Soa

moneymoron1

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 2100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 695
Total monthly income.................... 2795
Monthly Expense Details
Mortgage................................ 600
Secured/HP loan repayments.............. 0
Rent.................................... 610
Management charge (leasehold property).. 0
Council tax............................. 65
Electricity............................. 21.5
Gas..................................... 21.5
Oil..................................... 0
Water rates............................. 12.5
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 40
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 20
Car Insurance........................... 80
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 5
Life assurance ......................... 6
Other insurance......................... 12
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Overdrafts.............................. 100
Total monthly expenses.................. 1953.5

Assets
Cash.................................... 0
House value (Gross)..................... 105000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 110000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 100000...(600)......4.69
Total secured & HP debts...... 100000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Card 1.........................2490......70........29.9
Card 2.........................2065......36........27.9
Card 3.........................1970......60........26.5
Card 5.........................700.......20........28.9
Card 4.........................480.......17........34.9
Total unsecured debts..........7705......203.......-

Monthly Budget Summary
Total monthly income.................... 2,795
Expenses (including HP & secured debts). 1,953.5
Available for debt repayments........... 841.5
Monthly UNsecured debt repayments....... 203
Amount left after debt repayments....... 638.5
Personal Balance Sheet Summary
Total assets (things you own)........... 110,000
Total HP & Secured debt................. -100,000
Total Unsecured debt.................... -7,705
Net Assets.............................. 2,295
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

In addition to the above i have the following:

2880 Overdraft - Bank 1
2750 Overdraft - Bank 2
1500 Overdraft - Bank 3

Payday Loans - 3000

Tixy

Hi

Are you sure that all your expenditure is listed? Just that if you have needed to borrow £3k on payday loans as well as running up the other debts it doesn't seem as though you would have £798 a month spare after card repayments.

Do you know what the debt has been run up on? (to be certain that the overspending won't carry on).

Have you defaulted on any debts? payday loans yet?

Is the rent/mortgage for the same property? are you a part/shared owner in your property?

You would seem to me to have 2 main choices, either to spend on nothing but essentials and use the £798 or to gradually claw your way out of the payday loans (paying off 1 a month and rolling the others), or to bite the bullet and talk to a debt advice charity about considering defaulting on all your payments and perhaps entering a debt management plan or possibly an IVA.

At £1000 a month to put to debt repayments, and debts of around £18k then a DMP might well be more suitable than an IVA. That said you do need to make sure the SoA is realistic - is it reasonable to say you spend nothing on clothes, entertainment, presents etc.

You might want to speak to one of the debt charities details listed here - IMPORTANT - Where to seek professional impartial advice about your debts.

19lottie82

No tv license?

Under £20 a week on food and household items seems very low, bearing in mind this has to include all food, loo roll, cleaning products, etc

Car maintenance seems low.....

And nothing on clothes, entertainment or presents......EVER?


Sorry in my eyes, this SOA isn't realistic!

sefton

If you can get £5k for the car sell it now and pay off your payday loans. You would be better off with a banger than servicing those as you won't be in a position to clear them this side of £15k spent in roll overs

Treadmill

Mortgage and rent ?

moneymoron1

Thanks for your responses, I will edit slightly and explain some things

Treadmill

Mortgage and rent, my house is rented out to a tenant and I rent a house elsewhere (moved for work)

Sefton

Selling the car isn't an option, the car is mine but it int an asset I can sell (I won't go into too many reasons but it was a gift)

19lottie82

I have done the SOA for myself, I live with somebody but we keep everything separate, so the TV Licence isn't paid by me

What do you think is realistic for food per month, I'm confident I could do it on 100, so I will increase that

Since getting the car I haven't spent a penny on it other than fuel and oil. I could increase it to 20 to take into account servicing which I will do now.

Clothes, I have plenty, won't need to buy any for the foreseeable future, I will add some for presents although I don't spend much.

Entertainment rarely, got nearly everything I need at home. I will add 10 a month to make it more realistic.

Tixy

I think that is pretty much everything, looking at the SOA the thing that is missing is the servicing of my overdrafts, which I will add on now.

The reason for the payday loans were basically stupidity, wasting money and then leaving myself short on bills, which I realise and won't do, I want o remove he burden.

Overspending run up on wasteful spending and silly things, no particular bills, I also stupidly paid something off in a chunk that left me very short on cash flow.

I haven't defaulted on any payment, and I intend for it to stay that way, it is not right o the company I owe money to or to my future

Rent and mortgage on different properties, see above comments in response to treadmill

IVA or DMP aren't options, I may as well struggle on gradually paying it off and have my future intact and also sleep well at night knowing I have on the honourable thing and paid my debts back myself rather than having them partially written off

Also, I would like to point out that I get paid four weekly rather than monthly so I have an extra payday in comparison to the SOA

Updated SOA added to original post

sefton

If you have equity in the house sell it. Your two main assets are your car and your house. One is depreciating in value and you are not prepared to sell. The other is not appreciating in value anywhere near as much as your interest payments on your debts.

As you do not live in the house you should really consider selling it if you have equity in it. You are drowning in debt and you may not need to.

moneymoron1

I have no equity in the house unfortunately

cookson

Hi moneymoron1, firstly, well done for facing your debts head on! Just a couple of points.

(1) Can you move all/some of your cards to 0% cards to stop the amount owed on them spiralling?

(2) Is there any interest on your overdrafts? If so at what rates? Just so you can see which ones you would need to pay off first.

(3) What are the rates on the pay day loans, and can you provide a breakdown of this? It would help you prioritise what you need to pay off first.

Good luck

moneymoron1

cookson wrote: »

Hi moneymoron1, firstly, well done for facing your debts head on! Just a couple of points.

(1) Can you move all/some of your cards to 0% cards to stop the amount owed on them spiralling?

(2) Is there any interest on your overdrafts? If so at what rates? Just so you can see which ones you would need to pay off first.

(3) What are the rates on the pay day loans, and can you provide a breakdown of this? It would help you prioritise what you need to pay off first.

Good luck

I can't get any more credit cards, which is fair enough given the level of debt I have

Yes there is interest on the overdrafts, one is £2 a day, the others are around 20 each month

I will look into the rates on the payday loans, one will be settled this payday as it is only small, then the other bigger ones I will pay off highest rate first