Help needed - SOA provided

will369

Hi guys,

I really want to sort my debt out. What is the best way to tackle this? I presume it’s to just not waste any money and pay off as much as I can? I don’t go out much, but will I have any money left to socialise? I hope so

I just need a plan on how to get this sorted and paid off.

Please see below.

Thanks guys


Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 693
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 108
Clothing................................ 0
Petrol/diesel........................... 43
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
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)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Bank charges............................ 8
Pension................................. 10
Total monthly expenses.................. 932

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Old phone contract.............600.......130.......0
Barclays Credit card...........1800......50........18.9
Loan...........................3700......156.3.....24.9
Total unsecured debts..........6100......336.3.....-

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including HP & secured debts). 932
Available for debt repayments........... 468
Monthly UNsecured debt repayments....... 336.3
Amount left after debt repayments....... 131.7
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,100
Net Assets.............................. -6,100
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


I hope I have covered everything.

Thanks again, any advice would be appreciated

ShakeItOff

Hi!

Welcome!

One thing I noticed is that you haven't declared a car, but have money aside for fuel. If you do have a car, don't forget about car tax, insurance or maintenance charges too.

Just a couple of other comments:
£20 for hair cuts a month - not bad, but can you reduce to every other month, or find a cheaper place (I remember super cuts always used to be cheap). Can you go for a dry cut, instead of wet?

You haven't put in for any electricity, gas, water or council tax - does your rent cover all of this? What about internet, TV licence?

I'd say your mobile phone bill looked quite high - have you got a chance to update your tariff or go to a pay as you go mobile?

will369

ShakeItOff wrote: »

Hi!

Welcome!

One thing I noticed is that you haven't declared a car, but have money aside for fuel. If you do have a car, don't forget about car tax, insurance or maintenance charges too.

Just a couple of other comments:
£20 for hair cuts a month - not bad, but can you reduce to every other month, or find a cheaper place (I remember super cuts always used to be cheap). Can you go for a dry cut, instead of wet?

You haven't put in for any electricity, gas, water or council tax - does your rent cover all of this? What about internet, TV licence?

I'd say your mobile phone bill looked quite high - have you got a chance to update your tariff or go to a pay as you go mobile?

I dont have a car, I pay my car share petrol.

I dont have to pay any of the following

"You haven't put in for any electricity, gas, water or council tax - does your rent cover all of this? What about internet, TV licence?"

will369

I dont really want to reduce my hair cut....and I have phoned EE and I cant lower my phone contract

ShakeItOff

[STRIKE]Could you look at chopping the Barclaycard up (or freezing it, or whatever) and putting the £35 per month onto the loan amount? Then in 4/5 months time, snowball the mobile phone payment onto the loan payment? [/STRIKE]

Does your loan have any early repayment charges? I have a Natwest loan which would charge me for repaying early, though terms are more favourable in the last year.

anna_1977

what about presents? Are you buying any this Christmas?

You listed your Barclaycard as £0 balance but a mthly payment of £35?

How about whacking an extra £100 onto the loan a month?

will369

anna_m wrote: »

what about presents? Are you buying any this Christmas?

You listed your Barclaycard as £0 balance but a mthly payment of £35?

How about whacking an extra £100 onto the loan a month?

Christmas is all sorted this year, plus I have money for NYE.

I will start clearing this debt in the 2nd week of Jan.

the balance is £1800....

ive updated it

thriftylass

Sth doesn't make sense, there is 2 adults and one child, but the SOA just seems to be for you? No child benefit, tax credits etc. Or is that how your partner covers electricity, council tax etc. Also only 108 for groceries is impressive or is this only your half of the bill. What about insurances, entertainment, emergency fund....

Good luck

will369

thriftylass wrote: »

Sth doesn't make sense, there is 2 adults and one child, but the SOA just seems to be for you? No child benefit, tax credits etc. Or is that how your partner covers electricity, council tax etc. Also only 108 for groceries is impressive or is this only your half of the bill. What about insurances, entertainment, emergency fund....

Good luck

As in there are 2 other adults in my house.

All the debt is mine, no one else’s.

Yes, 108 is all I pay for food, 25 a week, I contribute.

And entertainment…..as in going out drinking? It varies….maybe once a month…maybe twice a month…..

Meals with friends varies….could be once a month…all depends

ShakeItOff

Rather than "it all depends", is there a way you can budget for it? Do free things instead maybe?

will369

ShakeItOff wrote: »

Rather than "it all depends", is there a way you can budget for it? Do free things instead maybe?

firstly I need to work out how much I have left a week to spend on entertainment etc?

Do you know what that is?

Thanks