Finally posting my SOA - any help and advice appreciated!

vics199

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1770
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1770
Monthly Expense Details
Mortgage................................ 468.7
Secured/HP loan repayments.............. 123.30000000000001
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 71
Electricity............................. 25
Gas..................................... 55
Oil..................................... 0
Water rates............................. 19.95
Telephone (land line)................... 10
Mobile phone............................ 26
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 14
Groceries etc. ......................... 98.83
Clothing................................ 15
Petrol/diesel........................... 60
Road tax................................ 2
Car Insurance........................... 30.97
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 28.54
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Professional fees/insurance/union....... 32.13
Total monthly expenses.................. 1182.54

Assets
Cash.................................... 0
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 5500
Other assets............................ 0
Total Assets............................ 115500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 79000....(468.7)....0
Hire Purchase (HP) debt ...... 5922.....(123.3)....0
Total secured & HP debts...... 84922.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Nationwide CC..................4388.59...131.3.....19.9
Halifax CC.....................1878.68...29.92.....16.9
NatWest CC.....................1724.22...39.1......15.9
NatWest Overdraft..............1820......0.........18.28
Loan from parents..............6800......300.......0
NatWest Loan...................6302.83...241.4.....18.9
Total unsecured debts..........22914.32..741.72....-

Monthly Budget Summary
Total monthly income.................... 1,770
Expenses (including HP & secured debts). 1,182.54
Available for debt repayments........... 587.46
Monthly UNsecured debt repayments....... 741.72
Amount short for making debt repayments. -154.26
Personal Balance Sheet Summary
Total assets (things you own)........... 115,500
Total HP & Secured debt................. -84,922
Total Unsecured debt.................... -22,914.32
Net Assets.............................. 7,663.68

vics199

Sorry, I don't know why its not come up in the fancy coloured box like other peoples, I did use the MSE compatible one on the front page.

So, to explain it a little...
1) my gas is £20 higher than normal as they undercharged me last year so I am paying extra this year to cover it.
2) My internet and phone is a combined £24 package but I have split it across the 2 on here - hoping to reduce this in next few weeks by doing a bit of haggling.
3) I have only had buildings/contents insurance for 2 yrs so not on the best rates yet as only 2 yrs no claims
4) I have to pay my parents their loan without fail so no compromise on that.

I also used to have a lodger but really can't cope with doing that again as I have had a lot of problems. So I am going it alone until my boyfriend can move in in 9 months time and then I will be financially better off again by £400 a month.

Definitely don't want to go down the lines of a debt management plan as myself and my boyfriend want to get a mortgage together in 2 years time to buy a family house (currently live in small 2 bed terrace).

Thanks for any help anyone has!

vics199

Also I do varying amounts of overtime at work and so my pay I have put on here is what i earn most months but some months it can be up to £100 more or about £50 less.

dd1981

Hi

I'm not the most experienced in these but from an initial look, it seems your outgoings are quite low.

However, you could maybe look at getting a better deal on your house insurance, I pay £15 a month and that includes contents.

Also, your gas usage seems a little high for one person, maybe shop around for cheaper?

I would potentially think about selling your car too if you can, you don't spend much in petrol so it might be cheaper overall using public transport?

Cut out haircuts/ don't have as often.

Reduce presents spend.

Probably look to reduce entertainment spend, even though I don't think you spend much, it would help you to cut it down further.

Maybe look at a payg phone?

Can you get a balance transfer for your cards with the highest apr? Would give you some breathing space to attack the debt on them without paying interest.

Hope this helps a little, just my thoughts

Dd
x

dd1981

Whoops crossed over posts! Some things make sense now

Dd
X

vics199

unfortunately I can't sell my car because I do on call emergency work and need a car for it. I have just downsized though to a small economical car with cheaper tax and insurance and lower petrol consumption which is why my petrol is lower. I drive 13 miles each way to work in the day and no decent bus service.

I have tried getting 0% credit card transfers for the last 18 months but nobody will accept me as I have so much debt already

Yes maybe I should cut down on presents. I have signed up to swagbucks and have made £20 so far and have claimed Amazon vouchers to spend on xmas presents. I've also signed up to topcashback and have £45 in there so far from free trials and friend referrals but they are so slow at paying out.

I have just reduced my phone contract from £33 down to £26 on an unlimited package so I am hoping to cut down my landline costs/package now.

Lucyv

I know it adds more interest in the long run but if there is no other way to make it affordable what about consolidating your debts so you have a lower monthly payment?

vasseur

Do you really spend less than £100 on groceries per month? I always find this is an area where I really overspend. If it's a true reflection of what you spend then well done.

Also you should have a figure in for emergencies and build up a fund there otherwise it's too tempting to stick it on the credit card.

vics199

My gas and electric is a new fixed deal on EDF blue price promise so can't go any cheaper on that other than using less heating/electric etc.

vics199

I added up my grocery spend exactly from my bank statement for the whole of November. I've been living on no money since I graduated 5 yrs ago so I have the groceries down to quite a good budget. Would like to try to get it lower though.

vasseur

Lucyv wrote: »

I know it adds more interest in the long run but if there is no other way to make it affordable what about consolidating your debts so you have a lower monthly payment?

Consolidating is generally frowned upon on this site until spending habits have changed. People tend to consolidate then run more debts up.

Snowballing would be better.