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    • shteca
    • By shteca 29th Jul 18, 10:15 AM
    • 73Posts
    • 137Thanks
    shteca
    My SOA and Situation Realisation
    • #1
    • 29th Jul 18, 10:15 AM
    My SOA and Situation Realisation 29th Jul 18 at 10:15 AM
    Below is an update of my situation
    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 2
    Number of cars owned....................

    Monthly Income Details

    Monthly income after tax................ 3000
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 3000


    Monthly Expense Details

    Mortgage................................ 477.2
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 100
    Council tax............................. 76
    Electricity............................. 59
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 22.43
    Telephone (land line)................... 0
    Mobile phone............................ 42.68
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 22.95
    Groceries etc. ......................... 264
    Clothing................................ 111
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 276
    Childcare/nursery....................... 300
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 45
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 7
    Other insurance......................... 14
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 30
    Entertainment........................... 174
    Holiday................................. 25
    Emergency fund.......................... 0
    Eating out.............................. 270
    Total monthly expenses.................. 2336.26



    Assets

    Cash.................................... 0
    House value (Gross)..................... 125000
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 125000



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 66474.7..(477.2)....0
    Total secured & HP debts...... 66474.7...-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    NatWest Overdraft..............7500......107.4.....0
    MBNA Credit Card...............5780.5....148.2.....0
    Ikano Bank Loan................10601.4...308.5.....3
    Sainsburys Bank Loan...........13220.5...307.4.....9
    Total unsecured debts..........37102.4...871.5.....-



    Monthly Budget Summary

    Total monthly income.................... 3,000
    Expenses (including HP & secured debts). 2,336.26
    Available for debt repayments........... 663.74
    Monthly UNsecured debt repayments....... 871.5
    Amount short for making debt repayments. -207.76


    Personal Balance Sheet Summary
    Total assets (things you own)........... 125,000
    Total HP & Secured debt................. -66,474.7
    Total Unsecured debt.................... -37,102.4
    Net Assets.............................. 21,422.9


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.


    Most of you that had helped me in the past had said I need to post a SOA to get any real help so I have gone and sorted that.
    Just a quick note, to work out some of my numbers I have gone back through my spending over the last year written every transaction out on Excel and categorised everything. I have then taken an average of each category to use for the SOA. In the past couple of months I have been trying but this month especially to DRASTICALLY cut the costs.
    I had been pushing it off not because I didn't want to but because so much has changed recently it makes it hard for me to put everything in with certainty.
    With regards to my flat, I did recently spend a lot of money I didn't have to refurbish the whole place but I saw an opportunity to really increase the value and things spiralled. It was difficult for me to be happy with the state it was in and since then I have really noticed a difference in my outlook. It has put a huge strain on me financially but I do feel it was worth it all things considered.
    So starting with the flat, I spent £10,000 getting it to what it is now and I had a friend from work make me a cash offer of £125,000 so I guess I did well. I bought the flat 4 years ago for £89,500 and in my last post commented on how I was thinking of selling it to clear all my debts and rent for a while. I have been put off this idea and thanks to others comments think slowing down and taking a step back would be the best POA.
    Up until 3 months ago I had a ridiculous Mercedes C Class that not only was causing me huge financial issues but I also never used it. I got it when I thought I was going to be using it for work 2 years ago but since started taking the Metro into town and THANKFULLY got rid of it 3 months ago. Cost me £1,500 in the difference in value to loan but was the best thing I ever did. So now I have no car but get around just fine. I do spend about £150 a month on Ubers and car rentals though which are inevitable every time I need to go somewhere. There is also the £55 monthly Metro ticket which I buy.
    Another cost I have not included is restaurants. I was dating a girl who was a lot more financially stable than I am which came with the cost of dates and meals out. I am also a sucker for forgetting lunch and eating out in town as well as going out with friends. From doing my budget this has been my biggest eye opener and NEEDS TO STOP COMPLETELY!
    With my income it can vary soo much it makes it difficult to know what my monthly income on a given month will be. I am self employed and work in Sales so a good month could be £5,000 and a bad month can be £0.

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    Last edited by MSE Tine; 24-04-2019 at 10:11 AM.
    Original Debt: £54,441.87 - 01/05/2018 | Repaid: £22,680 | Current Debt: £31,761
Page 4
    • shteca
    • By shteca 3rd Apr 19, 8:49 AM
    • 73 Posts
    • 137 Thanks
    shteca
    This. A thousand times this. This was the biggest thing with me too with all available credit. The biggest change I made that helped was changing this attitude.
    Had to post just to say your progress and attitude is truly inspiring. A real advert for knuckling down and getting at it
    As always with these diaries, it not only helps you, but others (like me) with inadvertent support and ideas. Not to mention inspiration when you hit the inevitable low moments, where it feels as though everything is a grind after the initial surge of enthusiasm has worn off. Thank you
    Originally posted by Pip Boy 111
    Thanks Pip Boy, keeping coming back to the Forum and reminding myself of why I am doing this and knowing I am not alone is such a motivator for me. I just keep thinking of the final result.
    Thanks for keeping in touch.
    Original Debt: £54,441.87 - 01/05/2018 | Repaid: £22,680 | Current Debt: £31,761
    • foreverdieting
    • By foreverdieting 10th Apr 19, 9:18 AM
    • 13 Posts
    • 4 Thanks
    foreverdieting
    A couple of Ideas
    Well done for realising your position and doing something about it.

    Is increasing your mortgage a possibility, as this will be a lot cheaper interest wise than paying interest on credit cards. I know you will pay it over a longer period of time, but most mortgages allow at least a 10% overpayment each year if you're on a fixed rate, if not you can pay chunks off as you go along.

    If this isn't an option and you think your credit rating is really bad it might be worth going to a debt charity and asking them to negotiate with the card companies on your behalf. They may be able to get the interest suspended and arrange a payment plan for you.

    Whatever happens you will be in a much better position this time next year and should feel proud of yourself.

    Good luck.
    Last edited by foreverdieting; 10-04-2019 at 9:23 AM. Reason: Just noticed I missed some pages and you have done a lot since your original post. My post is irrelevant now, but well done.
    • shteca
    • By shteca 14th Apr 19, 6:35 AM
    • 73 Posts
    • 137 Thanks
    shteca
    I could look to increase my mortgage as there is equity in my flat but the thing is I have promised myself no more borrowing. I can’t keep borrowing myself out of debt.
    Another thing is moving the debt to my home will mean taking it from unsecured to secure debt which I don’t think is better and without paying off debt my mindset towards it may not change.
    I am 100% focused on just paying off as much as possible each month. With my income being irregular it is difficult.
    Original Debt: £54,441.87 - 01/05/2018 | Repaid: £22,680 | Current Debt: £31,761
    • beanielou
    • By beanielou 16th Apr 19, 8:34 PM
    • 62,695 Posts
    • 272,697 Thanks
    beanielou
    You are awesome.
    What an amazing amount to pay off in a short time
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • enthusiasticsaver
    • By enthusiasticsaver 16th Apr 19, 11:27 PM
    • 8,373 Posts
    • 19,188 Thanks
    enthusiasticsaver
    I could look to increase my mortgage as there is equity in my flat but the thing is I have promised myself no more borrowing. I canít keep borrowing myself out of debt.
    Another thing is moving the debt to my home will mean taking it from unsecured to secure debt which I donít think is better and without paying off debt my mindset towards it may not change.
    I am 100% focused on just paying off as much as possible each month. With my income being irregular it is difficult.
    Originally posted by shteca
    I could not agree more with this. You are doing a great job of getting rid of this debt. No need to increase your mortgage.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
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