SOA - Any ideas ?

wrightmills59

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 975
Partners monthly income after tax....... 1800
Benefits................................ 110
Other income............................ 150
Total monthly income.................... 3035
Monthly Expense Details
Mortgage................................ 495
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 60
Gas..................................... 52
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 15
Mobile phone............................ 80
TV Licence.............................. 12
Satellite/Cable TV...................... 10
Internet Services....................... 7.5
Groceries etc. ......................... 300
Clothing................................ 30
Petrol/diesel........................... 130
Road tax................................ 20
Car Insurance........................... 68
Car maintenance (including MOT)......... 30
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..................... 15
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 30
Entertainment........................... 100
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1716.5

Assets
Cash.................................... 0
House value (Gross)..................... 150000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 155000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 122000...(495)......0
Total secured & HP debts...... 122000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
santander loan.................4537......338.......7
aa loan........................15364.....307.......10.85
egg cc (partner)...............3300......100.......29.9
mom ( car )....................3000......100.......0
next store card (part..........300.......30........26.49
mbna cc (partner)..............480.......25........20
capital 1 cc...................280.......10........30.34
barclay cc.....................4500......100.......23
egg cc ........................3400......100.......27.9
Total unsecured debts..........35161.....1110......-

Monthly Budget Summary
Total monthly income.................... 3,035
Expenses (including HP & secured debts). 1,716.5
Available for debt repayments........... 1,318.5
Monthly UNsecured debt repayments....... 1,110
Amount left after debt repayments....... 208.5
Personal Balance Sheet Summary
Total assets (things you own)........... 155,000
Total HP & Secured debt................. -122,000
Total Unsecured debt.................... -35,161
Net Assets.............................. -2,161
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

This is roughly mine and my partners soa

No nursery fees as this is taken out from wages

Gas and elecricity high due to paying off bill from previous supplier

Mortgage been on interest only for past 18 months

The credit cards are the worry for me, can pay the minimun every month but it doesnt seem to touch the debt at all. Any ideas ?

We have been working hard on our credit history over the past 18 months to get it better, it now is at about 670 on experain and 710 on callcredit. got about 3 arrears showing due to late payments on next and past credit cards and 1 arrangement to pay on last years decrease payment due to redundancy & maternity pay in the same year.

1 good think the sanatander loan is payed off in february next year so will be £300 better off to pay off debt - let the snowball comense.

Cant get a loan to pay off credit cards due to bad credit score and amount off credit used

Cant get a better credit card due to same reason

Tixy

Hi

Well the good news is that your SoA shows you have £338 surplus after paying minimum payments. Is that right? are you currentlyy using this to make additional payments?
If you don't have this amount spare then you need to figure out where your actual spending differs to the SoA (a spending diary for a couple of months will usually help you find this).

I've put a few comments about where else you could perhaps cut back to reduce your high apr debts down quicker.

wrightmills59 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 975
Partners monthly income after tax....... 1900
Benefits................................ 110
Other income............................ 0
Total monthly income.................... 2985
Monthly Expense Details
Mortgage................................ 495
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 40
Gas..................................... 40 have you checked recently that your gas & elec are the cheapest supplier and the best tariffs?
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 15
Mobile phone............................ 80 this seems quite high, are either of you in contract? if you are see if you can reduce the tariff down a bit, if not look for a cheaper deal with more incl mins etc
TV Licence.............................. 12
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 300 this could be reduced if you wanted to free up more money. For 3 people £200 should be easily manageable. Try looking at the oldstyle board for ideas (such as the drop a brand challenge)
Clothing................................ 40
Petrol/diesel........................... 130
Road tax................................ 20
Car Insurance........................... 68
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 do you not need anything here? eye tests? odd prescriptions, dentist checkups etc
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 this seems quite high, possibly another area you could reduce a little if you wanted to pay off the debts sooner.
Haircuts................................ 30
Entertainment........................... 50
Holiday................................. 40
Emergency fund.......................... 0
Total monthly expenses.................. 1637

Assets
Cash.................................... 0
House value (Gross)..................... 150000?
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 20000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 122000...(495)......0 what APR? fixed or variable? capital repayment or int only?
Total secured & HP debts...... 122000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
santander loan.................4537......338.......7
aa loan........................15364.....307.......10.85
egg cc (partner)...............3300......100.......29.9
next store card (part..........300.......30........26.49
mbna cc (partner)..............480.......25........20 what is the limit on this card? is it still open? might be worth paying this off straight away and then in a couple of months seeing if they will offer a 0% deal you could move some of the higher apr debts to. MBNA are one of the best for offering such repeat deals.
capital 1 cc...................280.......10........30.34 pay this off first
barclay cc.....................4500......100.......23
egg cc ........................3400......100.......27.9
Total unsecured debts..........32161.....1010......-
Have you stopped all spending on the cards? your SoA shows you shouldnt need to be using them at all now and as they are high aprs on most you could really do with cutting them all up.
Monthly Budget Summary
Total monthly income.................... 2,985
Expenses (including HP & secured debts). 1,637
Available for debt repayments........... 1,348
Monthly UNsecured debt repayments....... 1,010
Amount left after debt repayments....... 338
Personal Balance Sheet Summary
Total assets (things you own)........... 20,000
Total HP & Secured debt................. -122,000
Total Unsecured debt.................... -32,161
Net Assets.............................. -134,161
Created using the SOA calculator at www.makesenseofcards.com.
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 children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 975 Any way to increase? Overtime?
Partners monthly income after tax....... 1900 As above?
Benefits................................ 110 Are you recieving all that you are entitled to?
Total monthly income.................... 2985

Monthly Expense Details
Mortgage................................ 495
Council tax............................. 130 Are you paying this over the usual 10 months, ask your council if you can pay this over 12 months?
Electricity............................. 40 check comparison sites (eg USwitch) to ensure that you are on the best tariff for your area - often online and duel fuel tariffs are cheaper. If switching is cheaper check cashback sites for offers (Quidco,Onepoll, Topcashback)
Gas..................................... 40 as above
Water rates............................. 24
Telephone (land line)................... 15
Mobile phone............................ 80 This is very high, even for 2 (including home phone that's nearly £100 a month on phones!) - If you are stuck in a contract see if you can reduce tariff, if/when out of contract check for cheaper deals - there are some very good SIM only and PAYG deals (£10pm)
TV Licence.............................. 12
Satellite/Cable TV...................... 10 See if combining with home phone and internet would be cheaper - and consider cancelling for freeview)
Internet Services....................... 10 as above
Groceries etc. ......................... 300 You could probably cut this back a bit - try dropping brands, batch cooking, meal planning - look at the old style board for cheap meals to cook and dropping the cost of your grovery shop - also consider cheaper supermarkets (Lidl/Aldi)
Clothing................................ 40 Can you spend on only essentials for now and wear what you have?
Petrol/diesel........................... 130
Road tax................................ 20
Car Insurance........................... 68 Shop around at renewal
Car maintenance (including MOT)......... 30
Buildings insurance..................... 15 see if buildings and contents combined would be cheaper
Contents insurance...................... 8
Presents (birthday, christmas etc)...... 50 every month
Haircuts................................ 30every month, see if there's a local college near you where you can get trainee cuts for fee or cheap, or go an extra week or two in between cuts
Entertainment........................... 50
Holiday................................. 40
Total monthly expenses.................. 1637

Assets
Cash.................................... 0 where do you save your MOT and presents funds?
House value (Gross)..................... 15000
Car(s).................................. 5000
Total Assets............................ 20000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 122000...(495)......0
Total secured & HP debts...... 122000....-.........-

Unsecured Debts (I have put these in the order that you should be making overpayments - they're in the order of highest to lowest costing debt. If your surplus is acurate then the first one can be gone in a month.
Description....................Debt......Monthly...APR
capital 1 cc...................280.......10........30.34 overpay on this one first until gone
egg cc (partner)...............3300......100.......29.9 once capitol one 1 cc is gone then overpay on this one with previous capitol 1 one minimum payment (£10pm), plus the surplus at the end of the SOA £338) until gone
egg cc ........................3400......100.......27.9 when both debts above are gone overpay this one with previous capitol one minimum payment (£10pm), previous egg card minimum payment (£100pm) and surplus from the end of your SOA (£338), and when this debt is cleared work your way through all the remaining debts in a similar manner (snowballing them) until they are all cleared - this method means that you'll be paying back the minimum amount of interest and maximising your debt reduction.
next store card (part..........300.......30........26.49
barclay cc.....................4500......100.......23
mbna cc (partner)..............480.......25........20
aa loan........................15364.....307.......10.85
Santander loan.................4537......338.......7
Total unsecured debts..........32161.....1010......-

Monthly Budget Summary
Total monthly income.................... 2,985
Expenses (including HP & secured debts). 1,637
Available for debt repayments........... 1,348
Monthly UNsecured debt repayments....... 1,010
Amount left after debt repayments....... 338 Do you actually have this at the end of every month? If not keep a spending diary noting down everything that you buy from the big stuff like mortgage to the small stuff like milk and everything in between. If you do have this at the end of every month, then pay it off the debt that's costing you the most.

Personal Balance Sheet Summary
Total assets (things you own)........... 20,000
Total HP & Secured debt................. -122,000
Total Unsecured debt.................... -32,161
Net Assets.............................. -134,161
Created using the SOA calculator at

Hi,

I have made some comments above, I hope that they help.

D9

Pollycat

Some pretty good points from Tixy.

Definitely agree with reducing the grocery bill, you could cut this down easily with some discipline and planning.

You have a few credit/store cards with pretty small amounts on but with fairly high interest rates (Next & Capital One in particular).

With a bit of cutting back, you could pay these off within a few months and then start throwing the extra £65 per month at the highest rate debt - your Egg credit cards.

Unless you start paying more than the minimum, you'll be pretty much standing still on the debts.

Do you really have the £338 per month left over?
If not, you should start finding out where this money is going to and, if at all possible, cut that spending out.
You might find that you are buying expensive coffees or lunches or buying glossy magazines.
If you are and can't do without these things, that's fine but they should be shown in your SOA.

Good luck.