My SOA

mistrey

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 900
Benefits................................ 1200
Other income............................ 0
Total monthly income.................... 3300

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 640
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 73
Gas..................................... 80
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 75
TV Licence.............................. 13
Satellite/Cable TV...................... 25
Internet Services....................... 12
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 140
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 75
Childcare/nursery....................... 700
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20.5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 15
Entertainment........................... 10
Holiday................................. 80
Emergency fund.......................... 0
Partners cigarettes..................... 100
Total monthly expenses.................. 2383.5

Assets
Cash.................................... 250
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 250

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Barclay card...................12500.....0.........12.9
LLoyds Tsb CC..................3400......0.........18.9
First direct...................2500......0.........17.9
Total unsecured debts..........18400.....0.........-

Monthly Budget Summary
Total monthly income.................... 3,300
Expenses (including secured debts)....... 2,383.5
Available for debt repayments........... 916.5
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 916.5

Personal Balance Sheet Summary
Total assets (things you own)........... 250
Total Secured debt...................... -0
Total Unsecured debt.................... -18,400
Net Assets.............................. -18,150

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.

We are in the first few months of our phone and net contracts and can't lower the tariffs. Stupid I know! Other half is trying to give up smoking put isn't doing well at all. We don't pay water rates. I have a company car, so don't pay tax on that, and I have taken the payment for that out of my income as it is taken at source.

Please help!!!

urg123

mistrey wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 900
Benefits................................ 1200
Other income............................ 0
Total monthly income.................... 3300

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 640
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 73 This is very high - are you in arrears? If not, you should look at switching to a better deal
Gas..................................... 80 see above
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 75 Again this is high - you have said you can't change this - ask if they will let you go down to a cheaper tariff as you can't afford it. If not - make sure you take full advantage of the benefits!
TV Licence.............................. 13
Satellite/Cable TV...................... 25
Internet Services....................... 12
Groceries etc. ......................... 200 how many is this for - look at the Old-Style Boards for excellent advice on making this cheaper
Clothing................................ 30
Petrol/diesel........................... 140
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 75
Childcare/nursery....................... 700
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20.5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 15
Entertainment........................... 10
Holiday................................. 80
Emergency fund.......................... 0
Partners cigarettes..................... 100
Total monthly expenses.................. 2383.5

Assets
Cash.................................... 250
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 250

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Barclay card...................12500.....0.........12.9
LLoyds Tsb CC..................3400......0.........18.9
First direct...................2500......0.........17.9
Total unsecured debts..........18400.....0.........-

Monthly Budget Summary
Total monthly income.................... 3,300
Expenses (including secured debts)....... 2,383.5
Available for debt repayments........... 916.5
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 916.5

Personal Balance Sheet Summary
Total assets (things you own)........... 250
Total Secured debt...................... -0
Total Unsecured debt.................... -18,400
Net Assets.............................. -18,150

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.

We are in the first few months of our phone and net contracts and can't lower the tariffs. Stupid I know! Other half is trying to give up smoking put isn't doing well at all. We don't pay water rates. I have a company car, so don't pay tax on that, and I have taken the payment for that out of my income as it is taken at source.

Please help!!!

The great thing is that you have a great surplus but if you are anything like me - you don't really see much of it! Keep a very strict spending diary. You'll be amazed at what you really spend your money on.
Given the income that you have and the surplus that you have, you can really focus on paying these debts off - as long as you are both onboard. Can you transfer some the debt to a 0% card? This will give you some breathing space and allow you to pay off your debts more quickly.
The snowball calculator is addictive - you can really see how your payments can pay off your debt quickly. Focus on paying off the highest debts first.
Look at things that you can sell on ebay and amazon - it can help you declutter too!
Join a few of the challenges - No Spend Days and the Grocery challenge are ones that I have joined!

Wishing you luck on your debt free journey.

URG xxx

milliemonster

I don't mind to sound judgemental just curious thats all but how on earth do you get £1200 benefits on top of a combined income of £2100??????

mistrey

Thaks URG, we only took out the contracts a month ago so can't change them for 9 months on the mobiles...stupid I know! LBM only happened today

Shopping is for 4 of us.

The gas/electric is with Scottish power and was only £90 a month until last month when they nearly doubled it! I'm only about £80 in arrears, and spoke to them today. Spoke to a really nice bloke who said that I was obviously overpaying, but all he could do was knock it down by £5 a month then in January if I rung back they could adjust it for the summer months. I said to stop direct debit and he said that I could, but as I'm due to pay £153 next week, with the £80 arrears I would get a bill for £233. I could then get a monthly bill. Problem is I can't afford to pay the £233 I would have to pay, plus if I don't pay by Direct debit I may fall into more arrears as everything else may seem more pressing IYKWIM.

mistrey

Millie monster, It's Working TAx Credits to help pay for childcare. As it's based on last years earnings (my OH was a stay at home Dad and I only earnt£13,500) and our childcare is £275 a week we get the full help until April when it goes right down.

moo842

if your wtc is based on last years pay, in april they will expect you to pay back any overpayment for the year won't they? i'd be careful because it could leave you in difficulties if you suddenly have to pay it back!

mistrey

I have told them what I earn now and what my husband earns and they just said I was being paid the right amount. They said that next year it will go right down. Apparently as long as your income doesn't go up by more than £20,000 it is still based on last years income. our income will have gone up by about £19,000

Anyone else know anything about this?? They told me this over the phone, so now I'm worrying.

Gemmzie

That's right if your income doesn't change by more than £25k then it gets recovered from the next year's payments so you'll just get less next year.
I'd spend the next five months really hammering down those debts with that extra.
Will your child still be in childcare by April?

Jesthar

Hi mistrey,

Someone already mentioned the snowball calculator, just thought I'd post a direct link to it:

http://www.whatsthecost.com/snowball.aspx

Even with your arrears, your gas and electricity payments still seem nastily high - OK, so I'm single and living in a fairly small house, but my gas bill comes in at around 1/3 of yours, and my electricity bill under 1/6. You might want to check to see if your bills have been generated from estimated readings, or if there are things which are getting overlooked for switching off at night - it's amazing what a difference it makes!

~Jes