New DFW -

EmmaLi

OK, I am now determined to get out of debt. Here is my SOA. What do I do next?

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 611
Partners monthly income after tax....... 1000
Benefits................................ 720.64
Other income............................ 0
Total monthly income.................... 2331.64
Monthly Expense Details
Mortgage................................ 687.7
Secured/HP loan repayments.............. 138.89999999999998
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 102
Electricity............................. 69
Gas..................................... 84
Oil..................................... 0
Water rates............................. 21.43
Telephone (land line)................... 30
Mobile phone............................ 20
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 108
Road tax................................ 10
Car Insurance........................... 44.19
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 44
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 42.66
Contents insurance...................... 0
Life assurance ......................... 70
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1841.83

Assets
Cash.................................... 0
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 2500
Total Assets............................ 130500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 106000...(687.7)....5.99
Hire Purchase (HP) debt ...... 3000.....(138.9)....10
Total secured & HP debts...... 109000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Mothercare.....................704.......28.15.....24.9
HSBC Mcard....................2102......52.55.....24.9
Barclaycard....................2645.53...61........25
Capital one....................742.......22.24.....16.9
Total unsecured debts..........6193.53...163.94....-

Monthly Budget Summary
Total monthly income.................... 2,331.64
Expenses (including HP & secured debts). 1,841.83
Available for debt repayments........... 489.81
Monthly UNsecured debt repayments....... 163.94
Amount left after debt repayments....... 325.87
Personal Balance Sheet Summary
Total assets (things you own)........... 130,500
Total HP & Secured debt................. -109,000
Total Unsecured debt.................... -6,193.53
Net Assets.............................. 18,306.47
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

BeautyandtheBeast_3

hi there!

just had a quick look and the car insurance seems a little high? xx

EmmaLi

BeautyandtheBeast wrote: »

hi there!

just had a quick look and the car insurance seems a little high? xx

My car insurance is high because I had a nightmare year and made 3 claims in one year, two years ago.

EmmaLi

EmmaLi wrote: »

My car insurance is high because I had a nightmare year and made 3 claims in one year, two years ago.

oh, and my life cover is high because I've had health problems.

BeautyandtheBeast_3

any chance you could clear those hgh apr storecards by tarting??

how about the landline? thats a little high perhaps xx

kirstenc

Hi there, and welcome!!

the gas and electric looks high to me, have you done price comparisons?
same with the home insurance, I was paying a similar price for 3 bed semi and am now at £23 a month (plus getting cashback too!!)

EmmaLi

BeautyandtheBeast wrote: »

any chance you could clear those hgh apr storecards by tarting??

how about the landline? thats a little high perhaps xx

I would have to look into that. We moved to a worse area when we bought the house, so that will have affected our rating, plus we had a brief but disastrous relationship with Abbey which affected our credit rating as well. I will have a look and see what my credit rating is at the moment.

The landline includes internet as well and is a business line. That amount would be for a particularly high month of usage.

EmmaLi

kirstenc wrote: »

Hi there, and welcome!!

the gas and electric looks high to me, have you done price comparisons?
same with the home insurance, I was paying a similar price for 3 bed semi and am now at £23 a month (plus getting cashback too!!)

I'm not happy with the gas and electricicy charges. Somehow, they reckon we owe them £400 in total above and beyond our regular payments, and we've got no proof otherwise. As far as I'm aware, we can't move until we've paid that back, is that correct?

CLAPTON

you seem to have a surplus of 325 after all spending including debt repayment
is this correct and if so what do you do with it?

EmmaLi

CLAPTON wrote: »

you seem to have a surplus of 325 after all spending including debt repayment
is this correct and if so what do you do with it?

I've just realised that the childcare costs are wrong - £44 is one week, so per month that should be £190.67. I've also been making more than minimum payments on cards, but unless we can up our income, that will have to stop.

I will repost my SOA with the higher childcare costs.

EmmaLi

Edited SOA

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 611
Partners monthly income after tax....... 1000
Benefits................................ 720.64
Other income............................ 0
Total monthly income.................... 2331.64
Monthly Expense Details
Mortgage................................ 687.7
Secured/HP loan repayments.............. 138.89999999999998
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 102
Electricity............................. 69
Gas..................................... 84
Oil..................................... 0
Water rates............................. 21.43
Telephone (land line)................... 30
Mobile phone............................ 20
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 108
Road tax................................ 10
Car Insurance........................... 44.19
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 191
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 42.66
Contents insurance...................... 0
Life assurance ......................... 70
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1988.83

Assets
Cash.................................... 0
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 2500
Total Assets............................ 130500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 106000...(687.7)....5.99
Hire Purchase (HP) debt ...... 3000.....(138.9)....10
Total secured & HP debts...... 109000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Mothercare.....................704.......28.15.....24.9
HSBC Mcard....................2102......52.55.....24.9
Barclaycard....................2645.53...61........25
Capital one....................742.......22.24.....16.9
Total unsecured debts..........6193.53...163.94....-

Monthly Budget Summary
Total monthly income.................... 2,331.64
Expenses (including HP & secured debts). 1,988.83
Available for debt repayments........... 342.81
Monthly UNsecured debt repayments....... 163.94
Amount left after debt repayments....... 178.87
Personal Balance Sheet Summary
Total assets (things you own)........... 130,500
Total HP & Secured debt................. -109,000
Total Unsecured debt.................... -6,193.53
Net Assets.............................. 18,306.47
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.