My SOA need help

malkie

Here is my SOA I have had my head in the sand for a few years now and need to change things.....

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 4000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4000
Monthly Expense Details
Mortgage................................ 953
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 188
Electricity............................. 58
Gas..................................... 0
Oil..................................... 72
Water rates............................. 0
Telephone (land line)................... 25
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 22
Internet Services....................... 25
Groceries etc. ......................... 25
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 35
Car Insurance........................... 50
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 16
Contents insurance...................... 9
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1750

Assets
Cash.................................... 0
House value (Gross)..................... 350000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 355000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 20000....(953)......2
Total secured & HP debts...... 20000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds TSB CC..................6000......170.......15.9
MBNA CC........................8000......250.......25.9
Lloyds TSB Loan................5000......305.......12
Total unsecured debts..........19000.....725.......-

Monthly Budget Summary
Total monthly income.................... 4,000
Expenses (including HP & secured debts). 1,750
Available for debt repayments........... 2,250
Monthly UNsecured debt repayments....... 725
Amount left after debt repayments....... 1,525
Personal Balance Sheet Summary
Total assets (things you own)........... 355,000
Total HP & Secured debt................. -20,000
Total Unsecured debt.................... -19,000
Net Assets.............................. 316,000

My Mortgage is high as I bought the house with my ex partner. I put down 125k on the house and it is worth about 350k. My credit rating is trashed so no chance of moving any of the credit cards to 0%.

My problem is that there is always something else that comes up that needs money spending on weather it be the house or the car there always seems to be something.

I have cut done on going out in fact I do not go out anymore not intrested until I get this debt sorted.

I just wonder if there is anything I can do, apart from keep paying the cards off as best as I can.

Thanks for all your help in advance

MAlcolm

SamanthaA

Didn`t want to read & rush off, some one with more expertise will be along shortly.

Are you claiming the 25% discount on ctax?
Is the house large enough for you to rent out a room or two?

malkie

Thanks for the reply Sam.

Yeah I did have 25% discount. But my mate has just moved into one of the rooms. As he has just spilt up with his wife I am not really sure how to ask for rent he has a good job and makes about the same as me but I just do not like to ask. I will speak to him about it later.

Thanks Mal

Foggster

What are you doing with the £1525 that you have left at the end of the month?

When you say your credit is trashed, why do you think this? Have you missed payments? Are you carrying a CCJ etc?

You have a very good income. Have you spoken to your bank about a loan to pay off the credit cards?

I appreciate what you are saying about your friend but you will have to declare him on your Council tax if he is planning on staying for any length of time which will straight away push your monthly payment up. I would hope that if he is a good friend he will realise he cant stay with you rent free.


£25 for groceries a month? Are you sure?

malkie

Thanks for the reply froggster,

This is one of my problems, I have no idea where the moneys goes. I know I try to over pay the CC every month and yip I have cut them up. The Lloyds TSB CC used to be at 15k so that is comming down alot. Food you are right it is about £100 per month. About my friend he is on the council tax so now it will go up to about £220 per month. I am sure he will pay as all his personnal stuff is here but I am not good at asking for anything I would rather he just gave me something.

About my credit rating I missed a few credit card payments last year as I was woking aboard and never had internet connection (Jungle in Gabon) but I paid them as soon as I got back adn set up a direct debt. And I miss a few paymeants on a loan that I used to have again I paid them and the loan has finished. So credit rating is trashed.

I just seem to lose track every month and end up with nothing left at the end of the month.... Somthing has to change...

Thanks again

Mal

msgnomey

£25 for groceries a month? Are you sure?

My thought exactly!!:rotfl::rotfl:

ok if you're not sure where it goes then keep a spending diary, I did and it really opened my eyes, the amount O thought I spent on food and entertainments were both WAYYYY out! Just by setting a budget for those and keeping track I saved loads.

Good luck!

Foggster

Totally agree with msgnomey, keep a diary for a month. See where your money is going. Every single penny you spend, write it down. It will drive you nuts but its a good nuts!

With your disposable income, I would still urge you to speak with your bank and see if they are able to help with consolidation. You could save £100+ with a personal loan and have an end date for those credit cards. If you cant do this then try snowballing the bigger debt each month, so all spare cash goes onto the most expensive debt - MBNA.

Leave this page open for your mate to see!

malkie

Thanks msgnomey,

I am going to get a diary tomorrow and start keeping a note of where my money is going thanks again for the help... You are right about the food it is about £100 per month

bargainbetty

As for your mate, if he earns a good wage, then he should pay a fair share. He should cover all of the additional council tax (should really pay half) half the electricity, gas, water, cable, internet, phone etc. He will be using them, so he should contribute.

He should also put in towards food, cleaning stuff etc. He gets the benefits of it, he can pay. Do a total, with the numbers written down, and show it to him. If he argues about paying his way, thank him for the visit, and ask him when he is moving into his own place. I've been a victim of my own niceness in the past - get it straight at the beginning, and it's a lot easier for all.

Good luck

ceejaydee23

I have made a few comments, I hope you dont mind, BUT for someone now living on their own, it seems a rather expensive property to be living in, so make sure that "friend" really is paying his fair share, that includes towards the mortgage payment too!

malkie wrote: »

Here is my SOA I have had my head in the sand for a few years now and need to change things.....

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 4000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4000
Monthly Expense Details
Mortgage................................ 953
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 188
Electricity............................. 58
Gas..................................... 0
Oil..................................... 72
Water rates............................. 0
Telephone (land line)................... 25
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 22
Internet Services....................... 25
Groceries etc. ......................... 25
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 35
Car Insurance........................... 50
Car maintenance (including MOT)......... 50 do you not get your car serviced? As this cost should be included here too
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 16
Contents insurance...................... 9
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 again, do you not bother getting anyone gifts for birthdays/christmas/special occations - i know its hard to put an exact amount on it(and when you do you'd be suprised to find a big chuck of expense like we did!, but maybe from now on think of a price per head and stick to it?
Haircuts................................ 0 no hair cuts?
Entertainment........................... 0 truely nothing on entertainment, takeaways? cinema? pubs/clubs? Meals out?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1750

Assets
Cash.................................... 0
House value (Gross)..................... 350000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 355000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 20000....(953)......2
Total secured & HP debts...... 20000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds TSB CC..................6000......170.......15.9
MBNA CC........................8000......250.......25.9
Lloyds TSB Loan................5000......305.......12
Total unsecured debts..........19000.....725.......-

Monthly Budget Summary
Total monthly income.................... 4,000
Expenses (including HP & secured debts). 1,750
Available for debt repayments........... 2,250
Monthly UNsecured debt repayments....... 725
Amount left after debt repayments....... 1,525
Personal Balance Sheet Summary
Total assets (things you own)........... 355,000
Total HP & Secured debt................. -20,000
Total Unsecured debt.................... -19,000
Net Assets.............................. 316,000

My Mortgage is high as I bought the house with my ex partner. I put down 125k on the house and it is worth about 350k. My credit rating is trashed so no chance of moving any of the credit cards to 0%.

My problem is that there is always something else that comes up that needs money spending on weather it be the house or the car there always seems to be something.

I have cut done on going out in fact I do not go out anymore not intrested until I get this debt sorted.

I just wonder if there is anything I can do, apart from keep paying the cards off as best as I can.

Thanks for all your help in advance

MAlcolm

patman99

You can charge your mate £65 p/w Tax-free under the rent-a-room scheme.
Try downloading and using MS Money as it is now free. By entering all the income and out-goings from your bank account/s and c/c's, over a period of time you can use the report facility to physically show you where your cash is going. Just remember not to forget the p/w you use to protect it from prying eyes though (he says, speaking from experience).

Noticed you use heating oil. Are you a member of a buying consortium?. If not, is there one in your area?. If there is, join it, if there isn't, set one up. They work well, as when you have enough orders to take a tanker-full you can then shop around for the best deal. The oil companies love these schemes as it means their tanker will be making multi-drops in a small area rather than screaming round a large part of the country doing drop-offs here and there, so it saves them time and fuel.

Internet looks a little pricey to me. Who is your provider?.