First attempt SOA - advice pls

startingover

Good afternoon all.

Could you please cast your eye over my first attempt at doing the SOA.

The surplus for debts is high as I haven't included my car repayment £181.92 a month as it will be repossessed or any of my unsecured credit debts I currently pay.

Also my income is doing 2 jobs at the moment (53.5 hrs a week) which will drastically change in Sept. I have completed for my circumstances at present.

Thanks


Household Information
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................ 1750
Partners monthly income after tax....... 0
Benefits................................ 80 (child ben)
Other income............................ 240 (maintenance)
Total monthly income.................... 2070

Monthly Expense Details[/b]
Mortgage................................ 506.98
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 71
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 50
Petrol/diesel........................... 140
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 15
Buildings insurance..................... 25
Contents insurance...................... 0
Life assurance ......................... 13
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 0
Charging order.......................... 25
Total monthly expenses.................. 1587.98


Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 90000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 86000....(506.98)...6.7
Secured Debt.................. 7200.....(0)........0
Total secured & HP debts...... 93200.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,070
Expenses (including HP & secured debts). 1,587.98
Available for debt repayments........... 482.02
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 482.02

Personal Balance Sheet Summary
Total assets (things you own)........... 90,000
Total HP & Secured debt................. -93,200
Total Unsecured debt.................... -0
Net Assets.............................. -3,200

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

startingover

I've just done the CCCS debt remedy online based on my current situation and it says I have £188 surplus which is not what I get. Also I didn't agree with some of the suggested amounts, nothing major but things like pet food expense etc.

The recommended plan was to keep making my payments but I'm £48 k in debt and my income is going to drastically change as I'm only going to be doing one job and studying. I can't physically or mentally continue to work 53 hours a week.

Also my main job has gone through a pay and grading review and I'll be losing 6 k a year.

I'm confused now. Do you think it would be worthwhile speaking to CCCS and explaining my forthcoming change in circunstances?

Thanks

DON79

startingover wrote: »

Household Information
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................ 1750
Partners monthly income after tax....... 0
Benefits................................ 80 (child ben)
Other income............................ 240 (maintenance)
Total monthly income.................... 2070

Monthly Expense Details[/b]
Mortgage................................ 506.98
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 71
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 50
Petrol/diesel........................... 140
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 - £20 - £5 per week per child
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 15
Buildings insurance..................... 25
Contents insurance...................... 0 - is this included in buildings cover, if not you must get some, preferably with accidental damage cover.
Life assurance ......................... 13
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 0
Charging order.......................... 25
Total monthly expenses.................. 1587.98

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

Hi I can't see much that does need changed or anything excessive. What about dry cleaning clothes for work? You could maybe try increasing groceries by £50?

Just because the cccs debt remedy did not recommend BR does not mean that this is not the option for you but do have another chat with them about your change in circumstances.

53 hours a week! :eek: It sounds like you work very hard but if your income will drop drastically then you will not in reality have such a large surplus so an IPA would be less likely.

Donna

startingover

Thanks Donna for your input and picking up on child expenses.

Yeah I have a full time job 37 hours a week and then I work 3 evenings a week 17.5 hours. I only took the extra job because I had an overpayment on WTC and my income was reduced £300 a month.

Its my full time day job that I'm also set to lose £400 per month due to pay and grading exercise. This is why I've decided I can't go on working the hours I do and to go to college and retrain.

I've spent the afternoon getting all my paperwork out and sat down and added up just how much I know to everyone :eek:

I'm going to phone the CCCS this week and try and get some advice.

In wasn't sure what figure to put for groceries 1 adult and 1 child, cat and dog. :rolleyes:

tigerfeet2006

How old is your child? Does he go to school? £2 per day school lunches for primary and £3 for secondary.

Do you have breakdown cover for the car? Probably a good idea if you are going BR. We've just payed £70+vat cos our breakdown cover had just expired :mad:. Is your car insurance fully comp? Another good idea if going BR.

Clothes up to £70

startingover

Hi Tigerfeet sorry to hear about your car, read it on another thread, what weekend you've had :eek: I've included car breakdown cover with my car insurance which is fully comp inc business use as I have to use it for work.

My son is 11 and starts secondary in September and yes at the moment I'm paying for school meals I forgot to add them.

Is £70 a month really ok for the 2 of us?

tigerfeet2006

Thanks Startingover.

Yes put £70 down for clothes. He's a growing boy and will need new school uniform and shoes every couple of months.

startingover

You are so right, he's having a growth spurt right now!

Thanks again