Need a little advice please, My SOA

RossDoughty

Hello all, I have just joined this site and I am looking to get debt free!

I stupidly took out a payday loan and now, I am quite worried because I cannot pay it off stright away.

My plan was, to take out a 1year £1000 loan, to pay off the PayDay ones instantly, and then save up to pay back the £1000 over a year. I have estimated, it would take me £20 a week, which I can do, and probably would be able to put more into, to be able to save enough to pay this off.

Please, could someone help me with this, is this a good idea or could I do it another way? The payday loan date is closing in fast and I cannot think of any other way to do it.

Thankyou in advance,

Ross.

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1600

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 510
Management charge (leasehold property).. 0
Council tax............................. 200
Electricity............................. 110
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 200
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1265


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
QuickQuid......................587.......0.........0
TxTLoan........................117.......0.........0
Total unsecured debts..........704.......0.........-


Monthly Budget Summary
Total monthly income.................... 1,600
Expenses (including HP & secured debts). 1,265
Available for debt repayments........... 335
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 335

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -704
Net Assets.............................. -704

Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using Firefox browser.

RossDoughty

I have just spoken to the council and becuase my partner is in full education, we can get 25% off the council tax!

dfwsometimesoon

:eek: ur council tax is massive is that right?? you also mention a 2nd person are they not working or is this just ur half of the bills? if so they all seem very very high .....

rising_from_the_ashes

RossDoughty wrote: »

I have just spoken to the council and becuase my partner is in full education, we can get 25% off the council tax!

Sorry but I'm confused - there is no 2nd income shown & a lot of the categories are empty.

Do you pay some things - and your partners pays others?

rising_from_the_ashes

According to the SOA you have over £300 left each month ..... which would clear the PDLs in a couple of months.

Much better to stay in, living as quietly & cheaply as poss for a couple of months & get rid of them - do not take out more PDLs or other loans to get rid of them as it's not needed and will take you a lot longer to pay back and usually ends up with people ending up with more debt

RossDoughty

dfwsometimesoon wrote: »

:eek: ur council tax is massive is that right?? you also mention a 2nd person are they not working or is this just ur half of the bills? if so they all seem very very high .....

Ah I do apologies, my council tax is 30 a week, to pay back last year, so thats 120 a month, also, the 2nd person does not work, she is in full time education. Like I said, this would reduce my council tax outstanding to 658.

TakingControl

RossDoughty wrote: »

Hello all, I have just joined this site and I am looking to get debt free!

I stupidly took out a payday loan and now, I am quite worried because I cannot pay it off stright away.

My plan was, to take out a 1year £1000 loan, to pay off the PayDay ones instantly, and then save up to pay back the £1000 over a year. I have estimated, it would take me £20 a week, which I can do, and probably would be able to put more into, to be able to save enough to pay this off.

Please, could someone help me with this, is this a good idea or could I do it another way? The payday loan date is closing in fast and I cannot think of any other way to do it.

Thankyou in advance,

Ross.

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 0
Benefits................................ 0 - if no income by your partner, are you entitled to any benefits
Other income............................ 0
Total monthly income.................... 1600

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 510
Management charge (leasehold property).. 0
Council tax............................. 200 - that is huge, are you paying arrears?
Electricity............................. 110 - can this be reduced, have you checked comparison sites and switch appliances off at the plug when not in use?
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 0 there should be something here?
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 200
Clothing................................ 0 You never buy clothing? There should be something in here
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 200
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 Never any prescriptions?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 There should be something here
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 Never?
Haircuts................................ 0 Never?
Entertainment........................... 0 You never go out etc? There should be something here
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1265


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
QuickQuid......................587.......0.........0
TxTLoan........................117.......0.........0
Total unsecured debts..........704.......0.........-


Monthly Budget Summary
Total monthly income.................... 1,600
Expenses (including HP & secured debts). 1,265
Available for debt repayments........... 335
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 335

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -704
Net Assets.............................. -704

Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Your SOA is not complete and I made some suggestions. As it stands, your soa shows that you have £335 surplus at the end of the month. Is this true?

rising_from_the_ashes

Does your partners not get any funding - student loan etc?

What about all the missing things in the SOA - who pays for them?

RossDoughty wrote: »

Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 0
Clothing................................ 0
Medical (prescriptions, dentist etc).... 0
Contents insurance...................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0

tallyhoh

Not sure what you mean about the loan costing you £20 a week, is that just in interest?

Danni-R

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 0 can your oh not do anything to bring in extra £?
Benefits................................ 0 Student loan contribution?
Other income............................ 0
Total monthly income.................... 1600

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 510
Management charge (leasehold property).. 0
Council tax............................. 200 is massive. even when it goes down to £150.
Electricity............................. 110 is this gas as well?
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 200 for two this is pretty big?
Clothing................................ 0 nothing?
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 200 any cheaper way? part walk/ cycle?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 nothing?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0nothing?
Contents insurance...................... 0nothing?
Life assurance ......................... 0nothing?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 Where does this come from?
Haircuts................................ 0nothing?
Entertainment........................... 0nothing?
Holiday................................. 0nothing?
Emergency fund.......................... 0
Total monthly expenses.................. 1265



I agree. looks like you're missing some bits and if this is accurate you could pay them off with some hard work.

Its not really MSE to take out more debt when with a little bit of work you could be debt free in 3-4 months instead of a year!


Everyone else got there first!

RossDoughty

Sorry guys, I have updated it now.

Please see updated SOA.

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1600

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 510
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 110
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12.5
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 200
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1059.5


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
TxtLoan........................117.......0.........0
QuickQuid......................587.......0.........0
Total unsecured debts..........704.......0.........-


Monthly Budget Summary
Total monthly income.................... 1,600
Expenses (including HP & secured debts). 1,059.5
Available for debt repayments........... 540.5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 540.5

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -704
Net Assets.............................. -704