Combined SOA

Reevesie76

OK, i've taken the plunge and calculated mine and hubby's SOA, OH MY GOD :eek: Dont really want to post it, but I suppose owning up and seeing written down how much cr*p we are in is the first step, please dont give me too much grief.


Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 1050
Benefits................................ 0
Other income............................ 50 - this is from my SE small business
Total monthly income.................... 2300

Monthly Expense Detail
Mortgage................................ 791
Secured loan repayments................. 393
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 138
Electricity............................. 20
Gas..................................... 35
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 10
Mobile phone............................ 45 (£10 mine, £35 hubby's)
TV Licence.............................. 12
Satellite/Cable TV...................... 22
Internet Services....................... 5
Groceries etc. ......................... 200 (is this too much for 2 adults for a month?)
Clothing................................ 10
Petrol/diesel........................... 50 (only me as hubby has company van M-F and the rest of the petrol money I take from the business)
Road tax................................ 0 (business pays for this)
Car Insurance........................... 0 (business pays for this)
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 180 (i work 3 days a week in London, this is my train fair)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 11
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Car HP Finance.......................... 207 )car is on HP, only a yr old but I need a decent, reliable car for my business)
Total monthly expenses.................. 2195

Assets
Cash.................................... 0
House value (Gross)..................... 150000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 150000

Secured Debts
Description....................Debt......Monthly
Mortgage...................... 135611...(791)
Secured Debt.................. 37773....(393)
Total secured debts........... 173384....-.........-

Unsecured Debts
Description....................Debt......Monthly
NR Loan........................6204......43
GE Money (Timeshare)...........6761......103
Halifax Loan (S)...............4796......166
Overdraft (S)..................780.......5
Overdraft (L)..................2100......5
Black Horse....................637.......31
First Direct (Acc&CC)..........1100......13
FW Catalogue...................1100......10
Next Store Card................250.......5
Evans Store Card...............550.......10
MBNA CC (S)....................1100......25
Halifax CC (S).................11400.....250
Halifax CC (L).................2500......55
Capital One CC.................350.......15
Halifax Loan (L)...............10703.....193
Total unsecured debts..........50331.....929

Monthly Budget Summary
Total monthly income.................... 2,300
Expenses (including secured debts)....... 2,195
Available for debt repayments........... 105
Monthly UNsecured debt repayments....... 929
Surplus(deficit if negative)............ -824

Personal Balance Sheet Summary
Total assets (things you own)........... 150,000
Total Secured debt...................... -173,384
Total Unsecured debt.................... -50,331
Net Assets.............................. -73,715

wigannwuk

This is my 1st post but just want to say well done...it certainly looks like you have left no stone unturned. Dont know if anyone else does it but when ive totted up mine before ive for some strange reason ommitted to add in certain debts. Anyway I think this counts as an LBM for you.I read these boards a lot and you will have a lot of advice coming your way when everyone finishes work. Keep your chin up and will be interesting to see all the good and free advice thats posted for you.

Reevesie76

Thanks wigannwuk, I appreciate that, and welcome, i'm fairly new myself and everyone here seems really welcoming

wigannwuk

lol...ive just had a LBM after posting ive realised how my signature is out of date...i think i could add another 6k to that!!!!

RAS

Reevesie76 wrote: »

OK, i've taken the plunge and calculated mine and hubby's SOA, OH MY GOD :eek: Dont really want to post it, but I suppose owning up and seeing written down how much cr*p we are in is the first step, please dont give me too much grief.


Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 1050
Benefits................................ 0
Other income............................ 50 - this is from my SE small business
Total monthly income.................... 2300

Monthly Expense Detail
Petrol/diesel........................... 50 (only me as hubby has company van M-F and the rest of the petrol money I take from the business)
Road tax................................ 0 (business pays for this)
Car Insurance........................... 0 (business pays for this)
Car maintenance (including MOT)......... 0
Car HP Finance.......................... 207 )car is on HP, only a yr old but I need a decent, reliable car for my business)

Hi

Your self employed income is not covering a fraction of your business costs (even the HP on the car). Just check that it really really is HP, not a loan masquerading as HP before you decide what to do.

Reevesie76

Hi Ras

Yes I know that my SE business doesn't cover much, but its something I love to do and am not willing to give it up. I've only put £50 down as a small figure sometimes its more, I do the business account mostly for petrol and drawings here and there when we need food etc so it does help.

Hmm, now you've got me thinking, as far as I know it was an HP Agreement with Mercedes, I thought all car agreements were, will definitely have to look into it. Thanks

andys15

have you missed any payments. how much is added to your debt monthly. think you need to get rid of car, mercedes you cannot afford. groceries to much also. you need to speak to cab,or debt charity asap.looking at ways to cutback is not going to be enough

Reevesie76

I've spoken to CCCS already, they suggested getting rid of the car also, but I need a car and do not have the funds to purchase one outright.

I haven't missed any payments on the important things, like the mortgage and secured loans, but we are in arrears with all of our unsecured creditors.