Shameful SOA

ktmur

Facing up to reality

Would be grateful for some advice from the experts!

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 1800
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3600
Monthly Expense Details
Mortgage................................ 616
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 180
Electricity............................. 70
Gas..................................... 70
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 75
TV Licence.............................. 12
Satellite/Cable TV...................... 64
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 300
Road tax................................ 30
Car Insurance........................... 40
Car maintenance (including MOT)......... 0
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..................... 34
Contents insurance...................... 0
Life assurance ......................... 24
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1895

Assets
Cash.................................... 2000
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 135000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 93500....(616)......4.5
Total secured & HP debts...... 93500.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Next...........................1000......118.......25.9
RBS MASTERCARD JM..............1800......40........17.9
Barclaycard JM.................4336......120.......19.9
NRMA Loan......................5700......209.......7.4
RBS Loan.......................1900......184.......0
MBNA...........................3000......112.......19.9
MBNA Virgin....................1200......25........19.9
MBNA...........................700.......25........19.9
Nationwide Creditcard..........3000......66........19.9
Barclaycard KM.................5000......100.......19.9
RBS Mastercard KM..............2000......40........17.9
Very...........................1000......88........0
MBNA JM........................3000......100.......19.9
Barclaycard JM.................8571......187.......19.9
Barclaycard JM.................5779......130.......19.9
Total unsecured debts..........47986.....1544......-

Monthly Budget Summary
Total monthly income.................... 3,600
Expenses (including HP & secured debts). 1,895
Available for debt repayments........... 1,705
Monthly UNsecured debt repayments....... 1,544
Amount left after debt repayments....... 161
Personal Balance Sheet Summary
Total assets (things you own)........... 135,000
Total HP & Secured debt................. -93,500
Total Unsecured debt.................... -47,986
Net Assets.............................. -6,486
Created using the SOA calculator at stoozing
Reproduced on Moneysavingexpert with permission, using IE browser.

rebeccatom

ktmur wrote: »

Facing up to reality

Would be grateful for some advice from the experts!

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 1800
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3600
Monthly Expense Details
Mortgage................................ 616
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 180
Electricity............................. 70 this and gas seem high, are you in arrears? try comparison website and cashback to make sure you are on the best deal. Also make sure the heating is off when you are out or in any rooms you don't use much
Gas..................................... 70
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 75 when do the contracts end? try calling them and tell them you are struggling and see if they can drop a tariff or other help.
TV Licence.............................. 12
Satellite/Cable TV...................... 64 get rid of this, freeview is all you can afford right now
Internet Services....................... 0
Groceries etc. ......................... 300 do you cook? if so try the drop a brand and batch cooking. Take packed lunches to work. should be able to redure to £200
Clothing................................ 20 have a clear out and sell any clothes you don't wear on ebay. then use that money to pay off debts and buy new clothes from ebay or second hand
Petrol/diesel........................... 300
Road tax................................ 30
Car Insurance........................... 40
Car maintenance (including MOT)......... 0
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..................... 34
Contents insurance...................... 0
Life assurance ......................... 24
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1895

Assets
Cash.................................... 2000
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 135000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 93500....(616)......4.5
Total secured & HP debts...... 93500.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Next...........................1000......118.......25.9
RBS MASTERCARD JM..............1800......40........17.9
Barclaycard JM.................4336......120.......19.9
NRMA Loan......................5700......209.......7.4
RBS Loan.......................1900......184.......0
MBNA...........................3000......112.......19.9
MBNA Virgin....................1200......25........19.9
MBNA...........................700.......25........19.9
Nationwide Creditcard..........3000......66........19.9
Barclaycard KM.................5000......100.......19.9
RBS Mastercard KM..............2000......40........17.9
Very...........................1000......88........0
MBNA JM........................3000......100.......19.9
Barclaycard JM.................8571......187.......19.9
Barclaycard JM.................5779......130.......19.9
Total unsecured debts..........47986.....1544......-

Monthly Budget Summary
Total monthly income.................... 3,600
Expenses (including HP & secured debts). 1,895
Available for debt repayments........... 1,705
Monthly UNsecured debt repayments....... 1,544
Amount left after debt repayments....... 161
Personal Balance Sheet Summary
Total assets (things you own)........... 135,000
Total HP & Secured debt................. -93,500
Total Unsecured debt.................... -47,986
Net Assets.............................. -6,486
Created using the SOA calculator at stoozing
Reproduced on Moneysavingexpert with permission, using IE browser.

I have put a few bits in. you have a solid income so should be able to put a good plan of action together. Have you done a spending diary? I found it very enlightening, it is mad how all those little bits and bobs add up!
you should also check out snowballing, someone will probably be able to put a link up below.

Good luck!

HeadAboveWater

Hello

Mind if I pick on a few things just??

Telephone (land line)................... 20
Fine I think. Does this include internet too?

Mobile phone............................ 75
Is this for 2 phones? Can you switch to PAYG? Talk to your network provider and try to cut this down

Satellite/Cable TV...................... 64
No need! Freeview does the same job

Groceries etc. ......................... 300
Big ouch!! We spend £150-£200 on 2 adults and 3 teenage girls. Try to meal plan, write shopping lists (that you stick to!!), shop around, and also check the reduced sections too - there's bargains to be had!!

Clothing................................ 20
Can you make do with what you've got for now?

Entertainment........................... 30
This isn't really what I would call high, but can you cut this out/down for a few months just to give you a bit of extra money you can put towards debts?

The fuel does look high but I've been there before myself so figure there's not much you can do with 2 cars

Hopefully this will help. I'm not so good with the bills parts of SOAs.

As above, keep a spending diary for a few weeks to see exactly where your money is going to every month.

I would also recommend leaving the debit card at home and only carrying cash. Means you're limited as to what you spend, and reduce the risk of impulse buys.

Hopefully something here will help. I'm gonna subscribe and follow to see how you're doing. Good luck

EDIT:
PS. I'm not an expert. Just someone who used to have debt

HappyMJ

HeadAboveWater wrote: »

Satellite/Cable TV...................... 64
No need! Freeview does the same job

Does it?

Does freeview have the latest movies and live sports? What would getting the latest movies cost from an alternative supplier such a DVD shop cost? What would a weekly trip to the pub to watch Sky Sports cost?

Does freeview include the internet? Sky includes internet for a modest £7.50 a month. An alternative would cost more than that.

[Deleted User]

You have a prety decent income, but you also have a lot of debt, much of which has high(ish) APRs.

Electricity and gas seem high. Check comparison sites.

Mobile phone is very high. Your total phone costs (mobile and landline) are £1,140 pa, which is :eek:

You need to cut that considerably, ASAP.

Your Satellite/Cable TV is also very high. Reduce it, as much as possible, immediately, and get rid ASAP.

Unfortunately, as you don't have any low/0% cards, there's nowhere to move any of the high APR stuff.

The Next card is your priority, due to the massive APR. Throw all available cash at that one first.

Here's the Snowball Calculator rebeccatom mentioned.

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

HeadAboveWater

HappyMJ wrote: »

Does it?

Does freeview have the latest movies and live sports? What would getting the latest movies cost from an alternative supplier such a DVD shop cost? What would a weekly trip to the pub to watch Sky Sports cost?

Does freeview include the internet? Sky includes internet for a modest £7.50 a month. An alternative would cost more than that.

Forget my wording then if it bothers you. I'll quote rebeccatom instead:

get rid of this, freeview is all you can afford right now

That better?

rising_from_the_ashes

HappyMJ wrote: »

Does it?

Does freeview have the latest movies and live sports? What would getting the latest movies cost from an alternative supplier such a DVD shop cost? What would a weekly trip to the pub to watch Sky Sports cost?

Does freeview include the internet? Sky includes internet for a modest £7.50 a month. An alternative would cost more than that.

Not necessarily .... I pay less than £20 / month for landline & broadband - the OP is paying that on landline alone!

ktmur wrote: »

Telephone (land line)................... 20
Satellite/Cable TV...................... 64
Internet Services....................... 0

RAS

BYe spammer

HappyMJ

rising_from_the_ashes wrote: »

Not necessarily .... I pay less than £20 / month for landline & broadband - the OP is paying that on landline alone!

Please share...as far as I am aware the cheapest possible is Tesco Internet and it is £24.75 a month for unlimited broadband and inclusive anytime calls to landlines.

unimaginative_user_name

I'd be inclined to use some of your savings to clear the Next debt as that's the one costing you the most. Then you could use the £118 you are spending on that to overpay on another as your repayments then would make a bigger dent in what you owe rather than just covering the interest.

rising_from_the_ashes

HappyMJ wrote: »

Please share...as far as I am aware the cheapest possible is Tesco Internet and it is £24.75 a month for unlimited broadband and inclusive anytime calls to landlines.

My package is:

Landline: £9.49 + £3.49 anytime calls = £12.98
Broadband: £6.49

Total for both = £19.47

Looks like they've got good deals just now with landline for £13.99* + unlimited download broadband £4.99 which is a total of £18.98

* you can lower this to £10.49 / month by paying for a year in advance

http://www.plus.net/home-broadband/