Our SOA. Comments and advice please!

richard1971

Me an my wife have got ourselves in a bit of a mess financially and are thinking of going for an IVA so would appreciate some comments please. Below is our SOA at present.

We got in a mess last year when we had at extension done on our home. We borrowed the money from equity in the house, but then ran out of money and borrowed some more, then ran out again an used our credit cards to finish off the the work ont he house.

So having seen our house increase in value (and now decrease again due to the current market), we have managed to get into a right old mess.

We are 2 months behind on the mortgage, but have got that sorted now and stable, but are really struggling to pay off credit cards.

Is it worth us going for an IVA do you think?

Many thanks in advance for your advice.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 850.07
Partners monthly income after tax....... 1287.09
Benefits................................ 554
Other income............................ 300
Total monthly income.................... 2991.16
Monthly Expense Details
Mortgage................................ 1100
Secured loan repayments................. 416
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 169
Electricity............................. 91
Gas..................................... 132
Oil..................................... 0
Water rates............................. 23.68
Telephone (land line)................... 20
Mobile phone............................ 60
TV Licence.............................. 11.61
Satellite/Cable TV...................... 0
Internet Services....................... 30
Groceries etc. ......................... 250
Clothing................................ 50
Petrol/diesel........................... 40
Road tax................................ 30
Car Insurance........................... 65
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 780
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 25.33
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 100
Presents (birthday, christmas etc)...... 50
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 3563.62

Assets
Cash.................................... 0
House value (Gross)..................... 300000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 300000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 106619...(1100).....0
Secured Debt.................. 21487.8..(416)......0
Total secured debts........... 128106.8..-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Egg Credit Card................12000.....250.......0
Amex...........................1800......65........0
Capital One....................1900......85........0
Lloyds TSB Card................1846.04...84........0
Next ..........................699.51....72........0
House Of Fraser Card...........608.31....67........0
Natwest CC.....................3420.92...143.......0
Nationwide CC..................9253.34...203.......0
MBNA Card......................2000......95........0
Barclaycard....................3300......165.......0
Lloyds TSB M Card..............2500......145.......0
Total unsecured debts..........39328.12..1374......-

Monthly Budget Summary
Total monthly income.................... 2,991.16
Expenses (including secured debts)...... 3,563.62
Available for debt repayments........... -572.46
Monthly UNsecured debt repayments....... 1,374
Amount short for making debt repayments. -1,946.46
Personal Balance Sheet Summary
Total assets (things you own)........... 300,000
Total Secured debt...................... -128,106.8
Total Unsecured debt.................... -39,328.12
Net Assets.............................. 132,565.08
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.