.11
Total unsecured debts.....15503.....500.......

Can you pay less on Orange as it's 0% and overpay the Mastercard? How is your credit rating, have you missed any payments?

Deep_In_Debt

Hi

If you are on your own, do you need the life assurance? Also what is the other insurance?

Your groceries seem low if that's for the month? I'm on my own and spend more than that in a month on groceries.

redsam

hiya...is it worth for the short term getting rid of the health/life insurance?

Does the pet get ill often?

Do you have a garden or balcony? You can save quite a bit of cash by growing salad leaves if nothing else?

what about for a short time people dont get bday present...maybe a scratchcard and a homemade card?

suggestions, hoep they help!

dancingfairy

Hi - to be honest I can't see how you can shave 277 a month from your SOA. In fact some things such as food and clothes don't seem high enough.
I would get in touch with one of the debt charities Martin recommends such as CCCS (consumer credit counselling agency), National Debtline or your local CAB with a view to perhaps doing a dmp. This would mean that any spare money after your normal bills is split fairly between your creditors and in return you ask them to freeze interest and charges.
The other options is to try and increase your income somehow by taking on a second job perhaps?
df

Jimby509

Monthly Expense Details
Mortgage................................ 454
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 65 this is alot per month?
Gas..................................... 0 (don`t have gas)
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 15 you can get this a tad cheeper if you combine it with Internet package. go via quidco
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 0 (have freeview)
Internet Services....................... 10
Groceries etc. ......................... 40 you spend just £10 per week on food!
Clothing................................ 5
Petrol/diesel........................... 70
Road tax................................ 0 (taken out of wages)
Car Insurance........................... 0 (taken out of wages)
Car maintenance (including MOT)......... 0 (taken out of wages)
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0 (no kids)
Other child related expenses............ 0 (no kids)
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 5
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 20
Other insurance......................... 20
Presents (birthday, christmas etc)...... 5
Haircuts................................ 5
Entertainment........................... 10
Holiday................................. 10
Emergency fund.......................... 1
Total monthly expenses.................. 877

Just a few thoughts... can you take a lodger? Any other way of getting extra work?

I think you need to speak to your the companies you owe money to and talk to National Debt line, concider 'Payplan'. The sooner you do this the better as the shortfall of £277 each month is going to make it impossible for you to make headway in getting through this debt.

Well done for posting!

Wannabefree_2

Gemmzie wrote: »

Hi Claire, SOAs can be scary at first but knowing is better - believe me!

I can't see much room for improvement on your SOA except maybe your buildings and contents - do you renew using comparison sites and/or cashback sites?
So the debts...

Unsecured Debts
Description....................Debt......Monthly.. .APR
Lloyds mastercard...........3171......60........???
Lloyds Loan................... 8605......258.......18.2
Mint Loan...................... 1225......117.......5.8
Orange Card...................2502......65........0 until 04.11
Total unsecured debts.....15503.....500.......

Can you pay less on Orange as it's 0% and overpay the Mastercard? How is your credit rating, have you missed any payments?

Thanks Gem,

I`ve only just renewed my contents & building as a combined & got it for alot less & also did it through quidco. I`m paying the minumum on my orange card already, I`ve made an appointment to see my bank manager on Thursday to see if i can do anything with my existing loan with Lloyds. I`ve just finished paying off 1 loan thank god. x

Gemmzie

So you were paying off more per month, so you've managed up until now - how? Overdraft?

dancingfairy

I'm just wondering if you could somehow get a balance transfer offer from Orange and transfer the lloyds mastercard onto it? whether this would save you some money? You'd have to crunch the numbers and you would still be looking at a shortfall each month so would need a second job.
I'm just wondering also if there's anything you can do with the Lloyds loan as this is a huge amount each month - perhaps a credit union would be able to offer you something better? It might be worth phoning Lloyds to get a settlement figure?
You need to try and get the interest rate on the mastercard as well if you can.
df

beanielou

I dont think you have much room for manouvre in your SOA to be honest.
How much comes off your wages for the car?
Would you consider buying a wee runaround meantime?
Can you do anything to increase your income?
Second job?
Rent a room?

beanielou

As an afterthought is your main current account with Lloyds?
If so I would consider very carefully how you go about things on Tuesday.