And so the journey begins !. My SOA ouch !

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:

Replies

  • lunarlunar Forumite
    1.8K Posts
    Part of the Furniture Combo Breaker
    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
    DFW NERD NO.656 DEBT FREE 24TH NOVEMBER 2010 TOTAL DEBT AUGUST 2007 £39000
    MFiT T2 NO.56 WE OWN [STRIKE]25%[/STRIKE] 31.5% OF OUR HOUSE SO FAR!
  • 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.
    :D"Stay Wonky":D

    :j:jBecome Mrs Pepe 9 October 2012 :j:j
  • 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
  • savvykazsavvykaz Forumite
    890 Posts
    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 :confused:
    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;) )
    DMP starts June 2012, £38,180.

    Balance June 2015 £26,046 (paid off 32%)

    DMP mutual support thread no 434
This discussion has been closed.
Latest MSE News and Guides

Boost your Nectar points

Get up to £25 this Saturday

MSE News

Preparing for summer

What MoneySaving things can you do now to get ready?

MSE Forum

Hot Diamonds 40% off code

Including already-reduced outlet stock

MSE Deals