Please help SOA

Darrenluke

What would you do?

Good earners - self employed variable income - Probably around 6-7k take home a month.

BILLS: 
Mortagage, Utilities, Taxes, CM, Food is around 3.5k a month. This is unlikely to shift much.

DEBTS:
We are repaying my Dad back £200 weekly (6.8k remains)

AA loan £160 monthly (balance is £470 ish ends in 3payments time)

Klarna (bathroom) £88 a month (balance remains is £765

AA loan £465 monthly (ends Feb2027 balance of roughly 14.6k remains)

MBNA @ 0% @ 3.8k (paying £500 monthly currently but not sure I can keep this up)

A new United Trust Bank secured loan around 65k @ around 10%  - we used this to debt consolidate after we used credits cards etc to do an extension on our home.

Mostly I’m concerned about paying as much debt as possible before remortgage which is due in June (so we can begin looking in Feb(?)
Im considering using my overdraft to hurry something along (I have 4k unused overdraft) We also have our 5k business overdraft I could take from to pop into personal bank account.

Any wise words are welcome!

Darrenluke

I should add the United trust loan is costing us £660 a month 

easyasonetwothree

I can't see any benefit to using your overdraft to pay your debts. Mortgage applications will see your overdraft use too (and they're not looked upon particularly highly). 
If I were you I would see how much more extra income you can make or reduce your expenditure and using all that to throw at your debts.

Grumpelstiltskin

OK Firstly you need to complete a honest SOA This is the link.

SOA Calculator (lemonfool.co.uk)

Format for MSE and copy and paste on here.

It is no good just knowing your income and debts we need to know your outgoings then we can see the full picture and advise you the best thing to do.

Darrenluke

So I did write up there that our outgoings are 3.5k. This is mortgage, child maintenance payments, all food, utilities, etc. 
But will take a look at the sheet. As I mentioned it’s the variable income that gives me grief 😅
We just started doing a budget using the UK version of YNAB - hoping this helps

Sea_Shell

We are repaying my Dad back £200 weekly (6.8k remains)


Is your Dad aware of your situation?  Would he agree to forgo repayments for a while?   

_Penny_Dreadful

Darrenluke said:

So I did write up there that our outgoings are 3.5k. This is mortgage, child maintenance payments, all food, utilities, etc. 
But will take a look at the sheet. As I mentioned it’s the variable income that gives me grief 😅
We just started doing a budget using the UK version of YNAB - hoping this helps

Firstly, you only seem to have included mortgage, utilities, child maintenance in food in that £3.5k when you will have other expenditure over and above those items. Secondly, lumping things together doesn’t give posters a clear picture of your income and expenditure so limits the help people can give you. 

Using your overdrafts isn’t going to improve the situation as you’ll still owe the same amount of capital and the problem with overdrafts is that lenders can easily remove an overdraft facility from your account. 

Darrenluke

Sea_Shell said:

We are repaying my Dad back £200 weekly (6.8k remains)


Is your Dad aware of your situation?  Would he agree to forgo repayments for a while?   

Appreciate your advice. I would much rather avoid delaying him. I find that debt the hardest on me, mentally. 😂

Darrenluke

Thanks everyone 

hopefully a clearer picture here

new to all this and trying 😔😢🤷🏻‍♀️

Darrenluke

 said:

So I did write up there that our outgoings are 3.5k. This is mortgage, child maintenance payments, all food, utilities, etc. 
But will take a look at the sheet. As I mentioned it’s the variable income that gives me grief 😅
We just started doing a budget using the UK version of YNAB - hoping this helps

Firstly, you only seem to have included mortgage, utilities, child maintenance in food in that £3.5k when you will have other expenditure over and above those items. Secondly, lumping things together doesn’t give posters a clear picture of your income and expenditure so limits the help people can give you. 

Using your overdrafts isn’t going to improve the situation as you’ll still owe the same amount of capital and the problem with overdrafts is that lenders can easily remove an overdraft facility from your account. 

Thank you. I’ve tried to attach a more accurate picture if you have any time to have a read over it . Appreciate your time!

Darrenluke

Grumpelstiltskin said:

OK Firstly you need to complete a honest SOA This is 

Format for MSE and copy and paste on here.

It is no good just knowing your income and debts we need to know your outgoings then we can see the full picture and advise you the best thing to do.

Thank you @Grumpelstiltskin I’ve tried to attach a more accurate picture - although I’ve just realised it doesn’t include APR 😓