Advice on SOA please

Madsfluffy12

My main concern is amount of interest on my cards. I have a good credit rating but can’t get a 0% card due to the amount of debt I’m in. Reason for debt is not here any more. Am I best just cutting back on EVERYTHING and paying it off through gritted teeth or are there other options…

Some of it is 0% but due to end later this year. 

Household Information[/b]

Number of adults in household........... 1

Number of children in household......... 

Number of cars owned.................... 1[b]

Monthly Income Details[/b]

Monthly income after tax................ 4300

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

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

Other income............................ 0[b]

Total monthly income.................... 4300[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 1225

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

Rent.................................... 0

Management charge (leasehold property).. 109

Council tax............................. 161

Electricity............................. 63

Gas..................................... 0

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

Water rates............................. 30

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

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

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

Satellite/Cable TV...................... 13

Internet Services....................... 30

Groceries etc. ......................... 350

Clothing................................ 40

Petrol/diesel........................... 10

Road tax................................ 17

Car Insurance........................... 30

Car maintenance (including MOT)......... 15

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...................... 16

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

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

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

Haircuts................................ 60

Entertainment........................... 100

Holiday................................. 250

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

Total monthly expenses.................. 2584[/b]

[b]

Assets[/b]

Cash.................................... 0

House value (Gross)..................... 400000

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

Car(s).................................. 5000

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

Total Assets............................ 405000[/b]

[b]

Secured & HP Debts[/b]

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

Mortgage...................... 225134...(1225).....4.14[b]

Total secured & HP debts...... 225134....-.........-   [/b]

[b]Unsecured Debts[/b]

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

Credit card....................13406.....180.......25

Credit card ...................6168......65........25

Credit card....................8095......108.......17.5

Credit card....................10085.....252.......0

Credit card....................8690......95........0

Credit card....................7350......250.......21[b]

Total unsecured debts..........53794.....950.......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 4,300

Expenses (including HP & secured debts). 2,584

Available for debt repayments........... 1,716

Monthly UNsecured debt repayments....... 950[b]

Amount left after debt repayments....... 766[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 405,000

Total HP & Secured debt................. -225,134

Total Unsecured debt.................... -53,794[b]

Net Assets.............................. 126,072[/b]

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

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

ManyWays

Credit card....................13406.....180.......25

Credit card ...................6168......65........25

Credit card....................8095......108.......17.5

Are part of these cards at 0% as the minimums look very low otherwise?

Grumpelstiltskin

What is happening to the £766 left over each month?

Madsfluffy12

ManyWays said:

Credit card....................13406.....180.......25

Credit card ...................6168......65........25

Credit card....................8095......108.......17.5

Are part of these cards at 0% as the minimums look very low otherwise?

No they’re not, it’s just that the minimum repayment amount is lower on some of them for some reason, some are same company too with different minimum repayment proportions

Smudgeismydog

As @grumplestiltskin commented, you have a surplus each month, but nothing in cash, so is this SOA realistic or aspirational?

If you can throw everything at your highest APR credit card, and then snowball, you may well get offered another 0% BT as the overall level of debt falls.

You have a really good level of income, if you directed the surplus, along with some extra (holidays, entertainment, haircuts and groceries could all be cut back), then you could make a great start on your journey to getting rid of these.

I would also advocate putting some money to one side for an emergency pot, as you need to stop relying on credit to fund unexpected costs.

kimwp

I agree - there are some easy savings to be made- £200+ across groceries, clothes, hair for a start. So you can throw £1000 a month at the debt on top of the minimums - as it comes down, you'll likely start getting 0% offers.