2nd Attempt at SOA please advise

getmore4less

Don't worry it takes a while to get a hang of SOA.

The key is current debt, payment and term of any fixed payment like HP.

It determines when money if freed up, is there any balloon payment on the car?

getmore4less

Is your partner subsidising the employer running a car happens a lot with care work.

fishfinger1

getmore4less wrote: »

Don't worry it takes a while to get a hang of SOA.

The key is current debt, payment and term of any fixed payment like HP.

It determines when money if freed up, is there any balloon payment on the car?

no theres no final payment on the car it was a straight 5 year finance which finishes in 3 years

fishfinger1

getmore4less wrote: »

Is your partner subsidising the employer running a car happens a lot with care work.

she gets no fuel allowance from her employer, shes claims the tax back every year which is normally about £900 so were going to use that to pay off the argos card in April

fishfinger1

Anybody got some advice on the best way to sort the cc debt only the Lloyd's and nationwide are on 0%

[Deleted User]

fishfinger1 wrote: »

I thought I had to put the amount we borrowed on the soa

Put the current amount remaining under "HP", and the current value under "Assets".

ERICS_MUM

You've spent a fair bit on the credit cards, is there anything of value that you could sell to pay off a chunk on the highest interest card ?

triple_choc_chip

I have to say that I don't think your gas and electric are high, I have a new, well insulated house and I can't do much better than that even though I keep the thermo on 18*. It doesn't take much to spend £50 on activities for kids if they do a club each and I presume that's haircuts for the whole family? If so, less than £10 per mth per person isn't bad. I think your food bill is low to feed 4 people too, well done if this is accurate.

The mobiles are the biggest unnecessary expense, sometimes you can drop a tariff once you're more than 3 mths into the contract, could be worth a phone call.

You have so many unsecured debts, these didn't appear overnight so as well as focussing on paying down spend some time reflecting on how they came about. Changing habits is as important as repaying and will ensure you stick to your plan. Jot all spending down each day - just in a pocket diary - it's enlightening when you see where the odd pounds go and how they add up.

Regarding the credit cards, focus all overpayments on the card with the highest APR. You've said three accounts are in arrears, do they charge a fine? If so get these up to date first. Others on here have reported that barclaycard has agreed to change their rate to 6.9% life of balance, I don't know what the criteria is but again it may be worth a phone call.

It's often been said that tackling a large debt is like stopping a juggernaut before turning it around. Aim not to increase the debt anymore and see this as your first success. Then throw any savings / overpayments at the same debt so that you can see the difference it makes.

Anyway, I'm writing too much, good luck and I will subscribe because I'm hoping you will suceed.

Debtslayer

fishfinger1 wrote: »

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2[/B]
Monthly Income Details
Monthly income after tax................ 1362.83
Partners monthly income after tax....... 1135
Benefits................................ 147.33
Other income............................ 0
Total monthly income.................... 2645.16[/B]
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 167.6
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 136 - Is this over 10 months or 12? You could change this to 12 if currently over 10 while you get yourself straight financially
Electricity............................. 35 - Check comparison sites to see if you could get cheaper (if not in contract)
Gas..................................... 37 - Check comparison sites to see if you could get cheaper (if not in contract)
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 17.99
Mobile phone............................ 80 - You've said these are contract until October; so look to change to Sim only when contract up
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10 - Try to get this and landline cheaper if not in contract
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 220
Road tax................................ 30.68
Car Insurance........................... 60 - Always check comparison sites when renewal time is here to make sure you get the best deal
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 25
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 - You should have some of this; mine only costs £50 per year and use cashback sites to get it even cheaper
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70 - This is high and could be cut in half
Haircuts................................ 35 - This seems high for a monthly figure
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1899.27

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 11000....(167.6)....5
Total secured & HP debts...... 11000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................5674......117.5.....0
barclaycard....................6809......150.......0
natwest........................2337......48........0
virgin.........................3776......85........0
nationwide.....................2000......30........0
yorkshire bank.................1700......30........0
barclaycard....................3434......83.8......0
tesco..........................2706......67........0
lloyds.........................3073......30.73.....0
argos..........................950.......50........0
Total unsecured debts..........32459.....692.03....-

Monthly Budget Summary
Total monthly income.................... 2,645.16
Expenses (including HP & secured debts). 1,899.27
Available for debt repayments........... 745.89
Monthly UNsecured debt repayments....... 692.03
Amount left after debt repayments....... 53.86
Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -11,000
Total Unsecured debt.................... -32,459
Net Assets.............................. -42,659

Okay; I've made some suggestions above where you could possibly make some cutbacks.
You need to enter the APR's against each credit card so we can see which are the highest APR's
Do you have any available credit on your 0% cards that you could move some of the high interest debt to?

fishfinger1

ERICS_MUM wrote: »

You've spent a fair bit on the credit cards, is there anything of value that you could sell to pay off a chunk on the highest interest card ?

unfortunately not a fair chunk of it has gone on 10 years worth of car repairs insurance etc, also Chritmas presents