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Finally posting SOA - any ideas welcome
sashanut
Posts: 3,252 Forumite
Hi everyone
I have finally more or less completed my SOA which is listed (i hope) below. As you can see our outgoings are large, mainly due to massive CC debt & this is what I need most help with please. I am useless at transferring balances etc & always miss deadlines - although I have shifted quite a bit onto a virgin 0% deal! We have a big house & a lot of our outgoings are also large...we are self-employed & the business has been very poor the last 2 years so have made no real impression on the debt mountain, have sold things to make ends meet at times & are still doing so. Have taken an average of the last 3 months money to give monthly income but it is slightly skewed as we have to pay VAT & etc in chunks quarterly plus tax. Business might be due to get better in the Autumn & need some pointers as how best to approach the CC debt to drive it down so we are not living on the edge all the time... hope you helpful people can make some suggestions:
PS my Egg card is just offering me the 0% deal till November but have no room on the card; there are 2 adults & 1 DD17 in household; loan is not secured but is due to be paid off in August - but at £400/month that's £1200 - double what is owed?? Should I get a settlement figure & pay it off first???
Monthly income after tax................ 3600
Partners monthly income after tax....... 0
Benefits................................ 75
Other income............................ 750
Total monthly income.................... 4425
Monthly Expense Details
Mortgage................................ 1113
Secured loan repayments................. 400
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 189
Electricity............................. 237
Gas..................................... 145
Oil..................................... 0
Water rates............................. 66
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 114
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 300
Car Insurance........................... 300
Car maintenance (including MOT)......... 200
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 3476
Assets
Cash.................................... 0
House value (Gross)..................... 775000
Shares and bonds........................ 0
Car(s).................................. 7500
Other assets............................ 0
Total Assets............................ 782500
Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 149578...(1113).....0
Secured Debt.................. 635......(400)......7.66
Total secured debts........... 150213....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
A&L credit card................8739......167.......24.95
M CITI.........................1925......44........16.6
P CITI.........................1215......36........16.6
EGG P..........................1602......33........19.9
EGG M..........................12876.....258.......17.9
VIRGIN P.......................2866......52........15.94
VIRGIN M.......................9308......145.......0
M&S............................1374......35........20.9
LLOYDS AIRMILES................7406......149.......21.94
LLOYDS PLAT....................6380......128.......18.94
Total unsecured debts..........53691.....1047......-
Monthly Budget Summary
Total monthly income.................... 4,425
Expenses (including secured debts)....... 3,476
Available for debt repayments........... 949
Monthly UNsecured debt repayments....... 1,047
Surplus(deficit if negative)............ -98
TIA if you can help:D
I have finally more or less completed my SOA which is listed (i hope) below. As you can see our outgoings are large, mainly due to massive CC debt & this is what I need most help with please. I am useless at transferring balances etc & always miss deadlines - although I have shifted quite a bit onto a virgin 0% deal! We have a big house & a lot of our outgoings are also large...we are self-employed & the business has been very poor the last 2 years so have made no real impression on the debt mountain, have sold things to make ends meet at times & are still doing so. Have taken an average of the last 3 months money to give monthly income but it is slightly skewed as we have to pay VAT & etc in chunks quarterly plus tax. Business might be due to get better in the Autumn & need some pointers as how best to approach the CC debt to drive it down so we are not living on the edge all the time... hope you helpful people can make some suggestions:
PS my Egg card is just offering me the 0% deal till November but have no room on the card; there are 2 adults & 1 DD17 in household; loan is not secured but is due to be paid off in August - but at £400/month that's £1200 - double what is owed?? Should I get a settlement figure & pay it off first???
Monthly income after tax................ 3600
Partners monthly income after tax....... 0
Benefits................................ 75
Other income............................ 750
Total monthly income.................... 4425
Monthly Expense Details
Mortgage................................ 1113
Secured loan repayments................. 400
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 189
Electricity............................. 237
Gas..................................... 145
Oil..................................... 0
Water rates............................. 66
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 114
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 300
Car Insurance........................... 300
Car maintenance (including MOT)......... 200
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 3476
Assets
Cash.................................... 0
House value (Gross)..................... 775000
Shares and bonds........................ 0
Car(s).................................. 7500
Other assets............................ 0
Total Assets............................ 782500
Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 149578...(1113).....0
Secured Debt.................. 635......(400)......7.66
Total secured debts........... 150213....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
A&L credit card................8739......167.......24.95
M CITI.........................1925......44........16.6
P CITI.........................1215......36........16.6
EGG P..........................1602......33........19.9
EGG M..........................12876.....258.......17.9
VIRGIN P.......................2866......52........15.94
VIRGIN M.......................9308......145.......0
M&S............................1374......35........20.9
LLOYDS AIRMILES................7406......149.......21.94
LLOYDS PLAT....................6380......128.......18.94
Total unsecured debts..........53691.....1047......-
Monthly Budget Summary
Total monthly income.................... 4,425
Expenses (including secured debts)....... 3,476
Available for debt repayments........... 949
Monthly UNsecured debt repayments....... 1,047
Surplus(deficit if negative)............ -98
TIA if you can help:D
New start JAN15 - NOT BUYING IT 2015 :eek:. Long haul DFW #145 : 2011 DEBTBUSTING : £5500 OD GONE, £2000 OD - GONE £93,610.30 cc & loan debt - GONE 27.6.14 FINALLY DEBT & MORTGAGE FREE :happyhear
0
Comments
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Surely those are yearly prices for gas/electricity??
AH!Empty pockets never held anyone back, only empty heads and empty hearts can do that -Peale0 -
NO - monthly!!! See what I mean about massive bills...New start JAN15 - NOT BUYING IT 2015 :eek:. Long haul DFW #145 : 2011 DEBTBUSTING : £5500 OD GONE, £2000 OD - GONE £93,610.30 cc & loan debt - GONE 27.6.14 FINALLY DEBT & MORTGAGE FREE :happyhear0
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Oh forgot to say - we have cable TV, phone & broadband are all included in that cost of £114 p/m ....New start JAN15 - NOT BUYING IT 2015 :eek:. Long haul DFW #145 : 2011 DEBTBUSTING : £5500 OD GONE, £2000 OD - GONE £93,610.30 cc & loan debt - GONE 27.6.14 FINALLY DEBT & MORTGAGE FREE :happyhear0
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Car tax £300 per month, car insurance £300 per month, seem a bit steep??0
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Hello and welcome. Here are a few of my random thoughts on this.
You can get cable phone and broadband for a lot less than that. Virgin its £30 for 3, get onto your provider and haggle. Try skype for making calls over the internet.
Gas and electricity. Make sure NOTHING is left on standby, make sure people have showers not baths, batch cook and try energy saving lightbulbs.
Is you DD working? If so does she contribute.
Also when your insurances are due for renewal do a comparison and switch via a cashback website.Find out who you are and do that on purpose (thanks to Owain Wyn Jones quoting Dolly Parton)0 -
What do you lie in if you don't mind me asking???
A castle?
I don't mean to sound rude, it just seems SOOOOO much!!!!Empty pockets never held anyone back, only empty heads and empty hearts can do that -Peale0 -
Yes sorry I got confused - car tax/ins is per year... for 2 cars. DD is still in f/t education. Virgin is my tv/telephone/internet cable provider, not sure why it is so expensive ...New start JAN15 - NOT BUYING IT 2015 :eek:. Long haul DFW #145 : 2011 DEBTBUSTING : £5500 OD GONE, £2000 OD - GONE £93,610.30 cc & loan debt - GONE 27.6.14 FINALLY DEBT & MORTGAGE FREE :happyhear0
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A point VAT, if the business isn't doing so well, have you fallen below threshold? Could you deregister and not pass on the savings to your customers hence earning 17.5% more? I guess it also depends on what your business expenses are like and whether its worth it as you wouldn't be able to claim input VAT back...
Just a thought.0 -
Electricity............................. 237
Gas..................................... 145
:eek: Have you swtiched recently? Are these bills based on true readings or estimates? Are you heating rooms you are not using?Satellite/Cable TV...................... 114
:eek: Buy a freeview box and switch to Talk Talk for phone and broadband for about £17 a month.
Proud to be a MoneySaver! 0 -
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Do you really spend on none of these??
Edit: How did you get a 0% mortgage? Proud to be a MoneySaver! 0
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