lily333's updated SOA, please help again!

lily333

a big thank you to all who posted last night and today - you all had something helpful to say and I can't believe how amazing everyone is for even trying to wade through my SOA...................

have attached an amended version, so would be really grateful if people could have a look at this again and see if it makes any sense now.

The leaky roof is still a priority so I've kept it at £100 a month, and we still need both cars (especially as my job is peripatetic in a rural area) so that's a financial nightmare at the moment - especially as mine is in a garage as we speak accruing a hefty bill Unfortunately living and driving where we do (the yorkshire dales usually) the mobiles are a priority as otherwise we'd have to do all the paperwork at home which would take more unpaid hours than it does already.

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 1300
Benefits................................ 119
Other income............................ 0
Total monthly income.................... 2719

Monthly Expense Details
Mortgage................................ 460
Secured/HP loan repayments.............. 280
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 83
Electricity............................. 44
Gas..................................... 40
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 14
Mobile phone............................ 53
TV Licence.............................. 13.33
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 318
Clothing................................ 10
Petrol/diesel........................... 150
Road tax................................ 25
Car Insurance........................... 52
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 170
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 15
Buildings insurance..................... 23
Contents insurance...................... 0
Life assurance ......................... 43
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 100
Total monthly expenses.................. 2043.33


Assets
Cash.................................... 0
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 112000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 77000....(460)......0
Secured Debt.................. 17500....(280)......0
Total secured & HP debts...... 94500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest joint o/d..............1500......40........0
Natwest mine o/d...............2200......40........0
Natwest N o/d..................1700......40........0
natwest loan B.................5500......136.......0
natwest loan A.................750.......250.......0
mbna cc........................1050......40........0
m&s cc.........................7448......178.......0
natwest cc.....................6621......160.......0
Capital one cc.................9800......280.......0
Total unsecured debts..........36569.....1164......-


Monthly Budget Summary
Total monthly income.................... 2,719
Expenses (including HP & secured debts). 2,043.33
Available for debt repayments........... 675.67
Monthly UNsecured debt repayments....... 1,164
Amount short for making debt repayments. -488.33

Personal Balance Sheet Summary
Total assets (things you own)........... 112,000
Total HP & Secured debt................. -94,500
Total Unsecured debt.................... -36,569
Net Assets.............................. -19,069

Many thanks if you take the trouble to go through this, it's very much appreciated :A

anh1904

Firstly can I say excellent "tarting" skills to keep everything at 0%.

Do either your or your partners work places have a slaary exchange system for childcare costs? means you can pay them gross instead of net and is very handy.

Car maintenance looks a little more than it might be - can you find a recommended local mechanic to do the necessary as and when? Failing that could you (even temporarily) manage with just the one car?

Internet and lindline deals are avaiolable for less than you post - do a search for providers in your area.

Life insurance looks very high. Go check on the comparison sites.

Secondly, your mobile(s) look expensive, go to any of the major sites and you can get cashback deals or reduced monthly fees making the overall cost a lot lot less than you post.

RAS

Hi

What sort of contribution does your employer make towards both your mobile and travel costs?

Are all the debts at 0% or do you just not have the information to hand?

andys15

I was beaten to my reply, but I cannot see all the debt as being interest free. Some credit cards maybe, but overdrafts?????

hettiecarro

Hi lily333

Have you perhaps overlooked putting the APR's in?

I haven't got any advice as I have only recently acknowledged my ow situation on her. But I DO know that this place and all the people on it are going to get us BOTH out the other side.

Good luck with it all & keep me posted.

lily333

apologies - only a couple of the debts are at 0%, the rest vary between 5 and 18 % but I couldn't find some of the bank rates on their websites........

my employer doesn't make ANY contributions towards my mobile which to be honest really winds me up - but I'm expected to be available on a phone and recently pc as well during the daytime (its the LEA, local government) which considering I'm peripatetic isn't really fair.

Good point re car - I don't get anything towrads the running, but get 39.9p per mile - however miles claimable are very restricted so the monthly amount varies. The also recently overpaid me again so I'm paying it back at £50 a month.

Can anyone recommend a decent all-in-one broadband/phone etc? A while ago we were persuaded by tiscali that we would be better off combining our internet connection with the price of our landline calls - then on top of that we're charged still by BT for line rental etc!

Have been given my debt remedy today of either an IVA because our debts are so huge , or a DMP???!!!!! nice bedtime reading, lol

thanks you for all posting, am going to sort out the %apr next....

donny-gal

I have a Blackberry on O2 with 800 mins calls, freeinternet and email and 1000 texts for £20 a month, I got it via the retention route when my contract came to an end and am highly delighted with the ease of use. O2 offer reduced BB to mobile users too. DG

anh1904

675.76 per month available for servicing debt, providing it is more than the interest (which it clearly is) shows you are capable of reducing the debt picture each month, providing you can switch around the payments some way to allow you to do so (so rate tarting, 0% on spend for 6 months etc. type offers).

As I see it, the problem is one of "cashflow" more than total despair, can you try reasoning with (ideally the lower rate cards) to accept smaller payments for a period? If that allows you to clear some of the smaller balances, the cashflow situation improves? Additionally, if you can find a card with no balance transfer period, but with 0% on purchases, you could use that to live on for the interest free period to improve cashflow for the debt servicing.

Meanwhile, I would challenge your employer about expenses for your car and phone (unless it is in your contract, I don't believe they can insist you have a mobile phone that they do not pay for) - the way you have explained it seems wholly wrong.

Being an LEA, I am also amazed that there is no childcare scheme (look up leap frog, though I know there are many others and then get in touch with the HR dept to either tell you about any that already exist, or ask them to set one up).

Stressful, and not easy, but very well done for applying yourself to the problem at hand and trying all you can to deal with it.

Little_Vics

if you're with Orange you may be able to get free broadband and landline calls - we've got a cracking deal with them.