My SOA Please help......

Wannabefree_2

beanielou wrote: »

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?

Thanks Beanie,

I think it costs around £200 a month for my car but that includes everything, servicing, insurance, tax, new tyres any work needing doing. I am due to change my car in October as its done in a 3 yearly term. The car that i am getting this time round is only gonna be £150 a month as i`m getting a smaller car.
I already do a 2nd job & thats included in my income but this differs every month as it all depends on what shifts i`m doing in my main job as to what i can do in my 2nd job.
I can`t rent a room as i live in a 1 bedroom maisonette, it is however on the market as me & my other half are moving in together so when i do sell it the profit that i get will be used to pay off most of my debts.

I really have no idea how i have managed to cope for as long as i have whilst i was paying the other loan. My mint loan is due to end in 10 months time so i live each month as it comes & hope that i can make it through.

I appreciate all your help i really do, thank you from the bottom my heart. xxx

beanielou

Well i suppose on the bright side there is an end in sight which is good.
Just a case of what comes first~next loan paid off or your house sells.

Wannabefree_2

Deep_In_Debt wrote: »

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.

Thanks for your input, i have a feeling its critical illness cover rather than life assurance but i was thinking do i really need that?

The other insurance is mortgage protection which i think i really need to keep.

My groceries are so low as i have cupboards full of food & only usually need to buy basics every week, i spend most nights at my other halfs house & he usually buys & makes tea. x

Wannabefree_2

redsam wrote: »

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!

Thanks for replying luckly my dog is in good health but he still needs to go for his yearly jabs etc.

I do all the surveys that i can & all the vouchers that i have converted from them i save & use to do my xmas shopping with. xx

beanielou

Ditch the critical illness only as a last resort~look at taxi & the benefits she gor from having it.

Wannabefree_2

Hi All,

Well i visited my bank manager & they have managed to dig me out of my big hole (i think) They have managed to combine my existing loan, credit card & overdraft into 1 loan & my combined payments have gone from £320+ a month to just under £200. I have however had it over a longer period of time 7 years compaired to 4 years but the interest has come down to 7%. So i feel like i can breath again now for a bit. It has taught me though that i really didn`t have as tight a hold on my reigns as i thought i had. Once its up & running i`m going to sort myself out once & for all.
Thank you to all that gave advice it meant a lot. x

isy1011

Just make sure you cut up any credit cards you can and dont start the spiral of debt of again.

HappyMJ

Wannabefree wrote: »

Hi All,

Well i visited my bank manager & they have managed to dig me out of my big hole (i think) They have managed to combine my existing loan, credit card & overdraft into 1 loan & my combined payments have gone from £320+ a month to just under £200. I have however had it over a longer period of time 7 years compaired to 4 years but the interest has come down to 7%. So i feel like i can breath again now for a bit. It has taught me though that i really didn`t have as tight a hold on my reigns as i thought i had. Once its up & running i`m going to sort myself out once & for all.
Thank you to all that gave advice it meant a lot. x

I'm still confused. This is saving you £120 per month yes I agree with that and 7% is a much better unsecured rate than 18% so that's good. But, you are still £150 short for meeting all your debt commitments.

If you don't sort out the £150 shortfall you will run up the credit card and/or the overdraft again. The bank will love you as you'll go back in and refinance again. Eventually, getting in too deep and they'll make their money due to the equity you have in your house.

I think a DMP or another alternative to refinancing would be a much better idea. You are right on the edge of being in too much debt 4.7 times income for a mortgage and 1.2 times income for unsecured debt. The level where it becomes unmanageable is about 6 times and you're very close at 5.9 times and on such a low income it becomes even harder due to the many fixed costs of living. Do you claim Working Tax Credits? It may pay a few pounds extra on your level of income...

HappyMJ

Wannabefree wrote: »

I can`t rent a room as i live in a 1 bedroom maisonette, it is however on the market as me & my other half are moving in together so when i do sell it the profit that i get will be used to pay off most of my debts.

I really have no idea how i have managed to cope for as long as i have whilst i was paying the other loan. My mint loan is due to end in 10 months time so i live each month as it comes & hope that i can make it through.

I missed this....It's good you are considering selling and sharing costs with someone else that will turn your SOA around dramatically as after the sale you'll only be in £2,500 of debt which isn't really that much. Don't wait too long for the "right" offer letting it sit on the market is costing you money each month, it may be better to take a hit and let it go for less than you want.

Wannabefree_2

I`ve just realised that i`ve made a right hash of my SOA after looking at what i`d put down.From speaking to the bank i`ve realised i haven`t put down my wages from my 2nd job where i thought i had, my total income should read 1300 not 1100. That is where the huge difference has come from as i know they wouldn`t have consolidated it all with such a deficite. I couldn`t understand where i had got it wrong. It makes more sense now & having it consolidated means that i am just about breaking even. I have decided that the card is being cut up/frozen so that i won`t be tempted to use it again, i`m also going to try & fit more shifts in with my 2nd job as i need the additional income. I have a cupboard full of food so need to start using that up instead of buying odd things to have.