SOA (kind of)

thatcherschild

Statement of Affairs & Personal Balance Sheet
Summary
Monthly Budget Summary Amount(£)
Total monthly income 2,101.72
Monthly expenses (incl. HP & secured loans) 1,840.99
Available for debt repayments 260.73
UNsecured debt repayments 509.59
Amount short for making debt repayments -248.86

Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 123,000
Total Secured & HP Debt -100
Total Unsecured Debt -0
Net Assets 122,900

Household Information
Number of adults in household 2
Number of children in household 2
Number of cars owned 1

Income, Expense, Debt & Asset Details
Income Amount(£)
Monthly income after tax 1900
Partners monthly income 0
Benefits 201.72
Other income 0
Total monthly income 2101.72

Expenses Amount(£)
Mortgage 476
Secured/HP loan payments 0
Rent 0
Management charge (leasehold property) 0
Council tax 63
Electricity 52
Gas 60
Oil 0
Water Rates 9.97
Telephone (land line) 0
Mobile phone 59.55
TV Licence 11.95
Satellite/Cable TV 54.12
Internet services 0
Groceries etc. 250
Clothing 50
Petrol/diesel 200
Road tax 20
Car Insurance 44
Car maintenance (including MOT) 20
Car Parking 0
Other travel 40
Childcare/nursery 150
Other child related expenses 0
Medical (prescriptions, dentists, opticians) 20
Pet Insurance/Vet bills 0
Buildings Insurance 13.6
Contents Insurance 6.6
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) 50
Haircuts 15
Entertainment 50
Holiday 0
Emergency Fund 100
Charity 5
Unions 20.2
Total monthly expenses 1840.99


Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 100 (476) 3.5
Secured & HP Debt totals 100 - -

Unsecured Debt Description Debt(£) Monthly(£) APR(%)
RBS 0 43 0
MBNA 0 25.79 0
HSBC 0 124.6 0
Barclaycard 0 5 0
Abbey 0 145.6 0
RBS Loan 0 165.6 0
Unsecured Debt totals 0 509.59000000000003 -

Asset Description Value (£)
Cash 0
House Value (Gross) 120000
Shares and bonds 0
Car(s) 3000
Other assets (e.g. endowments) 0
Total Assets 123000

Comments on the results
You do not have enough monthly income to meet your expenses and your minimum monthly debt repayments. Seek ways to increase your income and/or reduce your expenditure by £248.86. Whatever your results show, it always pays to seek advice or comments from others. Why not post your SOA details on our Debt Management discussion board or on your preferred discussion forum elsewhere. Thankyou for using the SOA Calculator.

Am on hold for virgin and will do the mobiles after this. Would it be best to write to the card companies? I've guessed at a lot of stuff as I just don't know, we've never kept tabs on it.

And what's the best thing to do with the student money when it comes in? £2k a term. Put it toward paying off a card or use it to make up the £250 shortfall?

Thank you so much for all your help!

Maggie

Gemmzie

Hi Maggie, could you fill in your SOA on this site > http://makesenseofcards.com/soacalc.html It's really clear then, don't worry if there's some bits you don't know.

How many of there are you at home?

I'm a bit confused on the childcare - do you get vouchers from your employer or the tax credits childcare element?

thatcherschild

I'm not sure, am slightly worried in case we have claimed something wrongly. My hubby has money taken from his wages and paid straight to the nursery which covers the eldest, the youngest we pay separately by topping up the bill ourselves.

We told the tax credit people when we called, in fact I sent the nursery bills when I couldn't get through via the phone when we changed circumstances.

Is this wrong and should I call them again?

Gemmzie

Do you have your tax credit award notice at home? Does it say they pay you childcare on there?

thatcherschild

No, I don't save anything (part of my problem is that I bin everything). I will call them in the morning and double check but am really worried now...... what if we've done something wrong? Things just keep getting worse and worse......

Sunny_Donny

Hi TC
Looking at the draft SOA, can you switch your mobiles to PAYG or lower tariffs?, Virgin - £54.12 - is this for phone, broadband, tv? If so, you can reduce the package - get the 3 for £30 with Virgin. Ring them up and reduce it. NSPCC and RSPCA - you need to clear your debts this £5 per month or £60 per year to pay off your debts - you can restart this when your finances improve.
Any thing that the children have grown out of - put on ebay.
Your union membership - do you need it if you are going to be a student?
Keep a spending diary - you do have money at the end of the month, so this will show you where it disappears to.
Hope these observations help. Many more will add to this when your SOA is published.- add in the interest rates for the loans and pay off the highest first. Join the payment a day challenge to pay a little and often.
Good luck

RAS

Also have a play with the snowball on www.whatsthecost.com. It explains how to pay debt off most effectively.

Treacle1983

thatcherschild wrote: »

Gas 60 - this is quite high

Mobile phone 59.55 - wow - this is really high - perhaps look into cheaper tarriffs or getting a landline
Satellite/Cable TV 54.12 - swap to freeview - you just can't afford this!

Clothing 50 - perhaps try to cut back and visit charity shops

Presents (birthday, christmas etc.) 50 - explain to everyone that you won't be doing pressies and just get token presents for your kids

Entertainment 50 - this really needs to be going towards your debt - why not try free entertainment, free dvd rental trails online, orange 2-4-1 cinema tickets on wednesdays, walks etc...
Charity 5 - scrap this - charity starts at home - especially when you are in debt
Unions 20.2 - possibly look into cancelling as it is quite expensive and would help towards you debts

Seek ways to increase your income and/or reduce your expenditure by £248.86.

I think you could cut back by this much each month:
gas - save £35
mobiles - save £39.55
satellite/cable tv - save £54.12
clothing - save £25
presents - save £45
entertainment - save £35
charity - save £5
unions - save £20.20
TOTAL - £258.87

Which would find the £248.86 shortfall you have been having each month.

thatcherschild

Treacle, that is so helpful, thank you!

Have just been struggling to see the wood for the trees.

The mobiles are for two of us but we'll both call them tomorrow. The virgin is for tv/phone/internet etc and have called them tonight, explained the situation and am expecting a call tomorrow. Will warn everyone about presents (start recycling those christmas gift sets that haven't been touched). Whilst I don't need my union my hubby really does, I'm cancelling mine tomorrow. Charties are also on the list for tomorrow and as you say entertainment can go.

Thank you, it was just something I couldn't see.

What do you think I should do with the student money?

Horace

Do you need the student money to buy books etc? Personally, I would put it into a cash ISA so that it can earn some tax free interest.

Despite being a student is there any way that you could find a job even a part time one as that will help bring some extra money in to chuck at your debts.

stuwilky

Thatcherschild, Ive no idea on your student status, but it could be worth getting in touch with the University's Student Services department. The Access to Learning Fund might well give you a bit of cash to tide you over if you have unpaid bills etc.

Might be of no help, but I hope so.

Good luck.