Soa

emmajayne18_2

Hi everyone,

I was just about to post on here about getting some recommendations for a Independent financial advisor but then saw someones message about SOA. I was wondering if I posted mine on her if you could help me? My debt seems to be spiraling out of control and I know it's time to face up to this fact.

Thanks in advance
Emma

Tigert

Hi,

Yes you can post your SOA on here. Lot's of people will advise on them.

If you are looking for financial advice on debts, I would recommend either Payplan or CCCS. They will take all your details and give you free advice on the best solution for you.

beanielou

Look forward to seeing your SOA Emma

aHullKingstonRover

I'd say, go for it !!!

A great deal of self-discipline and personal motivation is required since it's not just about saving money but also about how best you reorganise your lifestyle / spending habits to become debt free - you might have to make some very significant sacrifices along the way but it will be well worth it in the end !!!

I'd say that as a consequence of dealing with debt, you're likely become a much more astute person both personally and financially, too.

The forum members usually look at how to prioritise your outgoings in order to help you pay off the money currently owed at the cheapest cost, what savings can be made on a daily basis in order to free-up your cash more effectively and also how you might generate further income to assist with paying debts; I'd personally say that you've got to put any additional income towards paying off and not use it for buying new things!

You have to be honest about the true state of your SOA though because it is only yourself who can implement the necessary changes to becoming debt free.

Good Luck!

Tonylpool

Hi Emma, Welcome!!!

Financial advisors do a good job but the support you will get from people who have had personal experience with debt as well as making new friends is worth so much more.

We will all help you!

Tony

GeorgeUK

This may help if you haven't already seen it.
http://www.makesenseofcards.com/soacalc.html

Numpty_Monkey

:hello: Hi emmajayne

a link to an SOA calculator
http://www.makesenseofcards.com/soacalc.html

We will offer all the help, support and advice that we can (which is a lot):A

The recomended finical advisors you will get from any DFW is to call one of the Debt Charities,
http://www.cccs.co.uk/
http://www.nationaldebtline.co.uk/
http://www.citizensadvice.co.uk/

welcome aboard
:A

emmajayne18_2

Ok, here goes. This is my situation to explain the below slightly.
I live on my own in a mortgaged house. The extra £300 a month income is from my parents to help me out. They are going to retire in the next year ish so this money will stop probably before the end of the year. Hence - I need to get sorted out. I really need to start standing on my own two feet as well.

Most of my credit card loan debt comes from uni/buying my house.

I have got a 2k loan which I have put into the monthly exp as well as the unsecured debts section - hope this is correct. I actually hope that the whole form is ok!

My petrol is quite high as I drive 2 hours each day to/back from work.

My Tesco credit card is interest free and I have just applied for Halifax 0% interest card as on my virgin one I am only paying off the interest at the moment.

I used the make sense website - great tool, thank you!!

Thank you so much in advance, I am feelight slightly better already.
Monthly income after tax................ 1211
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 300
Total monthly income.................... 1511

Monthly Expense Details
Mortgage................................ 405.87
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 55
Electricity............................. 11
Gas..................................... 10
Oil..................................... 0
Water rates............................. 16
Telephone (land line)................... 12
Mobile phone............................ 50
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 200
Clothing................................ 100
Petrol/diesel........................... 200
Road tax................................ 10
Car Insurance........................... 33
Car maintenance (including MOT)......... 16
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 5
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 20
Entertainment........................... 10
Holiday................................. 83
Emergency fund.......................... 0
Unsecured loan.......................... 131.59
Repayment on other Overdraft............ 60
Loan on new bed......................... 24
Account fee and interst on overdraft.... 26
Total monthly expenses.................. 1594.46

Assets
Cash.................................... 0
House value (Gross)..................... 114000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 119000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(405.87)...0
Total secured debts........... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin credit card.............1700......50........16
Tesco Credit Card..............2000......50........0
Topshop card...................6.........6.........0
Loan...........................2000......131.5.....0
House of Fraser Card...........20........20........0
Total unsecured debts..........5726......257.5.....-

Monthly Budget Summary
Total monthly income.................... 1,511
Expenses (including secured debts)....... 1,594.46
Available for debt repayments........... -83.46
Monthly UNsecured debt repayments....... 257.5
Surplus(deficit if negative)............ -340.96

Personal Balance Sheet Summary
Total assets (things you own)........... 119,000
Total Secured debt...................... -0
Total Unsecured debt.................... -5,726
Net Assets.............................. 113,274
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Keeping_Positive

Main savings to be made are on Groceries £100 should be fairly easy if not £50 if you plan, best see the old style board for ideas the grocery challenge thread is great.

Clothes, stop spending on these for a while and the mobile at £50 is high any way of changing tariff cutting back? I think the holiday may have to be rethought if possible as you are short £340 a month.

Good luck

Numpty_Monkey

Glad you posted your SOA i'm not one of the clever ones here:o
but a few things do stand out

Telephone and internet = £37 per month
i pay about £17 for phone and broadband

Mobile phone £50, this high can you cancel and go payg or get a different tarrif

Groceries, £200 this is high have a look on the OS board loads of tips about cutting this down
http://forums.moneysavingexpert.com/forumdisplay.html?f=33

Clothing £100 please tell me that is a typo:eek:

Presents £50 sorry hun this needs at the minimum the 0 knocked of the end
you need the money for yourself should at most be £5

Account fee, what is this switch to a new free account
If your insurence is due for renewl sign up with Quidco and get some cash back same with bank account:A

others will have better ideas and be more help than me

Keeping_Positive

Look at up your income board as well how about the make £10 a day challenge. This can be from Quidco, online surveys, ebay, Amazon, car boots, pigsback, money back madness. All easy ways to raise money for not much effort.

Also keeping a spending diary is good for tracking where the money goes. It sneaks out in many ways you often dont realise! http://www.spendingdiary.com/