Soa Help

tombola_2

Hi All,
After months of fretting we have now (finally) sat down and done an SOA, I wish we'd done it sooner but there you go! We are failing to earn enough to cover our costs and have tried calling our various credit card companies to ask if they would consider reducing their interest rates, all said "No". The figures in our SOA are current but I am going onto a 4 day week which will take my monthly income down by approx. £300 before tax. Obviosusly this will only compound matters. I have looked into getting another CC in the hope we can balance transfer from the CC with the biggest interest rate but when I check out the terms of the new cards there is a min replayment of 3% of the balance which would mean our monthly repayments would remain the same. We will be arranging a CAB appointment soon and will take this SOA with us. In the meantime any help/advice from all you moneysavers would be appreciated.

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.................... 1

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 600
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 2520

Monthly Expense Details
Mortgage................................ 872.18
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 129
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 63
Gas..................................... 138
Oil..................................... 0
Water rates............................. 61.08
Telephone (land line)................... 10
Mobile phone............................ 45
TV Licence.............................. 12.04
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 350
Clothing................................ 600
Petrol/diesel........................... 80
Road tax................................ 11
Car Insurance........................... 59.86
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 4
Pet insurance/vet bills................. 0
Buildings insurance..................... 18.5
Contents insurance...................... 18.5
Life assurance ......................... 92.99
Other insurance......................... 0
Presents (birthday, christmas etc)...... 80
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2830.15


Assets
Cash.................................... 0
House value (Gross)..................... 170000
Shares and bonds........................ 900
Car(s).................................. 300
Other assets............................ 500
Total Assets............................ 171700


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 121000...(872.18)...0.5
Hire Purchase (HP) debt ...... 1813.62..(129)......30.9<
Argos..........................539.32....-.........27.9<
ADAMS..........................1032.06...-.........34.9<
TRU............................242.24....-.........29.9
Total secured & HP debts...... 124627.2.-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................4679.31...93........25
IF.............................1658.36...51........12.9
Virgin.........................4876.45...70........17.9
Egg............................5041.85...132.......19.9
GM.............................988.96....30........24.9
Total unsecured debts..........17244.93..376.......-


Monthly Budget Summary
Total monthly income.................... 2,520
Expenses (including HP & secured debts). 2,830.15
Available for debt repayments........... -310.15
Monthly UNsecured debt repayments....... 376
Amount short for making debt repayments. -686.15

Personal Balance Sheet Summary
Total assets (things you own)........... 171,700
Total HP & Secured debt................. -124,627.24
Total Unsecured debt.................... -17,244.93
Net Assets.............................. 31,641.45

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

~Beanie~

tombola wrote: »

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.................... 1

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 600
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 2520

Monthly Expense Details
Mortgage................................ 872.18
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 129
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax- 120
Electricity............................. 63 - Seems high, can you switch to a cheaper provider?
Gas..................................... 138 - Wow, that is high! Are you repaying arrears or something?
Oil..................................... 0
Water rates............................. 61.08 - Seems high
Telephone (land line)................... 10
Mobile phone............................ 45
TV Licence.............................. 12.04
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 350
Clothing................................ 600 - :eek: Surely this is a mistake?
Petrol/diesel........................... 80
Road tax................................ 11
Car Insurance........................... 59.86
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 4
Pet insurance/vet bills................. 0
Buildings insurance..................... 18.5
Contents insurance...................... 18.5
Life assurance ......................... 92.99 -This seems high, can you get it cheaper elsewhere?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 80
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2830.15


Assets
Cash.................................... 0
House value (Gross)..................... 170000
Shares and bonds........................ 900
Car(s).................................. 300
Other assets............................ 500
Total Assets............................ 171700


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 121000...(872.18)...0.5
Hire Purchase (HP) debt ...... 1813.62..(129)......30.9<
Argos..........................539.32....-.........27.9<
ADAMS..........................1032.06...-.........34.9<
TRU............................242.24....-.........29.9
Total secured & HP debts...... 124627.2.-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................4679.31...93........25
IF.............................1658.36...51........12.9
Virgin.........................4876.45...70........17.9
Egg............................5041.85...132.......19.9
GM.............................988.96....30........24.9
Total unsecured debts..........17244.93..376.......-


Monthly Budget Summary
Total monthly income.................... 2,520
Expenses (including HP & secured debts). 2,830.15
Available for debt repayments........... -310.15
Monthly UNsecured debt repayments....... 376
Amount short for making debt repayments. -686.15

Personal Balance Sheet Summary
Total assets (things you own)........... 171,700
Total HP & Secured debt................. -124,627.24
Total Unsecured debt.................... -17,244.93
Net Assets.............................. 31,641.45

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Just a few thoughts above but surely your clothing budget is annual and not monthly? Amend that figure and it won't look half as bad!

Sunny_Donny

Well done for posting your SOA
Things that stand out -
Food £350 per month for 3 people - Very high. Move down a brand and get on to the Grocery Challenge on the Old Style board. Plan your meals and shopping list so you aren't wasting food.
Clothing £600 per month - is this a typo? if it isn't then STOP!!!!
Use ebay/amazon, music magpie to sell stuff you don't want.

Hope this helps -others will be along shortly to help

laura2481

tombola wrote: »

Hi All,
After months of fretting we have now (finally) sat down and done an SOA, I wish we'd done it sooner but there you go! We are failing to earn enough to cover our costs and have tried calling our various credit card companies to ask if they would consider reducing their interest rates, all said "No". The figures in our SOA are current but I am going onto a 4 day week which will take my monthly income down by approx. £300 before tax. Obviosusly this will only compound matters. I have looked into getting another CC in the hope we can balance transfer from the CC with the biggest interest rate but when I check out the terms of the new cards there is a min replayment of 3% of the balance which would mean our monthly repayments would remain the same. We will be arranging a CAB appointment soon and will take this SOA with us. In the meantime any help/advice from all you moneysavers would be appreciated.

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.................... 1

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 600
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 2520

Monthly Expense Details
Mortgage................................ 872.18 is this interest only? If not, you could consider asking to switch to interset only for a short time until things are better.
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 129
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 63
Gas..................................... 138 This seems very high- are you on the best tarrif?
Oil..................................... 0
Water rates............................. 61.08
Telephone (land line)................... 10
Mobile phone............................ 45 Is this just one mobile? If so, then consider switching to PAYG or cheaper tarrif
TV Licence.............................. 12.04
Satellite/Cable TV...................... 20 Investigate a cheaper package deal for combined tv/telephone and mobile.
Internet Services....................... 20
Groceries etc. ......................... 350 These seems quite reasonable for 4 people but I'm sure could be squeezed down a little. Check out the OS money saving board
Clothing................................ 600 :eek: per month?! This needs cutting down drastically- if not out completely for a few months. Just cutting this out would pretty much cover your deficit!
Petrol/diesel........................... 80
Road tax................................ 11
Car Insurance........................... 59.86
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 4
Pet insurance/vet bills................. 0
Buildings insurance..................... 18.5 could this be a liitle cheaper? shop around, and use a cashback site such as Quidco or Topcashback
Contents insurance...................... 18.5 as above
Life assurance ......................... 92.99 investigate a cheaper deal
Other insurance......................... 0
Presents (birthday, christmas etc)...... 80 This needs cutting back on if at all possible
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2830.15


Assets
Cash.................................... 0
House value (Gross)..................... 170000
Shares and bonds........................ 900
Car(s).................................. 300
Other assets............................ 500
Total Assets............................ 171700


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 121000...(872.18)...0.5
Hire Purchase (HP) debt ...... 1813.62..(129)......30.9<
Argos..........................539.32....-.........27.9< should this be under unsecured debt?
ADAMS..........................1032.06...-.........34.9< as above
TRU............................242.24....-.........29.9 and this?
Total secured & HP debts...... 124627.2.-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................4679.31...93........25
IF.............................1658.36...51........12.9
Virgin.........................4876.45...70........17.9
Egg............................5041.85...132.......19.9
GM.............................988.96....30........24.9
Total unsecured debts..........17244.93..376.......-


Monthly Budget Summary
Total monthly income.................... 2,520
Expenses (including HP & secured debts). 2,830.15
Available for debt repayments........... -310.15
Monthly UNsecured debt repayments....... 376
Amount short for making debt repayments. -686.15

Personal Balance Sheet Summary
Total assets (things you own)........... 171,700
Total HP & Secured debt................. -124,627.24
Total Unsecured debt.................... -17,244.93
Net Assets.............................. 31,641.45

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Hi! left some ideas in red on where to cut back. You could also consider a debt management plan with CSSS or similar as you have so many debts in so many places.
Good luck
Laura
xx

kimdegsidash

Hi Tombola

Welcome to the boards. As pointed out by the above I think there may be one or two mistakes on your SOA, namely the monthly clothing expenditure of £600 and also are you sure that Argos, Adams and TRU are secured debts?

When you are back online, perhaps you could do the SOA again and it might look a little better?

Also, could you cash in the shares? I know now is not a great time to sell, but you could use the proceeds to pay off a couple of the smaller high interest debts.

Your situation might not be so bad as it first looks, especially after re-doing your SOA. Have you got unused/unloved items round the house that you could Ebay or car boot to raise some cash for the lean times approaching?

With your reduction in income, I think you may be entitled to more child benefit and tax credits. Certainly worth looking into now. With two kids I get £132.80 per month child benefit plus £80 tax credits and I earn more per month, so you may be able to get more help in this area.

Good luck and hope to hear back from you soon.