Seriously flu**ed - my (Sad)SOA

Dan.M_3

A little worrying to stay the least. I've recently been made redundant where i was comfortable on 3500/4000 take home each month.

I'm now on nothing guarunteed as I'm just working work is available, which isn't too often, and doesn't pay too well.

As each day goes back I feel like I'm falling deeper and deeper, and i'm getting seriously worried.

Spoken to CCCS and told to send token payments also have to phone back Payplan when the house becomes free to speak.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 4
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 400

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 150
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 35
Groceries etc. ......................... 20
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 30
Car Insurance........................... 309
Car maintenance (including MOT)......... 6
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..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 770


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
CC.............................3500......100.......0
CC.............................2000......60........0
CC.............................1300......35........0
overdraft......................2000......0.........0
loan...........................1800......140.......0
cc.............................765.......19........0
Total unsecured debts..........11365.....354.......-


Monthly Budget Summary
Total monthly income.................... 400
Expenses (including HP & secured debts). 770
Available for debt repayments........... -370
Monthly UNsecured debt repayments....... 354
Amount short for making debt repayments. -724

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,365
Net Assets.............................. -11,365

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

paybacktime2008

It's a really confusing SOA. You don't pay rent/mortgage...Are you an adult child living at home?

Dan.M_3

Whats an adult child?

Correct I don't pay rent, living with parents.

TotallyBroke

Dan.M wrote: »

A little worrying to stay the least. I've recently been made redundant where i was comfortable on 3500/4000 take home each month.

I'm now on nothing guarunteed as I'm just working work is available, which isn't too often, and doesn't pay too well.

As each day goes back I feel like I'm falling deeper and deeper, and i'm getting seriously worried.

Spoken to CCCS and told to send token payments also have to phone back Payplan when the house becomes free to speak.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 4
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 400

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 150 What:eek: This should be a maximum contract amount for £35 and even then we would be telling you to lower it
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 35 Reduce this it's expensive
Groceries etc. ......................... 20
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 30 This would mean your road tax is £360 for the year
Car Insurance........................... 309 What :eek: That is extortinate each month what are you driving a ferrari?
Car maintenance (including MOT)......... 6 This should be a bit more I think that will cover an mot but not leave a lot to servce the car. It might buy the oil but that'll be about it
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..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 770


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
CC.............................3500......100.......0
CC.............................2000......60........0
CC.............................1300......35........0
overdraft......................2000......0.........0
loan...........................1800......140.......0
cc.............................765.......19........0
Total unsecured debts..........11365.....354.......- Are all the credit cards minimum payments if so only pay the minimum until you can get yourself sorted


Monthly Budget Summary
Total monthly income.................... 400
Expenses (including HP & secured debts). 770
Available for debt repayments........... -370
Monthly UNsecured debt repayments....... 354
Amount short for making debt repayments. -724

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,365
Net Assets.............................. -11,365

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

I'm hoping you have your figures incorrect in your soa. Well done for posting.
Yes an adult child is someone that is still living with parents so therefore has no mortgage or rent to speak of

Dan.M_3

Car insurance -

I wish it was a ferrari, it's a cheap audi run around, and I have my other car in the garage - I can hopefully put the isurance on this car on hold as it is in bits.

Phone bill - stupidly have two contracts one should be cominng to the end and will save £100 of that.

Dan.M_3

I can service the car myself - but the road tax is two cars worth.

Tixy

Hi Dan

Is your mobile really £150 per month? If so your really need to reduce this down. Either by reducing your usage but better still shop around for a better deal with a different network - even if you are stuck in a contract talk to your providers and ask them for a lower tariff or a tariff better suited to your use.
Also car insurance £309 a month... over £3600 a year?:eek: Is this right? Are you driving a ferarri? Have you looked at all the comparison sites to see if youcan get it cheaper. Also try having your Mum or Dad as a named driver on your policy - I used to do that and I think it takes up to 25% off the cost.

Tixy

Ah I see the ferarri question has already been asked - great minds Totallybroke. (*must learn to type quicker*)

Pollycat

Hi Dan & welcome.

As paybacktime says, there's a few things in your SOA that need a bit of clarification - now we know that you're an adult child. :rotfl:

Your mobile cost is massive, is this because of the type of job you used to do?
Any chance of getting out of this contract?

Are you not paying anything to your parents for board?

Is your car insurance really £3700 per year?

No assets? What about your car?
No savings?
Did you live with your parents prior to losing your job?

Can you find out the % of each of your credit cards?

To be honest, there doesn't seem to be a lot of scope for cutting down, other than your mobile, entertainment, maybe internet.
Will your fuel consumption reduce as you're not working?

Can you claim job seeker's allowance?

Burlesque_Babe

£100 a month is quite a lot if you aren't working. Are there any cheaper public transport alternatives?

You also need to budget for haircuts.

Would echo comments on car insurance - can't see that £309 a month is right!!! Also, ask mobile phone companies to switch you to cheapest tariff, then stick rigidly within it. Internet costs -very high.

Entertainment really has to be halved as a minimum.

Dan.M_3

I cut my own hair - and believe me the car insurance is correct

I have no problem at all cutting out entertainment totally this is just what curret spending is like.

I am going to cancel one insurance policy for the car in the garage.

Only assets i have are the two cars, one doesn't run at the moment, the other i need to get me to my "part time" work.

I can't claim JSA due to me working as such - but there isn't much of it.

Thakns for comments so far - taken another step and just rang Payplan they have a lady waiting to call me back who is dealing with my case.