Trying to clear 5.5k debt Inc SOA.

smartmove19

Hi. I was wondering if anyone could look at my SOA. I'm certain everything is cut down as best as can be. 

FYI: £830 rent includes my share of rent, all priority bills and food. Hence you won't see those other bits in SOA. 
I currently do not save anything for gifts, just buy as they come up. 

I'm trying to get a second job to help me boost my income to pay these debts off quicker. 

What I wanted help with is, in which order would be best to pay off. Do I just start paying extra to highest interest or go for the smaller amounts for? 

Thank you 

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget Summary	Amount(£)
Total monthly income	1,920
Monthly expenses (incl. HP & secured loans)	1,328.64
Available for debt repayments	591.36
UNsecured debt repayments	473.26
Amount left after debt repayments	118.1

Personal Balance Sheet Summary	Amount(£)
Total Assets (things you own)	2,000
Total Secured & HP Debt	-0
Total Unsecured Debt	-5,495
Net Assets	-3,495

Household Information

Number of adults in household	2
Number of children in household	0
Number of cars owned	1

Income, Expense, Debt & Asset Details

Income	Amount(£)
Monthly income after tax	1920
Partners monthly income	0
Benefits	0
Other income	0
Total monthly income	1920

Expenses	Amount(£)
Mortgage	0
Secured/HP loan payments	0
Rent	830
Management charge (leasehold property)	0
Council tax	0
Electricity	0
Gas	0
Oil	0
Water Rates	0
Telephone (land line)	0
Mobile phone	26.16
TV Licence	0
Satellite/Cable TV	0
Internet services	0
Groceries etc.	10
Clothing	20
Petrol/diesel	80
Road tax	25.37
Car Insurance	103
Car maintenance (including MOT)	50
Car Parking	0
Other travel	0
Childcare/nursery	0
Other child related expenses	0
Medical (prescriptions, dentists, opticians etc.)	0
Pet Insurance/Vet bills	0
Buildings Insurance	0
Contents Insurance	10.71
Life Assurance	0
Other Insurance	26.4
Presents (birthday, christmas etc.)	0
Haircuts	0
Entertainment	50
Holiday	97
Emergency Fund	0
Total monthly expenses	1328.64

Secured & HP Debt Description	Debt(£)	Monthly(£)	APR(%)
Mortgage	0	(0)	0
Secured & HP Debt totals	0	-	-

Unsecured Debt Description	Debt(£)	Monthly(£)	APR(%)
Lending works	1108	104.1	0
Vanquis	994	40	39.9
Zopa	1090	54.1	30.4
Payment assist	212	106	0
Next	212	10	0
Monzo	692	94.06	23.4
Capital one	1187	65	30
Unsecured Debt totals	5495	473.26	-

Asset Description	Value (£)
Cash	0
House Value (Gross)	0
Shares and bonds	0
Car(s)	2000
Other assets (e.g. endowments, jewellery etc)	0
Total Assets	2000

Grumpelstiltskin

A little bit more information please.
Are you in a house share?
If not who do you live with, family ? friends ?
Do you have a partner?

The debts you show as 0% interest, is that correct?

smartmove19

Hi.

Sorry thought I posted that I live with one other adult in rented accommodation. My husband. Private rented.

Should proof read before...

Lending works - 33.8
Next - 29.9
Payment assist - 0

Thanks 

TheAble

They're mostly all quite high interest rates. I'd probably pay them off smallest to largest in your case.

You should still break that £830 down into its component parts, if only for your own information. Just because things are food or "priority" doesn't mean you're not overspending on them. Your car insurance for example which you do list seems very high but then you may be a new driver for all we know.

Grumpelstiltskin

OK The problem is we have no way of knowing whether the £ 830 you pay towards rent etc. is what  you should be paying.
Does your husband contribute the same amount?
Does he earn the same, more or less than you?
Why are all those debts in your name?
Do you know how you have accumulated debts with such high interest rates?

The answers to all of these will help us advise you what the best way forward is.

smartmove19

He pays £850. Earns £1750 pcm.

Rent - £995
Council tax - £191
Electric - £131 down from £300 
Internet - £50 
Food - £150
Netflix £15.99

Currently £150 extra in bills but keeping this for winter energy prices. 

Borrowed some to purchase a car which has then had numerous problems with a lot of expense. He does not drive, car is mine.

Driving 1 year hence expensive insurance.

smartmove19

Forgot to add. 

0 savings as everything the last 3 years was saved for wedding. 
We also had an unexpected house move which cost about £800.

So now husband is building up savings again so should we need emergency funds will be taken from that instead of credit. 

No19v87

smartmove19 said:

He pays £850. Earns £1750 pcm.

Rent - £995
Council tax - £191
Electric - £131 down from £300 
Internet - £50 
Food - £150
Netflix £15.99

Currently £150 extra in bills but keeping this for winter energy prices. 

Borrowed some to purchase a car which has then had numerous problems with a lot of expense. He does not drive, car is mine.

Driving 1 year hence expensive insurance.

Internet cost is very high.

Do you only have Netflix as I note no tv license of cost for satellite tv?

What is in the “other insurances” at £26? 

Are you looking to save for a mortgage after clearing debts? If so I would clear Zopa and Lending Works first as short term loans, the quicker that is paid off and moving down your credit file the better. 

Based on the numbers above, does your husband not have money available to pay these down? Would dramatically reduce the time it would take to clear them.

Is Monzo an overdraft?

Can you get a 0% balance transfer for Vanquis and Capital One? Will save on the high interest rates there.

smartmove19

No19v87 said:

smartmove19 said:

He pays £850. Earns £1750 pcm.

Rent - £995
Council tax - £191
Electric - £131 down from £300 
Internet - £50 
Food - £150
Netflix £15.99

Currently £150 extra in bills but keeping this for winter energy prices. 

Borrowed some to purchase a car which has then had numerous problems with a lot of expense. He does not drive, car is mine.

Driving 1 year hence expensive insurance.

Internet cost is very high.

Do you only have Netflix as I note no tv license of cost for satellite tv?

What is in the “other insurances” at £26? 

Are you looking to save for a mortgage after clearing debts? If so I would clear Zopa and Lending Works first as short term loans, the quicker that is paid off and moving down your credit file the better. 

Based on the numbers above, does your husband not have money available to pay these down? Would dramatically reduce the time it would take to clear them.

Is Monzo an overdraft?

Can you get a 0% balance transfer for Vanquis and Capital One? Will save on the high interest rates there.

Thanks for your reply. 

Will look into internet, it's one of the top speed ones so why it's more costly. 

Other insurances are my professional body and union fees.

Saving for a mortgage is on the cards so that's really useful insight to work on these ones first, thank you. Monzo was a loan originally £1k. Will look into 0% balance. I was looking before at 0% balance but couldn't see anything available but will look again.

Husband can contribute some, can see if we can put less towards building up the emergency fund for the time being. 

Thanks, some great tips and ideas there. 

enthusiasticsaver

All those debts are high interest so I would tackle the smallest first. Can you do without the holiday until the debt is gone? 

EssexHebridean

I'd question whether that £150 food spend is accurate - if it is then you are doing very well indeed there, with the way prices have escalated over the past little while I'd struggle to get anywhere near that most months now.