SOA Please take a look.

flippin36

Please take a look. We are wanting to pay off our debts as fast as possible. Any advice would be greatly appreciated. A lot of debt but good news is that so there is no interest on any of it so far. Any suggestions on budget and attack strategy? TY so much.


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1931
Partners monthly income after tax....... 575.8
Benefits................................ 137.6
Other income............................ 166.66
Total monthly income.................... 2811.06

Monthly Expense Details
Mortgage................................ 684
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 123
Electricity............................. 24.6
Gas..................................... 24.6
Oil..................................... 0
Water rates............................. 62
Telephone (land line)................... 19
Mobile phone............................ 10
TV Licence.............................. 13
Satellite/Cable TV...................... 5.99
Internet Services....................... 0
Groceries etc. ......................... 450
Clothing................................ 50
Petrol/diesel........................... 80
Road tax................................ 16.66
Car Insurance........................... 20.83
Car maintenance (including MOT)......... 41.66
Car parking............................. 0
Other travel............................ 46
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 4.5
Contents insurance...................... 4.5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1820.34


Assets
Cash.................................... 1500
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 252500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 71000....(684)......2.79
Total secured & HP debts...... 71000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................4541.85...100.......0
credit card....................4550......350.......0
credit card....................6771.71...70........0
credit card....................2710......100.......0
credit card....................4807.57...131.......0
credit card....................848.8.....31........0
credit card....................1000......100.......0
Total unsecured debts..........25229.93..882.......-


Monthly Budget Summary
Total monthly income.................... 2,811.06
Expenses (including HP & secured debts). 1,820.34
Available for debt repayments........... 990.72
Monthly UNsecured debt repayments....... 882
Amount left after debt repayments....... 108.72

Personal Balance Sheet Summary
Total assets (things you own)........... 252,500
Total HP & Secured debt................. -71,000
Total Unsecured debt.................... -25,229.93
Net Assets.............................. 156,270.07

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

thriftylass

flippin36 wrote: »

Please take a look. We are wanting to pay off our debts as fast as possible. Any advice would be greatly appreciated. A lot of debt but good news is that so there is no interest on any of it so far. Any suggestions on budget and attack strategy? TY so much.


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1931
Partners monthly income after tax....... 575.8
Benefits................................ 137.6
Other income............................ 166.66
Total monthly income.................... 2811.06

Monthly Expense Details
Mortgage................................ 684 why is this so high if you only have 71k left to pay on 2.79%?
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 123
Electricity............................. 24.6
Gas..................................... 24.6
Oil..................................... 0
Water rates............................. 62 metered?
Telephone (land line)................... 19
Mobile phone............................ 10
TV Licence.............................. 13
Satellite/Cable TV...................... 5.99
Internet Services....................... 0
Groceries etc. ......................... 450 How old are the kids, there might be scope for savings here, check the grocery challenge etc
Clothing................................ 50
Petrol/diesel........................... 80
Road tax................................ 16.66
Car Insurance........................... 20.83
Car maintenance (including MOT)......... 41.66
Car parking............................. 0
Other travel............................ 46
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 4.5
Contents insurance...................... 4.5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0 nothing? no trips to the cinema, days out etc
Holiday................................. 50
Emergency fund.......................... 0 try and save at least a little here, 20-50 quid/month that will cover a washing machine etc should they break
Total monthly expenses.................. 1820.34


Assets
Cash.................................... 1500 I guess this could be your emergency fund
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 252500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 71000....(684)......2.79
Total secured & HP debts...... 71000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................4541.85...100.......0
credit card....................4550......350.......0
credit card....................6771.71...70........0
credit card....................2710......100.......0
credit card....................4807.57...131.......0
credit card....................848.8.....31........0
credit card....................1000......100.......0
Total unsecured debts..........25229.93..882.......- which card's 0% runs out first, try to clear that the quickest, which card will go to the highest % after the 0% deal, try to clear that quick too, try a snow ball calculator.


Monthly Budget Summary
Total monthly income.................... 2,811.06
Expenses (including HP & secured debts). 1,820.34
Available for debt repayments........... 990.72
Monthly UNsecured debt repayments....... 882
Amount left after debt repayments....... 108.72 really?

Personal Balance Sheet Summary
Total assets (things you own)........... 252,500
Total HP & Secured debt................. -71,000
Total Unsecured debt.................... -25,229.93
Net Assets.............................. 156,270.07

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Good luck, I'm sure more will be along shortly with advice

enthusiasticsaver

It looks like if you continue with the payments as they are and all the 0% deals remain at 0 then you will be debt free in 28 months which is not too bad. You could trim the groceries a bit if you meal plan and use Lidl or Aldi and I would suggest you either save the spare £100 in your emergency fund or put it towards the debt which will shave 3 months off the repayment period. I would either pay off the smaller cards first and then snowball or tackle the ones which have the 0% interest deals finishing soonest.

As you say your saving grace is that they are all on 0% but still a lot of money to spend on unsecured debt every month. Just think of how much spare income you will have in 2 years time. How did the debt accrue?

tallyhoh

Head over to the old style saving board for tips on how to cut your grocery bill, you could shave at least £100 a month. Water rates are high, are you on a meter?

Have the credit cards been spent on anything specific or just general over spending? if its just overspending you need to address the cause.

TBH the rest of your SOA looks ok to me.

flippin36

Thank you. Wow quick response.

The debt has accumulated over about 5 years. We put our expenses on the 0% deals and overpaid the mortgage. Now the debt has become scary we are trying to pay it off FAST so we don't get stuck.

Good news is that the 0% deals are not finishing for another 18 months (except one which is towards the end of the year. Hoping to balance transfer this - if not my parents have offered to loan us the money).

If we really hammer the debt down without paying any interest - in theory - we will have saved a lot on mortgage interest. In hindsight not a good idea though.

Karonher

Food is the only thing that seems high. Even if you cut back for 6 months and put the money aside in case the 0% run out it will be a help.

flippin36

thriftylass wrote: »

Good luck, I'm sure more will be along shortly with advice

Hi
Mortgage I made a mistake £71,570 @ £676.75
4 sub mortgages 2.79, 1.94, 1.94, 2.79 - all fixed (this is accurate figures from the mortgage company as of last month).

We are not metered but pay water rates.

Entertainment - during the holidays this will come out of 'holiday fund' for the kids. When we go out it tends to be for a meal in a cheapish pub with friends or relatives and comes under grocery budget (food and drink).

Groceries - we can definitely cut down on this. We cook everything from scratch and are all veggie. I think it may be dropping sainsburys and shopping at Aldi. Already do handbasket shopping at Aldi but could do more. My kids are hungry teenagers. Me and the OH are just greedy beggars. Lol.

KxMx

I'd suggest keeping a spending diary, there are apps, spreadsheets or good old fashioned pen & paper. Whether that's petrol on the CC, a direct debit out of bank account, £2 cash given to one of the kids, a newspaper, takeaway coffee etc it all goes down.

It can be very surprising to see in black & white just how much is going out, makes you more aware of each £ & can be very motivational to not spend.

I started mine a little over a year ago & it was meant to be temporary. It's proved itself so valuable it's now a permanent feature of my financial management. I'd have sworn up and down before I started I couldn't make my money go further but I was totally wrong. The SD allows me to see in real time the state of my finances, and ask myself questions like "Do I go down the shop and spend a fiver, or shall I allocate it to next night out" etc.

I am also saving every month which was one of my goals for starting.

fatbelly

Doesn't look too bad. But I agree with a bit of care over the expenses you can probably get this cleared in 18 months.

I thought the car maintenance seemed a bit high at £500 for the year, but it is a £1k car. Maybe ask on the cars board if you have any expensive issues. Similarly do plenty of shopping around and working through the guides on here when the insurance renewal comes around.

Anything you can buy through Quidco or Topcashback, do so.

Council tax? On 10 payments? You can throw a bit more at your debts in Feb and March, then go to 12 payments in April.

theoretica

I only suggest this bacause you say you have been overpaying the mortgage and now perhaps wish you hadn't borrowed so much to overpay it. If this accounts for all your unsecured debt you will have overpayments of at least that much. Could you reclaim some of the money from the mortgage if you wanted to? Perhaps as a payment holiday?

flippin36

theoretica wrote: »

I only suggest this bacause you say you have been overpaying the mortgage and now perhaps wish you hadn't borrowed so much to overpay it. If this accounts for all your unsecured debt you will have overpayments of at least that much. Could you reclaim some of the money from the mortgage if you wanted to? Perhaps as a payment holiday?

Thank you. I see what you are saying. We are, in fact, meeting payments on everything well (the minimum I have put down isn't actually the minimum but what we pay monthly). So I think we pay £880 on our payments with £109 for any hiccups on our budget. So we are not struggling like some, but would like to pay it off FAST! with extra!!

I am looking into extra work September. But I needed to know if our budget was normal/frugal/way too much.

Hope that makes sense