my first soa

Options
hope i have posted in the right place
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 760.8
Other income............................ 0
Total monthly income.................... 760.8


Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 25
Gas..................................... 30
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 13.5
Mobile phone............................ 5
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 5
Petrol/diesel........................... 20
Road tax................................ 16.83
Car Insurance........................... 27
Car maintenance (including MOT)......... 4.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 721.83


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000


No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
mint credit card...............1916.38...42........0
natwest credit card............152.82....5.........0
natwest overdraft..............1900......30........0
Total unsecured debts..........3969.2....77........-


Monthly Budget Summary
Total monthly income.................... 760.8
Expenses (including secured debts)....... 721.83
Available for debt repayments........... 38.97
Monthly UNsecured debt repayments....... 77
Surplus(deficit if negative)............ -38.03


Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total Secured debt...................... -0
Total Unsecured debt.................... -3,969.2
Net Assets.............................. -2,969.2


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.

Comments

  • ~Beanie~
    ~Beanie~ Posts: 3,043 Forumite
    First Post Combo Breaker First Anniversary
    Options
    I can't really see any area that you could cut back, ideally you need to increase your income.

    Can you get a second job? Do some mystery shopping? Sell stuff on Ebay?
    :p
  • rchrisp
    rchrisp Posts: 191 Forumite
    Options
    what benefits are you on? can you get help with your rent?

    how many of you are there? perhaps you can get the groceries down a bit?
    Payment a day challenge:

    Capital One Credit Card - £7.55/£1306.56

  • Staciep88
    Staciep88 Posts: 590 Forumite
    Options
    thecrazy1 wrote: »
    hope i have posted in the right place
    Statement of Affairs and Personal Balance Sheet

    Monthly Income Details
    Monthly income after tax................ 0
    Partners monthly income after tax....... 0
    Benefits................................ 760.8
    Other income............................ 0
    Total monthly income.................... 760.8 is there any chance of you getting another job - it wouldnt have to be forever. and/or are you entilted to any benefits? please check - www.entitledto.com
    Monthly Expense Details
    Mortgage................................ 0
    Secured loan repayments................. 0
    Rent.................................... 450 are you living on your own?
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 25 could you cut back?
    Gas..................................... 30 could you cut back?
    Oil..................................... 0
    Water rates............................. 25
    Telephone (land line)................... 13.5
    Mobile phone............................ 5
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 100
    Clothing................................ 5 could you get rid of this if possible?
    Petrol/diesel........................... 20
    Road tax................................ 16.83
    Car Insurance........................... 27
    Car maintenance (including MOT)......... 4.5
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 721.83

    Assets
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1000
    Other assets............................ 0
    Total Assets............................ 1000

    No Secured Debt

    Unsecured Debts
    Description....................Debt......Monthly...APR
    mint credit card...............1916.38...42........0
    natwest credit card............152.82....5.........0
    natwest overdraft..............1900......30........0
    Total unsecured debts..........3969.2....77........-
    Could you apply for 0% Balance Transfers card(s) to switch the debts to?
    Monthly Budget Summary
    Total monthly income.................... 760.8
    Expenses (including secured debts)....... 721.83
    Available for debt repayments........... 38.97
    Monthly UNsecured debt repayments....... 77
    Surplus(deficit if negative)............ -38.03

    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,000
    Total Secured debt...................... -0
    Total Unsecured debt.................... -3,969.2
    Net Assets.............................. -2,969.2

    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.

    Just a few ideas there - if you need any advice on Balance transfers theres alot about them on the credit card forum
    xXx
  • beer_tins
    beer_tins Posts: 1,677 Forumite
    First Anniversary Combo Breaker
    Options
    Anyway you could do without the car? You could throw 1000 at the debt and have nearly £70 a month more to pay towards them.
    Running Club targets 2010
    5KM - 21:00 21:55 (59.19%)
    10KM - 44:00 --:-- (0%)
    Half-Marathon - 1:45:00 HIT! 1:43:08 (57.84%)
    Marathon - 3:45:00 --:-- (0%)
  • notenoughcash
    Options
    If you are in receipt of benefits can't you claim housing benefit? That's an awful lot of rent to pay from such a low income. And ditto re the car. It's a toughie getting rid of a car when you're used to having one but you soon get used to it. I got rid of mine nearly a year ago and hated it at first but it's just the norm now. Biggest pain is going shopping on the bus with two kids in tow during school hols, other than that I hardly miss it and the money it was costing me goes towards my debt.
    Debt busting! Jan 2014 £7632.50 £7445.80
    Belly busting! Jan 2014 12st 2lb 11st 11lb
  • thecrazy1_2
    Options
    thanks for the help although it seems i'm doomed, the income i get is all from benefits so the £760 is income support with incapacity and housing benefit. i agree about the car i am trying to sell it but it is very difficult i dont think i can reduce my gas and electric however i am going to get rid of my land line as it is unnecessery i have already switched to a 0% credit card but my expenditure is still greater than my income i suppose i could try reclaiming bank charges is it difficult?

    thanks all
  • Verbatim
    Verbatim Posts: 4,830 Forumite
    First Post First Anniversary
    Options
    It's all terribly tight but if you manage to sell the car and perhaps cut down the groceries a little would it be do-able? Not sure if it's just you to feed though? You could take a look at the old style board for recipe ideas on how to eat healthily on a very small budget.
    CCs @0% £24k Dec 05 £19,621.41 Au £13400 S 12600 Oct £11,981 £9481 £7500 Nov £7250 D £7100 Jan 6950 F £5800 Mar£5400 May £4830 June £4660 July £4460 Aug £3200, S £900, £0 18/9/07 DFW Nerd 042
  • thecrazy1_2
    Options
    sorry i meant to say it is just me on my own

    thanks
  • jude47
    jude47 Posts: 99 Forumite
    Options
    Hi Thecrazy1

    Have you considered an Administration Order through your local County Court? They are for people with debts of less than £5,000 and who are on low fixed incomes, which as you're getting Incapacity Benefit I think might apply to you? Basically you put your debts in the hands of the Court and make one payment to the Court every week, fortnight or month, which is then dished out to your creditors. Have a word with one of the free debt advice charities like CCCS, National Debtline, CAB and see what they say. The great thing about an Administration Order is that it prevents your creditors hassling you without a specific Court Order permitting them to do so - fat chance of them getting one of those! Also, Admin Orders won't be around much longer, they're being replaced by something covering a higher balance - Debt Relief Order I think it's called, so I'd say take advantage of it while you can.

    Good luck and let us know how you get on.


    Jude x
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