My SOA - Gulp! Lightbulb moment!!

St0lli

Hi everyone, well after years of juggling my finances and thinking I can manage I've had to get my head out of the sand and admit I can't cope with everything. There are lots of reasons why I'm in this situation and I know I've been stupid in getting to this state but I really need to get things sorted. The household is just myself and my son who is 15 so almost two adults! I work full time and my ex husband makes regular payments (as can be seen in my SOA).

Any advice gladly received.

I do realise that I need to make some drastic changes and I've made notes next to the SOA.
I will also be contacting CCCS tomorrow to see if I can get their help in starting up a DMP.

God, I feed such a failiure!!!

Statement of Affairs and Personal Balance Sheet

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details[/b]
Monthly income after tax................ 2230
Partners monthly income after tax....... 0
Benefits................................ 115
Other income............................ 400
Total monthly income.................... 2745

Monthly Expense Details[/b]
Mortgage................................ 1193 Interest only fixed rate til Aug 2011
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 109 This is over 10 months.
Electricity............................. 40
Gas..................................... 43.5
Oil..................................... 0
Water rates............................. 46.44
Telephone (land line)................... 0
Mobile phone............................ 35 Stuck in contract until May 2010
TV Licence.............................. 12
Satellite/Cable TV...................... 57 Need to get cheaper package or cancel
Internet Services....................... 25 Have cable internet so need to find cheaper
Groceries etc. ......................... 200 £50 per week to include all food, toiletries etc
Clothing................................ 25
Petrol/diesel........................... 50
Road tax................................ 12
Car Insurance........................... 35 Renewal due next Oct
Car maintenance (including MOT)......... 10
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..................... 30
Contents insurance...................... 0
Life assurance ......................... 116 This is life, sickness and mortgage cover
Other insurance......................... 20
Presents (birthday, christmas etc)...... 50
Haircuts................................ 5
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 0
school fees............................. 150
Total monthly expenses.................. 2288.94


Assets[/b]
Cash.................................... 0
House value (Gross)..................... 235000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 243000


Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 192000...(1193).....7.39
Total secured debts........... 192000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax Visa CC................5900......62........29.95
Citi Card CC...................6892......192.......21.9
Egg Card CC....................1060......27........17.9
John Lewis CC..................1376......68........16.9
LLoyds TSB CC..................11500.....217.......24.94
Halifax Loan...................8400......151.......6.9
MBNA CC .......................11723.....278.......34.9
Barclaycard CC.................9300......183.......17.9
M&S Money CC...................1889......47........23.9
Capital One CC.................7400......216.......17.28
Nat West CC....................420.......9.........17.95
Egg Money CC...................2678......61.6......16.9
Total unsecured debts..........68538.....1511.6....-


Monthly Budget Summary
Total monthly income.................... 2,745
Expenses (including secured debts)...... 2,288.94
Available for debt repayments........... 456.06
Monthly UNsecured debt repayments....... 1,511.6
Amount short for making debt repayments. -1,055.54

Personal Balance Sheet Summary
Total assets (things you own)........... 243,000
Total Secured debt...................... -192,000
Total Unsecured debt.................... -68,538
Net Assets.............................. -17,538

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.[/font]

Damita

Welcome, your life insurance is high, could you not go with anyone else? And cut down your food bill... I pay 120 per month for two adults and two kittens, I still need to cut this down...

I would cut down on the tv packages and find a cheap internet provider too

Good luck

St0lli

Hi Damita and thanks for your advice. I'm going to dig out my life insurance and see what that covers me for and see if I can find a cheaper, comaparable insurance elsewhere. Yes, I agree I need to do something about my food bill and definitely sort the TV package out!

Thanks again!

Supreme_2

Get rid of the TV package... £57 is crazily expensive. Just use freeview

Personally it looks as though that mortgage is nowhere near affordable to me, but i will let someone else give their ideas on that.

talana

Is a car absolutely essential to you for work etc?
If not, try comparing the expense to what you'd pay on buses/trains etc. And you'd have the car to sell, which would clear a debt or two.
Or even just downgrade your car?

What's the £150 school fees at the bottom of your expenses?
I agree grocery bill seems high.
Council tax can be spread over 12 months rather than 10.
Satellite/cable TV is a luxury, get rid of and go for freeview instead.

nick1977

Supreme wrote: »

Personally it looks as though that mortgage is nowhere near affordable to me, but i will let someone else give their ideas on that.

Mortgage would be easily affordable, if it weren't for the credit card debt.

Good luck to OP in clearing the debt - the total take home each month should provide a comfortable lifestyle if it is cleared.
Nick

St0lli

Unfortunately the car is an essential as I work at a place which is on a green field site and off a bus route - I also need it to get my son to school.but downgrading it may be an option.

The £150 school fees is my contribution to my son's school fees as his father pays the majority of it.and I pay £600 per term. He has been at the school since the age of 3 and before me and my ex split and as son is now entering his GCSE's I really want to try and keep him at the school.

I'll give the council a call tomorrow and see if I can get them to change me to 12months as well.

Thanks!

Supreme_2

nick1977 wrote: »

Mortgage would be easily affordable, if it weren't for the credit card debt.

Good luck to OP in clearing the debt - the total take home each month should provide a comfortable lifestyle if it is cleared.
Nick

It would be. But the fact is, this is nearly £70k of debt, and the poster can't afford the payments. Unless their are other ways of earning money to supplement the income then there is no way to find the £1055 needed to be able to keep up the payments. Unless i am missing something of course

Fire_Fox

Do you have a single person discount on your council tax? Since a full time adult student is exempt, I would have thought a schoolboy is also. What are the school fees for? Do you have a spare room and could take in a lodger?

Your life cover is VERY expensive. Are you in an industry that is affected by the credit crunch? Are you aware you will still have to pay this out each month whilst you are claiming back the premiums? Have you been in your present job long enough to get a decent sickness package yet?

Electric and gas also very expensive. We are two and spend £30 a month on electric, nothing on gas as we don't have it. You should be able to switch and also look at cutting down on wasted energy.

You need to get the interest frozen on those debts and then claim back the charges! Well done for starting your SoA.

:A

worried_jim

hi stolli. had my lightbulb moment in November and all the better for it. had some great advice from this site and already fell 10 times better. I contacted payplan and got the best possible help. I wish you all the best with your own lightbulb moment !
Jim.

viktory

Is it just me or are the water rates very high? Surely metered would be a cheaper option (unless you are already...) There are three adults living here on a water meter and our bills are £20 per month - and we are always in credit to the tune of about £30 at the end of the year.