My SOA - should I be worried?

Angelicdevil

all sorted

HappyMJ

I'd pay mum off first. Paying her off although it is interest free will enable her to lend you money in the future in an emergency.

Do you have buildings insurance? You should at least get insurance to cover the entire building being destroyed. It is very cheap.

Angelicdevil

all sorted

Tixy

Hi

With a £100 emergency fund, and having budgeted for entertainment and having a £205 surplus on top of your minimum payments I would say things are not looking too bad. Not at panic level anyway!

If you pay all the £565 to your debts each month then could all be clear in 19months and at a cost of £1038 in interest.
If you are happy with that and not expecting any major changes before then, then thats good.

If you want to move house, buy a new car, go on an expensive holiday thats not budgeted for before that time then obviously that would mean you wouldn't get all the debts paid off in that time.

Is your mortgage on a fixed or variable APR?

None of your outgoings look excessive really. Habe yu actually been able to put the £100 emergency fund aside -if not do you know where you've been spending it?
Your groceries look perhaps are an area you could try reducing a bit, but it does look like you can manage at the moment without cutbacks.

What are the other assets?

Edit - Does the maintenance cover contents insurance - if not consider getting some, it should only be a few quid a month.

rising_from_the_ashes

A few comments from me where a few cuts may be possible which I hope help.....

Angelicdevil wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1726
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 160
Total monthly income.................... 1886
Monthly Expense Details
Mortgage................................ 486
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 60
Council tax............................. 86
Electricity............................. 26 Is this accurate against bills? Really low if incl heating so well done (which I could get mine to this level!)
Gas..................................... 0
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 10
Mobile phone............................ 37 On the high side - could you drop down a tariff?
TV Licence.............................. 12.12
Satellite/Cable TV...................... 4 ?? Sorry not aware of any package which is only £4/month?
Internet Services....................... 18 On the high side - shop around once your current contract ends
Groceries etc. ......................... 160 High for one .... try the Grocery Challenge on the Old Style board - couples can get by on less (incl toiletries & cleaning stuff) - mine (which is higher than most people's due to dietry requirements which are more expensive than everyday products), is still less than this)
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 20
Car Insurance........................... 66 Check comparison sites are renewal time
Car maintenance (including MOT)......... 20 Is this enough? Servicing, repairs, MOT etc? My car is fairly new but still comes out at £35/month
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 0 Noted comments
Contents insurance...................... 0 Is this included in your management charge too? If not, need to get some
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20 Could cut in 1/2
Entertainment........................... 75 On the high side, could easily 1/2 this
Holiday................................. 0
Emergency fund.......................... 100
Total monthly expenses.................. 1320.12

Assets
Cash.................................... 0
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 5000 Could you free these up to help pay the debts?
Total Assets............................ 131500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 101900...(486)......3.99
Total secured & HP debts...... 101900....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................7320......241.......16.9
Credit Card....................1500......70........12.5
Mum............................350.......50........0
Total unsecured debts..........9170......361.......-

Monthly Budget Summary
Total monthly income.................... 1,886
Expenses (including HP & secured debts). 1,320.12
Available for debt repayments........... 565.88
Monthly UNsecured debt repayments....... 361
Amount left after debt repayments....... 204.88
Personal Balance Sheet Summary
Total assets (things you own)........... 131,500
Total HP & Secured debt................. -101,900
Total Unsecured debt.................... -9,170
Net Assets.............................. 20,430

You do have a surplus which is great .... and an emergency fund in place (are you actually putting this aside somewhere?) which IMHO is essential to avoid more debt - but with a few cuts, you could clear things a bit quicker. HTH:)