My SOA for a quick perusal. Help me cut it down.

Legacy_user

As has been suggested, I've redone my SOA. It's embarrasing but it may help me a bit

Income:
Take Home Pay (Monthly) 1720 - Pay rise to £30,000 imminant in December. Not included atm
Outgoings:
Mortgage £459.07 pcm, fixed for another 3-4 years. Unsure of exact APR atm.
Pension - just started - ~ £120 pcm
C Tax £110
House Insurance £22.89 pcm
Water £24.50
Gas £25
Electric £37 pcm
Pet food & Litter - £25 pcm
TV Licence £32 quaterly, so £10.60 pcm
Petrol £40
Food - GF Pays for this
Life Term Assurance £14 pcm
Phone/BB/TV £30 pcm

Debts:
Egg Loan £77.00 pcm, 3,460.40 owing. Fixed at 7.66%
NR Loan, £97.00 pcm, approx £7,000. Rate fixed at 9.9%
MBNA Card £40 pcm, approx £2300 owing. Unsure of rate
NR Card, £55 pcm, approx £2500 owing. 9.9% fixed for life of card
MS Card, £55 pcm, approx £1950 owing, 18%ish APR.
Virgin Mobile, £30 pcm, 9 months left on contract.
Laptops, £55 pcm, 46 months left, 21.1%
Car purchase £155 pcm, 48 months left, 8%. HOWEVER GF paying this, not me.

Total: 1326

Leaving £393 pcm, excluding spends. Any ideas ?

thecornflake

13000 wrote: »

Leaving £393 pcm, excluding spends. Any ideas ?

Good SOA, but what have you excluded here? You need to account for everything - takeaways, clothes, christmas etc before you can plan spending money on paying off some of your debts.

Your electric bill looks a bit high.

Have you looked in snowballing the credit cards, or transferring some from the higher rate ones onto the lower ones (if there's any spare balance on them)?

redballoon_2

do you need to buy litter? i know this can be expensive

Jacks_xxx

So you pay the mortgage and all the bills, and your gf pays for the shopping?

My first suggestion is a cheeky one then... Get the pet food and cat litter included in the shopping budget freeing up another £25 that you can throw at your debt.

(Are you wincing and saying "Oh No I couldn't possibly" at this point? Perhaps you could add up what you pay versus what she pays? Do it as a % of your and her earnings if you like... )

My next suggestion is to input your debts in the snowball calculator (You'll need the exact interest rates) and find out exactly how long you're going to be paying off all these debts for...

It'll also tell you which ones to hit first - - it looks like maybe you're just paying the minimums which is financial craziness - which didn't stop me doing it for 20 years .:rotfl: (Yeah. I know better now.:D )

You might also want to use the snowball to see how much faster you could be out of debt of you threw the £120 you're paying into a pension fund at the debt instead...

www.what'sthecost.co.uk

A 0% interest cc would be handy about now if you could get one. (Sky Card just gave me one and I don't have much of an income at all, and £36,000 of joint debt)

That's all I've got for now hon, apart from where does the missing money not accounted for go? It's always interesting to know even if you don't plan on changing that right now. (Later on in the DFW process you might.)

Love Jacks xxx

System

Hi everyone, cat litter is actually included, but it was a guestimate on my part . Jacks I know exactly what you are saying! It is the source of much friction because she claims she cannot shop for 2 of us and the pets for less than £50 a week. I find that to be quite amazing, but then looking at what she puts in the trolley as essential is quite amazing also. Basically I end up buying everything except the food. I dont quite think she has grasped the concept of economising.. That can be tonights discussion

As for 0% cards, not a chance, my credit rating has been relatively poor of late (you know its bad when Black horse loans ? offer a loan of several thousand at 29.8% apr.)

Also Cornflake is right, I need to sort out Xmas too, as well as *some* spending money. Will update that one in a bit

CharliesAngel

agree with Jacks xxx...

also 24.50 a month for water? Do you have a meter fitted? If so, would you be better off without it and vice versa...

120 a month pension? could you temporarily halve your contribution and shove £60 at debts?

What are your limits on your cards and could you do some shuffling to the lower APR's?

chevalier

Sorry I am not getting this somehow.
Why are you paying ALL of the bills and mortgage, and you GF ONLY paying for the food? Is there a massive pay differential between you? Surely she should be paying either half of all the utility bills, or else a proportion based on your incomes. If she is only paying out £200 is for food, then seems to me a very good deal!

By the way £50 a week for 2 plus a cat isn't that bad...
chev