SOA Help requested please, thank you

PinkDaisyFlower

Hi All, Below is our SOA, if anyone can offer any advice, it would be greatly received.


[tt]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1595.12
Partners monthly income after tax....... 1200
Benefits................................ 81.2
Other income............................ 200
Total monthly income.................... 3076.32
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 725
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 41
Gas..................................... 55
Oil..................................... 0
Water rates............................. 41
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 29.1
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 320
Clothing................................ 20
Petrol/diesel........................... 350
Road tax................................ 23.83
Car Insurance........................... 142
Car maintenance (including MOT)......... 25
Car parking............................. 25
Other travel............................ 0
Childcare/nursery....................... 80
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 12.5
Pet insurance/vet bills................. 4.16
Buildings insurance..................... 0
Contents insurance...................... 12.53
Life assurance ......................... 0
Other insurance......................... 20
Presents (birthday, christmas etc)...... 41.67
Haircuts................................ 21.66
Entertainment........................... 50
Holiday................................. 100
Emergency fund.......................... 20
Savings Ac.............................. 250
Total monthly expenses.................. 2627.45

Assets
Cash.................................... 2000
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 5500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................5698.55...110.......0.869
Platinum Mastercard............6906.36...143.......0
Platinum Mastercard............648.46....0.........20.9
Nationwide New CC..............0.........0.........0
Overdraft......................2500......0.........17.77
Total unsecured debts..........15753.37..253.......-

Monthly Budget Summary
Total monthly income.................... 3,076.32
Expenses (including HP & secured debts). 2,627.45
Available for debt repayments........... 448.87
Monthly UNsecured debt repayments....... 253
Amount left after debt repayments....... 195.87
Personal Balance Sheet Summary
Total assets (things you own)........... 5,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,753.37
Net Asset.............................. -10,253.37
[/tt]

PinkDaisyFlower

So I've been thinking about my overdraft of £2,500 and the £2k savings I have. Do you think its better to pay this £2k off of a credit card or to use it to clear my overdraft? ...... has anyone else been in same position? im worried that if I use to pay off my O/D I will end up back in it again later down the road? should I ask my bank to reduce it? I'm paying about £75 a month on bank charges do you think I could get any of this back without it affecting my credit rating? thanks for reading

girlatplay

PinkDaisyFlower wrote: »

Hi All, Below is our SOA, if anyone can offer any advice, it would be greatly received.


[tt]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1595.12
Partners monthly income after tax....... 1200
Benefits................................ 81.2
Other income............................ 200
Total monthly income.................... 3076.32
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 725
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 41 Use a comparison site to see if you can get this cheaper
Gas..................................... 55 As above
Oil..................................... 0
Water rates............................. 41 I live in Scotland so don't know much about this but I saw a comment on someone else's SOA recently that suggests this might be high
Telephone (land line)................... 0
Mobile phone............................ 45 Apparently Tesco do £10 per month sim only pay as you go
TV Licence.............................. 29.1 TV licence is £12.13 per month. Do you have a fine/arrears?
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 320 This is high. Check out old style boards for recipe ideas etc
Clothing................................ 20
Petrol/diesel........................... 350
Road tax................................ 23.83
Car Insurance........................... 142 Wow. Add £20 to this figure and that is what I pay for a whole year. Try comparison site
Car maintenance (including MOT)......... 25
Car parking............................. 25
Other travel............................ 0
Childcare/nursery....................... 80
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 12.5
Pet insurance/vet bills................. 4.16
Buildings insurance..................... 0
Contents insurance...................... 12.53
Life assurance ......................... 0
Other insurance......................... 20
Presents (birthday, christmas etc)...... 41.67
Haircuts................................ 21.66
Entertainment........................... 50
Holiday................................. 100 Could you do without this for a year?
Emergency fund.......................... 20 Worth having
Savings Ac.............................. 250 Could you stop this until your debts are lower?
Total monthly expenses.................. 2627.45

Assets
Cash.................................... 2000
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 5500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................5698.55...110.......0.869
Platinum Mastercard............6906.36...143.......0
Platinum Mastercard............648.46....0.........20.9 This really should go first as it is costing you the most
Nationwide New CC..............0.........0.........0
Overdraft......................2500......0.........17.77 This would be second
Total unsecured debts..........15753.37..253.......-
BedsitBob is great at working out the interest amounts, hopefully he will pop along soon and give you a good idea of what you can do here

Monthly Budget Summary
Total monthly income.................... 3,076.32
Expenses (including HP & secured debts). 2,627.45
Available for debt repayments........... 448.87
Monthly UNsecured debt repayments....... 253
Amount left after debt repayments....... 195.87 Do you have this left each month? If not, keep a spending diary for a couple of months
Personal Balance Sheet Summary
Total assets (things you own)........... 5,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,753.37
Net Asset.............................. -10,253.37
[/tt]

Hi PinkDaisyFlower

Well done for wanting to tackle your debts and posting up your SOA.

I have jotted down a few points.

I think you will have to be careful with the overdraft. I thought it was best to pay it off gradually and ask the bank to reduce it gradually but then someone else said the bank can ask for it all back at once if you do that. With mine, I paid it off gradually then asked the bank to take it away. I had to be very self-disciplined though. I don't have an overdraft at all now but I am really careful with my budgetting so that I don't need one.

I'm sure others will come along soon with great ideas but you looked a bit lonely so I thought I would just put up what I thought to start you off.

gap

Upsidedown_Bear

Hello and welcome to MSE PinkDaisyFlower :wave:

If you post your SOA on the main Debt Free board I'm sure you'll get more replies

http://forums.moneysavingexpert.com/forumdisplay.php?f=76

chevalier

you are spending as much on petrol as you do on food. both seem excessive. can you combine more journeys to save fuel? make sure you have no heavy stuff in the boot as it makes the car less fuel efficient. And as others have said, your car insurance per month is very high

Trishiapp

Good morning PinkDaisyFlower.

I understand that the general view is to pay off the highest APR card, but I would say, due to the bank's ability to re-call your o/d at any time, I would definitely pay it off first. Also, £75 per month in charges is astronomical, and most probably more than you pay for your c/c.


You could try to re-claim your bank charges, but do it only after you have cleared the outstanding balance, or opened another account, otherwise there's a strong possibility they Will re-call earlier!


I wish you the best of luck!

PinkDaisyFlower

Hi All
Thanks to you all who posted on my thread to help me last year.
One really important thing that I totally forgot to mention in my statement was that the costs were for 2 people (and not just mine) which is why the car insurance/fuel/mobile costs may have seemed high. The grocery bill covered both our lunches too so we were not spending during the day (however still noted maybe still high).


As we are now almost a year on, I will update with a revised statement of affairs. I took on board everyone's comments and really do appreciate all your help