My SOA...how to reverse it & clear it.

wilky371

Below is my SOA..not good...Im looking to clear at least the business debts within 12 months & the CC debts within 24. Any help appreciated as my income is less than my outgoings.

Direct Debits
Abbey £1,275.64
Car Insurance £33.60
Electricity £74.00
Gas £107.00
Argos £14.64
Gas maint £37.33
Child bonds £30.00
First nat £14.73
Cons Loan £242.82
Rentsmart £39.79
Sky £48.32
Car Finance £252.71

Total Salary Difference
£2,170.58 £1,756.00 £414.58



Virgin £3,178.41 15.9%pa
Egg £2,310.07 16.9%pa
ODS £2,141.00
Media Plant £2,105.59
TBAC £1,554.86
Cap One £1,100.00 15.9%pa
Argos £500.00 25.9%pa
Next £400.00
Freemans £328.26
PC World £230.65
Datacatch £200.00
Yell £186.53
TNT Int £184.75
Southern £157.71
Dave Cooke £146.87

Total £14,724.70


Any help appreciated. Not listed on here is child benefit for 3 kids, but this usually goes toward the food bill, about £75.00 per week.

lynzpower

Hi there and welcome


A few things from me then to help you see the wood for the proverbial trees

Direct Debits
Abbey £1,275.64 ( presume this is the mortgage?)
Car Insurance £33.60 ( checked this is the cheapest?)
Electricity £74.00 ( :eek: how much! Have you checked this is the cheapest? Use some energy saving tips, get energy saving lightbulbs, use pan lids, turn your heating down and savem,save save, using https://www.est.org.uk for tips for penny & planet )
Gas £107.00 ( WOAH another HUGE one, is your loft insulated too? You can use old newspapers to keep the loft insulated etc - again the est site is great for reductions. I reckon you should be aiming at 50pcm )
Argos £14.64
Gas maint £37.33 ( do you need this?)
Child bonds £30.00 ( must you pay this now?)
First nat £14.73
Cons Loan £242.82
Rentsmart £39.79 ( whats this?)
Sky £48.32 ( do you need this? couldnt you just have digital channels instead, for free?)
Car Finance £252.71

Total Salary Difference
£2,170.58 £1,756.00 £414.58 ( do you see this every month, is this left over)



Virgin £3,178.41 15.9%pa
Egg £2,310.07 16.9%pa
ODS £2,141.00
Media Plant £2,105.59
TBAC £1,554.86
Cap One £1,100.00 15.9%pa
Argos £500.00 25.9%pa
Next £400.00 ( this is about 26%)
Freemans £328.26 ( liekwise)
PC World £230.65 ( I think the APR on this is high too)
Datacatch £200.00
Yell £186.53
TNT Int £184.75
Southern £157.71
Dave Cooke £146.87

I think the best thing you could do is try for a 0% or low life of balance credit card to shift these super high interest cards onto.

At the mo, very little will be coming off your balance. and the debt is growing.

Have you cut the cards up and committed to stop running up debt? Has your partner?

75pw on food is a lot for a family of your size. I suggest this can be reduced hugely by reducing waste ( throw nothing away!) and shopping savvy, using bogofs, vouchers and shopping using value ranges where you can. We do 100 a month for 2, so with 3 kids, I estimate you could get it down to 200pcm - which is an instant saving of 125 quid.

wilky371

Lynzpower, many thanks for your quick replies.
I should have mentioned, some of the debts are from when I was self employed, now I am employed but my income is 484 less than outgoings & this does not include at the moment any CC payments due.

My elec & gas is via british gas & I have managed to build up a debit balance with them, so they advise to pay 75 & 107 per month to bring it back to order.

£75 pw for food I thought was quite reasonable, we do use bogofs etc.

The kids bonds have been a long term investment, that if I stop paying into them now, I will loose the investment.

The only lux item is the sky, which I agree we could do without.

dancingfairy

Hi.

How long have the repayments to british gas have left? Maybe when cleared you could switch?

At the moment if you are £414 short every month the situation will be just getting worse. Is there any way you can get a part time job/ebay/car boot sales to bring this up?

Can you cancel sky? you could do with the money right now.

You need to go and speak to CAB/CCCS/Payplan etc- the longer you leave it the more interest is building on those cards. You need to look at trying to come to some arrangement with your creditors/bringing in more money.

wilky371

Only just on the arrangement with gas, so another 12 months I guess, then switch.

Already working too many hours, but the extra money would be good.

bobbie78

Hi Wilky you need post post a full SOA including food, mobiles/landline/internet any car/travel expenses like mot / insurance, tv licence, money for clothes, birthdays etc...

A couple of things stand out you need to cancel the sky it is a luxury you can't afford right now, also what is child bonds? How old is your boiler? have you checked it is covered by the insurance still as you can end up paying out every month then when it breaks discover you aren't actually covered as your boiler is too old / wrong type (happened to my parents).

If you post a fuller soa hopefully people will be along to help advise, well done on posting keep up the good work, good luck getting debt free.

Penny-Pincher!!

Do you have a partner? Do they work?

PP
xx