Soa

skater_kat

here is my SOA looking for some advice on what else i could do

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 638
Other income............................ 380
Total monthly income.................... 1018

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 554
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 50
Clothing................................ 0
Petrol/diesel........................... 10
Road tax................................ 15
Car Insurance........................... 40
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.85
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 20
Emergency fund.......................... 10
Total monthly expenses.................. 816.85


Assets
Cash.................................... 250
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 750

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................2227......32........0
MBNA card......................4665......45........0
Halifax personal loan..........3469......79........10.9
Total unsecured debts..........10361.....156.......-


Monthly Budget Summary
Total monthly income.................... 1,018
Expenses (including HP & secured debts). 816.85
Available for debt repayments........... 201.15
Monthly UNsecured debt repayments....... 156
Amount left after debt repayments....... 45.15

Personal Balance Sheet Summary
Total assets (things you own)........... 750
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,361
Net Assets.............................. -9,611

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.



I do not include utilities etc as my £554 includes all the household bills.

I am wondering about getting the halifax loan balance transfered onto a credit card to pay 0% instead of 10.9%.

HappyMJ

Petrol £10 a month....sell the car and get a taxi when required. Save £90 but additional costs for buses and taxis maybe £30.

As you are unemployed stop the contributions towards your savings for holidays, gifts, entertainment and emergency fund. Save £70.

tallyhoh

I agree with HappyMJ, why the car?

-taff

You could move it to a 0% but before you do, add up the early repayment fees, the cost to transfer a balance and work out whether you'd have to apply for another card or transfer the balance again before you pay it off.

Add up the total cost of paying the loan back, then subtract the other and see.
If you're paying less the first way, do it, if not, don't

double_mummy

skater_kat wrote: »

here is my SOA looking for some advice on what else i could do

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 638
Other income............................ 380
Total monthly income.................... 1018

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 554 any way to get this down have you checked gas and electric suppliers etc a breakdown of this would be helpful
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 50
Clothing................................ 0
Petrol/diesel........................... 10
Road tax................................ 15
Car Insurance........................... 40
Car maintenance (including MOT)......... 25 are you sure you need a car?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.85
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 where does this £240 a year go?
Haircuts................................ 0
Entertainment........................... 20 can you cut down on this at all?
Holiday................................. 20 get rid of this
Emergency fund.......................... 10
Total monthly expenses.................. 816.85


Assets
Cash.................................... 250
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 750

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................2227......32........0
MBNA card......................4665......45........0 how long do these 0% have left?
Halifax personal loan..........3469......79........10.9
Total unsecured debts..........10361.....156.......-


Monthly Budget Summary
Total monthly income.................... 1,018
Expenses (including HP & secured debts). 816.85
Available for debt repayments........... 201.15
Monthly UNsecured debt repayments....... 156
Amount left after debt repayments....... 45.15

Personal Balance Sheet Summary
Total assets (things you own)........... 750
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,361
Net Assets.............................. -9,611

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.



I do not include utilities etc as my £554 includes all the household bills.

I am wondering about getting the halifax loan balance transfered onto a credit card to pay 0% instead of 10.9%.

any early repayment charges or early finish fees? any BT fees?

iammumtoone

Depending on where you live I would go against the advise of getting rid of the car but do stop using it (save the £10 petrol per week). I was given the same advise a few years a go when I posted a SOA. I am so glad I kept the car as I have now found a job and I would not be able to get to that job if I did not have a car.

If you are unemployed you should not be paying medical expensives.

Where does the other income come from? is it possible this could be increased?

With no income from employment I think you will find it very hard to get a 0% card.

Storm

Your SOA looks pretty low already, the only things I can see might possibly be reduced:
- Your rent includes utilities & I presume council tax - I would guess because you're lodging with the homeowner? If you've not already done so, make sure you let the council know you're not working to get the 25% discount & ask for that to be knocked off your rent.
- Internet at £25 a month seems high (especially if I'm right with your living situation - why don't you share?) - it's definitely a necessity if you're job hunting, but if you can switch to a lower cost provider.
- Prescriptions - as others have said, you should be getting free ones if you're not working
- Holiday/presents - definitely cut the holiday saving for now, as for presents, depending how many people you're buying for, see if you can have the conversation about not giving presents for the moment/only things you've made/token gifts to cut this right down.

Groceries at £50 a month seems really low to me - just double check that this is the right amount, and not just the main shop which then gets topped up.

As for the car - it depends where you live, and if you're job hunting how likely it is you'd need the car to get to interviews and any eventual job.

Best test of a SOA though - do you have that extra £45 each month left over?

On to the debts...

The loan is the only one you're paying interest on at the moment, so will it allow over payments, are there any early exit penalties? I don't know that you'll get a great 0% deal for paying it off as you're not working, though it may be worth asking the current 0% card issuers you're with? Remember that credit checks will leave a footprint, so you need to be confident that you'll be accepted. Plus, depending on the terms of the loan, in the long run it might not matter if you've got exit penalties etc.

At the moment your SOA is saying you're coping (just) - is the 'other income' secure? So either throw the extra £45 a month at the loan if you can, if not put it into a savings account so you at least get a bit of interest on it so you can do a lump sum when your 0% ends.

With the 0% cards - it's going to come down to how long the 0% deals will last