My SOA - Any Advice Please

symesd

My SOA - Advice Please (have just signed up with CCCS)
Statement of Affairs and Personal Balance SheetMonthly Income Details
Monthly income after tax................ 1472
Partners monthly income after tax....... 1246
Benefits................................ 681
Other income............................ 176
Total monthly income.................... 3575
Monthly Expense Details

Mortgage................................ 469
Secured loan repayments................. 477
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 161
Electricity............................. 97
Gas..................................... 109
Oil..................................... 0
Water rates............................. 43
Telephone (land line)................... 70
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 34
Internet Services....................... 0
Groceries etc. ......................... 426
Clothing................................ 63
Petrol/diesel........................... 180
Road tax................................ 25
Car Insurance........................... 106
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 28
Childcare/nursery....................... 508
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 28
Buildings insurance..................... 32
Contents insurance...................... 0
Life assurance ......................... 13
Other insurance......................... 25
Presents (birthday, christmas etc)...... 0
Haircuts................................ 19
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 25
Total monthly expenses.................. 3005
AssetsCash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 148000

Secured Debts

Description....................
Debt...... Monthly...APR
Mortgage...................... 119000...(469)......4.74
Secured Debt.................. 20000....(477)......19.4

Total secured debts........... 139000....-.........-

Unsecured DebtsDescription....................Debt......Monthly.. .APR

cahoo0t........................8488.02...75....... .0
barclaycardvisa................5309.37...66....... .0
egg loan.......................4989.02...88.33.....7.9
Car Loan.......................3037......96.89.....23. 7
Car Loan - Zafira..............4900......264.8.....0
rbs overdraft..................83.94.....0.........0
abbey overdraft................230.......55........0
naturally close................96.76.....24.95.....0
egg card.......................1754.47...35........0
egg money......................924.28....30........0
barclaycard....................550.......12....... .34.9
natwest overdraft..............2375.28...65........0
edf electric...................88.64.....30........0
edf gas........................226.54....40........0
rbs visa.......................2047.35...28........0
rbs mastercard.................1175.81...17........0
next catalogue.................1500......161.......23.8
choice catalogue...............683.57....113.......0
Littlewoods Visa...............243.89....12........25.89
capital one visa...............97.62.....5.........19.99
egg loan.......................3612.95...83.72.....7.9
Total unsecured debts..........42414.51..1302.69...-
Monthly Budget Summary

Total monthly income.................... 3,575
Expenses (including secured debts)....... 3,005
Available for debt repayments........... 570
Monthly UNsecured debt repayments....... 1,302.69

Surplus(deficit if negative)............ -732.69
Personal Balance Sheet Summary

Total assets (things you own)........... 148,000
Total Secured debt...................... -139,000
Total Unsecured debt.................... -42,414.51
Net Assets.............................. -33,414.51

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

Horace

Your grocery bill seems high - how many is this for? Go to Moneysaving Oldstyle for tips on meal planning and grocery challenges.

Have a clear out and ebay or do a carboot with anything that hasnt been used or worn for ages.

Try not to spend £63 a month on clothes - kids clothes can be acquired from freecycle or charity shops.

I am sure that others will be along with more advice.

LilMissEmmylou

symesd wrote: »

Mortgage................................ 469
Secured loan repayments................. 477
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 161
Electricity............................. 97}
Gas..................................... 109} these seem very high to me if this is monthly. Make an effort to reduce this, wear extra layers rather than having the heating on needlessly. Turn TVs/lights/cd players off in kids bedrooms when they arent watching them as i know thats a big thing my brother and sister always do!
Oil..................................... 0
Water rates............................. 43
Telephone (land line)................... 70 this is very high! Can you not get a deal with inclusive minutes? and only use the phone when you need it.
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 34 with such a large monthly shortfall, i would get rid of this and just use freeview
Internet Services....................... 0
Groceries etc. ......................... 426 Get thee over to old saver and I guarantee you will be able to put this under £300 fairly painlessly
Clothing................................ 63 again with such a large monthly shortfall I would reduce this drastically as in many cases i guess it would be unessential items.
Petrol/diesel........................... 180
Road tax................................ 25
Car Insurance........................... 106
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 28
Childcare/nursery....................... 508
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 28
Buildings insurance..................... 32
Contents insurance...................... 0
Life assurance ......................... 13
Other insurance......................... 25
Presents (birthday, christmas etc)...... 0 do you not buy any gifts ever? If not thats fine, but if you do try to tot up how much it is over the yr and budget a % of it monthly
Haircuts................................ 19 as others are always saying on here, get clippers to do the males hair at home and save a fortune, for the girlies, find somewhere cheaper to go and colour it at home
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 25
Total monthly expenses.................. 3005 [quote/]

symesd

LilMissEmmylou wrote: »

symesd wrote: »

Mortgage................................ 469
Secured loan repayments................. 477
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 161
Electricity............................. 97}
Gas..................................... 109} these seem very high to me if this is monthly. Make an effort to reduce this, wear extra layers rather than having the heating on needlessly. Turn TVs/lights/cd players off in kids bedrooms when they arent watching them as i know thats a big thing my brother and sister always do! - This includes arrears, we only have our heating on for an hour a day now and only if its really needed, we have a very old house no double glazing or insulation. I have 3 young girls who need to be kept warm at night. We already switch everything off, have energy efficient light bulbs etc.
Oil..................................... 0
Water rates............................. 43
Telephone (land line)................... 70 this is very high! Can you not get a deal with inclusive minutes? and only use the phone when you need it. This is for broadband & mobile contracts which we are tied into for 12mths
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 34 with such a large monthly shortfall, i would get rid of this and just use freeview. I have just reduced this fromn £71.50, am tied into a contract for another 8 mths - which I will then reduce to freeview
Internet Services....................... 0
Groceries etc. ......................... 426 Get thee over to old saver and I guarantee you will be able to put this under £300 fairly painlessly I have 1 child still in nappies, 2 others who have school dinners as this is cheaper, then me & my husband also have meals at work, I work shifts so eat many main meals at work, This figure is also the figure advised by CCCS, we have not been spending more than £50 a week recently as we have been paying debts, we start DMP October. I always go to shops at end of day to buy woops or reduced items, always buy reduced or BOGOF or 3 for 2 items and stock up freezer when special offers are on.
Clothing................................ 63 again with such a large monthly shortfall I would reduce this drastically as in many cases i guess it would be unessential items. I do not spend anywhere near this - again a figure advised by CCCS - however i have just spent over £200 on new school uniformas my eldest has just started secondary school and everything has to have the school logo on it
Petrol/diesel........................... 180
Road tax................................ 25
Car Insurance........................... 106
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 28
Childcare/nursery....................... 508
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 28
Buildings insurance..................... 32
Contents insurance...................... 0
Life assurance ......................... 13
Other insurance......................... 25
Presents (birthday, christmas etc)...... 0 do you not buy any gifts ever? If not thats fine, but if you do try to tot up how much it is over the yr and budget a % of it monthly we do not buy presents as this is not something we feel we should we have discussed this with our family and we have an agreement that they do not buy us presents and we do not buy them presents
Haircuts................................ 19 as others are always saying on here, get clippers to do the males hair at home and save a fortune, for the girlies, find somewhere cheaper to go and colour it at home AGAIN this is a CCCS figure, I cut my Husbands hair and three girls hair and get my own hair cut once a year for about £8 at the local college.
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 25
Total monthly expenses.................. 3005 [quote/]

I am constantly trying to save as I have been in debt for some time 2 years ago I had over £63k of personal debt. I sell what I can on ebay and amazon, unable to do car boot as with three kids and working shifts just do not have time to organise. I am working extra hours when I can, but I am now getting to the point of burn out and this is why I have gone to CCCS I just cannot cope anymore, I have 18 creditors + 2 car loans a mortgage and 2nd mortgage, I have been close to suicide, but for my husband and kids i would probably not be here today. Hopefully CCCS can get the interest frozen and we can start to actually reduce the debts

Thank you for your help I will check out the other forums you have mentioned and see where else I can make cuts

getmore4less

Come over from the mortgage post.

I would seriously look at selling with the planning, what will that get you?
There is no way you will be able to do this job for some time I would get the value out while you can and review the housing situation once the debts are gone. I think the place is probably too small for you anyway and you cannot buy or make this place bigger, rental should give you more choices.

This should free up the mortgage and secured loan payments(>£900) for renting a place, what can you get for that? Also if one of you loses job again again getting support for a rented place is easier than support for mortgages.

Perhaps move closer to schools or work so you can drop one car.

If the planning really does add as much value as you think it would then you might even be able to pay off some of the debt and reduce the time the DMP runs.

What is past is done what you have to do is look forward challange everything even that desire to own a home, it is not all it is cracked up to be, costs a lots of money especialy when thing need doing, rent and you don't have to pay to get things fixed or even wory about them.

getmore4less

Not sure what advise you have had on the options for trying to clear up the debt situation, DMP, IVA, bankrupsy.

What is not clear from this SOA is which of the debt are one of your names or both of you, depending on the mix there may be a clearer case for one or both you going bankrupt rather than struggling for over 6 years on a DMP.

There was no equity in the house so you should not lose that, but see the previous post not sure you should keep it anyway, although getting the planning may have changed that.

Another place for very good advice on debt is here.
http://boards.fool.co.uk/Messages.asp?bid=50079

I used to be very active there, manzanilla is one of the experts that knows about these options and is upto date on the best action people should take.

If you have not allready definately worth a read and a post.

One thing for sure you are not alone.