My super scary soa

Tigger1983

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 800

Total monthly income.................... 2200

Monthly Expense Details
Rent.................................... 590
Council tax............................. 128
Electricity............................. 35
Oil..................................... 45
Water rates............................. 30
Telephone (land line)................... 11
Mobile phone............................ 50
TV Licence.............................. 12
Internet Services....................... 30
Groceries etc. ......................... 280
Clothing................................ 50
Petrol/diesel........................... 80
Road tax................................ 30
Car Insurance........................... 40
Car maintenance (including MOT)......... 30
Other travel............................ 60
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 25
Contents insurance...................... 25
Haircuts................................ 10
Entertainment........................... 100
Emergency fund.......................... 50
Total monthly expenses.................. 1736

Assets
Car(s).................................. 2500
Total Assets............................ 2500

Unsecured Debt
Description....................Debt......Monthly...APR
HSBC loan......................14500.....311.......8.9
HSBC cc........................700.......50........19.9
Tesco cc.......................4250......130.......19.9
overdrafts.....................1000......50........0
littlewoods....................250.......25........0
barclaycard....................1300......25........0
virgin cc......................4000......75........0
Total unsecured debts..........26000.....666

Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including secured debts)....... 1,736
Available for debt repayments........... 464
Monthly UNsecured debt repayments....... 666
Surplus(deficit if negative)............ -202

Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total Unsecured debt.................... -26,000
Personal net worth...................... -23,500


So there you have it, 202 short every month! :eek:

Any ideas? Totally stuck on what is the best way to go, most of the options dont sound friendly.

jak

You could cut entertainment, clothing, emergency fund, and go on the OS board for meal planning tips. This would really bring down your expenditure. Is the grocery budget for 2 adults? If so you could meal plan and cut this drastically.
J
X

Tigger1983

thanks i have started meal planning...managed to get this weeks shop on my tesco clubcard vouchers (£30) :-)

Merlot

mobile phones should go, or least try and lower the package, internet services far too high, again lower the package, entertainment too high, clothing to high, and emergency fund should also go as you are in debt. Possible saving £270 saving per month, this has covered your short fall, your food bill is also high, is this for 2 people only, if so, you could knock another £80 off this a month, giving you some money for entertainment.

Merlot

I just noticed about your clubcard vouchers, please do not use them instore, instead sell them on Ebay, you could get double their value, I did when I sold mine last week.

cassy

Tigger1983 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 800

Total monthly income.................... 2200

Monthly Expense Details
Rent.................................... 590
Council tax............................. 128 - are you in the correct banding
Electricity............................. 35
Oil..................................... 45
Water rates............................. 30 - this seems high are you on a meter
Telephone (land line)................... 11
Mobile phone............................ 50 - could you lower plan or change
TV Licence.............................. 12
Internet Services....................... 30 - little high again look for combined deals
Groceries etc. ......................... 280 - how many people is this for this could be cut a little
Clothing................................ 50 - this seems a little high
Petrol/diesel........................... 80
Road tax................................ 30
Car Insurance........................... 40
Car maintenance (including MOT)......... 30
Other travel............................ 60 - what is this for can it be reduced
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 25 - how many pets is this for and can it be reduced
Contents insurance...................... 25
Haircuts................................ 10
Entertainment........................... 100 - you could cut this to pay the debts
Emergency fund.......................... 50
Total monthly expenses.................. 1736

Assets
Car(s).................................. 2500
Total Assets............................ 2500

Unsecured Debt
Description....................Debt......Monthly...APR
HSBC loan......................14500.....311.......8.9
HSBC cc........................700.......50........19.9
Tesco cc.......................4250......130.......19.9
overdrafts.....................1000......50........0
littlewoods....................250.......25........0
barclaycard....................1300......25........0
virgin cc......................4000......75........0
Total unsecured debts..........26000.....666

Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including secured debts)....... 1,736
Available for debt repayments........... 464
Monthly UNsecured debt repayments....... 666
Surplus(deficit if negative)............ -202

Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total Unsecured debt.................... -26,000
Personal net worth...................... -23,500


So there you have it, 202 short every month! :eek:

Any ideas? Totally stuck on what is the best way to go, most of the options dont sound friendly.

hi there im not expert but i have added a few comments
there is other boards like old style shopping that can help reduce shopping bill
try shopping at cheaper stores dont buy named brands etc..

also check out quidco for cashback deals on things like tv phone and mobile
check out uswitch.com and other comparrison site see if you could switch and make any savings there

have a look at making extra income by selling unwanted goods on auction sites of in your local free ads

nimbo

is there any way that you could reduce your entertainment and mobile phone budget for a short while...

i know it's hard but if you could get rid of the last £700 of that loan then it frees up some more money for paying off more of the balances of the other debts as you'll be saving on APR...

you've done really well to get some of the debts down to 0%, and don't be disheartened, if you could manage to shave a few pounds off here and there and maybe sell some old bits of clutter on ebay then you'll be able to find the few pounds that you need...

have you thought about having a store cupboard challange, where you try to eat only what you already have in your store cupboards and freezer...

it wprks realy well and is great fro getting rid of odd bits that have bben knocking about for a while...

Tigger1983

Thanks for all your help so far! Trying to get OH involved in some of the challenges set! Already have a sealed jar, and may have cleared the HSBC card by the end of today (to the 0% virgin card) :j selling loads of dvds on ebay at the moment, although there's not much else worth selling except the cat lol. I've also taken on Avon to make some extra cash and OH is doing overtime this week :A
I've cut the broad band package down to option 1 (BT said no until i told them i could either cut it down or stop paying as we were struggling, they were very nice ) Just checked my littlewoods account and it seems they are charging me for items that should have been refunded (through their mistakes not mine), so that should be virtually nothing (unfortunately I've not been able to speak to them at all today as their systems are down :T )
However spoke to Tesco like the cccs people told me to and they are refusing to freeze the interest...he actually advised me to stop paying and accept the charges!!!!!!!!!!

Can't wait for my cccs interview and getting this whole thing on the way to being sorted

Hugs to all the DFW's!!!
Tig xx

Saab

You're doing well so far.:T

Your contents insurance seems high, check out Direct Line's website, they are offering 1/3 off for new customers I think. I actually did a quote online, even though I have my contents and buidings insurance with them, it came up £15 month cheaper than what I pay, so I called them and they reduced my premium for me.:) I'm now paying £19 month for both, which is lower than what you are paying for one.

The other thing, are you paying insurance on your Littlewoods statement? If so:

have you ever signed anything? Do you remember actually being asked to take out this insurance?

Freemans tacked insurance onto my statements for 6 years. A couple of months ago I challenged them to show where I had agreed to this. They couldn't, so offered me three months refund and to cancel the policy. I refused this offer and sent the PPI standard reclaiming letter from this site. I got £600 back!!! It paid off what I owed and gave me quite a tidy sum back.:)

Clariman

Hi Tigger

Tip about the formatting. It looks as if you have missed off the last couple of lines of the page that you copy and paste from, including the final [ /font ] tag which is needed to get it to format properly. If you edit your post and put [ /font ] (but without the spaces) below the last line of the SOA it should fix the formatting.

Clariman

LilMissEmmylou

wow that food shopping is very high. Honestly for 2 people you could easily cut it down to £150 without noticing much difference (although i do think with a lot of efford you could get it for £100 a month). £130 a month saving minimum easy to achieve. If you didnt buy clothes for a few months or reduced it that would add another huge saving a month - however if u do have kids, i totally understand the need for some clothing allowance - id still reduce it until the debts r a little better though.

Good luck