Dinah dog bites back

Dinah_dog

Hi - I would be really grateful for some help sorting out my current position. Here is my Soa and I will post some details below, many thanks


Updated SOA
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household.........
Number of cars owned.................... 3
Monthly Income Details
Monthly income after tax................ 1844
Partners monthly income after tax....... 1050
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2894
Monthly Expense Details
Mortgage................................ 205
Secured/HP loan repayments.............. 65.25
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 86
Electricity............................. 35
Gas..................................... 0
Oil..................................... 60
Water rates............................. 39.53
Telephone (land line)................... 0
Mobile phone............................ 95
TV Licence.............................. 12.15
Satellite/Cable TV...................... 0
Internet Services....................... 22.44
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 53
Car Insurance........................... 55
Car maintenance (including MOT)......... 60
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 55
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 11.47
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 50
Emergency fund.......................... 50
Total monthly expenses.................. 1614.84

Assets
Cash.................................... 100
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 102100

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 67000....(205)......0
Secured Debt.................. 10000....(65.25)....0
Total secured & HP debts...... 77000.....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Vanquis credit card............2500......150.......NaN
Barclaycard....................5400......120...... .0
Capital one....................1700......70........0
Bank of Scotland...............8000......40........0
Step change DMP................11000.....200.......0
Total unsecured debts..........28600.....580.......-

Monthly Budget Summary
Total monthly income.................... 2,894
Expenses (including HP & secured debts). 1,614.84
Available for debt repayments........... 1,279.16
Monthly UNsecured debt repayments....... 580
Amount left after debt repayments....... 699.16
Personal Balance Sheet Summary
Total assets (things you own)........... 102,100
Total HP & Secured debt................. -77,000
Total Unsecured debt.................... -28,600
Net Assets.............................. -3,500

Dinah_dog

Just to update you on more details for my SOA - my daughter is at home having finished University - it has been difficult as she has been unwell with serious mental health issues and has needed a lot of support but seems a lot better recently and is due to start a job Monday so will be able to help a little with food and pet care costs (they are both hers!). Also, she is learning to drive and currently we pay 2 lessons each a month - forgot to add these in - so an extra £44 a month for me. She can pay fully when earning.


I have 3 other children and 3 lovely grandkids who have all left home now so don't often need financial support.


Also, the reason we have a 3rd vehicle is that we bought a mpv converted into a camper in Dec 16 for £950 to use for cheap holidays for the next couple of years. Unfortunately it means that we have to pay tax and insurance on a third vehicle now - may decide to get rid of one of the cars when the insurance runs out to reduce costs. Our mortgage is on interest only as we changed it temporarily due to a job loss and the mortgage company are no longer lending so wont change it back. Our house is non standard construction so very difficult to get a mortgage on. We have been advised to overpay the £2000 a year we can and save the rest in an account which we have to give notice on to keep it safe and save further mortgage fees. Thanks and sorry for the essay!! (one of the reasons the posts are a bit messy is that I joined someone elses diary and was advised it may be best to start my own so I have cut and pasted - all in now I think .

Dobbibill

Amount left after debt repayments....... 699.16

According to your SOA, you should have this left?

Assets
Cash.................................... 100

You need to find out where the surplus money is going. Maybe keep a spending diary for a few weeks or revisit your bank statements.

An accurate SOA normally needs tweaking a few times after the first draft to get it spot on.

Dinah_dog

Hi Dobbibill


Yes, that's right so we are fortunate to have money remaining to pay off our debts and need to be more disciplined now. Also, hopefully my daughters work will go well and she can put some money into food and animal care.


I agree a spending diary is a plan - I started one on my phone yesterday but maybe it will be easier to keep a note book and use a spreadsheet?


Thanks for looking at my SOA and the advice - much appreciated.

tealady

£95 for mobile bill. Is that for more than one? When do the contracts end.

Dinah_dog

Hi tea lady - its for 4 phones but will be dropping soon. My daughters contract will end in March and she can then pay for her own. I also pay a sim only one for my unemployed son at present but hopefully he can pay his too soon - he is awaiting spinal surgery so things are a little difficult for him. We are planning to just have sim only deals when all the contracts are ended as its a shocking amount to be paying out for phones. Thank you

kindofagilr

Hey Dinah

If you have nearly £700 left each month after all your payments have gone out then I think you are going to ace paying your debt off

Have you had a look at the challenges? I have signed up for the 'pay off all your debt by christmas' thread, I did it last year too, it's a good motivator, I don't use it as a pay it all off, I use it as pay at least a certain amount off (as do a lot of other people). it was £7000 for me last year, and I am aiming for £10,000 this year

Good luck on your journey xx

Allotrope

I'm fairly new so won't offer advice on your SOA - sure more experienced folk will be along soon, but I wanted to wish you luck!

Dinah_dog

Thank you both and yes the challenges may be a good idea for me. My husband and decided yesterday to have a year of austerity this year - I'm glad he is on board too it makes life much easier - I think that may make us look at everything we are spending and help us realise where we are going wrong x

ReadingTim

Dinah_dog wrote: »

Mobile phone............................ 95
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 200
Pet insurance/vet bills................. 55
Life assurance ......................... 11.47
Presents (birthday, christmas etc)...... 100
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 50
Emergency fund.......................... 50

Suggest all of these should be cut back, if not cut out completely, at least until you're back in the black