Need to focus ........DEBT........Any help welcome?

gemmylouise

Enter your income detailsAmount (£) Monthly Income (after tax) Partner's Monthly Income Benefits Other Income (e.g. maintenance payments)
Enter your monthly expenditureAmount (£) Mortgage payment (from secured debt table below) Secured/HP loans (from secured debt table below) Rent Management Charge (e.g. on leasehold property) Council Tax Electricity Gas Oil Water Rates Telephone (land line) Mobile Phone TV Licence Satellite/Cable TV Internet Services Groceries etc. Clothing Petrol/Diesel Road Tax (car) Car Insurance (including breakdown cover) Car Maintenance (including MOT) Car Parking Other Travel Childcare/Nursery Other child related expenses Medical (prescriptions, dentists, opticians etc.) Pet Insurance/Vet bills Building Insurance Contents Insurance Life Assurance Other Insurance Presents (birthday, christmas etc.) Haircuts Entertainment Holiday Household Emergency Fund (e.g. for repairs)
Enter SECURED debts and Hire Purchase (HP) debtsEnter ALL your mortgage, secured and HP debt details here.
Debt description </SPAN>Debt (£) </SPAN>Monthly payment (£) </SPAN>Annual Rate (%) </SPAN>Mortgage Secured debt Hire Purchase (HP)
Enter your UNsecured Debts e.g. credit cardsDebt description </SPAN>Debt (£) </SPAN>Min Pay (£) </SPAN>Annual Rate (%) </SPAN>

Enter the value of your assetsAsset Value (£) Cash House value (gross) Shares & bonds Car(s) Other assets (e.g. endowments, jewellery)
Additional InformationOptional information, but very useful for anyone reviewing your SOA.
Number of adults in household Number of children in household Number of cars owned
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Summary of Monthly Income, expense and surplus
Total monthly income: £
Expenses (incl. HP & secured debts): £
Available for debt repayments: £
Unsecured debt repayments: £ Surplus (shortfall if negative) £

Personal Balance Sheet Summary
Assets: £
Secured & HP Debt £
Unsecured Debt £ Net Assets £

gemmylouise

How do I post my SOA?

gemmylouise

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget SummaryAmount(£)Total monthly income1,543.63Monthly expenses (incl. HP & secured loans)1,212.9Available for debt repayments330.73UNsecured debt repayments119.46Amount left after debt repayments211.27

Personal Balance Sheet SummaryAmount(£)Total Assets (things you own)83,000Total Secured & HP Debt-65,000Total Unsecured Debt-6,937.01Net Assets11,062.99
Household Information

Number of adults in household1Number of children in household0Number of cars owned1
Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax1196.03Partners monthly income0Benefits0Other income347.6Total monthly income1543.63

ExpensesAmount(£)Mortgage190.9Secured/HP loan payments0Rent585Management charge (leasehold property)0Council tax98Electricity40Gas0Oil0Water Rates12Telephone (land line)0Mobile phone35TV Licence12Satellite/Cable TV0Internet services0Groceries etc.80Clothing20Petrol/diesel40Road tax15Car Insurance30Car maintenance (including MOT)15Car Parking0Other travel0Childcare/nursery0Other child related expenses0Medical (prescriptions, dentists, opticians etc.)0Pet Insurance/Vet bills0Buildings Insurance15Contents Insurance5Life Assurance0Other Insurance0Presents (birthday, christmas etc.)20Haircuts0Entertainment0Holiday0Emergency Fund0Total monthly expenses1212.9

Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)Mortgage65000(190.9) 0Secured & HP Debt totals65000- -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)Tesco2843.96580Virgin1093.0561.462.98Halifax300000Unsecured Debt totals6937.01119.46000000000001-

Asset DescriptionValue (£)Cash1000House Value (Gross)80000Shares and bonds0Car(s)2000Other assets (e.g. endowments, jewellery etc) 0Total Assets83000
Comments on the results
You have sufficient monthly income to meet your expenses and your minimum monthly debt repayments with £211.27 left over. You can use this to pay off your debts more quickly or to build/top-up an emergency fund. Whatever your results show, it always pays to seek advice or comments from others. Why not post your SOA details on our Debt Management discussion board or on your preferred discussion forum elsewhere. Thankyou for using the SOA Calculator at https://www.makesenseofcards.com.

Footiemad_2

gemmylouise wrote: »

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget SummaryAmount(£)Total monthly income1,543.63Monthly expenses (incl. HP & secured loans)1,212.9Available for debt repayments330.73UNsecured debt repayments119.46Amount left after debt repayments211.27

Personal Balance Sheet SummaryAmount(£)Total Assets (things you own)83,000Total Secured & HP Debt-65,000Total Unsecured Debt-6,937.01Net Assets11,062.99
Household Information

Number of adults in household1Number of children in household0Number of cars owned1
Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax1196.03Partners monthly income0Benefits0Other income347.6Total monthly income1543.63

ExpensesAmount(£)Mortgage190.9Secured/HP loan payments0Rent585Management charge (leasehold property)0Council tax98Electricity40Gas0Oil0Water Rates12Telephone (land line)0Mobile phone35TV Licence12Satellite/Cable TV0Internet services0Groceries etc.80Clothing20Petrol/diesel40Road tax15Car Insurance30Car maintenance (including MOT)15Car Parking0Other travel0Childcare/nursery0Other child related expenses0Medical (prescriptions, dentists, opticians etc.)0Pet Insurance/Vet bills0Buildings Insurance15Contents Insurance5Life Assurance0Other Insurance0Presents (birthday, christmas etc.)20Haircuts0Entertainment0Holiday0Emergency Fund0Total monthly expenses1212.9

Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)Mortgage65000(190.9) 0Secured & HP Debt totals65000- -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)Tesco2843.96580Virgin1093.0561.462.98Halifax300000Unsecured Debt totals6937.01119.46000000000001-

Asset DescriptionValue (£)Cash1000House Value (Gross)80000Shares and bonds0Car(s)2000Other assets (e.g. endowments, jewellery etc) 0Total Assets83000
Comments on the results
You have sufficient monthly income to meet your expenses and your minimum monthly debt repayments with £211.27 left over. You can use this to pay off your debts more quickly or to build/top-up an emergency fund. Whatever your results show, it always pays to seek advice or comments from others. Why not post your SOA details on our Debt Management discussion board or on your preferred discussion forum elsewhere. Thankyou for using the SOA Calculator at www.makesenseofcards.com.

Gemmy

If you look through the diaries you will see how they have posted, it will make it easier for them to see and it will be easier for you. In needs to be in more of a list format. Hope you dont mind me saying. Well done for doing it so quickly though.

Unfortunately I am off to bed I have to be up for 6am :eek: I will come back tomorrow to see how you are getting on.;)

gemmylouise

I have tried three ways to post it but it is not working?

NeverAgain_2

I've seen many people much worse off - well done for setting about your debt before it's got out of hand.

You have equity in your house, a reasonable amount of money coming in, and only owe £7K on the credit cards.

It follows that with some careful budgeting, you should be able to bring the debt down.

katsu

hit the button "format for MSE" when in the makesenseofcards template.

[Deleted User]

Statement of Affairs & Personal Balance Sheet

Monthly Budget SummaryAmount(£)
Total monthly income 1,543.63
Monthly expenses (incl. HP & secured loans) 1,212.9
Available for debt repayments 330.73
UNsecured debt repayments 119.46
Amount left after debt repayments 211.27

Personal Balance Sheet SummaryAmount(£)
Total Assets (things you own) 83,000
Total Secured & HP Debt-65,000
Total Unsecured Debt-6,937.01
Net Assets 11,062.99

Household Information
Number of adults in household 1
Number of cars owned 1

Income, Expense, Debt & Asset Details
IncomeAmount(£)
Monthly income after tax 1196.03 Can you increase this? Or below? Overtime? Second job?
Other income 347.6
Total monthly income1543.63

ExpensesAmount(£)
Mortgage 190.9 Are you in shared ownership? Is that why you are paying rent and mortgage?
Rent 585
Council tax 98 Are you claiming single persons allowance? (25% discount?) (Also are you paying over the usual 10 months? Ask your council if you can spread over 12 months.
Electricity 40
Water Rates 12
Mobile phone 35 Are you stuck in a contract? If so see if you can reduce the tariff. If/when out of contract look at SIM only deals, or else go PAYG
TV Licence 12 (12.37)
Groceries etc.80
Clothing 20 Perhapse stick to only essentials for now - and have a clear out and e-bay what you no longer wear
Petrol/diesel 40 If you use your car so infrequently, do you need it? You would not only have some money to pay down your debts if you sold it, but you would also save on the running costs
Road tax 15
Car Insurance 30
Car maintenance (including MOT) 15
Buildings Insurance 15
Contents Insurance 5
Presents (birthday, christmas etc. 20
Haircuts 0 Never?
Entertainment 0 Nothing?
Total monthly expenses1212.9

Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)
Mortgage 65000 (190.9) 0
Secured & HP Debt totals 65000- -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)
Tesco 2843.97 What's the APR's on these? (I may have deleted them when I was trying to reformat the SOA - sorry if I have but can you please clarify the APR and the minimum monthly payments?)
Virgin 1093
Halifax 3000
Unsecured Debt totals 6937

Asset DescriptionValue (£)
Cash 1000 (Other than the money you save monthly for your MOT and presents, what else does this need to cover?)
House Value (Gross) 80000
Car(s) 2000
Total Assets 83000

Comments on the results
your minimum monthly debt repayments with £211.27 left over. This is great that you have a surplus at the end of every month, do you actually have this? If so pay towards the debt that's costing you the most in interest (after you have paid the minimum towards everything else) If you don't have it keep a spending diary to see where it all goes.

Hi, I have made some comments, I hope that they help. Sorry that you're feeling a bit low at the moment, but things will get better. Also well done on getting going on the e-baying - whatever you make will help a lot towards downpaying your debts (always stary by overpaying on the most expensive debt first).

HTH

D9

gemmylouise

Domino9 wrote: »

Statement of Affairs & Personal Balance Sheet

Monthly Budget SummaryAmount(£)
Total monthly income 1,543.63
Monthly expenses (incl. HP & secured loans) 1,212.9
Available for debt repayments 330.73
UNsecured debt repayments 119.46
Amount left after debt repayments 211.27

Personal Balance Sheet SummaryAmount(£)
Total Assets (things you own) 83,000
Total Secured & HP Debt-65,000
Total Unsecured Debt-6,937.01
Net Assets 11,062.99

Household Information
Number of adults in household 1
Number of cars owned 1

Income, Expense, Debt & Asset Details
IncomeAmount(£)
Monthly income after tax 1196.03 Can you increase this? Or below? Overtime? Second job?
Other income 347.6
Total monthly income1543.63

ExpensesAmount(£)
Mortgage 190.9 Are you in shared ownership? Is that why you are paying rent and mortgage?
Rent 585
Council tax 98 Are you claiming single persons allowance? (25% discount?) (Also are you paying over the usual 10 months? Ask your council if you can spread over 12 months.
Electricity 40
Water Rates 12
Mobile phone 35 Are you stuck in a contract? If so see if you can reduce the tariff. If/when out of contract look at SIM only deals, or else go PAYG
TV Licence 12 (12.37)
Groceries etc.80
Clothing 20 Perhapse stick to only essentials for now - and have a clear out and e-bay what you no longer wear
Petrol/diesel 40 If you use your car so infrequently, do you need it? You would not only have some money to pay down your debts if you sold it, but you would also save on the running costs
Road tax 15
Car Insurance 30
Car maintenance (including MOT) 15
Buildings Insurance 15
Contents Insurance 5
Presents (birthday, christmas etc. 20
Haircuts 0 Never?
Entertainment 0 Nothing?
Total monthly expenses1212.9

Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)
Mortgage 65000 (190.9) 0
Secured & HP Debt totals 65000- -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)
Tesco 2843.97 What's the APR's on these? (I may have deleted them when I was trying to reformat the SOA - sorry if I have but can you please clarify the APR and the minimum monthly payments?)
Virgin 1093
Halifax 3000
Unsecured Debt totals 6937

Asset DescriptionValue (£)
Cash 1000 (Other than the money you save monthly for your MOT and presents, what else does this need to cover?)
House Value (Gross) 80000
Car(s) 2000
Total Assets 83000

Comments on the results
your minimum monthly debt repayments with £211.27 left over. This is great that you have a surplus at the end of every month, do you actually have this? If so pay towards the debt that's costing you the most in interest (after you have paid the minimum towards everything else) If you don't have it keep a spending diary to see where it all goes.

Hi, I have made some comments, I hope that they help. Sorry that you're feeling a bit low at the moment, but things will get better. Also well done on getting going on the e-baying - whatever you make will help a lot towards downpaying your debts (always stary by overpaying on the most expensive debt first).

HTH

D9

Hi

Thanks for your comments. Heres a few points you raised.

I own a property that is rented out. The rent that comes in is my other income 347.60. I can't increase my salary as I'm too tired to work any more hours, I will use my weekend to concentrate on ebay though.

My mobile phone is on contract so i am stuck with this.

I use my car very infrequently as I can walk to work although to not have it would be a complete pain so if I can manage my debt I would prefer to keep it. I've lost a lot of money on it now so could be more expensive in the long run to buy another car.

My Tesco card is 0% for another 3 months. My Virgin Card has just ran out of the 0%, the interest was 60 a month but I just transferred the 3000 over to Halifax on 0% for 15 months so I guess I need to clear the Virgin first.

I appreciate I'm not in as much debt as others, but 7,000 on cards seems very scary to me especially as house prices are falling!

Thanks for your help.

NeverAgain_2

...I own a property that is rented out...

I expect you will tell me it's in the wrong place, but there's little point in collecting rent of £347 on one place when you are having to pay rent of £585 to live in another.

From a financial point of view, you should be living in the property you own.

Or buy a second one to live in and use the £585 rent to pay the mortgage.