tweaked and tweaked SOA - please help

Godiva500

Had some good advice so far and have redone my SOA- please tell me what you think.
I am thinking of debt relief order as i would qualify i think - no chance of repaying, under £15k etc. What do you thinK?

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1024
Partners monthly income after tax....... 225
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1249
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 309
Management charge (leasehold property).. 0
Council tax............................. 147
Electricity............................. 55
Gas..................................... 55
Oil..................................... 0
Water rates............................. 29
Telephone (land line)................... 12
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 360
Clothing................................ 20
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 30
Car maintenance (including MOT)......... 30
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 30
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 10
Total monthly expenses.................. 1293

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 510
Other assets............................ 0
Total Assets............................ 510

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC cc........................4850......125.......0
HSBC OD........................2000......0.........0
RBS cc.........................761.88....17........0
IF Loan........................3277......246.......0
Nat West cc....................1909......43........0
Total unsecured debts..........12797.88..431.......-

Monthly Budget Summary
Total monthly income.................... 1,249
Expenses (including HP & secured debts). 1,293
Available for debt repayments........... -44
Monthly UNsecured debt repayments....... 431
Amount short for making debt repayments. -475
Personal Balance Sheet Summary
Total assets (things you own)........... 510
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,797.88
Net Assets.............................. -12,287.88
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

poorandindenial

Godiva500 wrote: »

Had some good advice so far and have redone my SOA- please tell me what you think.
I am thinking of debt relief order as i would qualify i think - no chance of repaying, under £15k etc. What do you thinK?

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1024
Partners monthly income after tax....... 225 (have you checked that you are getting all the benefits you are entitled to - www.entitledto.co.uk)
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1249
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 309
Management charge (leasehold property).. 0
Council tax............................. 147 (this seems high to me, are there arrears? how many months are you paying over? if you are paying over 10 ask to pay over 12)
Electricity............................. 55
Gas..................................... 55 (£110 on leccy and gas for two adults - this can be got down, make sure you turn off all the lights when not using, get energy saving bulbs, don't leave things on standby - turn them off at the wall, only have the heating on when you REALLY need it)
Oil..................................... 0
Water rates............................. 29
Telephone (land line)................... 12
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 360 (this is high for 2 people, you can easily halve this, check out the old style board for meal planning, cooking from scratch and consider things like drop a brand)
Clothing................................ 20 (ditch this while you sort yourself out)
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 30
Car maintenance (including MOT)......... 30
Car parking............................. 10 (£130 on a car that you don't use that much, can you didtch the car and take public transport - or is it really necessary?)
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20 (is this every month?)
Pet insurance/vet bills................. 30 (have you checked that this is the cheapest you can get?? if not look at a price comparason website and see if you can switch through a cashback site such as quidco)
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 50 (sorry - you can't afford this at the moment as you have a big deficit)
Emergency fund.......................... 10 (can't afford this either)
Total monthly expenses.................. 1293

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 510
Other assets............................ 0
Total Assets............................ 510

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC cc........................4850......125.......0 (dig out the APRS on these, you need to know them to see what is happening each month)
HSBC OD........................2000......0.........0
RBS cc.........................761.88....17........0
IF Loan........................3277......246.......0
Nat West cc....................1909......43........0
Total unsecured debts..........12797.88..431.......-

Monthly Budget Summary
Total monthly income.................... 1,249
Expenses (including HP & secured debts). 1,293
Available for debt repayments........... -44 (this is not good news, but the good news is that I reckon you can save at least £200 a month which will give you enough to do a DMP - debt management plan)
Monthly UNsecured debt repayments....... 431
Amount short for making debt repayments. -475
Personal Balance Sheet Summary
Total assets (things you own)........... 510
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,797.88
Net Assets.............................. -12,287.88
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Hi there

A few comments from me

I hope you don't think any of them are harsh, I don't mean them to be. The most obvious areas for savings are the car, the holiday and the groceries, you can shave off £200-300 depending on what you do about them.

I wish you all the best with this, I think you would do well to contact one of these guys:

http://www.moneysavingexpert.com/loans/debt-help-plan#help

they will give you free advice on dealing with your debt - something you shoul NEVER pay for

Good luck

laura2481

poorandindenial wrote: »

Hi there

A few comments from me

I hope you don't think any of them are harsh, I don't mean them to be. The most obvious areas for savings are the car, the holiday and the groceries, you can shave off £200-300 depending on what you do about them.

I wish you all the best with this, I think you would do well to contact one of these guys:

http://www.moneysavingexpert.com/loans/debt-help-plan#help

they will give you free advice on dealing with your debt - something you shoul NEVER pay for

Good luck

Hi agree with poorandindenial here. There are two of us in our household and we spend no more than £150 per month on food, and that includes a couple of sneaky take-aways!

How many pets do you have? We currently pay £12.99 per month for our 1 cat and that is still high because we pay out for a super-duper-life-of-pet-illness cover because I'm paranoid he'll get something long term. Anyways, the point I'm making is there are cheaper insurances. If you use topcashback or similar you could even get money back for swapping to something cheaper!

Also we pay £44 for gas and electricity per month. And that's for both, not each! So look at cheaper tarrifs and making sure you turn things off and energy saving bulbs etc etc!

Oh yes, and agree to ditch holidays for one year and really hammer down those debts, then maybe next year you'll be in a better position for jollies!

PasturesNew

Godiva500 wrote: »

Groceries etc. ......................... 360

£360/month (30 days) is £12/day. That is a lot. If you try to tackle the food overspend on a daily basis you might find it easier to cut back. Thinking about how much each meal costs as you put items into the trolley helps with this. So, don't just chuck something in your trolley, but think about how much it costs, how long (how many meals) it will last and whether you really need it or if you can do it cheaper somehow. Start thinking on a meal-by-meal, day-by-day basis. Halve it, saving £180

Godiva500 wrote: »

Clothing................................ 20 - you probably have enough clothes by now.

Godiva500 wrote: »

Holiday................................. 50 - this is a luxury

Savings: £250.
It's a start!

Good luck.

ragstoricheswannabe

Godiva500 wrote: »

Had some good advice so far and have redone my SOA- please tell me what you think.
I am thinking of debt relief order as i would qualify i think - no chance of repaying, under £15k etc. What do you thinK?

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1024
Partners monthly income after tax....... 225
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1249
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 309
Management charge (leasehold property).. 0
Council tax............................. 147
Electricity............................. 55 This is very high for gas and elec!!!! try turning your thermostat down a notch, off when no-ones in and turn things off at the plug. Take your readings weekly/fortnightly to see how much you are using........
Gas..................................... 55
Oil..................................... 0
Water rates............................. 29
Telephone (land line)................... 12
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 360 Again, very high for 2 adults, check out the old style board for ideas of cheap meals and do a shopping list before you go, checking whats in your cupboards already. ooh and meal plan!! my budget for 2 adults, child and baby is £200-£250 a month......
Clothing................................ 20 Sell ckothes you havent worn in the last 4-6 months for clothes money, this can then go towards your debts
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 30
Car maintenance (including MOT)......... 30 go to your local council for your mot test, its about £30 but they wont fix the things they have found so will not fail it to make a profit (if that makes sense)
Car parking............................. 10 permit??
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20 Have you got a pre-pay prescription thingy???? welll worth it if you spend this a month
Pet insurance/vet bills................. 30 Again, very high as a monthly payment
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 20 try your local training college for cheaper haircuts
Entertainment........................... 0
Holiday................................. 50 stop this and put towards debts
Emergency fund.......................... 10
Total monthly expenses.................. 1293

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 510
Other assets............................ 0
Total Assets............................ 510

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC cc........................4850......125.......0
HSBC OD........................2000......0.........0
RBS cc.........................761.88....17........0
IF Loan........................3277......246.......0
Nat West cc....................1909......43........0
Total unsecured debts..........12797.88..431.......-

Monthly Budget Summary
Total monthly income.................... 1,249
Expenses (including HP & secured debts). 1,293
Available for debt repayments........... -44
Monthly UNsecured debt repayments....... 431
Amount short for making debt repayments. -475
Personal Balance Sheet Summary
Total assets (things you own)........... 510
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,797.88
Net Assets.............................. -12,287.88
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Hi, have made a few suggestions, prob some that have already been made no doubt. Check you are getting all the benifits you are entitled to.............. and good luck!!!!!!

love rags
xxxxxxxx

Godiva500

Phew!! OK here goes.

Car - Yes we need the car - we are both retired, and i have osteoarthritis. I am not reg disabled, and i can walk, but only for short distances and cannot stand for long. If we didn't have the car, I would be more or less housebound. It will also get worse as i get older.

pets - We have 2 rescue cats - insurance is 19.99 a month, and we have had to pay extra for odd things at the vetsthat are not covered.. I could reduce this to £20.
Groceries - cheapest Cat food/litter - £40 per month
OH also has special diet - can be confirmed by doc. We do try to get cheapest foods we can - I have been haunting Lifestyle threads etc. We seem to live on mince, beans and chicken lol.
I will take the holiday out - we have not had one for 7 years - I just get fed up looking at our 4 walls and wanted a light at the end of the tunnel.

Prescriptions - we have free prescriptions, but we need some extras every month for some of our conditions - not covered on prescriptions. I also have regular visits to the dentist - my teeth are packing up on me - it costs a fortune...

Benefits - I have checked and we r not entitled. The prob is that OH pays ex £400 amonth maintenance (she is retired) - for benefits that counts as income and puts us outside the limit, even though we do not have it to spend.

Partner is not included in thsi - its just for me - his income should read contribution - that is what he pays towards the bills. He has no spare income either.

We are selling everything we can on ebay and other sites.

Thanks

Will turn the thermostat down again to try to bring that down.

fatbelly

Hi Godiva

Just doing the online DRO training at the moment and popped over here for a bit of light relief!

It does look to me that you will qualify for one (<15k debt, £50 pm surplus income, car <£1000, I'm presuming <£300 assets)

Mind you, I'm only halfway through the online bit of the training so will get a better idea as I go on.

You've obviously done some reading about them. Is there anything that you think might cause a problem?

Godiva500

Hi
Not that I can think of - only the car? No other assets

barrys-lass

Hi didnt want to read and run, good luck on being DFW

Godiva500

Thanks Barrys lass

fatbelly

Godiva500 wrote: »

Hi
Not that I can think of - only the car? No other assets

As long as the car is valued below £1000 you'll be Ok

You or your 'intermediary' will need to get a valuation from Parkers Guide.