Back again and STILL in debt :( - my new SOA HELP :(

sara_501

Hi Guys

I got engrossed in the new job and conveniently forgot about all the issues surrounding my circumstances, so I've decided to shame myself and post my SOA....let me know what you think


Monthly Incomings:

My salary – £522.35
Working Family Tax credit - £252.00
Child Tax Credit - £179.87
Child benefit - £78.43

Total - £1,032.65

Monthly Outgoings:

Mortgage - £347.76 September followed by monthly payments of £233.23
Council Tax - £69.00
Electricity - £20.00
Gas £4.00
TV/Phone/Broadband – £45.49
Mobile - £86.00
Food - £110.00 est.
Petrol £40.00
Car Insurance £35.00 - paid in full annually
others – £26.00 (hair cuts, birthdays etc)
Car maintenance £41.66 est.
AA membership £3.91 approx.
Holidays: £36.33 est.
TV Licence £11.29 (paid in full annually)
Car Tax £16.50

Total: £ 892.94

The Scary Stuff!!!

M&S &more CC - £1830.19 @ 0% 'til January 2008 (limit £2k) £45.75 per month
Barclaycard Platinum Visa - £0.00 @ 9.9% (limit £1,800)
Tesco Clubcard CC - £81.19 @ 18.9% (limit £2,250)
Alliance & Leicester Overdraft £112.77 @ 0% 'til January 2008 (limit £500)

Total: £2024.15 (Debts)

Total Outgoings: £1132.65
Remaining: -£100.00

I know my situation isn't that bad, but I've gone from being totally solvent to being plagued with bits of debts and disappearing cash (I really don't know where it goes, would keep a diary of spends but I'm not that organised)....welcome any feedback

sara_501

Sorry forgot to mention - I would like to know of ways I can cut back as I would like to start a rainy day fund for myself and my daughter ...

Dumb_Blonde_3

Morning Sara,

Just a few things I can see - your mobile is pretty high - is there anyway you can cut that down? that would clear our A & L overdraft. Also when do your Tesco and Barclaycard 0% expire? is there any reason you are keeping them open? it would look a lot easier if you only had 2 cc/debts open and not 4 even though 2 are at zero !?!?!

juliapenguin

Hi Sara

Your monthly AA membership looks very expensive - I pay about that for a whole year (with a cheaper company obviously, but I've never had any problems).

Julia xx

tealady

Don't forget to use cashback sites when buying insurance/prezzies/whatever. Use pigsback as well, I have had Boots vouchers without spending a penny (takes approx 5 to 10 mins a day). Then I use the vouchers as gifts or buy 3 for 2's (and get Boots points!)

benbenandme

Does your daughters father contribute anything towards the household? Not sure whether you're still together but if not does he pay any maintenance?
In your soa there is nothing listed for car tax / life assurance / contents or buildings insurance or water??
Good luck and keep posting :beer:

sara_501

juliapenguin wrote: »

Hi Sara

Your monthly AA membership looks very expensive - I pay about that for a whole year (with a cheaper company obviously, but I've never had any problems).

Julia xx

Sorry Julia I'm rubbish with facts and figures - you're right that is my annual fee, I've changed my SOA now to show the cost broken down over the course of the year

Thanks!

I'll get there eventually

mrsspendalot

You look like you are doing really well !! Well done!

sara_501

Dumb_Blonde wrote: »

Morning Sara,

Just a few things I can see - your mobile is pretty high - is there anyway you can cut that down? that would clear our A & L overdraft. Also when do your Tesco and Barclaycard 0% expire? is there any reason you are keeping them open? it would look a lot easier if you only had 2 cc/debts open and not 4 even though 2 are at zero !?!?!

My mobile phone bill is the first thing I'm working on - It's £35 per month just for the monthly line rental, but I can do something about my call charges I'm sure. Also the contract is up for renewal in November - can someone advise as to whether I get to keep the number and go PAYG after that? or will I have to get another SIM?

The Tesco CC is at 18.9% and the Barclaycard at 9.9% I've only kept them open as I'm concerned that I wont clear my M&S CC in time for January and was hoping to use one of the other cards 0% balance transfer rates to avoid interest costs.

Also the Tesco CC could be a handy thing to have when I'm back on the straight and narrow (although I don't use it right now) as I'm a regular shopper at Tesco and the CC gets me extra clubcard points.

Am I delusional?

sara_501

benbenandme wrote: »

Does your daughters father contribute anything towards the household? Not sure whether you're still together but if not does he pay any maintenance?
In your soa there is nothing listed for car tax / life assurance / contents or buildings insurance or water??
Good luck and keep posting :beer:

Bit of a sore point to be honest as he doesn't pay any maintenance, before now I was getting nearly £200 a month and when that stopped I found it hard to adjust my spending hence the problems now, I had debts I was expecting to be able to pay off

crikey I totally forgot "car tax / life assurance / contents or buildings insurance or water"

At the moment I don't have a water bill as I've only just got the house so no figures around about that one.

Life assurance/contents/buildings I've gotta arrange sometime in the near future

and my car tax I will add to my SOA cheers hun!:A

mrsspendalot

is he going to start paying maintenance again at some point? have you contacted the CSA? he shouldn't get away with not paying while you are in debt - its just not right!