And so the journey begins !. My SOA ouch ! 15 October 2007 at 5:27PM in Debt free diaries 4 replies 1.3K views

BFDPAUL

Evening all, as promised my S.O.A. Looks worse written down but here we go .

Income :

£1300-£1900 Net. Can vary i,m self-employed.


Outgoings :

£455 Mortgage (19 years left )
£395 Car loan (Bal £20454 , 32 x £395 at 10.6%)
£255 Personal loan (Bal £7923 , 31 x £255 at 10.9% to go)
£243 Flexiloan (Bal £4995, Rolling account and £243 min pay.) 16.8%
£145 Credit card (Bal £5822 at 14.9%, £145 min at moment)

£70 Council Tax
£28 Water
£33 Life/Critical Illness Insurance
£11.60 Tv Licence
£40 TV/Phone/Broadband/Mobile
£12 Gas
£10 Electricity
£70 Petrol/Diesel
£16 Denplan
£60 Social Life
£28 Buildings/Contents
£45 Food
£20 Life Saver Fund (just started £40 Balance, !!)
£40 Car Insurance

There you have it warts and all. All advice welcome and suggestions taken on board. Be gentle , i am a newbie and bruise easily :rotfl: . But seriously thanks for your time.


Best wishes you tight sods !!:rotfl: :rotfl:

lunar

hi, welcome to the board. im sure you will get loads of useful suggestions. Do you actually use the denplan you pay for. i had it for a while but never made the most of it.

i would prob use the life saver money for my debt as it will get rid of more interest than it will earn but i think thats pretty individual.

gook luck and keep posting

Burlesque_Babe

Have you snowballed your debts to give you a date to work towards (and work towards bringing closer?)

Car insurance - can you get any cheaper, through confused.com?

Are you signed up for quidco, greasypalm, pigsback?

Is the food correct? £45 a month? That's excellent if it is!!

How is your credit rating? If it is good, it might be worth looking at moving the CC onto a 0% deal. Nat West are doing 13 months at 0% and Mint are doing 12 months.

postingalwaysposting

BFD/PAUL wrote: »

Income :

£1300-£1900 Net. Can vary i,m self-employed.


Outgoings :

£455 Mortgage (19 years left )
£395 Car loan (Bal £20454 , 32 x £395 at 10.6%)
£255 Personal loan (Bal £7923 , 31 x £255 at 10.9% to go)
£243 Flexiloan (Bal £4995, Rolling account and £243 min pay.) 16.8%
£145 Credit card (Bal £5822 at 14.9%, £145 min at moment)

£70 Council Tax ~ are you living alone is this with single persons discount?
£28 Water
£33 Life/Critical Illness Insurance ~ Cheaper if you move it?
£11.60 Tv Licence
£40 TV/Phone/Broadband/Mobile
£12 Gas
£10 Electricity
£70 Petrol/Diesel ~ can you lower this at all? Even if its juust a little?
£16 Denplan
£60 Social Life
£28 Buildings/Contents ~ Same as life isurance ~ can you get it cheaper elsewhere?
£45 Food ~ Wow well done :T
£20 Life Saver Fund (just started £40 Balance, !!) ~ if you have just started this can it be scrapped?
£40 Car Insurance ~ As with the buildings/contents

Hi paul :hello: my observations/suggestions are above...

your incomings are £1300 ~ £1900 per month and your outgoings are £1976.60 so even if you make your max per month you still have a shortfall of £76.60 per month that doesnt include day to day spend either. Maybe you need to look at your tv/phone and your sociallising too :cool:

Take care and i wish you good luck on your debt free journey :T

savvykaz

Hi Paul and welcome,

Just a question re. the car loan - you say that the outstanding balance is £20,454 and that there are 32 more payments of £395. If these figures are correct then 32 x £395 only = £12,640
Can you honestly justify driving such an expensive car on your salary? If you sold and down-sized then this would free up £395 per month (and possibly lower insurance and fuel too;) )