very first soa (eeek)

alfiemama

Hi everyone

I think I have had that lightbulb moment and would really like some advice
I have very nervously attempted my soa, so here goes

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 0 I have tried to work but dont have the appropiate childcare having 2 little ones under 4
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 1960

Monthly Expense Details
Mortgage................................ 876 interest only with tsb fixed rate for 2 years at the beginning of term
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 147
Electricity............................. 100 this was £54 with npower until fell in arrears and then very nicely advised I wasnt paying enough having meters fitted 15th aug
Gas..................................... 100 this was £45 with npower and same as above meter fitting on 15th aug
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 35
Mobile phone............................ 85.5 this is made up of £35 18month contract 02 (mine) and £45 plus £7.50 bolt on 02 unlimited calls for husbands work
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 30 made up of £9.99 aol broadband contract and £20 dongle for mob wireless (hubbys work)
Groceries etc. ......................... 70 this is for 4 of us plus petfood, nappies, wipes etc
Clothing................................ 20 I shop charity shops and put this to cover sons school uniform as he goes in sept
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 35
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 20 toddler groups, swimming etc
Medical (prescriptions, dentist etc).... 8 contacts
Pet insurance/vet bills................. 0
Buildings insurance..................... 35
Contents insurance...................... 0
Life assurance ......................... 29
Other insurance......................... 41
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1833.5

Assets
Cash.................................... 0
House value (Gross)..................... 205
Shares and bonds........................ 0
Car(s).................................. 200
Other assets............................ 0
Total Assets............................ 405

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 195......(876)......4.9
Total secured debts........... 195.......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
caravan........................0.........104.......0
blackhorse.....................0.........137.......0
settee.........................0.........27........0
capitol 1......................0.........15........0
barclays.......................0.........20........0
Total unsecured debts..........0.........303.......-

Monthly Budget Summary
Total monthly income.................... 1,960
Expenses (including secured debts)....... 1,833.5
Available for debt repayments........... 126.5
Monthly UNsecured debt repayments....... 303
Surplus(deficit if negative)............ -176.5

Personal Balance Sheet Summary
Total assets (things you own)........... 405
Total Secured debt...................... -195
Total Unsecured debt.................... -0
Net Assets.............................. 210

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

======== Enter any other useful information below ========
We are a family of 4 and my husband has recently had to change his job (still in the same company just diff position)

this is based on a worse case scenario month and some months he will earn more that thisunfortuantaley we obtained the loans, 1 personal and 1 for a caravan when my husbands job hadnt been affected by the credit crunch and now we are struggling and would like advice before we get into serious debt.

This month due to a low wage I have had to juggle the bills and not paid the council tax (will pay twice next months and also the water)I did have a little part time job working from home but due to total lack of childcare and my youngest being under 3 (hence no help with nursery)I have had to choice but to give this up.

We are also worried about the house situation, in a climate where houses just arnt selling we seem to be stuck here and basically may end up with neg equity, as we owe £195k and our house is prob worth just £205k if it continues to fall we will be in neg equity.When our fixed rate interest only (4.9 with tsb) ends in 2 years we will prob not be able to afford the mortgage, so we ask ourselves is it better to to do something now, or battle on for 2 years with a house we dont really love anyway.

Please can somone offer us some advice to try and alleviate the stress and worry a little I know we have been silly with our finances and it is our own fault but just want some help before this gets too out of hand

any help would be most appreciated
thanks

Deep_In_Debt

Hi and Welcome

Gosh! Well done on the groceries. That's very low for a family of 4.

Water - can you get a meter fitted? Your water authority may fit one for free and you pay for what you use and it also makes you more aware - i.e. not leaving taps running, loading washing machine to full, etc. I saved over £20 a month by switching to a meter. It's not much, but every little helps.

alfiemama

Oh god deep in debt, your right that was for a week, oh crikey am I gonna have to do it all again,
I

alfiemama

Oh god deep in debt, your right that was for a week, oh crikey am I gonna have to do it all again,
I rang the water board and they said better to keep it the way it is, as we have a 4 bed det
but thanks for the advice please keep it coming

sammy115

Just needed to say, better to not pay a debt than not pay council tax.. This is one of the worst to not pay....

Could you work as a child minder from home..... Or could you work from home doing something...I found this the other day

http://www.workingmums.co.uk/mums/jobs/91009/teletechhome-inbound-sales-representative-part-time-roles-available.thtml

alfiemama

SORRY UPDATED VERSION

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 0 I have tried to work but dont have the appropiate childcare having 2 little ones under 4
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 1960

Monthly Expense Details
Mortgage................................ 876 interest only with tsb fixed rate for 2 years at the beginning of term
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 147
Electricity............................. 100 this was £54 with npower until fell in arrears and then very nicely advised I wasnt paying enough having meters fitted 15th aug
Gas..................................... 100 this was £45 with npower and same as above meter fitting on 15th aug
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 35
Mobile phone............................ 85.5 this is made up of £35 18month contract 02 (mine) and £45 plus £7.50 bolt on 02 unlimited calls for husbands work
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 30 made up of £9.99 aol broadband contract and £20 dongle for mob wireless (hubbys work)
Groceries etc. ......................... 280 this is for 4 of us plus petfood, nappies, wipes etc
Clothing................................ 20 I shop charity shops and put this to cover sons school uniform as he goes in sept
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 35
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 20 toddler groups, swimming etc
Medical (prescriptions, dentist etc).... 8 contacts
Pet insurance/vet bills................. 0
Buildings insurance..................... 35
Contents insurance...................... 0
Life assurance ......................... 29
Other insurance......................... 41
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1833.5

Assets
Cash.................................... 0
House value (Gross)..................... 205
Shares and bonds........................ 0
Car(s).................................. 200
Other assets............................ 0
Total Assets............................ 405




Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 195......(876)......4.9
Total secured debts........... 195.......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CARAVAN........................0.........104.......0
BLACKHORSE.....................0.........137.......0
SETTEE.........................0.........27........0
BARCLAYS.......................0.........20........0
CAPITOL 1......................0.........15........0
Total unsecured debts..........0.........303.......-

Monthly Budget Summary
Total monthly income.................... 1,960
Expenses (including secured debts)....... 2,031.5
Available for debt repayments........... -71.5
Monthly UNsecured debt repayments....... 303
Surplus(deficit if negative)............ -374.5

Personal Balance Sheet Summary
Total assets (things you own)........... 405
Total Secured debt...................... -195
Total Unsecured debt.................... -0
Net Assets.............................. 210

Deep_In_Debt

Well done for looking into the meter, they are not suitable for everyone.

I did freak out a bit when I saw your groceries!!! I spend more on that for 2 and animals and wondered where I was going wrong!

It is more important to pay your council tax than your credit cards etc. Non-payment of council tax can result in BR. Unsecured creditors can wait. This should be treated as a priority.

Sorry, can't offer anything more.

alfiemama

Hi Sammy115

I only did the council tax as I know that usually over 10 months and you can just at to the end of it, but I do agree with what you have said.
The teletech job unfortuanely would not fit in with hubbys hours, as I really do not have any childfree time and hubby only gets in about 7.30-8pm.

Childminding hmmm, now this sounds negative of me but really dont think this is for me, as I have 2 very boisterous boys, it fills me with dread lol

alfiemama

Sometimes we wish we could literally hand the keys over to our house and walk away and rent and start again.
We are trying hard to keep our credit rating good would we better maybe saying to loan companies we cant pay it and come to an agreement to make min payments and get a ccj

Merlot

alfiemama wrote: »

SORRY UPDATED VERSION

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 0 I have tried to work but dont have the appropiate childcare having 2 little ones under 4
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 1960

Monthly Expense Details
Mortgage................................ 876 interest only with tsb fixed rate for 2 years at the beginning of term
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 147
Electricity............................. 100 this was £54 with npower until fell in arrears and then very nicely advised I wasnt paying enough having meters fitted 15th aug
Gas..................................... 100 this was £45 with npower and same as above meter fitting on 15th aug
Oil..................................... 0
Water rates............................. 40
You really shouldn't have more than the line rental if you both have mobile contracts, make use of your free minutes
Telephone (land line)................... 35
Mobile phone............................ 85.5 this is made up of £35 18month contract 02 (mine) and £45 plus £7.50 bolt on 02 unlimited calls for husbands work - This is far far too much, if you are 9 months into your contract then phone and reduce the tariff, if your husband uses his phone for work, can he claim expenses for the phone, Vodafone (defo not O2) give you an itemised bill for what the call/text would have cost - you should be reclaiming these on expenses.
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 30 made up of £9.99 aol broadband contract and £20 dongle for mob wireless (hubbys work) - Again, why can't you reclaim?
Groceries etc. ......................... 280 this is for 4 of us plus petfood, nappies, wipes etc
Clothing................................ 20 I shop charity shops and put this to cover sons school uniform as he goes in sept
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 35
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 20 toddler groups, swimming etc
Medical (prescriptions, dentist etc).... 8 contacts
Pet insurance/vet bills................. 0
Buildings insurance..................... 35 - This is high, mine is only £23 per month on a £200,000 house and contents of £50,000
Contents insurance...................... 0
Life assurance ......................... 29 - Again, this is too high, we both have life insurance of £100,000 and we pay £23, and my husband gets life cover from work as well. (YOU MUST NOT CANCEL THIS UNDER ANY CIRCUMSTANCES, IT IS VITAL).
Other insurance......................... 41 - Whats this?
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1833.5

Assets
Cash.................................... 0
House value (Gross)..................... 205
Shares and bonds........................ 0
Car(s).................................. 200 - Surely your car is worth more than this?
Other assets............................ 0
Total Assets............................ 405




Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 195......(876)......4.9
Total secured debts........... 195.......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CARAVAN........................0.........104.......0
BLACKHORSE.....................0.........137.......0
SETTEE.........................0.........27........0
BARCLAYS.......................0.........20........0
CAPITOL 1......................0.........15........0
Total unsecured debts..........0.........303.......-

Monthly Budget Summary
Total monthly income.................... 1,960
Expenses (including secured debts)....... 2,031.5
Available for debt repayments........... -71.5
Monthly UNsecured debt repayments....... 303
Surplus(deficit if negative)............ -374.5

Personal Balance Sheet Summary
Total assets (things you own)........... 405
Total Secured debt...................... -195
Total Unsecured debt.................... -0
Net Assets.............................. 210

Welcome to the board, I have added comments in above, please do not think for one moment that I am being harsh, but honest. You need advice from the CCCS, NDL, Or Payplan, any one of the free debt charities could offer you a minefield of info.

Please could you put the total in for your debts and not just the monthly repayments, how is your credit rating? Could you apply for a zero/low Apr car and balance transfer?

Sorry for all the questions, but without them, we cannot offer real advice.

Merlot.x.

Merlot

may I ask how old are your children? You need to consider taking a wee part time job, do you have family around who could mind your children for a few hours a day whilst you work as a dinner lady at the local school for example.

Merlot.x.