My SOA - please help

MiaowMiaow

So a little bit about me I guess -

I got myself into debt around the age of 20 and it has just spiralled out of control - for almost 10 years (i'm now 29) I kept my debt a secret - I was ashamed and embarassed
I just want to sort it now but finding it difficult - I have been off work with depression , partly due to my money but more so personal problems. I am also dealing with very low self esteem and am in a vicious circle where i feel down and cheer myself up by buying a treat but then feel guilty and more down.

I live with my brother so all the bills here are just my contribution which is why some appear to be low.

We have a joint mortgage and have decided against selling as don't want to make a loss - simply cant afford to.

so I have 2 credit cards , an overdraft and a loan - I think it is my monthly general spending I struggle with - I never seem to be without but need to tighten my purse strings, just finding it all so difficult.

Please have a look and any advice is much appreciated.
Thanks xx


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1588.43
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1588.43
Monthly Expense Details
Mortgage................................ 370
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 20
Gas..................................... 16
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 10
Mobile phone............................ 20
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 150
Clothing................................ 40
Petrol/diesel........................... 60
Road tax................................ 5
Car Insurance........................... 45
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.2
Pet insurance/vet bills................. 10
Buildings insurance..................... 7.5
Contents insurance...................... 7.5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 20
Emergency fund.......................... 20
Total monthly expenses.................. 1038.2

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 136000...(370)......6.7
Total secured & HP debts...... 136000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
hsbc loan......................5513.42...145.......16
halifax credit card............5300......50........5.6
m&s credit card................1400......50........0
Total unsecured debts..........12213.42..245.......-

Monthly Budget Summary
Total monthly income.................... 1,588.43
Expenses (including HP & secured debts). 1,038.2
Available for debt repayments........... 550.23
Monthly UNsecured debt repayments....... 245
Amount left after debt repayments....... 305.23
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -136,000
Total Unsecured debt.................... -12,213.42
Net Assets.............................. -144,213.42

Reproduced on Moneysavingexpert with permission, using IE browser.

[Deleted User]

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1588.43
Total monthly income.................... 1588.43 (Is there any way to increase -second job/overtime?)
Monthly Expense Details
Mortgage................................ 370
Council tax............................. 80 (can you spread this over 12 months instead of 10 - or throw this amount at the debt that's costing you the most during your 2 CT free months)
Electricity............................. 20
Gas..................................... 16
Water rates............................. 20
Telephone (land line)................... 10
Mobile phone............................ 20 (If you are in contract see if you can downgrade tariff - if out of contract look at £10 SIM only deals or PAYG)
TV Licence.............................. 10 (half should be 6.20)
Internet Services....................... 10 (see if combining with home phone would be cheaper)
Groceries etc. ......................... 150 (if this is half the bill for two then this could be cut back on - drop brands, meal plan, shop with a list of what you need (and stick to it), batch cook - look at the Old Style Board for details)
Clothing................................ 40 (essentials only until debt free)
Petrol/diesel........................... 60
Road tax................................ 5
Car Insurance........................... 45 (Use comparison sites at renewal)
Car maintenance (including MOT)......... 20
Medical (prescriptions, dentist etc).... 7.2
Pet insurance/vet bills................. 10
Buildings insurance..................... 7.5 (if house insurances are halved - at renewal, shop around and see if combined would be cheaper)
Contents insurance...................... 7.5
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 50 (What does this get spent on, and can you get the same elsewhere for cheaper)
Holiday................................. 20 (Can you afford a holiday right now?)
Emergency fund.......................... 20 (Are you actually saving this?)
Total monthly expenses.................. 1038.2

Assets
Should you not have your emergency savings?
Car(s).................................. 4000
Total Assets............................ 4000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 136000...(370)......6.7
Total secured & HP debts...... 136000....-.........-

Unsecured Debts (keep paying the minimum off everything - and pay all surpuls towards HSBC loan if allowed to make penalty free overpayments - this is costing you the most.WHen this is gone pay all you have been paying towards HSBC towards halifax CC)
Description....................Debt......Monthly...APR
hsbc loan......................5513.42...145.......16
halifax credit card............5300......50........5.6
m&s credit card................1400......50........0 (Is this 0%, and if so when does the 0% end?)
Total unsecured debts..........12213.42..245.......-

Monthly Budget Summary
Total monthly income.................... 1,588.43
Expenses (including HP & secured debts). 1,038.2
Available for debt repayments........... 550.23
Monthly UNsecured debt repayments....... 245
Amount left after debt repayments....... 305.23 (Do you actually have this at the end of the month? If not keep a spending diary for a month or two and note down everything you spend your money on from chocolate bars, pints of milk, to direct debits and any bigger purchases to see exactly where all your money goes. If you do have this at the end of the month, overpay it towards HSBC loan (If penalty free), if you will be penalised for overpaying this, then overpay on CC)

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -136,000
Total Unsecured debt.................... -12,213.42
Net Assets.............................. -144,213.42

Reproduced on Moneysavingexpert with permission, using IE browser.[/QUOTE]

Hi,

I have made some comments above, I hope that they'll be of some use to you. You are in a fortunate position to have a descent surplus at the end of the month, and it won't be too long until you are debt free.

Best of luck,

Domino9

Byatt

MiaowMiaow, I understand the feelings of shame and embarassment, but you have done amazingly well to come here and be so open. You have taken the first step by posting your SOA. My suggestions are to read here and the old style savings forum for ideas about grocery shopping and recipes. Also, reading enables you to see that this "emotional spending" is something many of us do on here and is often tied into low self esteem. There are inspirational threads and stories. I read daily, and try and post so that I am motivating myself. It is a roller coaster ride but there are many supportive people on this forum.

Great advice from the above poster!

MiaowMiaow

Thankyou both for your replies - I will definitely be using the site daily .
I also think I can certainly save some money on food shopping - I always seem to be throwing it all away. Great advice.
Another problem at the moment is my brother was made redundant before xmas and now only has a part time job so I am paying more towards the bills. I would love to get a second job but due to what I do it would be impossible, though may look into something flexible I can do. When I get back to work I will be doing whatever overtime I can to bulk my wage up:-)
Thanks for looking at my SOA I really appreciate it
xx

MiaowMiaow

I try to pay £350 off my halifax CC each month which would be the £300 it says I have left.
The HSBC loan total includes the interest.
slowly but surely!
Thanks xx