SOA as promised

t4hodgy100

Ok well here it is, my Soa as promised.

INCOMING

Wages: 275 a week or 1191 a month.
Child Benefit: 72 month.
Working tax: 22 month.
Child tax: 185 month.

Total: 1470 month

OUTGOING

Mortgage: 166 month
Endowment: 54.50 month
Rent: 150 month ( I live in a part rent part buy house )
Gas: 27 month
Electric: 40 month
Sky tv/broadband: 45 month
Council tax: 101 month ( owe 480 from last year cause they messed up our direct debit which we had for the past 8 years )
Phone: 50 quarterly.
Loan: 165 month ( with Northern Rock, 7 years to go )
Pension: 40 month
Settee: 48 month ( interest free, 2 years left )
Curry's: 4.50 month ( insurance for washing machine )
Water: 90 quarterly
Capital one cc: 260 month ( apr is 6.9 i think, limit is 9300, spent 9150 minimum payment )
Tesco cc: 35 month ( apr is 15.9 i think, don't use this card anymore but haven't cancelled it. Pay minimum payment )
TV license: 35.12 quarterly
Mot: 35 yearly
Car insurance: 170 yearly ( we put it on the capital one cc )

All of this adds up to: 1136 month...175.12 quarterly.....205 yearly
which should leave us with 334 month ( but we don't see this cause of the overdraft )

Overdraft limit is 1500, which we are over. We are with HSBC and have been for nearly 25 years.
£25 every time we go over. most is 175 in fees in a month.
Haven't started paying for the arrears in council tax yet.

Shopping: 80/100 week
Plus any extras all come out of the capital one cc.

I hope I have made sense with this, thx all for the encouragement so far.

floss2

t4hodgy100 wrote: »

Ok well here it is, my Soa as promised.

INCOMING

Wages: 275 a week or 1191 a month.
Child Benefit: 72 month.
Working tax: 22 month.
Child tax: 185 month.

Total: 1470 month

OUTGOING

Mortgage: 166 month
Endowment: 54.50 month
Rent: 150 month ( I live in a part rent part buy house )
Gas: 27 month
Electric: 40 month
Sky tv/broadband: 45 month can you cut this down any?
Council tax: 101 month ( owe 480 from last year cause they messed up our direct debit which we had for the past 8 years ) hope Council have agreed to pay over 12m?
Phone: 50 quarterly.
Loan: 165 month ( with Northern Rock, 7 years to go )
Pension: 40 month
Settee: 48 month ( interest free, 2 years left )
Curry's: 4.50 month ( insurance for washing machine ) you probably don't need this....have you ever needed to use them?
Water: 90 quarterly can you pay monthly?
Capital one cc: 260 month ( apr is 6.9 i think, limit is 9300, spent 9150 minimum payment )
Tesco cc: 35 month ( apr is 15.9 i think, don't use this card anymore but haven't cancelled it. Pay minimum payment )
TV license: 35.12 quarterly
Mot: 35 yearly
Car insurance: 170 yearly ( we put it on the capital one cc ) so you've paid approx £182 inc interest

All of this adds up to: 1136 month...175.12 quarterly.....205 yearly
which should leave us with 334 month ( but we don't see this cause of the overdraft )

Overdraft limit is 1500, which we are over. We are with HSBC and have been for nearly 25 years.
£25 every time we go over. most is 175 in fees in a month.
Haven't started paying for the arrears in council tax yet.

Shopping: 80/100 week £345/413 pm - you need to cut this down
Plus any extras all come out of the capital one cc.

I hope I have made sense with this, thx all for the encouragement so far.

Ok, you haven't accounted for Road Tax / car repairs / servicing
With your food (at £375) added in, it makes approx £1570 a month, £100 over your income. You need immediate action to cut the bank charges...these will probably be hitting your account up to 6 weeks after the "infringement" so pls budget for them if you can.

Start a spending diary and Ebay anything & everything you can.

Then make a list of all your freezer/fridge/cupboard contents & menu plan accordingly, menu plan every week & only buy what you need. Look on the Old Style Board for help.

Good luck!

Floss :wave:

CLAPTON

how many of you are there?

Gemmzie

I've commented on your SOA on your other thread

RAS

t4hodgy100 wrote: »

INCOMING

Wages: 275 a week or 1191 a month.
Child Benefit: 72 month.
Working tax: 22 month.
Child tax: 185 month.

Total: 1470 month

OUTGOING

Mortgage: 166 month
Endowment: 54.50 month
Rent: 150 month ( I live in a part rent part buy house )
Gas: 27 month
Electric: 40 month
Sky tv/broadband: 45 month
Council tax: 101 month (owe 480 from last year cause they messed up our direct debit which we had for the past 8 years )
Phone: 50 quarterly.
Loan: 165 month ( with Northern Rock, 7 years to go )
Pension: 40 month
Settee: 48 month ( interest free, 2 years left )
Curry's: 4.50 month ( insurance for washing machine )
Water: 90 quarterly
Capital one cc: 260 month ( apr is 6.9 i think, limit is 9300, spent 9150 minimum payment )
Tesco cc: 35 month ( apr is 15.9 i think, don't use this card anymore but haven't cancelled it. Pay minimum payment )
TV license: 35.12 quarterly
Mot: 35 yearly
Car insurance: 170 yearly ( we put it on the capital one cc )
Shopping: 80/100 week

All of this adds up to:

1136 month...
175.12 quarterly = 58.37 monthly
205 yearly = 17.08 monthly

which should leave us with 334 month - I make it £158.55 (£178.55) and you have somethings missing

(but we don't see this cause of the overdraft ) Overdraft limit is 1500, which we are over. We are with HSBC and have been for nearly 25 years.

How much is the OD. Are you in the process of claiming back your bank account fees? it is not long til january now.

£25 every time we go over. most is 175 in fees in a month. - Given the missing elments in your SOA, this is the whole of your "surplus"

Open a basic bank account - will post the link for ones that are even open to people who are BK.

Get all your Incoming money paid into the new account and DDs set up for the regular outgoings.

Set up an ISA and pay in money for your yealry payments each month.

Haven't started paying for the arrears in council tax yet. - this is absolute priority. You need to pay something each month


Plus any extras all come out of the capital one cc. - This has to stop

Hi

if you have a vehicle, you need to add petrol, car tax and repair costs. Do you buy clothes, presents, toys for the kids? School lunches?

Utilities and water look high, Sky needs to go as does the currys payment. redu ce the phone bill, look at the boards here for free deals.

What can you sell on e-bay? Can you get another job? Join the local gropu on www.freecycle.org -- like e-bay but the goods are free to collect.

RAS

Here

http://forums.moneysavingexpert.com/showthread.html?t=474254

Make sure you ask for a basic account. There is no credit check.

riddlesticks

Hello there,

Well done for doing this. It must be really difficult to put it all down but its a big step towards being debt free and having a lot less stress. Ive made some points below. HTH. xxxx AM

t4hodgy100 wrote: »

INCOMING
Wages: 275 a week or 1191 a month.
Child Benefit: 72 month.
Working tax: 22 month.
Child tax: 185 month.
Total: 1470 month

OUTGOING
Mortgage: 166 month Endowment: 54.50 month
Rent: 150 month ( I live in a part rent part buy house )
Gas: 27 month
Electric: 40 month This is loads - I would try uswitch (or sites like this) to see if you can get this down.
Sky tv/broadband: 45 month This is loads. Do you watch all the channels? Freeview is fantastic and its free? Virgin offer freeview channels so I presume sky would too and you could use their box (no forking out for a freeview box). I would have a look into this. I pay £19.95 for broadband and landline (free landline calls and reduced international calls) and obviously get my freeview channels.
Council tax: 101 month ( owe 480 from last year cause they messed up our direct debit which we had for the past 8 years )
Phone: 50 quarterly. See info I put on Sky tv/broadband
Loan: 165 month ( with Northern Rock, 7 years to go ) Have you got a good APR on this? If you can pay early I would shop around and make sure you are getting the most for your money.
Pension: 40 month
Settee: 48 month ( interest free, 2 years left )
Curry's: 4.50 month ( insurance for washing machine ) Personally I wouldn't pay this but every one is different. I just think insurance (except for house and car) is a waste of money. I put money aside every month for just in cases like broken washing machine etc.
Water: 90 quarterly
Capital one cc: 260 month ( apr is 6.9 i think, limit is 9300, spent 9150 minimum payment ) How on earth can they justify given you such a large limit on your income. This is why it is so easy to get into debt. Grrr to CC companies. Anyway could you try getting a 0% CC and transfer as much as poss on to it.
Tesco cc: 35 month ( apr is 15.9 i think, don't use this card anymore but haven't cancelled it. Pay minimum payment ) How much do you owe on this. Could you transfer this to a 0% CC
TV license: 35.12 quarterly
Mot: 35 yearly
Car insurance: 170 yearly ( we put it on the capital one cc ) You need to save this money. You would only need to save just under £15/month to cover this.

All of this adds up to: 1136 month...175.12 quarterly.....205 yearly
which should leave us with 334 month ( but we don't see this cause of the overdraft )

Overdraft limit is 1500, which we are over. We are with HSBC and have been for nearly 25 years. Again think about getting a 0% CC and putting this on it. I think the MBNA group allow you to transfer money owed from accs by using cheques but they do charge you a small charge. Ive just got one with Virgin and its 0% until Feb 09. Im gonna pay my overdraft and try pay as much as poss until the 0% runs out and if there is anything left I will transfer to another. Or if you cant do this can you discuss increasing the limit with your bank just until you can sort your finances back and stop all those charges for the time being.
£25 every time we go over. most is 175 in fees in a month. See above. Are you claiming these back?
Haven't started paying for the arrears in council tax yet. Once you have sorted yourself out I would pay this first.

Shopping: 80/100 week How much? How many peeps are you feeding? If you shop at Aldi, Netto or Lidl you could reduce this by loads.
Plus any extras all come out of the capital one cc.