advice please SOA attached

riquelme

this is a rough estimate, its not far off being correct Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 500
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 2220

Monthly Expense Details
Mortgage................................ 600
Secured loan repayments................. 80
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 45
Gas..................................... 45
Oil..................................... 0
Water rates............................. 47
Telephone (land line)................... 10
Mobile phone............................ 18
TV Licence.............................. 11
Satellite/Cable TV...................... 35
Internet Services....................... 0
Groceries etc. ......................... 90
Clothing................................ 80
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 22
Car maintenance (including MOT)......... 90
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 30
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 10
Other insurance......................... 37
Presents (birthday, christmas etc)...... 75
Haircuts................................ 15
Entertainment........................... 50
Holiday................................. 100
Emergency fund.......................... 0
Total monthly expenses.................. 1750

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 1800
Other assets............................ 0
Total Assets............................ 131800

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 52000....(600)......0
Secured Debt.................. 10000....(80).......0
Total secured debts........... 62000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
abbey cc ......................8000......350.......0
tesco loan.....................8500......165.......0
barclays current acc...........3600......1.........0
citibank cc....................1000......50........0
mbna cc........................3000......100.......0
Total unsecured debts..........24100.....666.......-

Monthly Budget Summary
Total monthly income.................... 2,220
Expenses (including secured debts)....... 1,750
Available for debt repayments........... 470
Monthly UNsecured debt repayments....... 666
Surplus(deficit if negative)............ -196

Personal Balance Sheet Summary
Total assets (things you own)........... 131,800
Total Secured debt...................... -62,000
Total Unsecured debt.................... -24,100
Net Assets.............................. 45,700

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.

LilacPixie

hi riq.

not sure how realistic your soa is. i'm presuming 2 adults 1 child. if so £90 a month for groceries is tiny. at the same time £90 car maintenance plus the clothing and haircuts seems a touch high to me.

have you looked at ways to increase you income??

Merlot

riquelme wrote: »

this is a rough estimate, its not far off being correct Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 500
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 2220

Monthly Expense Details
Mortgage................................ 600
Secured loan repayments................. 80
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 45
Gas..................................... 45
Oil..................................... 0
Water rates............................. 47
Telephone (land line)................... 10
Mobile phone............................ 18 - This has to be reduced or go
TV Licence.............................. 11
Satellite/Cable TV...................... 35 - This has to go
Internet Services....................... 0 - Do you not have the internet?
Groceries etc. ......................... 90 - Surely this is weekly and not monthly?
Clothing................................ 80 = This is far too high, half it at least
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 22
Car maintenance (including MOT)......... 90 - This is too much every month
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 30
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 10 - This seems low, are both you and your partner insured, it is far far more important to have life insurance than sky or a mobile phone IMHO.
Other insurance......................... 37 - What is this?
Presents (birthday, christmas etc)...... 75 - :eek: Half it at least, far far to much
Haircuts................................ 15
Entertainment........................... 50 - You can't afford this, half it.
Holiday................................. 100 - You can't afford this either.
Emergency fund.......................... 0
Total monthly expenses.................. 1750

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 1800
Other assets............................ 0
Total Assets............................ 131800

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 52000....(600)......0
Secured Debt.................. 10000....(80).......0
Total secured debts........... 62000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
abbey cc ......................8000......350.......0
tesco loan.....................8500......165.......0
barclays current acc...........3600......1.........0
citibank cc....................1000......50........0
mbna cc........................3000......100.......0
Total unsecured debts..........24100.....666.......-

Monthly Budget Summary
Total monthly income.................... 2,220
Expenses (including secured debts)....... 1,750
Available for debt repayments........... 470
Monthly UNsecured debt repayments....... 666
Surplus(deficit if negative)............ -196

Personal Balance Sheet Summary
Total assets (things you own)........... 131,800
Total Secured debt...................... -62,000
Total Unsecured debt.................... -24,100
Net Assets.............................. 45,700

Created using the SOA calculator at 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.

Thank you for your posting your SOA, I have added comments in above. You need to post APR's if you have them for your debts.

Secondly, your mortgage payments seem very high for a mortgage of £52,000, can you extend the term to lower your mortgage payments.

Merlot.x.

GeorgeUK

Hi Riq

As a rough SOA, we can give you a rough guide as to what you could look at but i suggest checking through a few of your latest bank statements and bills to see exactly where things lie. Also getting the figures on the APR's would be good - if you used these for a cash advance though the APR's are higher than the purchases APR so watch for that.

Mortgage................................ 600
Is this interest or repayment?

Council tax............................. 100
If paying over 10 months, ask to pay it over 12

Electricity............................. 45
Gas..................................... 45
Look at some comparison sites to see if you are getting a good deal (uswitch, moneysupermarket)

Mobile phone............................ 18
PAYG?

Telephone (land line)................... 10
Satellite/Cable TV...................... 35
Internet Services....................... 0
Are these combined in a package?

Groceries etc. ......................... 90
As Lilac says this seems a bit low

Clothing................................ 80
Need to cut down a bit

Presents (birthday, christmas etc)...... 75
This is alot every month.

Entertainment........................... 50
Try to cut back a little on this

Holiday................................. 100
Rather than a 1200 a year, have a look at some of the holiday deals and offers available in the UK.

Have you missed any payments or got defaults yet?
Not sure if a 0% card is a good idea, but if you can cut back a few things and hopefully get a good limit, you may be able to reduce the monthly payments as well as the interest. Virgin money has a 0% card for 15 months where you pay 3% in 1st month, then £25 min payment thereafter. Not sure if it's too late for that though.

riquelme

sorry it was a rough guide, yes groceries is weekly, my mistake

the car monthly bill was calculated on what ive spent on it in the last year, major work on it

the sky bill includes phone and internet

i have just received a date next week with cccs so i will ned to do this properly..

rayday2

riquelme I appreciate your enthusiasm for reducing your debts but it is important when entering a DMP that your budget is more generous than the average DFW.

I would seek advice from the CCCS what they recommend with living costs as the whole aim of a your new budget will be saving for emergencies, Christmas, birthdays, appliances breakdowns etc

Also don't go mad cutting down on clothes and entertainment (within reason) its ok to live close to the knuckle short term to clear a debt but on a DMP you need to have some quality of life back as you are in it for long term, hopefully never using credit again.

Since entering my DMP we now have share plans with work, two ISAs and 4 savings accounts for various needs etc.