Considering DMP - SOA advice please

AliceBanned

Hi Catriona


That is helpful, thanks. This question does cross my mind. I recently saw a job advertised in Bournemouth actually and might apply. I often think it would be good to get out of this area but then I get stuck for some reason. It's not a happy existence but then I don't know what would be or why I'm so stuck.The idea of a house and lodgers is fine with me. Maybe I am too attached to certain areas and staying near work etc when there are probably other options out there. I am still firefighting for the moment.


I do sometimes think a complete change would do me good. I am in my 40s so not as youthful as you, so often feel life has passed me by already.

AliceBanned

Thanks for the fresh perspective anyway - my original plan when buying was to get somewhere where lodgers would be possible, but then I did buy based more on emotions (as well as a bit on the practical side, it seemed the perfect option but then it has made me less happy, not more, and more in debt!).


I don't mind you 'poking your nose in' as you say. Sometimes we need other opinions to get things in perspective.


I can't really see light at the end of the tunnel - I know it is possible but it is so slow, and as you say speeding up the debt repayments would help! I used to like socialising and have become more withdrawn and low.

LittleDutchgirl

Hi Alice
Sorry not to get back to you sooner but you know what life is like.
I think you need to take some time and figure out why you ended up £30 overdrawn. You don't have to post it on here but where is the money going? Your SOA looks good so what is happening? If the money is leaking away on small stuff then you have to get a handle on it. I set up a number of spreadsheets, some people use YNAB or just keep a notebook. You really do have to figure where all the money is going or else you are just putting a sticking plaster on things. You could sell your car or your flat but sooner or later you'll be back in the same situation.
I don't mean to be harsh but I think it is a lesson a lot of people on here had to learn. I look back at my spends the first month I kept a record and it's horrible. I had so many things that I thought were 'essential' and really weren't.
Good luck
LDg

AliceBanned

Hi LittleDutchGirl

Thanks for this. My SOA isn't quite right at the mo. I paid £200 for a payday loan from this month (quicker than I had to pay it but to save on interest). I don't think I've included the credit union loan payments either £330pm at the mo!:eek:

I will re-do it. I am using YNAB but had to stop for a while as it is so confusing with all my different cards, charges on accounts etc. I think you will probably know what I mean - I keep trying to get clarity but the panic and stress makes it even harder.

Also my outgoings only got lower during August - by quite a lot £100 off my mortgage and £40 off mobile phone from before.

I think at the mo I'm paying off too much on the cards and that is leaving me short, so I've cancelled a few DDs and will pay manually. I've asked for them all to send me paper statements so that I don't miss any payments. I'll post a new SOA shortlyas it will help me to check everything. The main thing is struggling to keep to around £80pm on groceries and the travel costs, which although I can keep lower, it gives me a 12 hour day so has a knock-on effect. I haven't spent on anything additional this month though and have had these refunds so hopefully next month will be easier, or if not I might contact one of the credit unions and ask whether the repayment can be lowered.

LittleDutchgirl

Hi Alice
Totally get where you are coming from but you can get on top of it. When you do the view is so much better.
I was in a situation where every bill that came through the door was a surprise and wondering how I would pay it. Mostly it was because i was disorganised and getting everything together in spreadsheets really helped me get on top of things. I have one current account, several savings accounts and I eventually managed to move all my CC debt onto two 0% cards. That might not happen immediately but try closing a CC and you'll be surprised how the offers start to roll in. I discovered that I was in credit with utilities and claimed back fees for a packaged bank account that really helped. Then I set a budget and pretty much stuck with it. The first months were hard but you get used to budgeting and living frugally. It's important not to be too harsh on yourself as that just means you end up getting frustrated and blowing money on something you don't need. I picked up late payment markers because I was so badly organised that will be with me until 2018. You do have the time to get organised and you can get on top of this.
Good luck
LDg

AliceBanned

LittleDutchgirl wrote: »

Hi Alice
Totally get where you are coming from but you can get on top of it. When you do the view is so much better.
I was in a situation where every bill that came through the door was a surprise and wondering how I would pay it. Mostly it was because i was disorganised and getting everything together in spreadsheets really helped me get on top of things. I have one current account, several savings accounts and I eventually managed to move all my CC debt onto two 0% cards. That might not happen immediately but try closing a CC and you'll be surprised how the offers start to roll in. I discovered that I was in credit with utilities and claimed back fees for a packaged bank account that really helped. Then I set a budget and pretty much stuck with it. The first months were hard but you get used to budgeting and living frugally. It's important not to be too harsh on yourself as that just means you end up getting frustrated and blowing money on something you don't need. I picked up late payment markers because I was so badly organised that will be with me until 2018. You do have the time to get organised and you can get on top of this.
Good luck
LDg

Thanks that's so helpful and encouraging. Do you mean you closed CCs when there was still a balance on them?

I am going to pay off the Littlewoods and La Redoute but I have £200 to pay on those combined. Then I will close them. I have closed the Halifax card. I am close to the limits on all my cards but am considering closing the Barclaycard as well. Those are the two I owe the most on. I think in a few months' time I will be turning a corner so I need to get through this difficult bit where I do run out of money and panic.

So far I have no late payments but my water bill has not been paid and that is £60. I may have to pay that on the Cap one card. Only a week until payday so I am not doing too badly considering the outgoings I've had.

AliceBanned

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1919
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1919
Monthly Expense Details
Mortgage................................ 278
Secured/HP loan repayments.............. 0
Rent.................................... 343
Management charge (leasehold property).. 100
Council tax............................. 81
Electricity............................. 20
Gas..................................... 27
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 5
Mobile phone............................ 12
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 3.5
Groceries etc. ......................... 85
Clothing................................ 15
Petrol/diesel........................... 30
Road tax................................ 19
Car Insurance........................... 19
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 145
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 27
Presents (birthday, christmas etc)...... 8
Haircuts................................ 15
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 5
Total monthly expenses.................. 1344.5

Assets
Cash.................................... 0
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 1200
Other assets............................ 0
Total Assets............................ 81200

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 50500....(278)......1.99
Total secured & HP debts...... 50500.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Halifax CC.....................3100......50........19.9
Barclaycard CC.................3300......85........14.9
Cap 1 x1.......................850.......8.........0
Credit union payday............220.......110.......41
Credit union 1.................350.......163.......30
Credit union 1.................938.......70........14
First Direct overdraf..........500.......0.........0
M& S Bank overdraft............500.......0.........0
First Direct...................1960......60........18.9
Co op CC.......................2499......40........6
Cap 1 x 2......................980.......10........34
Total unsecured debts..........15197.....596.......-

Monthly Budget Summary
Total monthly income.................... 1,919
Expenses (including HP & secured debts). 1,344.5
Available for debt repayments........... 574.5
Monthly UNsecured debt repayments....... 596
Amount short for making debt repayments. -21.5
Personal Balance Sheet Summary
Total assets (things you own)........... 81,200
Total HP & Secured debt................. -50,500
Total Unsecured debt.................... -15,197
Net Assets.............................. 15,503
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

With some changes and I've added the loans I forgot to add the first time.

mary_hinge

AliceBanned wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1919
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1919
Monthly Expense Details
Mortgage................................ 278
Secured/HP loan repayments.............. 0
Rent.................................... 343
Management charge (leasehold property).. 100
Council tax............................. 81 is this 10 payments or 12?
Electricity............................. 20
Gas..................................... 27
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 5
Mobile phone............................ 12
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 3.5
Groceries etc. ......................... 85
Clothing................................ 15 do you need this every month?
Petrol/diesel........................... 30
Road tax................................ 19
Car Insurance........................... 19
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 145 alongside car costs?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15 if you don't have a prepayment certificate already maybe worth checking if it would be cheaper
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 27 what's this?
Presents (birthday, christmas etc)...... 8
Haircuts................................ 15 you can't afford this, check out your local training college they maybe cheaper
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 5
Total monthly expenses.................. 1344.5

Assets
Cash.................................... 0
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 1200
Other assets............................ 0
Total Assets............................ 81200

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 50500....(278)......1.99
Total secured & HP debts...... 50500.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Halifax CC.....................3100......50........19.9
Barclaycard CC.................3300......85........14.9
Cap 1 x1.......................850.......8.........0
Credit union payday............220.......110.......41ouch!
Credit union 1.................350.......163.......30 ouch!
Credit union 1.................938.......70........14
First Direct overdraf..........500.......0.........0
M& S Bank overdraft............500.......0.........0
First Direct...................1960......60........18.9
Co op CC.......................2499......40........6
Cap 1 x 2......................980.......10........34 ouch!
Total unsecured debts..........15197.....596.......-

Monthly Budget Summary
Total monthly income.................... 1,919
Expenses (including HP & secured debts). 1,344.5
Available for debt repayments........... 574.5
Monthly UNsecured debt repayments....... 596
Amount short for making debt repayments. -21.5
Personal Balance Sheet Summary
Total assets (things you own)........... 81,200
Total HP & Secured debt................. -50,500
Total Unsecured debt.................... -15,197
Net Assets.............................. 15,503
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

With some changes and I've added the loans I forgot to add the first time.

Hope that helps although your SOA is very trim anyway. Any chance of upping your income? survey rewards/loyalty points for entertainment and presents?

AliceBanned

Thanks Mary Hinge. In answer to your comments/questions:


Council tax - yes this is over 12 months
Clothes - I can change to 0 at least for a few months
Yes I need to use public transport and car to get to work. I commute into London so it is expensive.
Medical - includes dentists -I've allowed enough for 2 check-ups and a filling or two plus my prescription which is only about £3.50pm as I don't take it all month.
£27 is for boiler repair - it is only for 12 months then I will cancel. I had to commit to it as my boiler went wrong and it would have cost me quite a bit if I had called out a tradesman.
Re the interest rates - I am paying everything down so will pay the higher interest ones first..then hopefully in a few months shift the debts to cheaper credit.

AliceBanned

I have signed up to a market research company but haven't been chosen for any of their sessions (about £50 per hour or two).


I haven't tried the surveys.. can you recommend any in particular?


Am thinking of getting a weekend job actually, as I won't be doing much over the next few months anyway..I agree upping my income would really help!