Please help SOA

MFWannabe

OP you really need to fill in a proper soa with all incomings and outgoings; debts with apr’s etc and then people can see the true clear picture and will be able to advise: 

https://www.lemonfool.co.uk/financecalculators/soa.php

anniecave

So for example the MBNA is 0%...  I assume it's not forever at 0%, when does the 0% period end, is there a minimum monthly payment amount in between, what rate will it go up to after that period?

theoretica

I am probably leaving things out from trying to add up from that wall of numbers - but 6500/7000 a month to spend - lets call it 6500 (but don't fritter the 500 - maybe pay it to your dad?)  That is after tax?

3500 fixed costs leaves 3000 for 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.

Total debts (with UTB at 660 a month) = £2773 a month  - which is under the 3000 you gave, with allowance to overpay.  So what are you spending that isn't in your budget?  Can you cut it out?

Once the small AA loan is paid off you will have more to get rid of Klarna, then reduce whichever of the larger AA or UTB charges more interest.

Give up eating out at 250 a month and you will have another 3k to pay off debt before your mortgage is due.

RAS

You need to do a proper SOA as a lot is missing from your current list. Where are clothing, medical and dental, Christmas, holidays, insurance, for example? Go to lemonfool.co.uk and format for MSE. And as a home owner, you need something to cover repairs and maintenance.

You may not be earning enough to cover your expenditure, and even less so in "variable" months.

And you can't afford £250 for entertainment when you're unable to afford the essentials.

kimwp

Food shop looks high - £160 a week?

You need to fill out the soa that several people have linked (also in my signature). It's the format we are used to here and will help us see if you are accounting for everything. You are making people work really hard to try to help and it won't be good advice, you need to put a bit of effort in to help us help you.

katsu

The SoA we recommend here brings in all the daily spending. Eg you have car insurance in your pictures but what about car tax, money towards MOT/ servicing/new tyres etc, petrol to go in the car etc. They aren't surprises so they shouldn't be treated as if they were. 

Birthdays and Christmas... again the spend should be planned to avoid it going on any credit cards. 

You said you can't reduce your monthly expenses but generally, most of us can if we look, and it's a way to start getting our debt down, by freeing up extra cash for repayments.  

Eg are you feeding two people or a big family for that £160 a week? 

I hope some of this helps you.  

Sea_Shell

Darrenluke said:

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. 😂

That's as maybe, but I think most parents, if they knew of the situation would be happy to wait a few months whilst you get your ducks in a row, and get a fully costed budget in place.    Better to make the hard decisions, and awkward conversations, sooner rather than later.     

I'm assuming you want your finances to look at healthy as possible in time for your re-mortgage, so maybe the family loan needs to "drop of the books" for while.   Unless of course they are reliant on your repayments to cover their own living costs. 

Once you've done the full SOA, as requested, everyone can really see the full picture and advise further.

But on first glance at what you've posted, there is at least £380 pm, of 'easy' wins.   

Charity - £100  
Eating out - £250  (these meals should be able to be absorbed within your normal weekly shop budget)
Netflix - £11
Spotify - £20

Darrenluke

anniecave said:

So for example the MBNA is 0%...  I assume it's not forever at 0%, when does the 0% period end, is there a minimum monthly payment amount in between, what rate will it go up to after that period?

Really so grateful. Your comment prompted me to check the end of the promotional period. I thought I had a lot longer. Ends Oct this year!!  Now I no where 100% of my focus needs to be!!!

Sncjw

Focus needs to be get the soa done. 

Also the 100 quid to charity you can't afford to do this..

Andyjflet

I cant really read all the screenshots you have posted, the SOA gives a clear picture of where the money is, or isnt. Its standard practice on here. 
What emergency fund/ savings do you have?