Need help working out a plan (S.O.A Included!)

Mkat

Hey everyone!

I am in a little bit of a pickle and could use some advice.

So I have had a bit of a crazy couple of years, and I am now in debt.

Any ideas on where to start?

Here is my SOA

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1450
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1450

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 40
Electricity............................. 20
Gas..................................... 10
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 6
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 100
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........................... 19
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 885


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
Overdraft......................3300......0.........18.9
Credit Card (0% May)...........900.......50........0
Bike...........................550.......60........0
Loan...........................729.09....81.01.....0
Total unsecured debts..........5479.09...191.01....-


Monthly Budget Summary
Total monthly income.................... 1,450
Expenses (including HP & secured debts). 885
Available for debt repayments........... 565
Monthly UNsecured debt repayments....... 191.01
Amount left after debt repayments....... 373.99

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,479.09
Net Assets.............................. -5,479.09



Thanks!

sistafromanothermista

Firstly are all your debts (aside from od) really on 0%?

Secondly do you actually have +£400 each month left over?

Mkat

Yeah, I did it wrong, I have updated it!

The Credit card is 0% until next May, then it goes up to 18.9%.

The Loan wasn't 0% but it is fixed payments (got 9 payment of £81.01 until next July).

The Bike is 0% Finance, got 9 payments of £60 left.

Also boosted up my grocerys a bit.

This should be fixed.

sistafromanothermista

Do you have over £400 left each month?

sistafromanothermista

Sorry £373

Mkat

After pruning my budget, sorting out my life and everything else, Yeah, that is money that I have left over. Barring unexpected expenses I can expect to have that to blow on debts at the end of the month.

But my main questions are, what should I pay off? Should I look at getting a loan to clear my over draft? I have no idea where to begin...

Malkin157

Ok so save £73 or what ever is left over after "unexpected" outgoings into an emergeny fund for "large unexpected" outgoings.


Payment plan:

Pay £300 a month from your overdraft for 9 months.

Then after July you have an extra £140 from having finished the bike finance and the loan.

So

Month 10 - £440 from overdraft
Month 11 - CLEAR overdraft
Month 12 - CLEAR remainder of credit card.

So in a year you should have no debt and a possible savings/emergency fund of £876.


However you don't seem to buy presents/have hair cuts etc. But anyway you should be debt free within 12 months.