Newbies SOA suggestions appreciated

dizzydonkeys

Hey guys, been browsing site for past 6 months or so taking in all the fab info etc.
Had not posted before as feel I am in control of my debts and really they are very minor however would love to clear them by the end of the year and although on the right path thought perhaps I could be missing something.

Now I have in 5 yrs reduced my debt from nearly 30k to the small sum I now have outstanding, most of my debt was accrued due to college fees, I was not eligable for a proper student loan or grant for the college I needed to attend as there was one closer however I needed to live in due to being homeless so bank loan it was.
i have no family to assist with my fees hence I got into a bit of a mess.

I have just quit my 2nd job as a care worker but still have my full time job, did the 2nd job for 14 months which helped pay most of debt off however last month I physically couldnt continue with 80 hour weeks.

I will admit that in here it looks as though I live a lavish lifestyle with high 'entertainment/pet costs) I have 4 ponies all of which i have had for many years and on grand scheme of things are kept very cheaply.

Anyway enough rambling below is my SOA using the sticky at top of page.

Appreciate any comments

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.................... 2
Monthly Income Details
Monthly income after tax................ 1080.33
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1080.33
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100.83
Electricity............................. 40
Gas..................................... 0
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 20
Mobile phone............................ 12.5
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 10
Petrol/diesel........................... 120
Road tax................................ 19.16
Car Insurance........................... 23
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 50
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 120
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 727.61

Assets
Cash.................................... 800
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1200
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
egg (0% until June)...........1823......38........0
Halifax Loan (LOB).............1200......201.......5.5
Total unsecured debts..........3023......239.......-

Monthly Budget Summary
Total monthly income.................... 1,080.33
Expenses (including HP & secured debts). 727.61
Available for debt repayments........... 352.72
Monthly UNsecured debt repayments....... 239
Amount left after debt repayments....... 113.72
Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,023
Net Assets.............................. -1,023

wookiebob

Hi DD, I'm new here too so I'm not the best person to advise, but I'm sure someone will be along soon to advise. I just wanted to say well done for posting! xx

honeybear68

Hi Dizzydonkeys
you haven't put anything down for rent??

dizzydonkeys

ok re rent OH pays this, have put 2 in household and not his salery as these are my debts alone so obviously didn't want to take his money into account. Agreement when I moved in was he would pay the rent and I would pay the bills.
hope that helps

dizzydonkeys

dizzydonkeys wrote: »

Hey guys, been browsing site for past 6 months or so taking in all the fab info etc.
Had not posted before as feel I am in control of my debts and really they are very minor however would love to clear them by the end of the year and although on the right path thought perhaps I could be missing something.

Now I have in 5 yrs reduced my debt from nearly 30k to the small sum I now have outstanding, most of my debt was accrued due to college fees, I was not eligable for a proper student loan or grant for the college I needed to attend as there was one closer however I needed to live in due to being homeless so bank loan it was.
i have no family to assist with my fees hence I got into a bit of a mess.

I have just quit my 2nd job as a care worker but still have my full time job, did the 2nd job for 14 months which helped pay most of debt off however last month I physically couldnt continue with 80 hour weeks.

I will admit that in here it looks as though I live a lavish lifestyle with high 'entertainment/pet costs) I have 4 ponies all of which i have had for many years and on grand scheme of things are kept very cheaply.

Anyway enough rambling below is my SOA using the sticky at top of page.

Appreciate any comments

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.................... 2
Monthly Income Details
Monthly income after tax................ 1080.33
Partners monthly income after tax....... 0 My debt so not taking his salery into consideration
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1080.33
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0 OH pays this
Management charge (leasehold property).. 0
Council tax............................. 100.83
Electricity............................. 40
Gas..................................... 0
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 20
Mobile phone............................ 12.5 includes broadband
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 10
Petrol/diesel........................... 120 just my car
Road tax................................ 19.16 just my car
Car Insurance........................... 23 just my car
Car maintenance (including MOT)......... 20 just my car
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 50
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 120
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 727.61

Assets
Cash.................................... 800
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1200 just my car
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
egg (0% until June)...........1823......38........0
Halifax Loan (LOB).............1200......201.......5.5
Total unsecured debts..........3023......239.......-

Monthly Budget Summary
Total monthly income.................... 1,080.33
Expenses (including HP & secured debts). 727.61
Available for debt repayments........... 352.72
Monthly UNsecured debt repayments....... 239
Amount left after debt repayments....... 113.72
Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,023
Net Assets.............................. -1,023

few notes added

Mrs_Jojo

Petrol seems a little high, but other than that it looks like you could clear almost half the Egg 0% with your cash savings, focus on paying the rest off as quickly as possible and then look to save enough to clear the loan in one go - unless they will let you overpay, in which case it might be worth doing so - although clearing the Egg before June would be favourite so you don't pay any more interest!

dizzydonkeys

am currently paying min on Egg and had been ploughing extra into savings at a poor 2% interest rate in the aim to have a large chunk to throw at egg just before 0% ends then will hopefully do one final balance transfer.
Loan am already over paying by £60 a month so technically should be paid off in 5 months
Fuel is a bit of a killer but work is 20 miles each way and live in middle of nowhere so have to drive for everything although do try and combine all journeys
Thanks so much for comments really appreciate them

theoretica

Could your ponies bring in any income? Find someone trustworthy to ride one sometimes in return for helping out with their costs or something like that?

dollybeads

Well done you, can't really offer any advice as just myself starting out to sort out my debts. But stories like yours are an inspiration, and you will find some really helpful and supportive advice on here. The people on this forum are truly wonderful. The things they suggest make such a difference.

I am in awe. Look forward to following your progress.

Dolly x

ViolaLass

If HSBC allow you to overpay, it would make more sense to throw any extra money (savings included) at that as it's earning interest at the mo (and more interest than your savings are earning).

If you put your savings into it now, you could clear the HSBC debt in a couple of months and then start saving again for when the other loan stops being 0%.

Other than that, I think you're doing pretty well - the only bits I'd question are that £20 for a landline seems rather high and is the £120 for food for both of you or only one? If the former, well done, if the latter, you could cut it.

dizzydonkeys

food is for both of us, phone bill comes in at about £60 per quarter not sure why really as i never use it, is him ringin mobiles all the time:mad:
re ponies bringing an income in a possibility I guess, I used to have someone sharing one which I got £20 a week for however he is now retired and tbh not sure i could get someone suitable as have tried in past and not worked out may just pop a few ads up see what happens.

Never really thought about chucking even more at loan as well i don't know the 'as' how stupid am I, I didn't even know I could over pay til last year as despite numerous requests have never been sent a copy of the actual details of the loan:o