Newbie - Done an SOA - Now what?? Help!

montana1

Complete newbie here. I've just dared to figure out exactly what I owe, and how I'm getting in such a mess all the time....Hope I've done this right. I wanted to leave my husband out of the equation, so I've halved house costs/values, to reflectjust my half of assets and expenses:huh: Is that ok.Turns out I spend more than I have:rolleyes: Not a huge surprise. My main aim is to get rid of some of the credi card debt which is on massive interest. I've only just realised that I'm paying out £150 or so each month, and £100 ish is going on interest:eek: But I don't think I can get any credit. Last 2 times I applied for a card to transfer balance to, I was turned down. I'm terrified of messing up my credit rating any further.Help please - idiot proof guide needed.....Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400

Monthly Expense Details
Mortgage................................ 380
Secured loan repayments................. 120
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 80
Electricity............................. 20
Gas..................................... 15
Oil..................................... 0
Water rates............................. 22
Telephone (land line)................... 20
Mobile phone............................ 18
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 12
Groceries etc. ......................... 140
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 35
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 57
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 140
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 1324

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 102000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 65000....(380)......0
Secured Debt.................. 3000.....(120)......0
Total secured debts........... 68000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................2895......58........22
credit card....................3000......66........18
credit card....................550.......16........6
Total unsecured debts..........6445......140.......-

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including secured debts)....... 1,324
Available for debt repayments........... 76
Monthly UNsecured debt repayments....... 140
Surplus(deficit if negative)............ -64

Personal Balance Sheet Summary
Total assets (things you own)........... 102,000
Total Secured debt...................... -68,000
Total Unsecured debt.................... -6,445
Personal net worth...................... 27,555

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

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Gemmzie

Hi Montana, welcome to the boards

First thing - do you and your OH earn the same amount? If he earns a bit more then could he pay a little more? Is it just you and OH? Any pets, kids?

beanielou

Hi & welcome to MSE.
Your entertainment is really high as is your pet ins & costs.
f you half your entertainment you would just about break even.

montana1

OH earns less than me, so no go on that front. Umm...entertainment is my big problem, I've listed my horses costs there - hence the pet insurance:rolleyes:

One should be being sold towards the end of the year, which will reduce it not quite in half. The other one - I'd rather sell my right arm.....

montana1

Sorry, forgot to say, no kids at the moment, and no plans for the next couple of years at least.

Thanks for help

beanielou

Could you get a wee part time job meantime?
E bay, car boots to raise some cash?

montana1

Maybe with the job, but I work pretty much 10 hour + days 5-6 days a week at the moment, the job's getting really stressful right now. I guess it's something I should look into though.

I'm ebaying like crazy right now too, have a bunch of stuff to go on in the next week which should raise £300 or so.

Any idea on the credit cards? Is it just hopeless to think I could get a 0% deal or loan on a lower rate of interest to cover the whole lot and reduce my interest so I can get rid of them quicker?:o

montana1

Hmm, just realised I forgot to include my biggest problem. I have a £1500 overdraft which I'm threatening to or actually do go over each month by up to £150...:o

This has really depressed me, seeing it all in black and white. I'm such an ostrich with money....

sidnee

Can you somehow mark the stuff you have halved and include the OD in the costs by editing the post?

For instance, TV Licence... £15?

skintjenny

montana1 wrote: »

Hmm, just realised I forgot to include my biggest problem. I have a £1500 overdraft which I'm threatening to or actually do go over each month by up to £150...:o

This has really depressed me, seeing it all in black and white. I'm such an ostrich with money....

me too, im so bad for knowing im in my od so therefore avoiding checking my balance at all costs... today i bit the bullet and i am £979.79 od! :eek: NO idea how im paying that one off!?

good luck though, the people on here are really great at finding tiny ways to save you money that all add up :money:

jenny x

montana1

sidnee wrote: »

Can you somehow mark the stuff you have halved and include the OD in the costs by editing the post?

For instance, TV Licence... £15?

Everything that's household bill is half - so for example, the actual monthly cost of my buildings and contents cover is £30, I pay half, so I've put down £15.

Have to admit the tv licence was a bit of a guess:o We pay it annually, so I guessed at 1/24 of it:rolleyes:

I don't know how I'd include my OD in the post now, it calculated automatically....Maybe I could go and re-do the whole thing.

Thanks Jenny - that's what I'm hoping....