My SOA - Feeling quite depressed by the truth!

blondy24

Hi,

I have attached my SOA below and after looking at the debt properly I feel quite depressed and sad about it. Any advise would be greatly appreciated, good or bad.

I apologise if I haven't filled it in correctly - and I will add any other debts that I have missed - I think this is all of them though!!

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 1000
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2200
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 695
Management charge (leasehold property).. 0
Council tax............................. 180
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 250
Mobile phone............................ 60
TV Licence.............................. 15
Satellite/Cable TV...................... 15
Internet Services....................... 15
Groceries etc. ......................... 120
Clothing................................ 1
Petrol/diesel........................... 120
Road tax................................ 40
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 14
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1750

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Next Card......................486.21....45........0
Homebase Card..................1164.27...40........24.9
HFC Bank.......................817.......24.03.....24.9
Virgin Active (OH's............200.......0.........0
Vodafone (OH's)................600.......0.........0
Personal Car Loan..............4190......260.......8.9
Lloyds Overdraft...............2000......0.........0
Total unsecured debts..........9457.48...369.03....-

Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including HP & secured debts). 1,750
Available for debt repayments........... 450
Monthly UNsecured debt repayments....... 369.03
Amount left after debt repayments....... 80.97
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,457.48
Net Assets.............................. -5,457.48
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

natweststaffmember

Anyway of putting internet onto your cable tv/satellite provider cos total at the minute is £30?
Furthermore, are you paying a set amount via DD to electric and Gas?(could you be in credit with them?)

Fire_Fox

Can you go back into the SoA calculator and click the MSE button at the bottom? This will format it to be readable.

chalkie99

blondy24 wrote: »

Telephone (land line)................... 250

:think: £250 a month? Really?

BeautyandtheBeast_3

the landline is really expensive!!!

blondy24

The reason why the landline is so expensive is because that is our outstanding balance. My OH used to phone his family every day but now we don't need to phone so I am thinking of cancelling for a few months and paying off the debt.

Mimi_Arc_en_ciel

blondy24 wrote: »

Hi,

I have attached my SOA below and after looking at the debt properly I feel quite depressed and sad about it. Any advise would be greatly appreciated, good or bad.

I apologise if I haven't filled it in correctly - and I will add any other debts that I have missed - I think this is all of them though!!

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 1000
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2200
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 695
Management charge (leasehold property).. 0
Council tax............................. 180 is this over 10 months? can you change it to 12?
Electricity............................. 50
Gas..................................... 50 dont put heating on if u can
Oil..................................... 0
Water rates............................. 50 is this correct? my waters under £20 for 3 of us - are you metered?
Telephone (land line)................... 250 This needs to go
Mobile phone............................ 60
TV Licence.............................. 15
Satellite/Cable TV...................... 15
Internet Services....................... 15
Groceries etc. ......................... 120
Clothing................................ 1
Petrol/diesel........................... 120 do u need to use both cars daily? could you get train/bus?
Road tax................................ 40
Car Insurance........................... 50 can you find cheaper elsewhere? M&S is a good one
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 14
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1750

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Next Card......................486.21....45........0
Homebase Card..................1164.27...40........24.9
HFC Bank.......................817.......24.03.....24.9
Virgin Active (OH's............200.......0.........0
Vodafone (OH's)................600.......0.........0
Personal Car Loan..............4190......260.......8.9
Lloyds Overdraft...............2000......0.........0
Total unsecured debts..........9457.48...369.03....-

Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including HP & secured debts). 1,750
Available for debt repayments........... 450
Monthly UNsecured debt repayments....... 369.03
Amount left after debt repayments....... 80.97
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,457.48
Net Assets.............................. -5,457.48
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

see my notes above - hope this helps x

Francesanne

Your Council Tax seems very high. Any chance you could find a cheaper proper to rent?

blondy24

Landline - Definitely needs to go and we just need to pay outstanding balance.

Council Tax - This is high because we haven't paid for it for a few months as OH didn't have a job till a few weeks ago, so this is the best we can do.

Water - We do not have a water meter - we live in rented accommodation. Ideally we want to move at the end of Sept to somewhere cheaper, it is very hard to find somewhere when you have two dogs.

Elec - I have not had the heating on for about 4 months and will just wear extra clothes!!

Car Insurance - This is the cheapest I can find - I have looked on all the money comparison sites and Elephant is the cheapest.

TellTheTruth_2

I like the part where you say you only pay £1 for clothing and no hair cuts. :rolleyes: Mobile get yourselves over to Virgin. £15 a month for 300 minutes to any landline or mobile and 300 text. That will cut your mobile by half. And petrol/diesel seems high as well.

Nick Smith

kirstenc

gas and electric looks high, but if you are making overpayments that should reduce soon and free up some cash.

groceries could reduce a tad bit more with meal planning etc batch cooking and the likes. although with 2 dogs, you cant really cook up and freeze their dinners lol