made my mind up I wanna be Debt Free

Nicky321

I would be grateful if anyone could check over my SOA.

Thanks

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
(a)Monthly income after tax................ 1652 (Generally more working off basic)
Partners monthly income after tax....... 160.09
Benefits................................ 129.65 (CB & CTC)
Other income............................ 119.16 (B & B off Son)
Total monthly income.................... 2060.9

Monthly Expense Details
Mortgage................................ 523
Council tax............................. 89
Electricity............................. 50
Gas..................................... 35
Water rates............................. 28.57
Mobile phone............................ 10
TV Licence.............................. 12.3
Groceries etc. ......................... 400
Car Insurance........................... 44.24
Life assurance ......................... 23.88
Other insurance......................... 49.98
Presents (birthday, christmas etc)...... 50
Home & Contents Ins..................... 15
Caravan Ins............................. 7.92
Pension................................. 91.9
TV, Phone, Broadband.................... 37
Total monthly expenses.................. 1467.79

Extra Money from (a) overtime & money left over from shopping covers for diesel, car tax, MOT etc.

Assets
House value (Gross)..................... 130000
Car(s).................................. 5000
Total Assets............................ 135000[/b]


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 85048.8..(523)......2.5 as off Dec 2010 (not got new statement as yet)
Total secured & HP debts...... 85048.8...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin 1.......................4043.88...73.78.....18.65
Cahoot.........................1385.47...50........16.61
Barclaycard....................4071.55...91.6......6.8
Virgin 2.......................3588......62........18.65 Money from Halifax O/D including Balance Transfer Charge
Egg............................1254.34...38.27.....26.9
Total unsecured debts..........14343.24..315.65....-


Monthly Budget Summary
Total monthly income.................... 2,060.9
Expenses (including HP & secured debts). 1,467.79
Available for debt repayments........... 593.11
Monthly UNsecured debt repayments....... 315.65
Amount left after debt repayments....... 277.46

Personal Balance Sheet Summary
Total assets (things you own)........... 135,000
Total HP & Secured debt................. -85,048.8
Total Unsecured debt.................... -14,343.24
Net Assets.............................. 35,607.96

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

[Deleted User]

Hi Nicky,

Well done, looks good - I take it you are now using your SOA as a budget. Would it also be worth your while putting £5 or £10 away into an "emergency fund" incase you get caught out with an unexpected bill or expense?

It generally doesn't make sense to have savings and debts - but a little for emergencies might be worth it in the long run.

I see you managed to trade you o/d's for a cc, well done (have you now cancelled the overdrafts to prevent temptation?). I have listed the following in the order that you should be making overpayments to.

Unsecured Debts
Description....................Debt......Monthly.. .APR
Egg............................1254.34...38.27.... .26.9
Virgin 1.......................4043.88...73.78.....18.65
Virgin 2.......................3588......62........18.65
Cahoot.........................1385.47...50....... .16.61
Barclaycard....................4071.55...91.6..... .6.8
Total unsecured debts..........14343.24..315.65....-

Good luck

Nicky321

Domino9 wrote: »

Hi Nicky,

Well done, looks good - I take it you are now using your SOA as a budget. Would it also be worth your while putting £5 or £10 away into an "emergency fund" incase you get caught out with an unexpected bill or expense?

It generally doesn't make sense to have savings and debts - but a little for emergencies might be worth it in the long run.

I see you managed to trade you o/d's for a cc, well done (have you now cancelled the overdrafts to prevent temptation?). I have listed the following in the order that you should be making overpayments to.

Unsecured Debts
Description....................Debt......Monthly.. .APR
Egg............................1254.34...38.27.... .26.9
Virgin 1.......................4043.88...73.78.....18.65
Virgin 2.......................3588......62........18.65
Cahoot.........................1385.47...50....... .16.61
Barclaycard....................4071.55...91.6..... .6.8
Total unsecured debts..........14343.24..315.65....-

Good luck

Thanks Domino9, good advice given to me. I did however make a boo boo, I think the Virgin 2 (the transfer of O/D) will be 20.65% and not 18.65%, However snowballing says I "should" be debt free in 36 months.

How do i save the info on the SOA calculator everytime I have to enter it all again.

CLAPTON

do you actuallhave 277 spare at the end of each month?
if so what do you do with it?

you have car insurance but spend nothing on petrol, RAC/AA, car tax, MOT, serving and repairs?
do you really never buy any clothes between the two of you or never go out?
no haircuts, work lunches, coffees

Nicky321

CLAPTON wrote: »

do you actuallhave 277 spare at the end of each month?
if so what do you do with it?

you have car insurance but spend nothing on petrol, RAC/AA, car tax, MOT, serving and repairs?
do you really never buy any clothes between the two of you or never go out?
no haircuts, work lunches, coffees

I have over budgeted on shopping & entertainment, also worked off minimum income its usually £100+ at least. This amount covers the car tax, MOT etc, I'm qualified hairdresser - thats the haircuts, packed work lunches, and rarely go out.
Double checked the figures and it does seem right, I have not been prioritising my debts and paying the highest APR off first. New year, New Start. Just hoping it works out.

Nicky321

Can someone possibly move this into the Debt free wanna be forum please