Help/Advice

honey10

Ranger1912 wrote: »

Results I got

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................ 1200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1200
Have you applied for working tax credit? You may be entitled to something.
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 70
Council tax............................. 100 If this is over 10 months, try and have it done over twelve, it should free up about £20 a month
Electricity............................. 40
Gas..................................... 0
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 10As someone else said, maybe looka t a cheaper deal/threatening to leave your current provider, you maybe could get a cheaper package.
Mobile phone............................ 40If not in contract, try a sim only or PAYG, you can get unlimited everything with O2 for £19
TV Licence.............................. 20should this be £12?
Satellite/Cable TV...................... 20
Internet Services....................... 10
Groceries etc. ......................... 80
Clothing................................ 40 This is a bit high, maybe cut down a little?
Petrol/diesel........................... 100
Road tax................................ 40 £480 a year?
Car Insurance........................... 40
Car maintenance (including MOT)......... 100 £1200 is ALOT to be spending on a car, especially one only worth £1000. If it is really costing this, maybe it would be an idea to upgrade the car (after debts are sorted) to stop such a spend going forward
Car parking............................. 0
Other travel............................ 0
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)...... 20
Haircuts................................ 10
Entertainment........................... 100 Maybe reduce this temporarily?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1260


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................550.......40........0
Family Loan....................600.......0.........0
Friend loan....................800.......0.........0
Total unsecured debts..........1950......40........-


Monthly Budget Summary
Total monthly income.................... 1,200
Expenses (including HP & secured debts). 1,260
Available for debt repayments........... -60
Monthly UNsecured debt repayments....... 40
Amount short for making debt repayments. -100

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,950
Net Assets.............................. -950

Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using Firefox browser.

£1950 in debt is nowhere near as bad as it could be, well done for realising now that something needs to be done.
In my opinion, the most important thing is to stop spending more than you are earning, stop that now!!
I've put a few comments on, I hope they are useful.

Good luck!!

katy_ann

£100 a month on entertainment, I know you need a lift as well but maybe this could be lowered or halved, you don't have the money for this.

Pixie5740

As others have pointed out, you're not making ends meet at the moment. Luxuries such as Sky need to go.

I notice from your SOA that all your debt is at 0% so consolidating all your debt using a loan with, as you put it "big interest" would be absolutely bonkers. The debt would cost you even more than it does now.

Edit: If you're self-employed, where is the income tax and NI on your SOA?

enthusiasticsaver

As others have said no the loan is not the best option for you. You either need to look at decreasing your expenditure and ideas have been suggested to you or increasing your income by getting a second job or taking in a lodger to help with cost of rent etc. Your car costs are high and you really should not be prioritising clothing or entertainment over debt repayment.


If you are a plasterer I am amazed your income is so low. All the plasterers around here are inundated with work and charge around £200 per day. Do you keep accounts if you are self employed and charge your van costs as an allowable expense?