My SOA , Can anyone help

vwcamperlass

Hi there, only joined today and the advice was to complete this SOA, how scary is that, when its there in black and white. Well this is it, i hope all is not lost and would really appreciate some advice on how to get out of this hole of debt!!:mad::mad:




Household Information[/b]
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1661
Partners monthly income after tax....... 1000
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2661

Monthly Expense Details
Mortgage................................ 472.9
Secured/HP loan repayments.............. 341
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 112
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 44
Telephone (land line)................... 27
Mobile phone............................ 20
TV Licence.............................. 10
Satellite/Cable TV...................... 21
Internet Services....................... 10
Groceries etc. ......................... 400
Clothing................................ 30
Petrol/diesel........................... 61
Road tax................................ 15
Car Insurance........................... 32
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 25
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 22
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 40
Emergency fund.......................... 0
endowment policy including critical illn 139
student loan ........................... 130
prof membership......................... 12
mag subscription........................ 10
caravan ground rent..................... 200
Total monthly expenses.................. 2390.9


Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 422
Car(s).................................. 2500
Other assets............................ 11000
Total Assets............................ 153922


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 81000....(472.9)....4.39
Hire Purchase (HP) debt ...... 1533.....(165)......0<
loan...........................4270.....(176)......8.9
Total secured & HP debts...... 86803.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
post office card ..............6000......149.......0
virgin credit card.............2885......130.........34
mint...........................2563.5....57........12.9
barclays.......................1274.75...38.........13.9
virgin.........................1255......40.........34
citi...........................799.67....18.........15.7
Total unsecured debts..........14777.92..206.......-


Monthly Budget Summary
Total monthly income.................... 2,661
Expenses (including HP & secured debts). 2,390.9
Available for debt repayments........... 270.1
Monthly UNsecured debt repayments....... 206
Amount left after debt repayments....... 64.1

Personal Balance Sheet Summary
Total assets (things you own)........... 153,922
Total HP & Secured debt................. -86,803
Total Unsecured debt.................... -14,777.92
Net Assets.............................. 53,874.08

theoretica

Can you clarify what caravan ground rent is? Is this a holiday home? In which case spending £240 a month, or nearly 1/10th of your income on holiday seems more than you can afford. Is there some way you can gain enough income from the caravan to make it pay for itself?

moggitymog

not much advice from me but groceries looks a bit high, look on the money saving old style for tips on reducing this amount

Sazzoire

You have 3 adults in your household on your SOA? Are all 3 people contributing to your bills... as there are only 2 incomes?

simongregson

On paper your income covers your repayments. Maybe do a spending diary to see if you spend any extra?

Get rid of the sky tv, put mobiles on pay as you go and don't use them unless you have to and trim your grocery shopping right down (200 a month should be achievable) and you will be able to increase repayments and pay back your debt quicker. Consider selling the caravan, get rid of the magazine sub, it all helps!!

fatbelly

No monthly payments to four debts?

WASHER

vwcamperlass wrote: »

Hi there, only joined today and the advice was to complete this SOA, how scary is that, when its there in black and white. Well this is it, i hope all is not lost and would really appreciate some advice on how to get out of this hole of debt!!:mad::mad:




Household Information[/b]
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1661
Partners monthly income after tax....... 1000
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2661

Monthly Expense Details
Mortgage................................ 472.9
Secured/HP loan repayments.............. 341
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 112
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 44
Telephone (land line)................... 27 - This is high, stop talking:D
Mobile phone............................ 20
TV Licence.............................. 10 - This should be £12 per month
Satellite/Cable TV...................... 21 - You can't afford this-must go
Internet Services....................... 10
Groceries etc. ......................... 400 - You need to reduce this, try to reduce to £350 for the first month and then to £325
Clothing................................ 30
Petrol/diesel........................... 61
Road tax................................ 15
Car Insurance........................... 32
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 25 - What is this? How old is your child? I see no child benefits
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 22
Contents insurance...................... 7
Life assurance ......................... 0 You need to have this - very important
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 40 - you cannot afford a holiday - sorry
Emergency fund.......................... 0
endowment policy including critical illn 139
student loan ........................... 130
prof membership......................... 12
mag subscription........................ 10
caravan ground rent..................... 200 - what's this:eek:
Total monthly expenses.................. 2390.9


Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 422
Car(s).................................. 2500
Other assets............................ 11000
Total Assets............................ 153922


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 81000....(472.9)....4.39
Hire Purchase (HP) debt ...... 1533.....(165)......0<
loan...........................4270.....(176)......8.9
Total secured & HP debts...... 86803.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
post office card ..............6000......149.......0
virgin credit card.............2885......0.........34 Are you not paying this?
mint...........................2563.5....57........0
barclays.......................1274.75...0.........13.9 Are you not paying this?
virgin.........................1255......0.........34Are you not paying this?
citi...........................799.67....0.........15.7Are you not paying this?
Total unsecured debts..........14777.92..206.......-


Monthly Budget Summary
Total monthly income.................... 2,661
Expenses (including HP & secured debts). 2,390.9
Available for debt repayments........... 270.1
Monthly UNsecured debt repayments....... 206
Amount left after debt repayments....... 64.1

Personal Balance Sheet Summary
Total assets (things you own)........... 153,922
Total HP & Secured debt................. -86,803
Total Unsecured debt.................... -14,777.92
Net Assets.............................. 53,874.08

I have added comments in above. Your soa is incomplete due to 4 debts not being paid on the SOA each month.

WASHER

I see fatbelly posted the same, you must be quicker at typing than I.

vwcamperlass

I must have filled it in wrong, i do pay all of the bills including the credit cards, will have to go back and complete it. The sky is on contract for eight more months and there are three adults but my daughter does not contribute but i pay for petrol which is the child contributions. Can stop the mag subscription though so thanks for the suggestions. Lets hope i can do it

vwcamperlass

sorry, as far as the caravan is concerned yea the ground rent is for a static van and i cant hire it out as the site dont let me, and i think your quite right no holiday for me next year!!! Do u think £100 for food is a lot , there are three adults and i have included the dog food in there !!

medders2604

How old is your daughter? Is she working/student etc?