My SOA...

cmo1974

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1293
Partners monthly income after tax....... 0
Benefits................................ 566
Other income............................ 0
Total monthly income.................... 1859

Monthly Expense Details
Mortgage................................ 289
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 96
Electricity............................. 91
Gas..................................... 0
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 30
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 300
Clothing................................ 30
Petrol/diesel........................... 120
Road tax................................ 25
Car Insurance........................... 30
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 40
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 26
Contents insurance...................... 26
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 40
Emergency fund.......................... 20
Total monthly expenses.................. 1337

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 125000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 56000....(289)......0
Total secured debts........... 56000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Alliance & Lei Loan............7000......139.......8.99
Nationwide Loan................12000.....209.......6.99
Alliance & Lei Odraft..........2300......60........0
HSBC Overdraft.................700.......8.........0
HSBC Overdraft.................2000......30........0
Total unsecured debts..........24000.....446.......-

Monthly Budget Summary
Total monthly income.................... 1,859
Expenses (including secured debts)....... 1,337
Available for debt repayments........... 522
Monthly UNsecured debt repayments....... 446
Surplus(deficit if negative)............ 76

Personal Balance Sheet Summary
Total assets (things you own)........... 125,000
Total Secured debt...................... -56,000
Total Unsecured debt.................... -24,000
Net Assets.............................. 45,000

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



Hello All,

Please can you offer any advice?

We are a married couple with a 15 month old and another due in two months! Thinking of getting a DMP to sort this mess out.

Any thoughts?

Cheers,

cmo1974

amyandjon

Hi there congratulations on the baby due, im new to this so more superior helpers will be along soon, things that jump out are shopping 300pm is exspensive shop somewhere cheaper.... ie aldi the fruit and veg is great i was reluctant at first but its good value....if you are with sky you could get free internet so that could cut you 10pm....i dont save an emergency fund i rely on family for that at the moment i put any extra on a debt! what do you spend 20 quid entertainment on can you cut that for a few months ? borrow dvds off friends ? or something are yougoing on holiday ? or are you just putting 40 quid away again on a debt buildings and content insurance looks high we pay 26 pound for both now we swapped via quidico and are with nationwide now, dont spend 30 quid pm on clothing for a few months and do you spend 40 quid pm on car maintenace get rid of that il clean if for a fiver lol ! hope that does some kind of help hopefully other people can outline better goood luck and welcome x

MYLITTLESISTERLOLA

cmo1974 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1293 2 incomes or 1
Partners monthly income after tax....... 0
Benefits................................ 566
Other income............................ 0
Total monthly income.................... 1859

Monthly Expense Details
Mortgage................................ 289
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 96 10 months or 12
Electricity............................. 91 this is huge
try pricing around or reducing usage
Gas..................................... 0
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 30 meter ?
Mobile phone............................ 20 this could be reduced
TV Licence.............................. 12
Satellite/Cable TV...................... 10 this could be cancelled
Internet Services....................... 10 this could be cancelled
Groceries etc. ......................... 300 this is huge I feed 2 adults & a 4yo on less than half of this
Clothing................................ 30 this could be reduced freecycle/ebay
Petrol/diesel........................... 120
Road tax................................ 25
Car Insurance........................... 30
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 40
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 26
Contents insurance...................... 26
Life assurance ......................... 0 I would have though you should have life cover with a little one and a mtg
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 40
Emergency fund.......................... 20
Total monthly expenses.................. 1337

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 125000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 56000....(289)......0
Total secured debts........... 56000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Alliance & Lei Loan............7000......139.......8.99
Nationwide Loan................12000.....209.......6.99
Alliance & Lei Odraft..........2300......60........0
HSBC Overdraft.................700.......8.........0
HSBC Overdraft.................2000......30........0
Total unsecured debts..........24000.....446.......-

Monthly Budget Summary
Total monthly income.................... 1,859
Expenses (including secured debts)....... 1,337
Available for debt repayments........... 522
Monthly UNsecured debt repayments....... 446
Surplus(deficit if negative)............ 76

Personal Balance Sheet Summary
Total assets (things you own)........... 125,000
Total Secured debt...................... -56,000
Total Unsecured debt.................... -24,000
Net Assets.............................. 45,000

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



Hello All,

Please can you offer any advice?

We are a married couple with a 15 month old and another due in two months! Thinking of getting a DMP to sort this mess out.

Any thoughts?

Cheers,

cmo1974

I would be concerned that a dmp will last a long time 10 years + ( by this time your kids will probably need much more expensive things clothes, school uniforms etc )and ruin your credit record, a further advance on your mortgage could be an option but you would be making non secured debt into secured debt, but this could reduce your monthly outgoings. You could easily reduced you grocery outgoings and electricty leaving you more for debt repayment if you decided neither of the other options are for you.

cmo1974

Thanks for the replys.

Here are some answers to your thoughts:

To amyandjon:
£300 on groceries = includes pet food for two dogs and a cat. Also nappies / wet wipes etc. Also the littleone has special dietary requirements and so costs more for 'normal food'.
Sky and fee internet = cannot do as we don't have a BT line.
£20 entertainment = £5 per week swimming for the family.
£40 holiday = Parks christmas fund (saving scheme)
£52 insurance = this was the best deal we could get last year after doing all the usual searches on the internet.
£30 clothing = mainly for shoes and clothes for littleone and unborn.
£40 car maint = had to get a fairly decent car for enlarged family and for work, but needs a regularly servicing every 9000 miles.

To MYLITTLESISTERLOLA:
Income is just for me.
Council tax = 10 months
Electricity = used alot of gas and electric last winter. Paying for it now.
Mobile = agreed it could be reduced.
Satelite and cable = could be cancelled....
Life assurance = should have it.

Thanks for the replies. Things to think about...

Cheers,

cmo1974

MYLITTLESISTERLOLA

Is your OH unemployed, just to clarify the income
Regards MLSL

cmo1974

Yes my wife is not employed.

She is on incapacity benefit.

milliemonster

If your wife is at home, why are you paying £40 a month on childcare?, also your buildings and contents insurance is extortionate, I would do some comparisons again now to reduce these, I have just done mine on a house worth £180k in a nice area for £15 a month for Buildings AND contents!, have you tried comparing your car insurance aswell?, £360 a year seems to be what you are paying at the moment, what car do you have?, £40 a month for car maintenance does seem high, even if it needs servicing every 9k miles, where do you get it serviced? is there any chance you can get a cheaper car to run? I know you have an enlarged family but for instance I have a W reg Freelander that costs me £160 a year to insure, £195 a year to tax and I get it serviced once a year at £80 a time?

Gemmzie

There's lots of cuts which can be made and even at the moment you have a surplus so I think that snowballing would be better for you than a DMP.

Are the overdrafts actually 0%?

tyllwyd

I'm not sure if this is a good idea, but your mortgage is very low compared to the value of your house. One option to look at might be to remortgage to include the two loans. Of course, that is turning unsecured debt into secured, but if the only other option is a DMP, it might be worth looking into in order to avoid trashing your credit rating.