My soa please help

debtfreewannabee_3

INCOMINGS

income 1 - 1900
income 2 - 1100 - {gets £ 200 every six weeks for oncall. }
child benefit - 120.80
child tax credit - 42.23

total - 3163.03

OUTGOINGS

mortgage - 706
loan - 309.86
life ins (me) - 46.86
life ins (oh) - 48.69
mortgage cover - 49.93
home ins - 23
broadband - 14.99
phone - 37
car ins 1 + green flag breakdown cover - 18.80
car ins 2 - 11.47
gas - 45
electricity - 40
union - 15.04
tv licencse - 11.37
television channel - 10
account fees (me) - 11.50
account fees (oh) - 15
food + shopping - 250
water - 75
mobile 1 - 17.5
mobile 2 - 5
music - 43
petrol - 80
car (repairs, mot and others) - 10
haircut - 11
presents - 5
birthdays - 7.5
children's plan - 217

total - 2086.82

debts :mad:

halifax cc - 3750 left - 0% till 11 july 2007


Some inforamation

mortgage is fixed for the next 2 years at 5.64% - changed it last month
loan was 10000 will finish in june 2009
i have 150 in savngs
trying to get a 0 % card for transfer
petrol this high becasue oh has to commute to work 36 miles a day.
there are 2 cars becasue oh drives manual and i drive automatic so have to keep 2 cars. sorry
mobile 1 is for me and it is on a contract till august 2008.
mobile 2 os for oh and 1 teenager on pay as you go.
food is for 2 adults, i teen and i child aged 11
children's plan is for the children. this is a plan which gives out money when they want it, kind of like a saving. if cancelled now all money paid will be gone and we have paid since may 2004, so a huge amount of money. children will get it whenever they want the money to learn further.
i am a nurse and does extra overtime to supplement my income whenever i can.
oh is an electrician who also does overtime. gets £ 200 every 6 weeks
house is worth 147k with a mortgage of 92000
do sell unwanted stuff on ebay
also do some surveys, quidco and going to apply for 82 ask.


all help and criticsms taken abroad. please help me by telling where i need to cut back eventhough you have to be harsh.
sorry for the long post
thanks

shamu95

Hi, I am certainly no expert at all but i do think that your life insurance and mortgage cover is too high.We pay £15.28 and our mortgage is £142000.
What are your account fees for? Maybe they could be cancelled and you could just manage on a basic account?
Someone with loads of experience and proper advice will soon be along im sure

chunky79

I know what you have said about the childrens plan but thats a high amount of savings. Can you not cut £50 or so off it.

You could try and shave your shopping bill down. I spend that for 6 of us one a baby in nappies and on formula. Try the Old style board thats where i got my tips on how to cut back.


Is there a morrisons near you, as your OH is commuting alot might as well take advantage of the £5 back. I get one every 3 weeks or so.

Is it your OH's wages that are £1100, if so could your OH not look for a better paid job he has a fantastic trade with a better earning capacity than that.

debtfreewannabee_3

Need To Look On The Mortgage Cover. We Got It From The Mortgage Provider And Haven't Changed It Since June 2004 Thanks
Account Fees Will Look Into For Cancelling
Thanks For Your Advice.

Annie_Fanny

Hi there debtfreewannabee

By posting your SOA what are you trying to achieve? Are you wanting to get rid of your loan and then start overpaying on your mortgage? Just wondering what your baseline goal is - as it is always good to have a goal in mind!

My comments are in red below.

Good luck!

Annie

debtfreewannabee wrote: »

INCOMINGS

income 1 - 1900
income 2 - 1100 - {gets £ 200 every six weeks for oncall. }
child benefit - 120.80
child tax credit - 42.23

total - 3163.03

OUTGOINGS

mortgage - 706
loan - 309.86 Can you overpay this?
life ins (me) - 46.86 Gosh this is a lot of money - can anyone advise further?
life ins (oh) - 48.69
mortgage cover - 49.93
home ins - 23
broadband - 14.99
phone - 37 Do you need this with 2 mobiles?
car ins 1 + green flag breakdown cover - 18.80
car ins 2 - 11.47
gas - 45
electricity - 40
union - 15.04
tv licencse - 11.37
television channel - 10
account fees (me) - 11.50 Do you get anything of benefit for these 'fees'? Surely some of these fees offer car breakdown cover? If not then ditch!
account fees (oh) - 15

food + shopping - 250
water - 75
mobile 1 - 17.5
mobile 2 - 5
music - 43 ???
petrol - 80
car (repairs, mot and others) - 10
haircut - 11
presents - 5
birthdays - 7.5
children's plan - 217

total - 2086.82

debts :mad:

halifax cc - 3750 left - 0% till 11 july 2007


Some inforamation

mortgage is fixed for the next 2 years at 5.64% - changed it last month
loan was 10000 will finish in june 2009
i have 150 in savngs
trying to get a 0 % card for transfer
petrol this high becasue oh has to commute to work 36 miles a day.
there are 2 cars becasue oh drives manual and i drive automatic so have to keep 2 cars. sorry
mobile 1 is for me and it is on a contract till august 2008.
mobile 2 os for oh and 1 teenager on pay as you go.
food is for 2 adults, i teen and i child aged 11
children's plan is for the children. this is a plan which gives out money when they want it, kind of like a saving. if cancelled now all money paid will be gone and we have paid since may 2004, so a huge amount of money. children will get it whenever they want the money to learn further.
i am a nurse and does extra overtime to supplement my income whenever i can.
oh is an electrician who also does overtime. gets £ 200 every 6 weeks
house is worth 147k with a mortgage of 92000
do sell unwanted stuff on ebay
also do some surveys, quidco and going to apply for 82 ask.


all help and criticsms taken abroad. please help me by telling where i need to cut back eventhough you have to be harsh.
sorry for the long post
thanks

debtfreewannabee_3

Chunky79 - Children's Plan Is A Really Serious Thing To Look Into But It's Either Continuing Or Cancelling But Then We Will Lose About 5k.
Will Look Into Cutting Down On The Shopping Bill
Sorry No Morrisons Near Us.
Oh Is An Electrician But Before He Was An Machine Worker. So He Did A Course And Then Wanted A Job Quickly Eventhough It Was Only A Bit Higher Pay Than His Old Job. He Also Has Done Some Courses With The Company And They Have Set A Bond Time Period And He Can't Leave Within That Time Period.
Thanks

debtfreewannabee_3

Anny Fanny - My Main Goal Is To Get Rid Of All My Debts And Then To Pay Of A Bit More On My Mortgage.
Life Ins Will Have To Look Into
Loan Cannot Pay Anymore Due To Charges.
Music Is For Children
Will Cancel Accounts And Will Get Basic Ones.
Thanks

Annie_Fanny

debtfreewannabee wrote: »

Chunky79 - Children's Plan Is A Really Serious Thing To Look Into But It's Either Continuing Or Cancelling But Then We Will Lose About 5k.
Will Look Into Cutting Down On The Shopping Bill
Sorry No Morrisons Near Us.
Oh Is An Electrician But Before He Was An Machine Worker. So He Did A Course And Then Wanted A Job Quickly Eventhough It Was Only A Bit Higher Pay Than His Old Job. He Also Has Done Some Courses With The Company And They Have Set A Bond Time Period And He Can't Leave Within That Time Period. Thanks

Why what ultimately will happen?

Annie_Fanny

debtfreewannabee wrote: »

Anny Fanny - My Main Goal Is To Get Rid Of All My Debts And Then To Pay Of A Bit More On My Mortgage.
Life Ins Will Have To Look Into
Loan Cannot Pay Anymore Due To Charges.
Music Is For Children
Will Cancel Accounts And Will Get Basic Ones.
Thanks

What do you mean by music? Lessons? Sorry if being dim...
Also what do you mean that you cannot pay anymore due to charges?

debtfreewannabee_3

Anny Fanny - Sorry One More Thing Phone Is 37 Per Month Because Me And Oh Have Close Relatives And Parents In India And Abudhabi And My Mum Lives In India. So We Call Them Every Two Weeks.
Thanks

chunky79

From what i can see you have £1077 left after all is paid and budgeted for.
I would transfer the CC to another 0% card and overpay. The i would start to overpay the mortgage or loan but you would need to check first whether r not the loan could be overpaid. You could set money aside for this to pay off early.
If the loan was for 10k what is the apr i have one for 15k and pay back £294 for 5 years. How long was the term for and how long is left.