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Kitty2008_2

I've finally got round to doing my SOA. Any advice on which debts to pay off first?

I'm going to move back home in the next couple of months which will mean minimal outgoings.

Monthly income after tax................ 1263.49
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 50
Total monthly income.................... 1313.49

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 383
Management charge (leasehold flat)...... 0
Council tax............................. 45
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 8
Telephone (land line)................... 17
Mobile phone............................ 0
TV Licence.............................. 6
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 5
Car Insurance........................... 24.7
Car maintenance (including MOT)......... 75
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...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 938.7

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Sainsburys Bank................3063.51...68.92.....20.95
Natwest........................774.15....17........20.83
Natwest Loan...................8853.75...196.7.....6.5
Overdraft......................500.......0.........0
Total unsecured debts..........13191.41..282.62....-

Monthly Budget Summary
Total monthly income.................... 1,313.49
Expenses (including secured debts)....... 938.7
Available for debt repayments........... 374.79
Monthly UNsecured debt repayments....... 282.62
Surplus(deficit if negative)............ 92.17

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total Secured debt...................... -0
Total Unsecured debt.................... -13,191.41
Personal net worth...................... -11,191.41

boredofbeingathome

Welcome to the board.
The things i can quickly see, are the cutting back on entertainment, birthdays etc. Otherwise it is the food. see old style board for challenges on food reduction ( price..not quantity or quality)

shop around for car insurance reduction, and sign up to Quidco to get cashback on this. look at Martins guide for reducing insurance.
The same for the MOT, and services.

You have made a very tight budget work, so i think it could well benefit you looking at ways of raising extra money through the challenges on the board.

Numpty_Monkey

Hi :hello: welcome to DFW

we are a lovelly group of very helpful and supportive people here :A

Have a look at this site put all your debts in and it works out an order to pay them in.
http://www.whatsthecost.co.uk/snowball.aspx
sometimes though getting rid of a lower balance one first is good for your morale:j
As Bob has said the car maitenance is high, Quidico,cashback sites
as is clothes, Try Charity shops
and haircuts, Try local collages or local hairdresser with trainees


keep posting and never be affraid to ask for any help:D

bostin

Kitty2008 wrote: »

I've finally got round to doing my SOA. Any advice on which debts to pay off first?

I'm going to move back home in the next couple of months which will mean minimal outgoings.

Monthly income after tax................ 1263.49
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 50
Total monthly income.................... 1313.49

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 383
Management charge (leasehold flat)...... 0
Council tax............................. 45 - can you pay this over 12 mths rather than 10?
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 8
Telephone (land line)................... 17
Mobile phone............................ 0
TV Licence.............................. 6
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100 - check out the oldstyle page for info to cut this down further.
Clothing................................ 50
Petrol/diesel........................... 120 - can you cut this back anymore?
Road tax................................ 5 - this seems an abnormal amount? That's £60 per annum....
Car Insurance........................... 24.7 - check out quidco for money back? Also look at www.confused.com to see if you are paying too much.
Car maintenance (including MOT)......... 75
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...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 938.7

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Sainsburys Bank................3063.51...68.92.....20.95
Natwest........................774.15....17........20.83
Natwest Loan...................8853.75...196.7.....6.5
Overdraft......................500.......0.........0
Total unsecured debts..........13191.41..282.62....-

Monthly Budget Summary
Total monthly income.................... 1,313.49
Expenses (including secured debts)....... 938.7
Available for debt repayments........... 374.79
Monthly UNsecured debt repayments....... 282.62
Surplus(deficit if negative)............ 92.17

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total Secured debt...................... -0
Total Unsecured debt.................... -13,191.41
Personal net worth...................... -11,191.41

Will your rent drop when you go home? Have you got anything that you can sell? Ebay/Amazon etc are great places to sell unwanted clothes, cds etc.

Keep a spending diary to track where you are spending your money.

HTH

Kitty2008_2

My rent will be minimal when I move home. Just been looking through new things I've never used which I can sell on ebay.

bostin

Unsecured Debts
Description....................Debt......Monthly.. .APR
Sainsburys Bank................3063.51...68.92.....20.95
Natwest........................774.15....17....... .20.83
Natwest Loan...................8853.75...196.7.....6.5
Overdraft......................500.......0........ .0
Total unsecured debts..........13191.41..282.62....-

Are the Sainsbury's Bank & Natwest debt relating to a CC? The interest rate seems v. high! Have you tried balance transferring these to a lower APR?

Kitty2008_2

Yes they are both CCs. Will look at changing them asap.