My SOA...

missy321

Hi all

I have been looking & getting advice from this site for a couple of years now but only posted a few times...

I thought I would post my SOA and see what anyone can advise me to do..

My oh has just moved jobs from a weekly wage to monthly meaning we wont get his wage until 6 weeks from now & were up to our o/d limits, mine £1,500 his £1,100 - usually these clear with wages, my wage £1,045 his approx £1,750 maybe more with new job as more overtime etc available. I dont think we'l b able to pay most bills this month if I dont get something sorted, was thinking of increasing o/d but dont want it to escallate out of control.. pls help!

Im not in arrears with any bills but my credit rating says poor, think this is due to me applying for cc's a few months back to try sort our overdrafts...

Our outgoings:

Mortgage £720
Council Tax £130
Gas & Elec £65
Mobile Phone £45 (on a cashback scheme)
House phone £20 (need line for internet & sky - dont use for calls)
Cats insurance £7.58 (for both cats)
M & S cc £45 (minimum payment - balance £1,500 used to pay car insurance) 0% until Dec 07
GE CC £110 (min payment - balance £nearly 4K) used for motorbike & gear to go with it so do have something to show!) 0% until Jan 08
Life insurance for both £17.50
Loan £220 per month @ 9.7% over 3 yrs (£6700 borrowed) (2.5 left) for car
Home Insurance B&C £29.00
Water bill £19
Sky basic package £21
DFS Sofa £45 (£850 left to pay) 0%
o/h bike insurance £28 per month

ani*fan

Is there any way your OH could ask for a wage advance from his new employer? It's not unusual for people changing jobs to have this difficulty and some are sympathetic.

Also, could you arrange a mortgage holiday for a month or two? Sometimes you need a lot of notice to do this but it might be worth a try.

Good luck.

Jazzyjeff_2

So am I correct in saying this is your position:
Incomings = £2795
Outgoings= £1504.58
Net= +£1290.42

If this is the case then something must be going drastically wrong somewhere, where is the money going??

Short term measures:
- can you get a 2nd job?
- can you sell things on ebay?
- can you sell a vehicle - car/bike?
- cut shopping drastically until pay day - beans on toast every day?

misspoppy

Hi

the best thing to do this month is to cancel all the direct debits you can and then set them back up once you've got the money, call everyone and explain the situation and see if they can help if not pay the council tax and mortgage and buy food. You will hopefully get a cash advance from your o/h employer but this would get you round the problem in the short term but make sure you catch up once you get paid.

BizzyBek

As JazzyJeff has pointed out the outgoings you have given are much less than incoming yet you are at your overdraft limits so it is a toughie to do but I think you need to go back and expand you SOA to find where the surplus money is going. Sit down with you statements and account for everything. What's missing on that SOA? Nights out? Takeaways? Socialising? Food shopping? Clothing? etc

missy321

Not sure my oh would want to ask his new employer... but will ask him.

yes its right that the incomings are more than the outgoings, its just that one month we had more expenditure which led us to go into o/d's & just not found a way out of them... silly i know.

We took a mortgage payment holiday last month (forgot to mention that) they need 4 weeks notice & it would make our payments around £15 more each month... ideally I would like to put the debt on the mortgage & never get cc's or o/d's again.

I will phone the bill companies asap as I dont want to be in their bad books or arrears..

We have a pretty normal lifestyle, nothing too extravagant! go to local on a friday only spend around £30 only get takeaways every now & then hardly ever... food shopping per week is around £60... which I know is expensive but even when I try to budget it comes to around the same figure...

Can't sell a vehicle need to get about & he wont sell bike I know for a fact..

I was thinkin of going to CAB office - do I need appt? & would they help??