My Soa Not Pretty Reading!

Legacy_user

I've posted this about a year ago and things havent got much better apart from the fact that we did have £15K worth od debt but thats been reduced to £5K thanks to a family member, but we are no better off.

Income:
My pay £800
Partners pay: £320
Child Benefit £130
Tax Credits £336
Total = £1586

Outgoings
Rent £480
Shopping £240
Oil £60
Diesel £120
Tax Credit Overpayment £60
TV Lisence £12
Broadband £15
Phone £15
TV £10
Electric £40
Payplan £70
Car payment £130
House Insurance £12
Mobiles £30
Car Insurance £25
Childcare £260
Dentist £12
Prescriptions £10
Road Tax £15
Total £1616

I also have a £200 credit card from capital one which haven't been able to pay, and partner has £400 over draft which she pays which costs her £30 a month.
Not included in that is the likes of Christmas which is a case of taking from Peter to pay Paul and then Paul is far from happy, We have had to put all the kids toys on a Catalogue which we can't really pay without annoying something else.
Anytime I do have money in my pocket its because I'm not paying something, I feel so embarrased that I can't even use a vending machine at work, or on Friday the rest of the guys get a take out for lunch, I have never been able to do that.

Any advice much appreciated, as I say we only have about £5K debt which Payplan has all reduced, they won't take anyless than £70 a month, its the cost of living thats our issue I think, Bankruptcy wouldn't make much difference to be fair.

TurnaroundSue

Is there any way you or OH could get a second job?

Also I think to be able to get a true picture of your financial position you really need to put in things like christmas, birthdays, haircuts, entertainment etc as the position in your SOA at the moment doesn't give a true reflection.

Have you ever done a spending diary? This might help to see where all the other bits go and it might help you see where you can maybe cut back a bit more.

Sorry can't be much help, but hopefully somebody alot wiser than me will be along shortly and give you more constructive advice. The £10k from the family member - do you need to repay that also, or have they given that to you as a 'gift'?

Good luck with your journey and stick in there, it will get easier.

catherine_h_2

Hi there,
can't really give much advice except try getting a cheap package for tv/phone/broadband, use comparison sites to help you out.
If you do your SOA using this link http://www.makesenseofcards.com/soacalc.html then it'll be easier to help you as we'll know aprs etc.
Also have you both tried doing spending diaries to see where your money does actually go?? It's quite surprising, even when you're careful it helps identify where you don't need to spend.

Good luck

System

I thought it was pretty obvious where it goes above, there is none left, We spend nothing etc during the week

System

TurnaroundSue wrote: »

Is there any way you or OH could get a second job?

Also I think to be able to get a true picture of your financial position you really need to put in things like christmas, birthdays, haircuts, entertainment etc as the position in your SOA at the moment doesn't give a true reflection.

Have you ever done a spending diary? This might help to see where all the other bits go and it might help you see where you can maybe cut back a bit more.

Sorry can't be much help, but hopefully somebody alot wiser than me will be along shortly and give you more constructive advice. The £10k from the family member - do you need to repay that also, or have they given that to you as a 'gift'?

Good luck with your journey and stick in there, it will get easier.

I'd like to believe that, I'm 29 now, its been a struggle since I left school at 16, I some how can't see it getting any easier unless I win the lottery

System

catherine_h wrote: »

Hi there,
can't really give much advice except try getting a cheap package for tv/phone/broadband, use comparison sites to help you out.
If you do your SOA using this link http://www.makesenseofcards.com/soacalc.html then it'll be easier to help you as we'll know aprs etc.
Also have you both tried doing spending diaries to see where your money does actually go?? It's quite surprising, even when you're careful it helps identify where you don't need to spend.

Good luck

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 320
Benefits................................ 466
Other income............................ 0
Total monthly income.................... 1586
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 150
Rent.................................... 480
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 40
Gas..................................... 0
Oil..................................... 40
Water rates............................. 0
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 10
Internet Services....................... 15
Groceries etc. ......................... 240
Clothing................................ 10
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 22
Car maintenance (including MOT)......... 30
Car parking............................. 30
Other travel............................ 0
Childcare/nursery....................... 260
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1651

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(150)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
PAYPLAN........................5000......70........0
TAX CREDIT OVER PAYME..........2000......60........0
OVERDRAFT......................400.......15........0
CATALOGUES.....................550.......30........0
CREDIT CARDS...................800.......40........0
Total unsecured debts..........8750......215.......-

Monthly Budget Summary
Total monthly income.................... 1,586
Expenses (including HP & secured debts). 1,651
Available for debt repayments........... -65
Monthly UNsecured debt repayments....... 215
Amount short for making debt repayments. -280
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,750
Net Assets.............................. -8,750
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

RAS

Can you remind us of your family size?

nirelandguy wrote: »

Income:
My pay £800
Partners pay: £320
Child Benefit £130
Tax Credits £336
Total = £1586

Outgoings
Rent £480
Shopping £240
Oil £60
Electric £40
TV Licence £12
House Insurance £12
Dentist £12
Prescriptions £10

Necessary expenditure total £866

Payplan £70
Tax Credit Overpayment £60
Partners OD £30
Debt repayments total £160

Broadband £15
Phone £15
TV £10
Mobiles £30

Communications total - £70 per month

Childcare £260 - why are you paying this much when you partner only earns £320

Car payment £130
Diesel £120
Car Insurance £25
Road Tax £15
Car total cost £290

Total £1616.

I am going to be a cow here.

The issue is not the cost of living - if you really pare the costs back you can live on your wage and the benefits.

You currently have £560 per month income to choose how to live off but you have a very high child care costs, a very expensive car and very high communications costs.

nirelandguy wrote: »

I also have a £200 credit card from capital one which haven't been able to pay,

I do hope you have not taken this out since you joined the DMP?

and partner has £400 over draft which she pays which costs her £30 a month.

I have added that into the SOA above


Not included in that is the likes of Christmas which is a case of taking from Peter to pay Paul and then Paul is far from happy, We have had to put all the kids toys on a Catalogue which we can't really pay without annoying something else.

Apart from being expensive, I thought the missus have joined www.freecycle.org? An ditto re taking out additional credit.

You have simply got the choice - car , clothes and kids stuff or child care?

Bankruptcy wouldn't make much difference to be fair.

There are new rules coming in but the value of your car would prevent you taking advantage of them.

RAS

nirelandguy wrote: »

Unsecured Debts
Description....................Debt......Monthly...APR
PAYPLAN........................5000......70........0

OVERDRAFT......................400.......15........0
CATALOGUES.....................550.......30........0
CREDIT CARDS...................800.......40........0

TAX CREDIT OVER PAYME..........2000......60........0
Total unsecured debts..........8750......215.......-

.

Why are these debts not included in the Payplan DMP?

System

RAS wrote: »

Can you remind us of your family size?

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I am going to be a cow here.

The issue is not the cost of living - if you really pare the costs back you can live on your wage and the benefits.

You currently have £560 per month income to choose how to live off but you have a very high child care costs, a very expensive car and very high communications costs.




There are new rules coming in but the value of your car would prevent you taking advantage of them.

2 Adults 2 Children.

Childcare is paid for out of tax credits we get an allowance,

The car is actually paid for, the £110 is going to the family member who let us pay it off, It was £210

System

RAS wrote: »

Why are these debts not included in the Payplan DMP?

The overdraft is, the cards are not, And yes I know... But what do you do in an emergency? Would payplan lend me money to get our car fixed? I doubt it.

RAS

So you could get booted off your DMP any time?

And you only get paid 85% of the childcare costs, so you have to find an extra £40 per month to cover the deficit.

How much and hour do you pay? Are any of the kids over 3 years old and how many hours does OH work?