My SOA.

Charlie1986

Here is my SOA as advised by someone on my other thread

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 320
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 320
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 80
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 42.5
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 27.85
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 270.35

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................14500.....409.3.....24
Lloyds credit card.............618.......14........0
Sainsburys Credit Car..........2006.98...45.15.....0
Family loan....................1140......0.........0
Next...........................33.39.....8.........0
Marshall Ward..................41.48.....5.........0
Littlewoods....................45.31.....9.92......0
Additions......................151.6.....22.62.....0
Natwest........................600.......0.........0
Total unsecured debts..........19136.76..513.99....-

Monthly Budget Summary
Total monthly income.................... 320
Expenses (including HP & secured debts). 270.35
Available for debt repayments........... 49.65
Monthly UNsecured debt repayments....... 513.99
Amount short for making debt repayments. -464.34
Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -19,136.76
Net Assets.............................. -14,136.76
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

lucielle

Can you clarify your situation a bit more? Partner shows no income, are you claiming enough benefits?
L

Charlie1986

Hi, I still live at home with parents (would like to move out but it's not going to happen for a while) so my partners income isn't included . I also don't qualify for any benefits as i don't have my own home, and i'm under 25. The £80 rent includes all electric and food etc, would like to pay more but it's more of a token payment as mum won't accept anymore.

Tixy

Hi Charlie - Am I right in thinking you are about to or hoping to set up a DMP with CCCS?
I think to qualify for them to do your DMP for you you need to have £100 available for debt repayment each month - currently you are showing £49.

You obviously don't have many items you have to pay for so cutting back won't be easy -I guess the only real place is your car - do you really need it?

The insurance is really high - I guess partly due to your age.
If you need a car would you consider selling the £5k one and buying one for say £1000 with a much lower insurance group. This would allow you to pay £4 off your debts and reduce your monthly outgoings.

£80 on fuel is a lot compared to your low income level - are all the journeys you make necessary?

How many animals is the pet insurance for? Is this insurance or bills or both? Seems fairly high. My dog's insurance is about £14pm.

Other than those areas the only other way is to increase your income. Can you get a higher paid/longer hour job or more hours in your current job or a second job to supplement your income? Just an extra 10hours a month would give you sufficent to have the £100 for debt repayments, any more than that you can get will obviously speed up your debt repayments.

EssexHebridean

Hi Charlie. What is the score with your earnings? * I take it that it's part time employment - so is there not scope to get something full time? At the moment your biggest stumbling block is that massive loan - which all on its own is eating up more than you earn in a month. It's almost futile going through your expenditure as no matter what savings you make, without an increase in your income it's not going to make any difference at all.

I suspect also that you're not listing everything on your SOA - now don't take this the wrong way, but you have zero down for clothes, yet debts showing to Next, and to what I believe are catalogue companies? I appreciate that it's only small amounts, but if you're spending anything like that at all you do need to include it in your SOA as otherwise you're giving yourself a false picture.

Not sure what car you're driving currently, but you could consider changing for something like a small diesel - I know a Clio 1.5 diesel can be picked up from about £1500 inside ten years old - that would almost ncertainly reduce your insurance a bit and would certainly reduce your tax - it would go down to £35 a year! You'd also have potentially 3k to throw at clearing your smaller debts and throwing any remainder at the loan payments. It might at least buy you some time?

* OK - read your other thread now.....Is there a chance that your hours might increase again in the near future? Good luck with your job applications anyway - in the meantime can you look for part-time "fill ins" just to earn a bit extra here and there - maybe bar/pub work on the evenings? Supermarket shelf stacking?

Charlie1986

Tixy wrote: »

Hi Charlie - Am I right in thinking you are about to or hoping to set up a DMP with CCCS?
I think to qualify for them to do your DMP for you you need to have £100 available for debt repayment each month - currently you are showing £49.

You obviously don't have many items you have to pay for so cutting back won't be easy -I guess the only real place is your car - do you really need it? I'm a community carer so have to have a car, it also makes my insurance more because I go from house to house

The insurance is really high - I guess partly due to your age.
If you need a car would you consider selling the £5k one and buying one for say £1000 with a much lower insurance group. This would allow you to pay £4 off your debts and reduce your monthly outgoings.
I need a reliable car and (touch wood), as mine is only 4 years old, nothing is wrong with it yet. I would like to keep it as with all the daily miles I do with work I don't want to get an older one and it break down on me.

£80 on fuel is a lot compared to your low income level - are all the journeys you make necessary? I use approx £20 a week, mainly for work and hardly go anywhere else in the car

How many animals is the pet insurance for? Is this insurance or bills or both? Seems fairly high. My dog's insurance is about £14pm.
Pet insurance is for my Pug dog, he has epilespy and it's with Petplan, i'm not too concerned about this as they have been really good with paying out and he is covered for life.
Other than those areas the only other way is to increase your income. Can you get a higher paid/longer hour job or more hours in your current job or a second job to supplement your income? Just an extra 10hours a month would give you sufficent to have the £100 for debt repayments, any more than that you can get will obviously speed up your debt repayments.

I've tried to get more hours but my employer is not really helping. I've also had 2 job offers but because they have taken so long to send the references back I've not been able to go any further with them. I've written to loads (30+) places and filled in so many applications i've lost count :rotfl:. Been trying since December to get something else

Charlie1986

EssexHebridean wrote: »

Hi Charlie. What is the score with your earnings? *I take it that it's part time employment - so is there not scope to get something full time? At the moment your biggest stumbling block is that massive loan - which all on its own is eating up more than you earn in a month. It's almost futile going through your expenditure as no matter what savings you make, without an increase in your income it's not going to make any difference at all.
I'm meant to work 30 hours a week, at best I get 11 and the other carers get 60+, I think this is that my employer doesn't like that i'm trying to find another job.
I suspect also that you're not listing everything on your SOA - now don't take this the wrong way, but you have zero down for clothes, yet debts showing to Next, and to what I believe are catalogue companies? I appreciate that it's only small amounts, but if you're spending anything like that at all you do need to include it in your SOA as otherwise you're giving yourself a false picture.
I've brought clothes in the past from Next and catalogoes etc but I really have no spare income at all now to get any. Do I still put something here or just leave it blank for now?
Not sure what car you're driving currently, but you could consider changing for something like a small diesel - I know a Clio 1.5 diesel can be picked up from about £1500 inside ten years old - that would almost ncertainly reduce your insurance a bit and would certainly reduce your tax - it would go down to £35 a year! You'd also have potentially 3k to throw at clearing your smaller debts and throwing any remainder at the loan payments. It might at least buy you some time?
I only drive a little 1.2 clio . Again the insurance is higher because of my age and I use the car daily to go between houses at work. Renewal is due in September and i've already got a few quotes at £10 less per month.

* OK - read your other thread now.....Is there a chance that your hours might increase again in the near future? Good luck with your job applications anyway - in the meantime can you look for part-time "fill ins" just to earn a bit extra here and there - maybe bar/pub work on the evenings? Supermarket shelf stacking?

I've tried applying for everything, from caring to cleaning to office work. The problem is my employer is taking 1 month + to send the references back, i've lost 2 really good jobs at 15K + because of this. Is there anything I can do about them doing that?

RAS

Hi

Several points

1. Do you have a previous employer? Can you ask for a reference from them. Tell potential employers about the problem and they may well progress on that basis.

2. Try to get extra work with another company rather than move altogether, then you have two current employers to provide a reference.

3. If your employer requires you to use your own car for work, hey should be paying you milage or a car allowance - do they? www.acas.gov.uk, I think, for advice.

4. Sorry but in the current climate 30 applications is not a lot. I was job-hunting in the early 1980 (last bad depression) and got 19 rejection letters on one day. So you have an idea of how many applications I have to make.

5. Try the local employment agencies and see if they have anthing. Do not sign up and expect them to ring, they won't. Sign up and harres themm all Friday and Monday morning. if it is easier to give you work than not give you work, they will find something.

Charlie1986

RAS wrote: »

Hi

Several points

1. Do you have a previous employer? Can you ask for a reference from them. Tell potential employers about the problem and they may well progress on that basis. Previous employer has sent the reference's but the jobs i've applied for had to have the current employer as well. I have mentioned this to them when i've had interviews but been told there is noway around it as they definately need my current employers reference.

2. Try to get extra work with another company rather than move altogether, then you have two current employers to provide a reference.
I've been trying to do this but have heard nothing back yet.

3. If your employer requires you to use your own car for work, hey should be paying you milage or a car allowance - do they? www.acas.gov.uk, I think, for advice.
I get 20p per mile, which with current prices doesn't go very far lol

4. Sorry but in the current climate 30 applications is not a lot. I was job-hunting in the early 1980 (last bad depression) and got 19 rejection letters on one day. So you have an idea of how many applications I have to make.
There really isn't many jobs where I live. I don't have any formal qualifications apart from GCSE's and have been applying for everything I can. Have only just stepped this up in the past fortnight though so will start trying to think of more places.

5. Try the local employment agencies and see if they have anthing. Do not sign up and expect them to ring, they won't. Sign up and harres themm all Friday and Monday morning. if it is easier to give you work than not give you work, they will find something.

I never thought of this but will definately have a look into it.

Horace

20p a mile is low - the current rate according to the HMRC is 40p a mile and has been for sometime.

Ask your employer why your contracted hours are 30 a week and yet you are only getting 11? If you are contracted to do 30 hours then they should pay you for 30 hours (again, speak to acas https://www.acas.org.uk) Also ask your employer why they take 2 months to send a reference - ask if they can provide you with a reference that you can copy/show to prospective employers...the letter should start..To Whom It May Concern.

Charlie1986

My contract says 0 hours so by law they don't have to give me anything. Although for over a year I was doing 30 hours plus and I am meant to be full time, they say there are no more hours :rolleyes:. Regarding the reference, I phone them daily and all i'm told is it will be done when they have time.
I just want to get out the damn place lol