Updated SOA

alamaya

Just been informed tonight my partner finally has a job yey. Luckily we have not gotten into arrears with anything due to him grabbing as much temp work as poss which hasnt been much.

Thought i would post an updated soa for you to review and so i dont loose focus now i have a steady flow of money.

If anyone could help me guestimate my partners income that would help loads. He is 24 minimum wage 31 hours a week.

My SOA

Income:
My income £950
OH Income £0 (Has been temping so sporadic starting perm job
31hr per week on 12th feb) Phew!
Total Income £950


Expenditure :
Mortgage £612.43
Unsecured Mortgage £83.44 (taken when we got mortgage to clear loan)
Water £12.22 (we pay £70 every 6 months so i averaged)
Credit Card 1 (E) £50.00 (min pyt is £25)
Catalogue £44.00
Credit Card 2 (SP) £50.00 (min pyt is £30)
Credit Card 3 (SCBC) £50.00 (min pyt)
Credit Card 4 (SHBC) £50.00 (min pyt)
BT £48.41 (covers phone and internet, varies
depending on calls done – will be changing to
the sky 3 for £19 deal once perm job has started)
World of Warcraft £17.98 (8.99 each person. Online game for
entertainment, we don’t go out)
TV Licence £11.61
Overdraft 2 Interest £22.50 (varies per month)
PAYG Mobile £0 (until i have the money nothing is being
put on this)
Council Tax £116.00 (this is over 10 months)
PaymentShield £23.32 (covers mortgage payments)
Overdraft 1 Interest £5.40 (varies per month)
Scottish Equitable £39.46 (Buildings and contents cover for house)
Gas/Electric £50.00 (pay £150 every 3 months so averaged)
Groceries £150 (includes pet food/litter/cleaning products for house)
Bus Fare £40

I am determined to clear as much debt asap so i can get onto the unsecured debt and the mortgage. I am really really worried about this whole repossesion theme that the finance buffs seem to be talking about lately. Last night on tv they stated the three warning signs of a future repossesion and i have all three.

1) A mortgage over 25 years - Mines 35
2) Mortgage more than 90% of the prop value - 120%
3) Mortgage more than 3.5 times salary - wasnt but with partner loosing a very well paid job now is.


I am sooooo worried. My fence has fell down looks like £250 to fix. arrg

Can anyone calm me down

Thank you

Total Expenses £1476.77
Equals -526.77

Debt: Bal/Int

Credit C ard 1 (E) £899.06/0% until Aug 08.
Catalogue £183.87/0% cashback of £1 for every £10 pd.(will increase by £80 as just
ordered wedding rings)
Mortgage £107134.63 5.99% till may 2011
Unsecured Mortgage £14636.90 5.99% till may 2011
Credit Card 2 (SP) £203.45/14%
Credit Card 3 (SCBC) £1983.98/0%
Credit Card 4 (SHBC) £1403.50/0%
Overdraft 1 £1500/21%
Overdraft 2 £1100/19%

Debt excl mort/unsec £7273.86

RAS

Hi

glad OH had work, but he needs to keep up the temping until that starts. Also, can he either temp or get a second job to boost your joint income?
The first week or two he is likely to be on emergency tax, so your income is not liekly to cover all the spends. Then you will get a week when it increases because he has not been working fully for a while. i would suggest that goes overdraft 1 as it is your most expensive debt.

Have you got anything that you can put on e-bay, amazon or put aside for a car boot sale when the weather improves. Then you can put that towards the OD. Stop paying any extra on the CC1 or 2 and put that extra towards the OD as well and use the two months CT free money as well.

Check out if you can get the insurance cheaper and use www.quidco.com or another cashback site. Also check the terms of the payment shield. Wil this actually ever payout? You do not however seem to have any life insurance?

Have you checked whether you can get Working tacx credit as well?

Can you rent a room out for a few months as well. Tax free upto £370 per month.

Gemmzie

Minimum wage is £5.52 so that's £8898.24 so after tax his take home monthly will be £662.58 for this year (until April).

How old are you? Don't forget as soon as he's 25 he can apply for working tax credit.