We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

SOA - Not good - Please help (further info in diary post)

Options
Sososad
Sososad Posts: 77 Forumite
edited 14 November 2009 at 5:54PM in Debt-free wannabe
Oh dear, just did the SOA would someone mind having a look to see if i have done this correct, even more scarey now that i see it in black and white.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 1000
Benefits................................ 167.47
Other income............................ 0
Total monthly income.................... 2867.47
Monthly Expense Details
Mortgage................................ 592
Secured/HP loan repayments.............. 485
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 119
Electricity............................. 40
Gas..................................... 60
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 88
TV Licence.............................. 12.01
Satellite/Cable TV...................... 28 (This includes Internet and landline)
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 20
Car Insurance........................... 36
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 75.6
Medical (prescriptions, dentist etc).... 22
Pet insurance/vet bills................. 0
Buildings insurance..................... 36.86
Contents insurance...................... 0
Life assurance ......................... 86.56
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1826.03

Assets
Cash.................................... 0
House value (Gross)..................... 138000
Shares and bonds........................ 0
Car(s).................................. 25000
Other assets............................ 0
Total Assets............................ 163000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 134995...(592)......0
Hire Purchase (HP) debt ...... 25000....(485)........0
Total secured & HP debts...... 159995....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................8232.82...366.......0
HBOS...........................22881.2...494.......0
Hitachi........................1416.75...73.13.....0
RBOS...........................3917.35...89........0
Next...........................564.54....56.56.....0
MBNA...........................11934.4...45.84.....0
Total unsecured debts..........48947.06..1124.53...-

Monthly Budget Summary
Total monthly income.................... 2,867.47
Expenses (including HP & secured debts). 1,826.03
Available for debt repayments........... 1,041.44
Monthly UNsecured debt repayments....... 1,124.53
Amount short for making debt repayments. -83.09
Personal Balance Sheet Summary
Total assets (things you own)........... 163,000
Total HP & Secured debt................. -159,995
Total Unsecured debt.................... -48,947.06
Net Assets.............................. -20,942.06
:mad::mad::mad:
Payment 7 of 102 :eek:
«1

Comments

  • *Jellie*
    *Jellie* Posts: 3,018 Forumite
    Part of the Furniture Combo Breaker
    Sososad is a newbie. She has posted information and her SOA in her diary and it would be great if people could check it out and offer some advice.
    The SOA is post #10 in tis thread
    http://forums.moneysavingexpert.com/showthread.html?t=1905867

    Hope I've done this Ok!
    Thanks!
    2019 fashion on a ration 0/66 coupons
  • fermi
    fermi Posts: 40,542 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Rampant Recycler
    Hi. :)

    I've copied the SOA post over to make a new thread here, and then merged.

    Hope that helps.
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • *Jellie*
    *Jellie* Posts: 3,018 Forumite
    Part of the Furniture Combo Breaker
    Thanks Fermi- I didn't know the best way to help!
    2019 fashion on a ration 0/66 coupons
  • beanielou
    beanielou Posts: 95,506 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Hi there :)

    Your moblie costs seem very high?
    Is your car loan really for £25,000?
    If so then I strongly suggest you change your car.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "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.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • chalkie99
    chalkie99 Posts: 1,618 Forumite
    Part of the Furniture Combo Breaker
    You are using 4 gallons of fuel per week so that doesn't really justify £25k worth of car. If it was me I would sell it immediately and buy a cheap run around until my financial situation was sorted out. £25k would make a big differnce to your situation.

    I would also get rid of the mobile phones if you can -there are much cheaper deals if you really need them. The satellite would go too - it's just a luxury you cannot afford.

    What about water rates btw?
  • slummymummyof3
    slummymummyof3 Posts: 1,971 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Life assurance very steep - have you had this for a number of years? Costs of life assurance have come down lots during the last few years - check cashback sites for cash back as well as a cheaper deal.

    Assuming that contents and buildings insurance are combined?

    Check out cashback sites for renewal of car/buildings/contents insurance also for gas/electric. Make sure you clear any cookies first though if you have used a comparison site.
  • bunny999
    bunny999 Posts: 970 Forumite
    Sososad wrote: »
    Oh dear, just did the SOA would someone mind having a look to see if i have done this correct, even more scarey now that i see it in black and white.

    Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned.................... 1
    Monthly Income Details
    Monthly income after tax................ 1700
    Partners monthly income after tax....... 1000
    Benefits................................ 167.47
    Other income............................ 0
    Total monthly income.................... 2867.47
    Monthly Expense Details
    Mortgage................................ 592
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 119
    Electricity............................. 40
    Gas..................................... 60
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 88 - this is too high
    TV Licence.............................. 12.01
    Satellite/Cable TV...................... 28 -get freeview
    Internet Services....................... 0
    Groceries etc. ......................... 390 - could be cut down a bit
    Clothing................................ 50 - only buy what you NEED
    Petrol/diesel........................... 80
    Road tax................................ 20
    Car Insurance........................... 36
    Car maintenance (including MOT)......... 20
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 75.6
    Medical (prescriptions, dentist etc).... 22
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 36.86
    Contents insurance...................... 0
    Life assurance ......................... 86.56 - seems high
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 30 - cut down
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 20
    Total monthly expenses.................. 1826.03

    Assets
    Cash.................................... 0
    House value (Gross)..................... 138000
    Shares and bonds........................ 0
    Car(s).................................. 25000 - get rid -this is ridiculous
    Other assets............................ 0
    Total Assets............................ 163000

    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 134995...(592)......0
    Hire Purchase (HP) debt ...... 25000....(0)........0
    Total secured & HP debts...... 159995....-.........-
    Unsecured Debts
    Description....................Debt......Monthly...APR
    Barclaycard....................8232.82...366.......0
    HBOS...........................22881.2...494.......0
    Hitachi........................1416.75...73.13.....0
    RBOS...........................3917.35...89........0
    Next...........................564.54....56.56.....0
    MBNA...........................11934.4...45.84.....0
    Total unsecured debts..........48947.06..1124.53...-

    Monthly Budget Summary
    Total monthly income.................... 2,867.47
    Expenses (including HP & secured debts). 1,826.03
    Available for debt repayments........... 1,041.44
    Monthly UNsecured debt repayments....... 1,124.53
    Amount short for making debt repayments. -83.09
    Personal Balance Sheet Summary
    Total assets (things you own)........... 163,000
    Total HP & Secured debt................. -159,995
    Total Unsecured debt.................... -48,947.06
    Net Assets.............................. -20,942.06
    :mad::mad::mad:

    Hope this helps - you are in serious trouble and really need to cut back.
  • tyllwyd
    tyllwyd Posts: 5,496 Forumite
    Looking at your diary thread, I think you pay £485 monthly for the car? You should include that in your SOA because it makes a big difference to the picture overall.
  • Sososad
    Sososad Posts: 77 Forumite
    beanielou wrote: »
    Hi there :)

    Your moblie costs seem very high?
    Is your car loan really for £25,000?
    If so then I strongly suggest you change your car.

    I know the mobile costs seem high but we are both self employed and after hunting around this is the cheapest deal we can get.

    The car loan was for £20,000 its a long story but we traded in 2 cars to have 1 car to try and cut costs - a year later our statement says we are due £25,000 :eek: would sell in a minute but its on finance and it is in negative equity. so i guess we are stuck with it until we can hand it back
    Payment 7 of 102 :eek:
  • Sososad
    Sososad Posts: 77 Forumite
    tyllwyd wrote: »
    Looking at your diary thread, I think you pay £485 monthly for the car? You should include that in your SOA because it makes a big difference to the picture overall.

    Hi thanks for that, can you tell me how i do that please?
    Payment 7 of 102 :eek:
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture