Help!!! My SOA - dire!!!!

BlueJeans_2

Hello all.

I have been reading this forum for sometime now and have found it very imformative.

I have plucked up the courage to do my SOA and it has really hit home how dire our finances are.

Could you kind people have a look at this and give any advice good or bad on what we can do? I'm think a Debt Management Plan as we have been refused a consolidation loan.

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................ 2018
Partners monthly income after tax....... 0
Benefits................................ 174.88
Other income............................ 0
Total monthly income.................... 2192.88
Monthly Expense Details
Mortgage................................ 680.1
Secured/HP loan repayments.............. 361.80000000000006
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 105.05
Electricity............................. 56
Gas..................................... 0
Oil..................................... 60
Water rates............................. 0
Telephone (land line)................... 32
Mobile phone............................ 30
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 320
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 50
Car Insurance........................... 51.97
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 22.41
Buildings insurance..................... 25
Contents insurance...................... 0
Life assurance ......................... 38.01
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1974.29

Assets
Cash.................................... 0
House value (Gross)..................... 215000
Shares and bonds........................ 0
Car(s).................................. 6500
Other assets............................ 0
Total Assets............................ 221500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 143500...(680.1)....0
Secured Debt.................. 30000....(361.8)....0
Total secured & HP debts...... 173500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Various Cards & 1 Loa..........34000.....1000......0
Total unsecured debts..........34000.....1000......-

Monthly Budget Summary
Total monthly income.................... 2,192.88
Expenses (including HP & secured debts). 1,974.29
Available for debt repayments........... 218.59
Monthly UNsecured debt repayments....... 1,000
Amount short for making debt repayments. -781.41
Personal Balance Sheet Summary
Total assets (things you own)........... 221,500
Total HP & Secured debt................. -173,500
Total Unsecured debt.................... -34,000
Net Assets.............................. 14,000
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using IE browser.

I haven't got actual APR figures and the unsecured debt is for 17 creditors (I have done a debt remedy on CCCS) so I didn't break it down on this SOA.

Thank you in advance for any advice.

tealady

Hi I see there is only one adult working but you have 2 cars. Would it be possible to get rid of them?
From what I can see there isn't much leeway in your budget, sorry but I hope someone else can spot something.
Have you put everything into the snowballer to see who to pay off 1st?

BlueJeans_2

Hi

Unfortunately we both need a car. DH works and I need transport to get the kids to school it is to far to work and buses don't use that route. My youngest is starting and I need to do 4 school runs.

I wasn't sure what the snowball function was so I will give that a go.

Thanks

laura2481

Hi, ideally you need to breakdown your unsecured debts and let us know the APR's then we can give you a plan of attack to get rid of them quicker.

BlueJeans_2

laura2481 wrote: »

Hi, ideally you need to breakdown your unsecured debts and let us know the APR's then we can give you a plan of attack to get rid of them quicker.

Hi

I thought you guys might need them but I'm just waiting for my Father in Law to arrive and didn't want to have all the paperwork around when he gets here.

I will post an updated one tonight.

Thanks

laura2481

BlueJeans wrote: »

I haven't got actual APR figures and the unsecured debt is for 17 creditors (I have done a debt remedy on CCCS) so I didn't break it down on this SOA.

Thank you in advance for any advice.

Aaaah, sorry-
I must stop skim reading!

kirstenc

Hiya, if your home is a certain distance away from the kids schools and there is not alternative way to get to school, the local authority may be able to provide transport for them. there are criterea that need to be met but it may be something to consider if it would remove the costs of one car, plus give you the cash from selling one too!

I realise that it just may not be possible, but may be a thought!

laura2481

BlueJeans wrote: »

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................ 2018
Partners monthly income after tax....... 0
Benefits................................ 174.88
Other income............................ 0
Total monthly income.................... 2192.88
Monthly Expense Details
Mortgage................................ 680.1 Is this repayment or interest only? You could ask to temporarily switch to interest only eg for 6 months to give you a bit of breathing room if you are on repayment
Secured/HP loan repayments.............. 361.80000000000006
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 105.05 Is this over 10 months, or 12? I think some councils will let you pay over 12 months rather than the usual 10 if you are struggling... worth looking into?
Electricity............................. 56
Gas..................................... 0
Oil..................................... 60
Water rates............................. 0
Telephone (land line)................... 32 Seems a little high.. def got best deal on land line etc?
Mobile phone............................ 30 Is this for one mob or 2? Could you switch 1 or both to PAYG and cut down use?
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 320 This could be cut down a bit. I'll post a link to the OS board for grocery style money saving ideas
Clothing................................ 10
Petrol/diesel........................... 100 I don't drive so I have no idea about car related stuff but could you cut down usage to save on petrol, even if you can't give up the 2nd car?
Road tax................................ 50
Car Insurance........................... 51.97
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 22.41 is this for more than one pet? Seems a bit high otherwise.. hav eyou shopped around for quotes?
Buildings insurance..................... 25
Contents insurance...................... 0
Life assurance ......................... 38.01 Have you definitely got the best deal? Are you covered for every thing you need? Are you paying unnecessary PPI?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0 You need to budget for this- everyone has to live! Even if it's only £20 a month for a takeaway and a dvd or summat..
Holiday................................. 0
Emergency fund.......................... 0 Usually a good idea to budget a little something for this too
Total monthly expenses.................. 1974.29

Assets
Cash.................................... 0
House value (Gross)..................... 215000
Shares and bonds........................ 0
Car(s).................................. 6500
Other assets............................ 0
Total Assets............................ 221500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 143500...(680.1)....0
Secured Debt.................. 30000....(361.8)....0
Total secured & HP debts...... 173500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Various Cards & 1 Loa..........34000.....1000......0
Total unsecured debts..........34000.....1000......-

Monthly Budget Summary
Total monthly income.................... 2,192.88
Expenses (including HP & secured debts). 1,974.29
Available for debt repayments........... 218.59
Monthly UNsecured debt repayments....... 1,000
Amount short for making debt repayments. -781.41
Personal Balance Sheet Summary
Total assets (things you own)........... 221,500
Total HP & Secured debt................. -173,500
Total Unsecured debt.................... -34,000
Net Assets.............................. 14,000
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using IE browser.

I've left a few ideas in red. Hope something might help

laura2481

Here is a LINK to the Old Style Resource board. Lots of money saving tips on groceries, meal planning recipes and loads of other stuff

Fire_Fox

When you say four school runs do you mean you will have two children at different schools? Could a family friend, neighbour, husband take one child? Is the oldest old enough to travel on the bus or walk part of the way if taken safely across a main road? Could you purchase one of those bicycles with a mini bike or two on the rear? Is there a 'walking bus' or 'car pool' at one of the schools or could you take responsibility for organising this?

Trollfever

Sell your house, pay off your debts and move into a rented property.

Escape from the property owning debt trap whilst you still can.