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My scary SOA

midlander81
Posts: 205 Forumite
Here it is....Would welcome any opinions. In the unsecured debts section I have included the payments that we are actually making as opposed to the minimums. Also, The big £364 loan ends in 11 months and this money will then go towards the CC's
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 3050
Partners monthly income after tax....... 920
Benefits................................ 81.2
Other income............................ 0
Total monthly income.................... 4051.2
Monthly Expense Details
Mortgage................................ 497
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 102
Electricity............................. 70
Gas..................................... 110
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 25
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 25
Groceries etc. ......................... 240
Clothing................................ 0
Petrol/diesel........................... 160
Road tax................................ 6
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 200
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 33
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 100
Holiday................................. 100
Emergency fund.......................... 0
Total monthly expenses.................. 1835
Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 146000
Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 87000....(497)......1.5
Total secured & HP debts...... 87000.....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
barclaycard (mine).............9400......180.......0
barclaycard (2nd)..............2400......55........6.9
creation.......................4000......75....... .0
creation card 2................3000......80........0
tesco CC.......................2600......300.......18.9
wife loan(hsbc)................4000......179.......4.8
Tesco loan.....................4000......364.......7.9
mbna (wife)....................2000......60........0
barclaycard (wife).............7000......180.......0
hsbc...........................2550......60....... .0
Total unsecured debts..........40950.....1533......-
Monthly Budget Summary
Total monthly income.................... 4,051.2
Expenses (including HP & secured debts). 1,835
Available for debt repayments........... 2,216.2
Monthly UNsecured debt repayments....... 1,533
Amount left after debt repayments....... 683.2
Personal Balance Sheet Summary
Total assets (things you own)........... 146,000
Total HP & Secured debt................. -87,000
Total Unsecured debt.................... -40,950
Net Assets.............................. 18,050
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 3050
Partners monthly income after tax....... 920
Benefits................................ 81.2
Other income............................ 0
Total monthly income.................... 4051.2
Monthly Expense Details
Mortgage................................ 497
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 102
Electricity............................. 70
Gas..................................... 110
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 25
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 25
Groceries etc. ......................... 240
Clothing................................ 0
Petrol/diesel........................... 160
Road tax................................ 6
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 200
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 33
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 100
Holiday................................. 100
Emergency fund.......................... 0
Total monthly expenses.................. 1835
Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 146000
Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 87000....(497)......1.5
Total secured & HP debts...... 87000.....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
barclaycard (mine).............9400......180.......0
barclaycard (2nd)..............2400......55........6.9
creation.......................4000......75....... .0
creation card 2................3000......80........0
tesco CC.......................2600......300.......18.9
wife loan(hsbc)................4000......179.......4.8
Tesco loan.....................4000......364.......7.9
mbna (wife)....................2000......60........0
barclaycard (wife).............7000......180.......0
hsbc...........................2550......60....... .0
Total unsecured debts..........40950.....1533......-
Monthly Budget Summary
Total monthly income.................... 4,051.2
Expenses (including HP & secured debts). 1,835
Available for debt repayments........... 2,216.2
Monthly UNsecured debt repayments....... 1,533
Amount left after debt repayments....... 683.2
Personal Balance Sheet Summary
Total assets (things you own)........... 146,000
Total HP & Secured debt................. -87,000
Total Unsecured debt.................... -40,950
Net Assets.............................. 18,050
0
Comments
-
I think you would be better paying the minimum payment on the 0% APR and paying more off the debts with higher APR, you will pay less interest and the debts will go down quicker0
-
Couple of quick questions from me:
Re the payments you're making not the min - could you change to the min as it will give a better idea of what is actually left (ie are you paying more than the min or less????)
Re cars - do you really need 2 cars if that's all you spend on fuel? I spend nearly that & I only live 8 miles from work!
£0 in for car insurance / maintenance / servicing / MOT etc can't be right for 2 cars surely?
Are you sure the figures are accurate?
There appears quite a lot missing - Dentist / Prescriptions / Presents etc ... there's nothing in Emergency Fund etc
These all add up & will have a huge impact on the actual amount left AND might help explain why the debt has occurred if you don't budget for these
Holidays & Entertainment need cut .....Grocery Challenge £211/£455 (01/01-31/03)
2016 Sell: £125/£250
£1,000 Emergency Fund Challenge #78 £3.96 / £1,000Vet Fund: £410.93 / £1,000
Debt free & determined to stay that way!0 -
midlander81 wrote: »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................ 3050
Partners monthly income after tax....... 920
Benefits................................ 81.2
Other income............................ 0
Total monthly income.................... 4051.2
Monthly Expense Details
Mortgage................................ 497
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 102 - Over 10 or 12 months? If the former, swapping to 12 months will reduce it to £85pm.
Electricity............................. 70 - This seems rather high. Check comparison sites.
Gas..................................... 110 - This seems very high. Check comparison sites.
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 25
Mobile phone............................ 60 - How many phones?
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 25 - So, with the land line, this would be £50? Check comparison sites.
Groceries etc. ......................... 240 - You could probably knock a bit off here. Start by aiming for £200.
Clothing................................ 0 - Never?
Petrol/diesel........................... 160
Road tax................................ 6
Car Insurance........................... 0 - Nothing?
Car maintenance (including MOT)......... 0 - Nothing?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 200
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 - Never?
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 33
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 - Never?
Haircuts................................ 15
Entertainment........................... 100 - Can you reduce this?
Holiday................................. 100
Emergency fund.......................... 0 - You need this, particularly as you are a home owner.
Total monthly expenses.................. 1835
Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 146000
Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 87000....(497)......1.5
Total secured & HP debts...... 87000.....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
barclaycard (mine).............9400......180.......0
barclaycard (2nd)..............2400......55........6.9
creation.......................4000......75....... .0
creation card 2................3000......80........0
tesco CC.......................2600......300.......18.9 - Concentrate on this one.
wife loan(hsbc)................4000......179.......4.8
Tesco loan.....................4000......364.......7.9
mbna (wife)....................2000......60........0
barclaycard (wife).............7000......180.......0
hsbc...........................2550......60....... .0
Total unsecured debts..........40950.....1533......-
Monthly Budget Summary
Total monthly income.................... 4,051.2
Expenses (including HP & secured debts). 1,835
Available for debt repayments........... 2,216.2
Monthly UNsecured debt repayments....... 1,533
Amount left after debt repayments....... 683.2
Personal Balance Sheet Summary
Total assets (things you own)........... 146,000
Total HP & Secured debt................. -87,000
Total Unsecured debt.................... -40,950
Net Assets.............................. 18,050
According to your SAO, you have over £680 per month left.
If so, put a good chunk of it toward the Tesco CC, which at your current rate of paying, is going to take 10 months to clear, and cost £171 in interest.
Putting an extra £600pm toward it, will have it cleared in 3 months, for just £39 in interest, at which point, you will have an additional £900 to put toward the next highest APR debt.0 -
At the moment, your amount left over is quite healthy - which surely means your SOA is missing a lot. Some great points made already - a lot of the sections on the SOA do need a number... also, you are best targeting highest APRs first - in your case Tesco CC, making min payments on others.
If you really do have near 500 left a month even, then you could clear the Tesco CC in a short while then start on t'others.
Worth keeping a spending diary for a month to see how realistic this SOA is - good luck!:rotfl:0 -
Bedsit_Bob wrote: »According to your SAO, you have over £680 per month left.
If so, put a good chunk of it toward the Tesco CC, which at your current rate of paying, is going to take 10 months to clear, and cost £171 in interest.
Putting an extra £600pm toward it, will have it cleared in 3 months, for just £39 in interest, at which point, you will have an additional £900 to put toward the next highest APR debt.
Good advice. I think that we have gotten into the habit of making our payments and then enjoying the surplus. I definitely agree that at least some of the surplus should be used for additional debt payments.0 -
rising_from_the_ashes wrote: »Couple of quick questions from me:
Re the payments you're making not the min - could you change to the min as it will give a better idea of what is actually left (ie are you paying more than the min or less????)Will try and include these - will need to check statements etc
Re cars - do you really need 2 cars if that's all you spend on fuel? I spend nearly that & I only live 8 miles from work! Afraid so... I do a 50 mile commute and my wife needs her car for getting to work and doing drop offs/pickups etc for our son.
£0 in for car insurance / maintenance / servicing / MOT etc can't be right for 2 cars surely? Sorry, I forgot to include this..it should be £70 per month. We usually end up using some of our £100 per months Christmas savings for car repairs etc as we don't actually need £1200 for Christmas.
Are you sure the figures are accurate?
There appears quite a lot missing - Dentist / Prescriptions / Presents etc ... there's nothing in Emergency Fund etc - No idea how much to put for prescriptions as I cannot remember the last time I had one??
These all add up & will have a huge impact on the actual amount left AND might help explain why the debt has occurred if you don't budget for these
Holidays & Entertainment need cut .....
I appreciate that some DFW's will disagree with the money that we use for entertainment etc but personally I feel it's important to build this money into our budget so that we are able to do stuff with our son before he grows up. I think I can justify this as we do make decent overpayment of the debts.
thanks for your comments - I appreciate it.0 -
ellesbellesxxx wrote: »At the moment, your amount left over is quite healthy - which surely means your SOA is missing a lot. Some great points made already - a lot of the sections on the SOA do need a number... also, you are best targeting highest APRs first - in your case Tesco CC, making min payments on others.
If you really do have near 500 left a month even, then you could clear the Tesco CC in a short while then start on t'others.
Worth keeping a spending diary for a month to see how realistic this SOA is - good luck!
Hi, I accidentally missed out the car insurance - £70.
We should definitely use some of the surplus to reduce the Tesco CC.0 -
midlander81 wrote: »I definitely agree that at least some of the surplus should be used for additional debt payments.
I guess it comes down to how desperate you are to clear you debts, and how much you like/dislike paying unnecessary interest.
Even if you aren't desperate to be DF, surely £132 is better in your pocket, than in theirs?0 -
midlander81 wrote: »I appreciate that some DFW's will disagree with the money that we use for entertainment etc but personally I feel it's important to build this money into our budget so that we are able to do stuff with our son before he grows up. I think I can justify this as we do make decent overpayment of the debts.
thanks for your comments - I appreciate it.
I can't actually quote your reply unfortunately (as you've added text to mine) BUT ....
- is the commute daily?
If so, then a 50 mile commute on one car & a 2nd running around will come to way more than £160 in fuel / month
- car costs
Noted re insurance - however, what about tax / maintenance / servicing / MOT etc
For 2 cars, this could easily add up to over £100 / month
I have no servicing costs until 2018 & I still allow £20 / month to cover things like tyres etc!
- Where is the £100 / month Christmas savings on your SOA?
There's nothing in presents (where it should be)
This actually explains a fair bit - you need to separate the budget into proper sections and stick money away to cover these
If you raid one budget to pay something else, then it's really hard to keep track of them / lose control of what you're actually spending
You need to start an Emergency Fund or if something breaks down you will have to add to the debt to replace it OR raid one of your other budgets
- Have a shop around for utilities
Gas & Elec is really high & you may be able to get a deal on your broadband / phone / sky etc
- Entertainment £100
Whilst I agree with you to a degree - there are lots of free things & depending on where you are, you can get season tickets to attractions which work out much cheaper
Also, if it was the £100 in total then it would be OK BUT adding on Holiday £100 & now Christmas £100 - you're looking at £300 / month
Sorry but you can't afford that until you're clear of debtGrocery Challenge £211/£455 (01/01-31/03)
2016 Sell: £125/£250
£1,000 Emergency Fund Challenge #78 £3.96 / £1,000Vet Fund: £410.93 / £1,000
Debt free & determined to stay that way!0 -
rising_from_the_ashes wrote: »I can't actually quote your reply unfortunately (as you've added text to mine) BUT ....
- is the commute daily?
If so, then a 50 mile commute on one car & a 2nd running around will come to way more than £160 in fuel / month
- car costs
Noted re insurance - however, what about tax / maintenance / servicing / MOT etc
For 2 cars, this could easily add up to over £100 / month
I have no servicing costs until 2018 & I still allow £20 / month to cover things like tyres etc!
- Where is the £100 / month Christmas savings on your SOA?
There's nothing in presents (where it should be)
This actually explains a fair bit - you need to separate the budget into proper sections and stick money away to cover these
If you raid one budget to pay something else, then it's really hard to keep track of them / lose control of what you're actually spending
You need to start an Emergency Fund or if something breaks down you will have to add to the debt to replace it OR raid one of your other budgets
- Have a shop around for utilities
Gas & Elec is really high & you may be able to get a deal on your broadband / phone / sky etc
- Entertainment £100
Whilst I agree with you to a degree - there are lots of free things & depending on where you are, you can get season tickets to attractions which work out much cheaper
Also, if it was the £100 in total then it would be OK BUT adding on Holiday £100 & now Christmas £100 - you're looking at £300 / month
Sorry but you can't afford that until you're clear of debt
Hi - I think I will redo the SOA to include the omissions.
Regarding the motoring costs - I put £120 month diesel in to my car and my wife spends £10 per week on diesel. I only use my car during term time ( I'm a teacher) so our car fuel bills are reasonable. We definitely don't spend anywhere near £100 per month on servicing. I paid about £200 for an MOT and some minor repairs in March. My wifes car is due in Oct so I'll let you know!!!
Our gas and Elec has shot up and this is definitely something I need to sort asap.
I understand that people will disagree with our holiday expenditure but I still feel that this is important. If we were in a situation where we were just paying min payments or having no spare cash then of course a holiday would out of the question.
Will do the new SOA later on when son is in bed and I can concentrate!!
Thanks for everyone's input0
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