Starting out again

SuperShaun

This is my SOA:

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Monthly Income Details[/b]

Monthly income after tax................ 2170

Partners monthly income after tax....... 0

Benefits................................ 0

Other income............................ 500[b]

Total monthly income.................... 2670[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 0

Secured/HP loan repayments.............. 0

Rent.................................... 975

Management charge (leasehold property).. 0

Council tax............................. 170

Electricity............................. 46

Gas..................................... 42

Oil..................................... 0

Water rates............................. 33

Telephone (land line)................... 0

Mobile phone............................ 30

TV Licence.............................. 15

Satellite/Cable TV...................... 0

Internet Services....................... 27

Groceries etc. ......................... 240

Clothing................................ 20

Petrol/diesel........................... 0

Road tax................................ 0

Car Insurance........................... 0

Car maintenance (including MOT)......... 0

Car parking............................. 0

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 0

Pet insurance/vet bills................. 0

Buildings insurance..................... 0

Contents insurance...................... 0

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 20

Haircuts................................ 18

Entertainment........................... 35

Holiday................................. 0

Emergency fund.......................... 0[b]

Total monthly expenses.................. 1671[/b]

[b]

Assets[/b]

Cash.................................... 1300

House value (Gross)..................... 0

Shares and bonds........................ 0

Car(s).................................. 0

Other assets............................ 0[b]

Total Assets............................ 1300[/b]

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Mbna...........................5000......140.......0

Halifax........................2600......150.......0

Loan...........................5371......155.......8[b]

Total unsecured debts..........12971.....445.......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,670

Expenses (including HP & secured debts). 1,671

Available for debt repayments........... 999

Monthly UNsecured debt repayments....... 445[b]

Amount left after debt repayments....... 554[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 1,300

Total HP & Secured debt................. -0

Total Unsecured debt.................... -12,971[b]

Net Assets.............................. -11,671[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

TheAble

It's a pretty frugal SOA Could you increase your income at all - second job maybe? That's probably what i'd try and do.

Allikat86

Hi Sean - just looking over it quickly and noticed that you haven’t accounted for an emergency fund. You seem to have some spare after making your minimum repayments. I just wonder whether it’d be worth putting a bit towards an emergency fund and increasing your debt repayment. I know that I feel better doing that as less likely that I would need to use cards in circumstances where I couldn’t pay it straight off again.

It also looks like you don’t have any travel expenses at all - is that correct?

Well done for the balance transfer!

Starbrite

Hi Sean,

Welcome, this forum is amazing and has picked me up many times. Paying of the debts does become addictive and fun, hard to believe but seeing what you achieve is very rewarding.

Have you got the single 25% discount on your council tax?

Xx

SuperShaun

I don't own a car and walk to work. I will get the bus if it is raining (2nd day of summer today I'm told haha), but aside from that no big travel expenses to speak of.

I am living with a friend (hence the extra income), so can no longer claim the single person discount.

Just started back to work after 2 months off sick with stress (see my original post for some dazzling performances and drama which is now finally settling down)

SuperShaun

It's payday today (woo!)... still not confirmed whether my old flat has gone. Fingers crossed it has, I can then start paying down debts and start an emergency fund

SuperShaun

Pleased to say that the old flat is definitely gone - have a final inspection to do and final bills to pay, and then will be shot of it. Will start recording my debt efforts here.

Sadly it will go up briefly rather than down, but after that, the fightback begins

anjyeah

Definitely a Super! There might be a light at the end of the tunnel after all. I do understand the reason behind the debt, you were going through a very difficult time - the most important part is you are ready to kick some debt out. The flat selling is definitely one ease off on your worries and now you can finally focus. We will be here cheering you on and posting support. 

Do let us know what your goals are after this breakthrough. Well done!  

LittleMissDetermined

Congrats on the flat news! Bet you’re so relieved  
we are all still here to cheer you on in your debt free journey 

LMD x