My SOA - Help Anyone?

smudgemanc26

Ive posted this under the working for nothing thread but hopefully i can get some more advice off all you DFW's.

Here's My SOA

Monthly Incomings:

Wages: £1236.29

Monthly Outgoings:

Mortgage - £523.37
Secured Loan £152.93 + £25.00 (agreed payments due to arrears) = £178.43
Council Tax - £75.00
Water - £17.03
House/Contents Insurance - £20.00
Life Insurance - £29.77
Gas - £56.00 (unable to change as in arrears so this has just gone up)
Electricity - £55.00 (again unable to change this i think they have just put this up!)
Food/Housekeeping - Originally £173 but i can survive on £100 i think! =£100
TV Licence - £11.38 (paid quarterly though)
Car Costs - £80.00 (Dad car loan) Petrol (£40 to fill up so looking at about £80 if i get my 2nd Job = £160

Dont have car insurance to pay this year or car tax paid it outright with refund from bank luckily.

Clothing & Shoes - £30 (what are these?? not been shopping for ages)
Telephone BT - £20.00
Mobile - £35 inc vat - £41.00
Health Costs Contact Lenses - £15.00
Sky - £30.00 (thinking of cancelling or just going very very basic on this if i can)
Savings - £25.00 (this is always taken back out though just to live on)

Total Outgoings = £1386.98

Debts

On payment plan

Barclaycard - £10.26
Capital One - £24.97
MBNA - £2.63
Halifax - £15.00 min payment
Overdraft agreed - £800.00 but currently at £1200 had to arrange to pay back £75 this month so cancelled my dads payment!

See i cant even afford to just pay everything so today ive applied for 2nd job not too sure how much better off i will be but its got to help.

Going to sell things on ebay to to raise extra money.

If anyone can help me then please do because i feel really depressed now.

Thanks Jen

alwaysonthego_2

Looking at your soa I would say cancel your sky and mobile phone contract.

Speaking as an adviser at the cab, do you have any dependants? Are your loans secured or unsecured?

Maybe it would be worth speaking to your local cab to see if they can reduce your payments to your creditors

smudgemanc26

alwaysonthego wrote: »

Looking at your soa I would say cancel your sky and mobile phone contract.

Speaking as an adviser at the cab, do you have any dependants? Are your loans secured or unsecured?

Maybe it would be worth speaking to your local cab to see if they can reduce your payments to your creditors

Thanks & Hi Ive been to the CAB and was helped a great deal thats who have arranged my payments to my creditors. I only have the one loan which is secured.

No i dont have any children. Going to cancel Sky but cant get out of my mobile contract tied in for 18 months.

alwaysonthego_2

I mean the cab could possibly ask your creditors to reduce your payments further, obviously your secured loan is a priority debt so keep up with that.

smudgemanc26

alwaysonthego wrote: »

I mean the cab could possibly ask your creditors to reduce your payments further, obviously your secured loan is a priority debt so keep up with that.

Well ive contacted my advisor today as on my statement which was sent out to my creditors it states i have £200 more than i do so this needs amending i think its for the time i had a 2nd job. Ive got an interview tomorrow for another 2nd job for the time being so hopefully will have abit more income.

jennynoo

Do you really need the life insurance? Unless you have kids or other dependents I don't see the point of it.

Prudent

Any chance of taking in a lodger? Your mortgage seems huge in relation to your income.

angelavdavis

Hiya, and welcome to DFW

My comments below ref your SOA:

smudgemanc26 wrote: »

Ive posted this under the working for nothing thread but hopefully i can get some more advice off all you DFW's.

Here's My SOA

Monthly Incomings:

Wages: £1236.29

Monthly Outgoings:

Mortgage - £523.37
Secured Loan £152.93 + £25.00 (agreed payments due to arrears) = £178.43
Council Tax - £75.00
Water - £17.03
House/Contents Insurance - £20.00
Life Insurance - £29.77 - This seems really high, shop around.
Gas - £56.00 (unable to change as in arrears so this has just gone up)
Electricity - £55.00 (again unable to change this i think they have just put this up!)
Food/Housekeeping - Originally £173 but i can survive on £100 i think! =£100 Look over on Old Style forum for ideas on how to save
TV Licence - £11.38 (paid quarterly though)
Car Costs - £80.00 (Dad car loan) Petrol (£40 to fill up so looking at about £80 if i get my 2nd Job = £160

Dont have car insurance to pay this year or car tax paid it outright with refund from bank luckily.

Clothing & Shoes - £30 (what are these?? not been shopping for ages) This will have to go until you are straight. Look at ebaying anything you have grown tired of and shop around charity shops if you really need anything. Save £30
Telephone BT - £20.00 Look at Martin's pages on saving on phone bills
Mobile - £35 inc vat - £41.00
Health Costs Contact Lenses - £15.00 Look at Asda.com - prices start 9.95. Save £5
Sky - £30.00 (thinking of cancelling or just going very very basic on this if i can) Downgrade or go freeview until you are straight. Save £30
Savings - £25.00 (this is always taken back out though just to live on) Forget savings when you are paying such high interest Save £25

Possible savings = 90 but its still not enough to keep you in black

Total Outgoings = £1386.98

Debts

On payment plan

Barclaycard - £10.26
Capital One - £24.97
MBNA - £2.63
Halifax - £15.00 min payment
Overdraft agreed - £800.00 but currently at £1200 had to arrange to pay back £75 this month so cancelled my dads payment!

See i cant even afford to just pay everything so today ive applied for 2nd job not too sure how much better off i will be but its got to help.

I agree you need to look at increasing income. Pub jobs (no petrol costs) might be worth looking at too. Other ideas - piggyclicks, quidco, etc to raise some money.

Going to sell things on ebay to to raise extra money.

Yes, and aim to paying off chunks of the credit cards

If anyone can help me then please do because i feel really depressed now.

Thanks Jen