Soa

GeorgeUK

I'm a little confused - at the bottom of your monthly outgoings, you've got debt details. Is some of this duplicated later in unsecured debts?

emmajayne18_2

George - where do you mean?
I have a loan for 2,000 which I am paying off £131 every month. Is this what you mean?

Thanks for everyone who replied - I know I can cut down on lots such as food clothes.

I am still considering a financial advisor though, considering paying off some debts with equity from my house. Anyone done this before?

emmajayne18_2

numpty monkey - which internet providor are you with? I am coming up to a year with mine (pipex and bt) so looking to change

Numpty_Monkey

Call one of the debt charties please and not a
"pay me and i'll advise you the best way to make me money" advisors

and we can help on the cutting down stuff

CLAPTON

you are double counting some of your debts...in the spending section there should be NO debt repayments except secured loans (i.e. mortgage) and in the debts section then all unsecured debt... so your loan repayment of 131 is counted twice
loans are simply unsecured detbs and so is the OD and the bed so should be in the debt section only.



on the whole financial advisers are people who advise you how to invest your spare money: they are NOT debt advisers. In you case they are unlikely to be suitable to your needs as you have no spare money to invest.

SteveyLomas

You need to put the bed debt and the overdraft in the debt bit and put the value of your mortgage down, then you can see where you are!

Also - do you think you are being realistic about your £2.50 a week entertainment budget? I guess you are fairly young and I'm sure its not healthy to spend so little on entertainment when you are young? You can easily slash clothes, food, mobile phone, petrol(?), presents etc.

emmajayne18_2

Thanks for this, I will make the changes and upload my new SOA later on today.
Thanks, this is really helping

Clariman

emmajayne18 wrote: »

Thanks for this, I will make the changes and upload my new SOA later on today.
Thanks, this is really helping

Hi emmayjane,

I'm glad you found the SOA calculator useful. When you re-do your SOA, make sure that you copy and paste everything between the lines. It will then pick up all the right control tags to make it format neatly on MSE when pasted and posted

Clariman

emmajayne18_2

Ok, I have changed what I needed to and also had a re think/re caculated what I spend.

Does this look any better? I guess it's still clothes/food/presents etc that I need to concentrate on.

I also have some equity in my house. Is it worth releasing some of this to pay off debt?
Thanks

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
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..................................... 30
Oil..................................... 0
Water rates............................. 16
Telephone (land line)................... 12
Mobile phone............................ 40
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 150
Clothing................................ 80
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)...... 40
Haircuts................................ 20
Entertainment........................... 40
Holiday................................. 70
Emergency fund.......................... 0
Total monthly expenses.................. 1299.87

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........................6.........6.........0
Bed loan.......................300.......23........0
Overdraft Fee..................0.........20........0
HOF Card.......................20........20........0
Halifax Loan...................2000......133.......0
Total unsecured debts..........6026......302.......-

Monthly Budget Summary
Total monthly income.................... 1,511
Expenses (including secured debts)....... 1,299.87
Available for debt repayments........... 211.13
Monthly UNsecured debt repayments....... 302
Surplus(deficit if negative)............ -90.87

Personal Balance Sheet Summary
Total assets (things you own)........... 119,000
Total Secured debt...................... -0
Total Unsecured debt.................... -6,026
Net Assets.............................. 112,974

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

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

Clariman

Well done. Formatted just fine that time