advice on my SOA

maxmax

hi everyone,ive took a big step....phew!!! and put my statement of affairs on here to see what advice anyone can give me:j pls pls pls all advice welcome,we have 3 personal loans,4 credit cards and 1 store card i am self employed and my car is a necessity for work......would a dmp be the thing for us,and if so how much do you think we would be likely to pay according to our soa..........right here goes:T




Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2100
Partners monthly income after tax....... 460
Benefits................................ 74
Other income............................ 0
Total monthly income.................... 2634

Monthly Expense Details
Mortgage................................ 1060
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 55
Gas..................................... 0
Oil..................................... 70
Water rates............................. 0
Telephone (land line)................... 50
Mobile phone............................ 48
TV Licence.............................. 12
Satellite/Cable TV...................... 18
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 30
Petrol/diesel........................... 80
Road tax................................ 20
Car Insurance........................... 120
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 11
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 28
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 8
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2200

Assets
Cash.................................... 0
House value (Gross)..................... 260000
Shares and bonds........................ 0
Car(s).................................. 15000
Other assets............................ 0
Total Assets............................ 275000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 225000...(1060).....5.69
Total secured debts........... 225000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................21000.....470.......0
cc.............................7500......245.......0
car............................15000.....330.......0
Total unsecured debts..........43500.....1045......-

Monthly Budget Summary
Total monthly income.................... 2,634
Expenses (including secured debts)....... 2,200
Available for debt repayments........... 434
Monthly UNsecured debt repayments....... 1,045
Surplus(deficit if negative)............ -611

Personal Balance Sheet Summary
Total assets (things you own)........... 275,000
Total Secured debt...................... -225,000
Total Unsecured debt.................... -43,500
Net Assets.............................. 6,500

JohnD76

Hi,

How many are you feeding for £400 a month?

Your insurance is very high, £1440 for the year. Are you under 30 and what car is it?!?!? Any NCB?

You leccy and oil seems high for a month too. Have you submitted meter readings and whatever is needed for oil? (only ever had leccy and gas so oil is a new one to me)

Try moving onto SKYTalk freetime, free calls to uk landlines after 6pm ish. This might help with lower the £50 a month phone bill.

You should also be able to save on your home insurance and life assurance.

Can your partner up their income?

maxmax

hi john,thanks for the advice,i know there are certain areas we can cut back on and we are trying...sky talk isnt available here in northern ireland..i have tried,our oil prices and elec prices do seem to be high,that was our bills for last quarter,we have been using less this quarter

milliemonster

maxmax wrote: »

hi everyone,ive took a big step....phew!!! and put my statement of affairs on here to see what advice anyone can give me:j pls pls pls all advice welcome,we have 3 personal loans,4 credit cards and 1 store card i am self employed and my car is a necessity for work......would a dmp be the thing for us,and if so how much do you think we would be likely to pay according to our soa..........right here goes:T




Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2100
Partners monthly income after tax....... 460
Benefits................................ 74
Other income............................ 0
Total monthly income.................... 2634

Monthly Expense Details
Mortgage................................ 1060
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 55
Gas..................................... 0
Oil..................................... 70
Water rates............................. 0
Telephone (land line)................... 50 this is very high, we got a card through from Sky last week for an offer of line rental, broadband and the Sky basic package for £17 a month if you took this it would save you £50
Mobile phone............................ 48 can this be reduced?
TV Licence.............................. 12
Satellite/Cable TV...................... 18
Internet Services....................... 0
Groceries etc. ......................... 400:eek: how many is this for?, unless you have a football team to feed this could be substantially reduced, we budget £200 a month now for 4 of us (it used to be £600)
Clothing................................ 30
Petrol/diesel........................... 80
Road tax................................ 20
Car Insurance........................... 120:eek: a MONTH???? what do you drive???
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 11
Buildings insurance..................... 15 we got a new policy for under £20 recently for Buildings and contents, try to get some new quotes
Contents insurance...................... 15
Life assurance ......................... 28 again this seems very high, ours is £13 a month for both of us, does this include critical illness?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 8
Entertainment........................... 25 you may need to cut this out at the moment
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2200

Assets
Cash.................................... 0
House value (Gross)..................... 260000
Shares and bonds........................ 0
Car(s).................................. 15000
Other assets............................ 0
Total Assets............................ 275000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 225000...(1060).....5.69
Total secured debts........... 225000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................21000.....470.......0
cc.............................7500......245.......0
car............................15000.....330.......0
Total unsecured debts..........43500.....1045......-

Monthly Budget Summary
Total monthly income.................... 2,634
Expenses (including secured debts)....... 2,200
Available for debt repayments........... 434
Monthly UNsecured debt repayments....... 1,045
Surplus(deficit if negative)............ -611

Personal Balance Sheet Summary
Total assets (things you own)........... 275,000
Total Secured debt...................... -225,000
Total Unsecured debt.................... -43,500
Net Assets.............................. 6,500

Hiya and welcome, I have added in a few comments above

doodledo_2

Hi and well done for posting your SOA.

Things which jump out to me are your grocery bill, unless you have a very large family this can definately be reduced considerably. If you take a peak on the oldstyle board there is lots of hints and tips on back to basic cooking and keeping grocery spends to a minimum.

£120 a month for car insurance is huge. Is this for a high performance car or are you quite young?

If high performance is there any chance of downgrading?

Landline is high, does this include your broadband? If you look around you will be able to get a better deal maybe by combining your satellite, phone and broadband.

maxmax

oh and yes,my insurance for my car is high as its used for business purposes

milliemonster

also, regarding your mortgage, is it interest only?, is there also any chance you could sell your car and get something much cheaper to run?, I am no expert on DMP's but I am not sure they would allow you to budget £120 a month for car insurance

I think there are loads of areas you can easily cut back to be able to release the cash to get you back on an even keel without needing to go down the DMP route just yet

milliemonster

maxmax wrote: »

oh and yes,my insurance for my car is high as its used for business purposes

In that case, can any of this be claimed back through expenses or your employer?

maxmax

hi guys thanks for the speedy responses from you all!!!!

im 36 years old,my car insurance is high as i am a taxi driver,the £50 for phone includes all free calls,broadband etc..there are only 3 of us in the house,my wife got our grocery bill down to£70 last week and the£28 for life insurance is critical illness cover with life ins threw in,
thanks guys....are any of you on a dmp.

brightonman123

might be worth traing car in for something smaller ? (insurance and petrol wise, maybe make a few ££ on the deal too..

at least seek a better deal on the cover..

mobile seems OTT - check tariff / retention deals!

and the food?!

GeorgeUK

Mortgage................................ 1060
Is this interest only?

Council tax............................. 90
If paying over 10 months, can you ask to pay over 12?

Electricity............................. 55
Oil..................................... 70
Check the price comparison sites to see if you can get a better deal. (uswitch, moneysupermarket)

Mobile phone............................ 48
PAYG?

Telephone (land line)................... 50
Satellite/Cable TV...................... 18
Internet Services....................... 0
Is this a joint package?

Groceries etc. ......................... 400
Look at the old style board for meal plan ideas. Have you moved down a brand? (shops own)

Car Insurance........................... 120
Again, i would check the comparison sites for a better deal.

Presents (birthday, christmas etc)...... 30
30 a month may be a bit high right now.

Are you paying payment protection insurance on the loan? Double check to see if it covers self-employed - if not then reclaim as it has been missold.

Have you tried reclaiming your bank charges and credit card charges?
Check to see your house is in the correct band.
http://www.moneysavingexpert.com/reclaim/