Updated SOA

alamaya

My SOA

Income:
My income £950
OH Income £0
Total Income £950


Expenditure :
Mortgage £612.43
Unsecured Mortgage £83.44 (taken when we got mortgage to clear loan)
Water £12.22 (we pay £70 every 6 months so i averaged)
Credit Card 1 (V) £50.00 (min pyt is £25)
Catalogue £44.00
Credit Card 2 (SP) £50.00 (min pyt is £30)
Credit Card 3 (SCBC) £47.00 (min pyt)
Credit Card 4 (SHBC) £35.00 (min pyt)
BT £48.41 (covers phone and internet, varies
depending on calls done)
World of Warcraft £17.98 (8.99 each person. Online game for
entertainment, we don’t go out)
TV Licence £11.61
Overdraft 2 Interest £25.56 (varies per month)
PAYG Mobile £10.00
Council Tax £116.00 (this is over 10 months)
PaymentShield £23.32 (covers mortgage payments)
Overdraft 1 Interest £9.29 (varies per month)
Account 1 charge £7.00 (don’t know why im charged this will look
into it, from normal back a/c)
Scottish Equitable £39.46 (Buildings and contents cover for house)
Gas/Electric £50.00 (pay £150 every 3 months so averaged)
Groceries £200 (includes pet food/litter/cleaning products for house)
Bus Fare £40

Total Expenses £1532.72
Income-Expenses -£582.72 eek

Debt: Bal/Int

Credit Card 1 (V) £936.82/15.9%
Catalogue £281.40/0% cashback of £1 for every £10 pd.
Mortgage £107134.63 5.99% till may 2011
Unsecured Mortgage £14636.90 5.99% till may 2011
Credit Card 2 (SP) £250/14%
Credit Card 3 (SCBC) £2083.98/0%
Credit Card 4 (SHBC) £1503.50/0%
Overdraft 1 £1600/21%
Overdraft 2 £1200/19%


I have got me and my partner Barclaycards on 0% till feb 09, didnt get enough credit so some balance remains on the originals. I canceled the gym at £82 and paid off the fee using a credit card as i wouldnt be able to afford the £82 a month. Cancelled weight watchers online at £9 a month.

Partner lost job presently looking for temp work but obviously not guaranteed income which is where the deficeit came from. before we had lots to spare for debt now we cant cover min pyts of everything.

Can anyone give advice as we are covered for xmas with his last pay packet but from jan if no work we are stuffed.

Any help out there for me?

HBFS

Hi there!

I would totally say scrap the WoW fees as well as looking at reducing the monthly shop. Perhaps make some meals and freeze them? or drop a brand or two on certain things?

elainec

Have you checked to see if you can take any payment holidays on mortgage and other debts as sounds like short term deficit until OH gets some income?

dsljfreeman

alamaya wrote: »

My SOA

Income:
My income £950
OH Income £0 Can your partner claim any benefits until he gets a job
Total Income £950


Expenditure :
Mortgage £612.43 Can you swap this to interest only for a year or two
Unsecured Mortgage £83.44 (taken when we got mortgage to clear loan)
Water £12.22 (we pay £70 every 6 months so i averaged)
Credit Card 1 (V) £50.00 (min pyt is £25) might be worth sticking to min payments until more income coming in
Catalogue £44.00
Credit Card 2 (SP) £50.00 (min pyt is £30) ditto above
Credit Card 3 (SCBC) £47.00 (min pyt)
Credit Card 4 (SHBC) £35.00 (min pyt)
BT £48.41 (covers phone and internet, varies
depending on calls done) do you take advantage of the friends and family discount, you can sign up online
World of Warcraft £17.98 (8.99 each person. Online game for
entertainment, we don’t go out) If you can't afford to pay for essentials then this will have to go, it's a luxury
TV Licence £11.61
Overdraft 2 Interest £25.56 (varies per month)
PAYG Mobile £10.00
Council Tax £116.00 (this is over 10 months) Pay over 12 months and cut this down to £96
PaymentShield £23.32 (covers mortgage payments) Do you think you will need this, if not might be worth cancelling for a year or so
Overdraft 1 Interest £9.29 (varies per month)
Account 1 charge £7.00 (don’t know why im charged this will look
into it, from normal back a/c) look into this asap and cancel
Scottish Equitable £39.46 (Buildings and contents cover for house) look at quidco for cheaper quote and earn cashback
Gas/Electric £50.00 (pay £150 every 3 months so averaged)
Groceries £200 (includes pet food/litter/cleaning products for house) this can be cut back, look at os board
Bus Fare £40 is this the cheapest price, can you buy a monthly ticket

Total Expenses £1532.72
Income-Expenses -£582.72 eek

Debt: Bal/Int

Credit Card 1 (V) £936.82/15.9%
Catalogue £281.40/0% cashback of £1 for every £10 pd.
Mortgage £107134.63 5.99% till may 2011
Unsecured Mortgage £14636.90 5.99% till may 2011
Credit Card 2 (SP) £250/14%
Credit Card 3 (SCBC) £2083.98/0%
Credit Card 4 (SHBC) £1503.50/0%
Overdraft 1 £1600/21%
Overdraft 2 £1200/19%


I have got me and my partner Barclaycards on 0% till feb 09, didnt get enough credit so some balance remains on the originals. I canceled the gym at £82 and paid off the fee using a credit card as i wouldnt be able to afford the £82 a month. Cancelled weight watchers online at £9 a month.

Partner lost job presently looking for temp work but obviously not guaranteed income which is where the deficeit came from. before we had lots to spare for debt now we cant cover min pyts of everything.

Can anyone give advice as we are covered for xmas with his last pay packet but from jan if no work we are stuffed.

Any help out there for me?

Get your partner to visit Quidco, pigsback, rpoints etc to earn free cashback by signing up to various websites.
There is a thread on here where AQA are recruiting researchers, it's working from home, using the internet.
Work on lowering your shopping bill, buy own brand, meal plan, collect coupons

Laura x

dudleyboy

Hello and welcome to the forums!

You've received some good advice so far - well worth following up. I have to say, I initially thought "ah, keep the WoW - if it's only £18 pcm and is your source of entertainment" ... but as dsljfreeman says, it is a luxury. So, I'd say until you're back on your feet financially it's really going to have to go. You can always go back to it when you can afford it (I assume)... by which time you may not even be that bothered about it! - This brilliant free forum is a great place to hang out (and it can even make/save you money)!

Also, you are paying A LOT for your BT line, calls and BB. I recently switched from BT to TalkTalk, taking my landline/calls/internet cost down from £32 a month to £16 - and I use the internet LOADS. You could save £360 a year just by switching! Apply via Quidco and you'll get cashback too: http://www.quidco.com/talktalk/

Also, if you haven't done so already, check out this article and make the money you do have go further:

http://www.moneysavingexpert.com/protect/money-help

Good luck!

lynzpower

A few things from me.

Would payment shield pay out the mortgage in the case of unemployment?
If so, start now!

Otherwise OH needs to sign on as looking for work - this should net JSA & CTB. On your salary, Id imagine should get working tax credit too. Where abouts in the UK are you - maybe a MSEr could recommend a temp agent?