my first soa

thecrazy1_2

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.

~Beanie~

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?

rchrisp

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?

Staciep88

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

beer_tins

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.

notenoughcash

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.

thecrazy1_2

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

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.

thecrazy1_2

sorry i meant to say it is just me on my own

thanks

jude47

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