Little help

Lexxi

My sis has recently been laid off, she was temping so there wasn't a pay out. Can anyone help with her soa, there are bits and pieces I'm suggesting but if anyone has any further advice?
Thanks Lexxi

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................ 0
Partners monthly income after tax....... 1000
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1000

Monthly Expense Details
Mortgage................................ 600
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 65
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 150
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 30
Contents insurance...................... 0
Life assurance ......................... 75
Other insurance......................... 17
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1707


Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 116500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 97000....(600)......6.1
Total secured & HP debts...... 97000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax........................5000......100.......14.5
barclay........................300.......7.........0
Total unsecured debts..........5300......107.......-


Monthly Budget Summary
Total monthly income.................... 1,000
Expenses (including HP & secured debts). 1,707
Available for debt repayments........... -707
Monthly UNsecured debt repayments....... 107
Amount short for making debt repayments. -814

Personal Balance Sheet Summary
Total assets (things you own)........... 116,500
Total HP & Secured debt................. -97,000
Total Unsecured debt.................... -5,300
Net Assets.............................. 14,200

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

Forris

Ok, first thoughts.

Lexxi wrote: »

My sis has recently been laid off, she was temping so there wasn't a pay out. Can anyone help with her soa, there are bits and pieces I'm suggesting but if anyone has any further advice?
Thanks Lexxi

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................ 0
Partners monthly income after tax....... 1000
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1000

Monthly Expense Details
Mortgage................................ 600
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 80 Both these are very
Gas..................................... 80 high. Look to switch. Don't forget to go through cashback site to earn more.
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 50 Again, need to switch (via cashback). If tied in, call network to ask about lowering tariff.
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 50 Perhaps give this a miss for a while. Wear what they have.
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 65
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 150 No kids listed at top of SoA???
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 30 Can be reduced
Contents insurance...................... 0
Life assurance ......................... 75 Ditto
Other insurance......................... 17
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1707


Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 116500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 97000....(600)......6.1
Total secured & HP debts...... 97000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax........................5000......100.......14.5
barclay........................300.......7.........0
Total unsecured debts..........5300......107.......-


Monthly Budget Summary
Total monthly income.................... 1,000
Expenses (including HP & secured debts). 1,707
Available for debt repayments........... -707
Monthly UNsecured debt repayments....... 107
Amount short for making debt repayments. -814

Personal Balance Sheet Summary
Total assets (things you own)........... 116,500
Total HP & Secured debt................. -97,000
Total Unsecured debt.................... -5,300
Net Assets.............................. 14,200

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

I hope these few notes are of some help. Don't forget, any time that you switch utilities/phones/insurance etc, do it through a cashback site to gain extra £££s.

poorandindenial

Lexxi wrote: »

My sis has recently been laid off, she was temping so there wasn't a pay out. Can anyone help with her soa, there are bits and pieces I'm suggesting but if anyone has any further advice?
Thanks Lexxi

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................ 0
Partners monthly income after tax....... 1000
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1000

Monthly Expense Details
Mortgage................................ 600
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 80 - sky high - paying off arrears??
Gas..................................... 80 - sky high - paying off arrears??
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 50 - may be possible to reduce by going PAYG
TV Licence.............................. 10 - actually £12ish unless they get a discount
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 - can probably shave about £30-50 off this with a bit of extra planning and cooking from scratch etc etc
Clothing................................ 50 - can't afford this, needs to stop for a while
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 65 - this is quite high, is it a high powered car or a 'risky' driver - need to check best value and switch if not - all through quidco
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 150 - maintenance??
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 30 - this is high, does it include contents too? even so do the same as for motor insurance
Contents insurance...................... 0
Life assurance ......................... 75 this is high, are there specific health problems?
Other insurance......................... 17 what is this for?
Presents (birthday, christmas etc)...... 20 - needs to cut doewn or stop for a bit if possible
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1707


Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 116500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 97000....(600)......6.1
Total secured & HP debts...... 97000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax........................5000......100.......14.5
barclay........................300.......7.........0
Total unsecured debts..........5300......107.......-


Monthly Budget Summary
Total monthly income.................... 1,000
Expenses (including HP & secured debts). 1,707
Available for debt repayments........... -707
Monthly UNsecured debt repayments....... 107
Amount short for making debt repayments. -814

Personal Balance Sheet Summary
Total assets (things you own)........... 116,500
Total HP & Secured debt................. -97,000
Total Unsecured debt.................... -5,300
Net Assets.............................. 14,200

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

Hi there

A few comments and queries from me above

I hope I don't sound brutal above, I think the reality is that there is no way of freeing up the money that is needed for debts, has your friend looked into any benefits they might be entitled to?? (entiledto website)

Is it likely your sister will be able to get more temping work?

joeblack066

Lexxi wrote: »

My sis has recently been laid off, she was temping so there wasn't a pay out. Can anyone help with her soa, there are bits and pieces I'm suggesting but if anyone has any further advice?
Thanks Lexxi

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................ 0
Partners monthly income after tax....... 1000
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1000

Monthly Expense Details
Mortgage................................ 600
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 80 These are quite high?
Gas..................................... 80 Ditto
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 50 Very high needs to go.
TV Licence.............................. 10 This is actually £12 now
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 Way too high for 2
Clothing................................ 50 Have to lose this whilst lower income
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 65
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 150 ?? No children listed?
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 30
Contents insurance...................... 0
Life assurance ......................... 75
Other insurance......................... 17 What is this?
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1707

Can you clarify these points please? Thx!

Lexxi

Sorry I just dumped that with no info, we were trying to order flowers too for Sunday.

I have told her to go and apply for a virgin credit card right now to try and get the 0% deal. She is registered with about 9 agencies and has got temping work for 3 days at the moment but nothing beyond that.
The buildings insurance is including contents.
The mobile is for 2 contract phones on 3 she's only just got them
The electricity, she has said, is so high because she pays it quarterly but that is the monthly amount that is put down and she has said it would be higher if it was DD because the companies would charge her more. It doesn't quite make sense to me.
The car insurance I am going to look at in a sec see if there is anything cheaper can be done.
The 'other insurance' is sickness/redundancy etc which I think is for her partner (pretty useless if it's hers)
Going to look at the life insurance as it seems quite high to me too, as far as I know there aren't any health probs existing but they both smoke.
She's mid 20's (born 84) he's early 30's I think. They have advised their mortgage provider that they are having probs paying the mortgage and the mortgage provider said they can pay £253 and they have offered £400 pcm but the extra £200 will still show as arrears on her credit report.
She is a lovely person but she has a tendancy to live beyond her means and bury her head a little, I'm very surprised she has given me all these details so any help will be greatly appreciated (she doesn't know I've posted the SOA here) and I can help her out as much as poss. Thanks guys

Gemmzie

How many hours does partner work? Are they over 25?

Lexxi

He works about 40 hours a week. She will be 25 later this year.

poorandindenial

I really would get her to check out the leccy and gas - it is huge!!! is she paying some sort of crazy estimate? she may have loads of credit built up there, either that or it is correct and she needs to take their usage in hand.

I only have electricity but my winter bill for a one bed flat (paid quarterly) has just come in at £121 and my normal bill is about £65-70 (all figures are for the quarter). I appreciate that a bigger place will cost more but hers would be quadruple mine :eek:

is it always very warm in her house???

I know what it is like to live way beyond your means, when you have yur LMB it seems crazy that you could have done it in the first place. My LBM was on spending to live beyond my means when I couldn't afford it, now that I should be able to live in luxury I am living more frugaly than I did before. Oh the irony.

Fingers crossed for her and I hope that she gets a new position soon. I think it might be worth a call to CCCS or nationaldebtline to talk through her options.

All the best, she is very lucky to have a supportive sister like you

Lexxi

Downstairs is pretty open plan and the bathroom is freezing, i might look at her bills tomorrow as I'm going home tomorrow. At the mo I've about 50 miles away and everything is being done by phone! Just hope she realises I'm doing my best to help she sometimes gets a bit frustrated with me!

Gemmzie

Lexxi wrote: »

He works about 40 hours a week. She will be 25 later this year.

Just thinking they might be entitled to a small amount of Tax Credits.

Can't think of the JSA rules (sorry) but I don't think she'd get it on his income.

Could still check entitledto.com - worth a shot.

Lexxi

Looks like they may be able to get £20 a week ish WTC, I'll have to check the figures with her tomorrow