Our SOA

Andie1970

Good evening

My partner and I have an appointment scheduled with CCCS tomorrow. We used the SOA calculator recommended by southernscouser and the results are below. We've tried to be as detailed and exact as possible. The Other Child Related Expenses are my eldest son's school fees.

We've had our lightbulb moment and have dramatically reduced our expenditure over the last few months. Any advice and support is welcome and appreciated.

Thanks.

Andrea

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 200
Benefits................................ 330
Other income............................ 280
Total monthly income.................... 2610

Monthly Expense Details
Mortgage................................ 1253
Secured/HP loan repayments.............. 268
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 115
Electricity............................. 35
Gas..................................... 25
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 0
Mobile phone............................ 65
TV Licence.............................. 12
Satellite/Cable TV...................... 45
Internet Services....................... 0
Groceries etc. ......................... 180
Clothing................................ 0
Petrol/diesel........................... 130
Road tax................................ 37
Car Insurance........................... 70
Car maintenance (including MOT)......... 9
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 191
Other child related expenses............ 400
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 21
Contents insurance...................... 8
Life assurance ......................... 71
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 3030


Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 11000
Other assets............................ 0
Total Assets............................ 261000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 219000...(1253).....0
Hire Purchase (HP) debt ...... 10349....(268)......0
Total secured & HP debts...... 229349....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
egg............................10500.....250.......19.9
MBNA 1.........................4841......211.......24.9
MBNA 2.........................6170......316.......30.35
SKY Card.......................5582......331.......15.76
Barclaycard Visa...............3775......166.......19.9
CSA............................550.......45........0
Magistrates court..............450.......100.......0
GE money.......................7500......250.......0
Nat West Loan..................9800......238.......6.5
Sainsbury......................3056......190.......15.94
RBS............................5269......118.......15.75
Barclaycard....................4762......177.......17.9
MBNA 3 ........................8352......553.......30.35
Total unsecured debts..........70607.....2945......-


Monthly Budget Summary
Total monthly income.................... 2,610
Expenses (including HP & secured debts). 3,030
Available for debt repayments........... -420
Monthly UNsecured debt repayments....... 2,945
Amount short for making debt repayments. -3,365

Personal Balance Sheet Summary
Total assets (things you own)........... 261,000
Total HP & Secured debt................. -229,349
Total Unsecured debt.................... -70,607
Net Assets.............................. -28,607

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

Tixy

Hi Andie

You are (as you are obviously aware) showing a huge deficit every month so you are going to need to cut out all non-essential items and cut right down on all other costs.

Having a quick look through could you extend your mortgage term of switch to interest only short term to reduce your mortgage payments?

Mobile phone, how many phones is this? - cut down as much as possible use only for essential calls, ideally PAYG but if in contract see if they will drop you to a basic tariff.

Satellite/cable tv - this would be counted as a luxury, either cut to the very lowest package or switch to freeview only.

petrol/diesel - are all journeys necessary? read Martins guide on this website to save up to 30% on fuel costs.

Road tax is high for 2 cars, Could you either manage with just 1 car or change cars to cheaper to run/low tax/fuel efficent cars?

Childcare and school fees - are these both really necessary? e.g £191 in childcare v £200 monthly income? Could eldest son move to a state school?

Life assurance seems high for 2. If no major health problems £20 per month each would be a more reasonable figure - shop around and use comparison sites - also see if you can use a cashback site to earn money if you switch.

Good luck and hope it goes well with CCCS tomorrow.

savingholmes

Andie1970 wrote: »

Good evening

My partner and I have an appointment scheduled with CCCS tomorrow. We used the SOA calculator recommended by southernscouser and the results are below. We've tried to be as detailed and exact as possible. The Other Child Related Expenses are my eldest son's school fees.

We've had our lightbulb moment and have dramatically reduced our expenditure over the last few months. Any advice and support is welcome and appreciated.

Thanks.

Andrea

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 200
Benefits................................ 330
Other income............................ 280
Total monthly income.................... 2610

Monthly Expense Details
Mortgage................................ 1253
Secured/HP loan repayments.............. 268
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 115
Electricity............................. 35
Gas..................................... 25seems low - for both is this accurate?
Oil..................................... 0
Water rates............................. 45 seems high - perhaps a meter would be cheaper / if on a meter use less
Telephone (land line)................... 0
Mobile phone............................ 65 This is high
TV Licence.............................. 12
Satellite/Cable TV...................... 45 Can you downgrade to a bsic package - could you get free phone calls thro sky? - I think the basic package is about £20? Personally I just use freeview and get extra dvds / series for xmas/Birthday or one off treats!
Internet Services....................... 0
Groceries etc. ......................... 180 If you are really achieving this well done - if you are going on a dmp however I would have thought you should allow more here as you need some room in your budget
Clothing................................ 0 again great if it is true - on a dmp I would have thought you should allow yourself some money for clothing as you are likely to be on it a long time? You could of course get clothes via freecycle etc
Petrol/diesel........................... 130
Road tax................................ 37 Is this for 2 cars?
Car Insurance........................... 70 Is this for 2 cars? For one this is really high - in future try shopping around via cashback sites
Car maintenance (including MOT)......... 9 Unrealistically low unless your car is really new
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 191 Do you use childcare vouchers obtained thro payroll - can save you £100 in tax? Could you change your hours of work or do a childcare swap with friends or family to reduce this cost?
Other child related expenses............ 400 I see you say this is school fees? Is this worth it? Can you afford it? I would have said not?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 21
Contents insurance...................... 8 I just changed my building and contents to Barclays for £18 a month? When it is due for renewal shop around via cashback site and try and get it reduced
Life assurance ......................... 71
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 Use the Make £10 a day challenge to get money forthis
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 If you go on a dmp you need an emergency fund as you will have no access to credit
Total monthly expenses.................. 3030


Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 11000 Sell the cars buy cheaper, older ones? Reduce your debt level
Other assets............................ 0
Total Assets............................ 261000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 219000...(1253).....0
Hire Purchase (HP) debt ...... 10349....(268)......0
Total secured & HP debts...... 229349....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
egg............................10500.....250.......19.9
MBNA 1.........................4841......211.......24.9
MBNA 2.........................6170......316.......30.35
SKY Card.......................5582......331.......15.76
Barclaycard Visa...............3775......166.......19.9
CSA............................550.......45........0
Magistrates court..............450.......100.......0
GE money.......................7500......250.......0
Nat West Loan..................9800......238.......6.5
Sainsbury......................3056......190.......15.94
RBS............................5269......118.......15.75
Barclaycard....................4762......177.......17.9
MBNA 3 ........................8352......553.......30.35
Total unsecured debts..........70607.....2945......-


Monthly Budget Summary
Total monthly income.................... 2,610
Expenses (including HP & secured debts). 3,030
Available for debt repayments........... -420
Monthly UNsecured debt repayments....... 2,945
Amount short for making debt repayments. -3,365

Personal Balance Sheet Summary
Total assets (things you own)........... 261,000
Total HP & Secured debt................. -229,349
Total Unsecured debt.................... -70,607
Net Assets.............................. -28,607

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

Hi Andrea - well done for posting and well done for making a CCCS appointment. Let us know how you get on - you do need their advice in dealing with a debt of your size.

There are things you can do to try and up your income which would help but your current debt burden is completely unmanageable. I can't see how you will be able to keep your son in any kind of private school either....

Good luck - we will be with you on your journey so don't be scared of posting again. At least you are now facing up to the problem and taking steps to deal with it.
HTH

mum2one

Andie1970 wrote: »

Good evening

My partner and I have an appointment scheduled with CCCS tomorrow. We used the SOA calculator recommended by southernscouser and the results are below. We've tried to be as detailed and exact as possible. The Other Child Related Expenses are my eldest son's school fees.

We've had our lightbulb moment and have dramatically reduced our expenditure over the last few months. Any advice and support is welcome and appreciated.

Thanks.

Andrea

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 200
Benefits................................ 330
Other income............................ 280
Total monthly income.................... 2610

Monthly Expense Details
Mortgage................................ 1253
Secured/HP loan repayments.............. 268
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 115 - I know it doesnt change the amount paid, but could you get the councul tax to 12 months not 10
Electricity............................. 35
Gas..................................... 25
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 0
Mobile phone............................ 65 - way to high, if your in contract, ring to see if you can reduce contract, look at sim only or pay and go, theres really goof pay + go offers
TV Licence.............................. 12
Satellite/Cable TV...................... 45- do you really need the luxury of sky, change to freeview
Internet Services....................... 0
Groceries etc. ......................... 180 - that seems low for the whole family
Clothing................................ 0
Petrol/diesel........................... 130
Road tax................................ 37
Car Insurance........................... 70 - can u shop around at renewal, go through cash back sites
Car maintenance (including MOT)......... 9
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 191
Other child related expenses............ 400- with the debts can you really afford private school, if it was 50 quid a month shortfall, that could be found one way or another, but not the decifit you have
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 21
Contents insurance...................... 8
Life assurance ......................... 71
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 3030


Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 11000
Other assets............................ 0
Total Assets............................ 261000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 219000...(1253).....0
Hire Purchase (HP) debt ...... 10349....(268)......0
Total secured & HP debts...... 229349....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
egg............................10500.....250.......19.9
MBNA 1.........................4841......211.......24.9
MBNA 2.........................6170......316.......30.35
SKY Card.......................5582......331.......15.76
Barclaycard Visa...............3775......166.......19.9
CSA............................550.......45........0
Magistrates court..............450.......100.......0
GE money.......................7500......250.......0
Nat West Loan..................9800......238.......6.5
Sainsbury......................3056......190.......15.94
RBS............................5269......118.......15.75
Barclaycard....................4762......177.......17.9
MBNA 3 ........................8352......553.......30.35
Total unsecured debts..........70607.....2945......-


Monthly Budget Summary
Total monthly income.................... 2,610
Expenses (including HP & secured debts). 3,030
Available for debt repayments........... -420
Monthly UNsecured debt repayments....... 2,945
Amount short for making debt repayments. -3,365

Personal Balance Sheet Summary
Total assets (things you own)........... 261,000
Total HP & Secured debt................. -229,349
Total Unsecured debt.................... -70,607
Net Assets.............................. -28,607

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

Well done on taking the first and maybe the hardest step the SOA, noticed you have no internet or landline on the SOA.

I've popped a few comments, have tried to be gentle honestly, but good luck with ur cccs appointment, dont hide anything tell them everything.

Fire_Fox

Andie1970 wrote: »

Good evening

My partner and I have an appointment scheduled with CCCS tomorrow. We used the SOA calculator recommended by southernscouser and the results are below. We've tried to be as detailed and exact as possible. The Other Child Related Expenses are my eldest son's school fees.

We've had our lightbulb moment and have dramatically reduced our expenditure over the last few months. Any advice and support is welcome and appreciated.

I don't think CCCS will be able to help you unless you can show a slight surplus on your income over your outgoings. Even setting aside the unsecured debt you have a £400 deficit - there are only a few places where you can make that kind of saving. One is to go interest only on your mortgage if your provider allows it. But to be honest I don't think you have any other option than you get rid of the school fees.

System

Hi Andy, good luck for tomorrow. Ref the childcare, have you heard of the childcare voucher scheme? You will pay less tax each month.

Andie1970

Thanks for your postings so far!

Just to clarify a couple of things.

All the above debts are combined, for example the mobile phone bill is for both of us and the Cable bill combines the TV, Broadband and telephone. We were actually paying more when we were on freeview!!!

The food bill I've managed to bring down each week. I now bake my own bread, make treats for the kids and cook everything from scratch. I also grow some of our veg so it all helps.

The school fees are a real issue for us. When my son was due to go to senior school in 2007, we were all set for him to go to the local comprehensive. He was then identified as a gifted child and he was encouraged by his old head to take the entrance exam to the school he goes to now. He got top marks and received an English Scholarship. This reduced the fees and we were also granted a bursary. I then agreed with my ex husband that my son could go so long as he would pay half...a contribution he has never made! My son has gone from strength to strength since he's been at the school...has won awards and is currently on the gifted and talented programme. So you can see it would be a very hard choice for us to take him out of the school. It's obviously something that I think about all the time and it would break his heart to take him away. Having said that, the school have been very understanding and we have been paying what we can when we can, plus they are about to re-asses our finances so we may get a bigger bursary next year.

The credit card repayments include arrears so I may amend that to show minimum payments.

My partner will also be getting commission from his new job so things are getting better, it just doesn't look like it yet!!!

Anyway...glad I've got all that off my chest...going to sell some stuff on ebay now!

Fire_Fox

Andie1970 wrote: »

Thanks for your postings so far!

Just to clarify a couple of things.

All the above debts are combined, for example the mobile phone bill is for both of us and the Cable bill combines the TV, Broadband and telephone. We were actually paying more when we were on freeview!!!

The food bill I've managed to bring down each week. I now bake my own bread, make treats for the kids and cook everything from scratch. I also grow some of our veg so it all helps.

The school fees are a real issue for us. When my son was due to go to senior school in 2007, we were all set for him to go to the local comprehensive. He was then identified as a gifted child and he was encouraged by his old head to take the entrance exam to the school he goes to now. He got top marks and received an English Scholarship. This reduced the fees and we were also granted a bursary. I then agreed with my ex husband that my son could go so long as he would pay half...a contribution he has never made! My son has gone from strength to strength since he's been at the school...has won awards and is currently on the gifted and talented programme. So you can see it would be a very hard choice for us to take him out of the school. It's obviously something that I think about all the time and it would break his heart to take him away. Having said that, the school have been very understanding and we have been paying what we can when we can, plus they are about to re-asses our finances so we may get a bigger bursary next year.

The credit card repayments include arrears so I may amend that to show minimum payments.

My partner will also be getting commission from his new job so things are getting better, it just doesn't look like it yet!!!

Anyway...glad I've got all that off my chest...going to sell some stuff on ebay now!

That all sounds like you have made great strides in the right direction!

I can understand why you wouldn't want to take your son out of his school: are you up to date on the fees now, so you won't have to pay over the summer? Will the school take your debts into account when they recalculate the bursary or just your income?

My worry is unless you make a major change your house of cards is going to fall down altogether. If the change cannot be the school fees then that £400 must come from somewhere else in your budget. Can you sell the £11K car and by a reliable but cheap car? Can you go interest only on your mortgage?

Can you cancel one or both of the mobiles and sell the handset? £65 is still loads, mine is £12 a month contract! There are threads on the 'Telephones' board to tell you how to get the provider to drop the price. Look at it this way: you have three telephones for two adults but you need one. Ten or fifteen years ago we managed fine without mobiles.

I can't understand why you were paying more when you had Freeview. There is an article on the main board with fixed line broadband for a few pounds a month. We don't have a landline, just a £15 a month 15GB mobile broadband package. It wouldn't be ideal with a family but your backs are to the wall right now. If you don't watch videos or play games online the allowance goes a very long way.

Andie1970

Thanks again for your replies and great tips. (Going to check out the cheaper broadband now Fire Fox)

Just had my first appointment with CCCS. She was fantastic, really helpful and advised me on stuff that I had no idea about. I feel so much happier, the sun is shining and the birds are singing!

The weird thing is, as soon as I put the phone down to the CCCS, my ex called and said he'd just deposited £200 into my account with another £200 to go in on Friday for the school fees!!! Amazing!!! :j

I'm going to beat this debt thing. It may look like a huge mountain to climb, but I'm going to do it with all you lovely people helping out!!!

Thanks!!

Andrea

kindofagilr

Well done, thats fabulous!

I am pleased your ex has started paying towards the school fees, I hope he continues!

angelicmary85

Hi Andrea,

I was looking at you SOA and noticed the hp agreement, how long have you have it? I'm assuming that's for a car?