My SOA

antonia1

Also, put your details into the snowball calculator here:

http://www.whatsthecost.com/snowball.aspx

This suggests that your debt could be cleared in 3 years approx, if you can make total repayments of £800 per month (should be possible if you make the changes suggested). That will clear your debt quicker, without risking your home - particularly if (when?!) interest rates rise. It will also help to address the underlying overspend, which is very important as consolidation hasn't worked for you in the past (and only actually works for approx 1/3 of people).

MFWannabe

RhiBi wrote: »

Thanks for your reply again!

I definitely see what you're saying about moving the debt to a secured one.

The MBNA card is in DH's name, and he intends to contact them when he gets in from work this evening. We have applied for the virgin card at 0% for 16 months for balance transfers, but I'm unsure now whether they'll reject on account of the high limit on the MBNA. Nothing I can do about that at the moment though.

What did it say when you applied? Did it say your application had been accepted or they would be in touch? Don't worry; fingers crossed you will get one or the other x

On another note shop around for your house insurances before they are up. Also check out cashback sites. I've just renewed my contents (rented, so only have to have this) and it came to £58 for the year and i got £19 cashback going through Quidco:)

MFWannabe

RhiBi wrote: »

Please be gentle with me! This is my SOA, which in theory, is ok (I think!) but the reality is different! I've tried to add information to help explain what some things are for.

The MBNA has a huge limit of £17,000 so we're wondering if we could transfer the balances of the other CC's plus the Next card over to it if they will do a low/zero rate interest. This SOA assumes that we pay the minimum amount on all cards whereas we actually to pay a bit more. The MBNA although still on 0% we pay £100 off a month, because if and when the interest free period ends, the interest payments will be high.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 2850
Benefits................................ 242 this goes into a Co-Operative bank savings account, intended to save, but invariably gets used nearing payday.
Other income............................ 0
Total monthly income.................... 3092

Monthly Expense Details
Mortgage................................ 285
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 103
Electricity............................. 70
Gas..................................... 63 Gas & Elec with Scottish Power, have recently increased from £99 a month for both to £133 - Check comparison sites to see if you can get cheaper; these figures seem very high; especially now summertime is here (hopefully!!)
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 32.51 this includes internet and free calls to USA - my mother lives there! - Could you use skype for calling your mom?
Mobile phone............................ 29 contract finishes in July, I then intend to go on PAYG, was £37 but I've lowered the tariff as much as possible - this will be a good saving in July
TV Licence.............................. 12.5
Satellite/Cable TV...................... 23.5
Internet Services....................... 0
Groceries etc. ......................... 550 this is an estimate - Get bank statements out and see exactly how much you have been spending; might scare you but at least you will know how much it really is
Clothing................................ 0 - You need a figure here; especially with 4 children
Petrol/diesel........................... 300 - Any chance you could reduce this? Is every trip in the car necessary?
Road tax................................ 17
Car Insurance........................... 20
Car maintenance (including MOT)......... 0 - You need something here
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 160 hobbies, which I don't want to cancel unless essential - How much of this is for piano lessons? And then how much is for other hobbies that you may be able to cut?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 8.85 this has increased by over £2 since December, i hadn't even realised!
Buildings insurance..................... 20 - Check comparison sites to see if you can get cheaper
Contents insurance...................... 17.55 - - Check comparison sites to see if you can get cheaper
Life assurance ......................... 10.18
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 30 - Is this correct? Seems very low; but also something you can't really afford at the moment
Emergency fund.......................... 0
Endowment policies...................... 90 tho is a retirement policy of DH, plus policies that mature when children 18 anticipating uni fees. - Are you able to lower payments at all while you are trying to clear the debts?
Amicus Union............................ 11.48
IBMS professional institute............. 14.8these 2 payments are essential for DH to do his job
Total monthly expenses.................. 1901.37


Assets
Cash.................................... 0
House value (Gross)..................... 111000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 113500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 50000....(285)......1.54
Total secured & HP debts...... 50000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Nationwide Loan................10000.....299.......0 3 years left to pay ironically, taken out to pay CC's!
Halifax........................2679.92...55........14.9
MBNA...........................6720.6....66.2......0
Next...........................1285.07...121.......25.99
Barcalycard....................3755......50.78.....14.9
Littlewoods....................419.......32........0
SCS............................1540......35........0
Apple..........................459.......50.94.....0 finishes in december

Summary of Monthly Income, expense and surplus
Total monthly income: £ 3,092

Expenses (incl. HP & secured debts): £ 1,901.37

Available for debt repayments: £ 1,190.63

Unsecured debt repayments: £ 709.92

Surplus (shortfall if negative) £ 480.71

Personal Balance Sheet Summary
Assets: £ 113,500

Secured & HP Debt £ -50,000

Unsecured Debt £-26,858.59

Net Assets £ 36,641.41

Hi
I've made some comments above where you could make some cutbacks. You also need to do a revised soa including some figures where there is currently nothing entered.
Hope this helps. Keep posting and let us know how you get on

RhiBi

FREEZ wrote: »

What did it say when you applied? Did it say your application had been accepted or they would be in touch? Don't worry; fingers crossed you will get one or the other x

On another note shop around for your house insurances before they are up. Also check out cashback sites. I've just renewed my contents (rented, so only have to have this) and it came to £58 for the year and i got £19 cashback going through Quidco:)

It was an online application and said we'd hear in 7-10 days.

The piano lessons are £12 a week for each child, so £36 a week. Apart from that the other hobbies are rainbows and brownies which is £4 a week total.

We have a £30 DD into a savings account which we've generally used towards holidays (the rest going on a card!) we have a tent, and intend to just go camping this year, so hopefully will be a fairly inexpensive holiday.

I will do an SOA with revised amounts, and fully intend to start shopping around for home and contents cover. Ours is all in one at the moment, does it often work out cheaper getting them separately?

MFWannabe

RhiBi wrote: »

It was an online application and said we'd hear in 7-10 days.

The piano lessons are £12 a week for each child, so £36 a week. Apart from that the other hobbies are rainbows and brownies which is £4 a week total. Ouch!! It's the piano lessons that costs so much; may be worth saying to the tutor that you are thinking about stopping it as you are making some cutbacks; they may do you a deal as you send all 3 children?!

We have a £30 DD into a savings account which we've generally used towards holidays (the rest going on a card!)- Oops!! Thought it didn't sound like much for all of you! we have a tent, and intend to just go camping this year, so hopefully will be a fairly inexpensive holiday. Should work out much cheaper for you; also try the Sun paper offers; some people on here have had some great holidays from them

I will do an SOA with revised amounts, and fully intend to start shopping around for home and contents cover. Ours is all in one at the moment, does it often work out cheaper getting them separately?

No; i believe it's cheaper getting them together as some say they will give you free contents cover when you take out both with them. Check comparison sites and get some figures then check on cashback sites to see if you can get money back from any of the top ones listed on the comparison site. It's really easy to do; you just follow the link through to whichever company you decide to us. Quidco take the first £5 cashback you make; not sure about Topcashback

RhiBi

I've just done a new SOA taken into account sundries such as haircut (although we rarely go, we have long hair, except DH and his costs £5 every 2 months!). Someone asked about me working, at the moment it is impossible. DH works most days, and also does 'on-call' (he has to be at work for this) the on-call varies from week to week what day it is. I have no child care help at all, and during school hold is impossible. I've thought about working nights in a supermarket, but because of DH's work patterns, I cannot commit to certain nights a week.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 2850
Benefits................................ 242
Other income............................ 0
Total monthly income.................... 3092

Monthly Expense Details
Mortgage................................ 285
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 103
Electricity............................. 70
Gas..................................... 63
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 32.51
Mobile phone............................ 29
TV Licence.............................. 12.5
Satellite/Cable TV...................... 23.5
Internet Services....................... 0
Groceries etc. ......................... 550
Clothing................................ 0
Petrol/diesel........................... 300
Road tax................................ 17
Car Insurance........................... 20
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 160
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 8.85
Buildings insurance..................... 20
Contents insurance...................... 17.55
Life assurance ......................... 10.18
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 30
Emergency fund.......................... 40
Endowment policies...................... 90
Amicus Union............................ 11.48
IBMS professional institute............. 14.8
Total monthly expenses.................. 2041.37


Assets
Cash.................................... 0
House value (Gross)..................... 111000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 113500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 50000....(285)......1.54
Total secured & HP debts...... 50000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Nationwide Loan................10000.....299.......0
Halifax........................2679.92...55........14.9
MBNA...........................6720.6....66.2......0
Next...........................1285.07...121.......25.99
Barclaycard....................3755......50.78.....14.9
Littlewoods....................419.......32........0
SCS............................1540......35........0
Apple..........................459.......50.94.....0

miggy

RhiBi wrote: »

The piano lessons are £12 a week for each child, so £36 a week. Apart from that the other hobbies are rainbows and brownies which is £4 a week total.

The idea about looking at a lower cost for all three is a good one... I don't know what the usual cost is in your area but I pay £10 for 45 mins. for my piano lessons. HTH.

iris

I don't very often post on this forum, but looking at your SoA shouldn't there be something for Car Maintenance and MOT.

Also don't you buy clothes for your children, surely you buy shoes.

There is nothing for medical etc. What about dentist etc.

You can definitely reduce buildings and contents insurance. We only pay £120 per year total and this includes accidental damage.

I am sure you can reduce the food shopping. Think before you put items in your trolley. For instance I wanted some batteries for my scales and they were £3.50 for two in Tesco. I looked on Amazon and they were £2.50 for 12 delivered. These are the types of items that cost the money and over time add up.

Good luck on cutting back. Do it now and take control.

Also go over to the vouchers board and see if there are any for the products you buy. I never go shopping without a few vouchers and very often get free items, such as nuts and chocolate. I also never buy washing up liquid, shampoo or dishwasher tablets as there are always coupons for a freebie.

RhiBi

Well, as luck would have it, dh has just opened his mail, and has a letter from MBNA, offering 0% on balance transfers until May 2013, so I think that is the way to go!!

He's going to transfer them this evening. The next account is more difficult to do a straight forward balance transfer, so I think what we might have to do, is pay it onto another card, then transfer it across, unless someone knows another way to do it!

RhiBi

Does anyone have any letter templates for me to close the Barclaycard and Halifax accounts please?

We've transferred those 2 so that'll save over £70 a month in interest fees alone