SOA - Constructive Advice Required PLS

bluekaw

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................ 1306
Partners monthly income after tax....... 530
Benefits................................ 240
Other income............................ 0
Total monthly income.................... 2076
Monthly Expense Details
Mortgage................................ 400
Secured/HP loan repayments.............. 26.49 - finish Dec 09 :j
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101 - Going to split over 12 month nxt yr
Electricity............................. 51 - catch up payments inc
Gas..................................... 114 - catch up payments inc
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 27 Inc Broadband 8mb
Mobile phone............................ 10 - PAYG topup if needed
TV Licence.............................. 12
Satellite/Cable TV...................... 38.5 - Keep as we don't go out treat
Internet Services....................... 0 see phone line
Groceries etc. ......................... 200 usually £40.00 pw
Clothing................................ 50 - if needed
Petrol/diesel........................... 240 - 2 cars both work 15 mile away
Road tax................................ 28
Car Insurance........................... 100
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 84
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 8.5
Contents insurance...................... 8.5
Life assurance ......................... 12
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1582.99

Assets
Cash.................................... 0
House value (Gross)..................... 96000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 98500

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 85000....(400)......4.75
Hire Purchase (HP) debt ...... 79.38....(26.49)....0
Total secured & HP debts...... 85079.38..-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Credit Card....................6700......155.......18.99
Loan...........................7820......175.4.... .8.9
overdraft......................4200......0........ .19.2
NEW CCJ........................5012......20........0
Housing Benefit overp..........1012......31.5......0
HMRC...........................24500.....75....... .0
Total unsecured debts..........49244.....456.9.....-

Monthly Budget Summary
Total monthly income.................... 2,076
Expenses (including HP & secured debts). 1,478.99
Available for debt repayments........... 597.01
Monthly UNsecured debt repayments....... 456.9
Amount left after debt repayments....... 36.11
Personal Balance Sheet Summary
Total assets (things you own)........... 98,500
Total HP & Secured debt................. -85,079.38
Total Unsecured debt.................... -49,244
Net Assets.............................. -35,823.38

BeautyandtheBeast_3

Hi just 2 things strike me

car insurance - 50 per car? seems very high
Building and contents - mine is with virgin who are doing offer and its £12 combined with loads more than we were originally paying xxx

onlypaddy

bluekaw 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................ 1306
Partners monthly income after tax....... 530
Benefits................................ 240
Other income............................ 0
Total monthly income.................... 2076
Monthly Expense Details
Mortgage................................ 400
Secured/HP loan repayments.............. 26.49 - finish Dec 09 :j
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101 - Going to split over 12 month nxt yr
Electricity............................. 51 - catch up payments inc
Gas..................................... 114 - catch up payments inc
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 27 Inc Broadband 8mb
Mobile phone............................ 10 - PAYG topup if needed
TV Licence.............................. 12
Satellite/Cable TV...................... 38.5 - Keep as we don't go out treat. Maybe so, but is this needed? You can get phone/tv/internet packege for £30ish. Your're paying £65 for all 3
Internet Services....................... 0 see phone line
Groceries etc. ......................... 200 usually £40.00 pw
Clothing................................ 50 - if needed
Petrol/diesel........................... 240 - 2 cars both work 15 mile away. Huge. Are both cars needed? Is it 15 miles in the same direction? are there any options for lift sharing with colleagues? Public transport???? Cutting out at least 1 car will at least halve this and get some money in to pay debts, as well as cutting other car bills.
Road tax................................ 28
Car Insurance........................... 100
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 84
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 8.5
Contents insurance...................... 8.5
Life assurance ......................... 12
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0 No haircuts for anyone in the family?
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1582.99

Assets
Cash.................................... 0
House value (Gross)..................... 96000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 98500

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 85000....(400)......4.75
Hire Purchase (HP) debt ...... 79.38....(26.49)....0
Total secured & HP debts...... 85079.38..-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Credit Card....................6700......155.......18.99
Loan...........................7820......175.4.... .8.9
overdraft......................4200......0........ .19.2 How come not paying anything? Bank may recall the whole debt if no payments are made, as well as mounting interest and charges. This is your highest interest rate and should be paid off the quickest! Try and spread some of the CC payments, especially from the 8,9% card over onto the overdraft perhaps?
NEW CCJ........................5012......20........0
Housing Benefit overp..........1012......31.5......0
HMRC...........................24500.....75....... .0
Total unsecured debts..........49244.....456.9.....-

Monthly Budget Summary
Total monthly income.................... 2,076
Expenses (including HP & secured debts). 1,478.99
Available for debt repayments........... 597.01
Monthly UNsecured debt repayments....... 456.9
Amount left after debt repayments....... 36.11
Personal Balance Sheet Summary
Total assets (things you own)........... 98,500
Total HP & Secured debt................. -85,079.38
Total Unsecured debt.................... -49,244
Net Assets.............................. -35,823.38

Ok I've tried to make some suggestions. But overall you come out with a positive balance at the end of the month. I know £36 isnt much but a lot of people on here come on and come out with many hundreds in the red and still get themselves sorted.

Things can get better!

bluekaw

No, were lucky her sister is a hairdresser, so we get that service for free, well almost, we have her children to stay so she can have a break,

As for the TV, we keep debating to change to virgin TV, Phone and Broadband, if we change phone, we would probably consider changing the Gas & Elec,

as for the cars we start at different times and different directions, we have discussed only having once car, but the winter is difficult for biking,

The Overdraft is on the main account so is constantly moving, so any interest charges are ususally paid for by the excess,

RAS

Can either of you use public transpoirt to get to work? At what cost.

If your OH has just got a "surprise" CCJ, you really do need to do a credit check on her so she can also identifiy any other surprisies in the background.

How come she did not know that the CCJ was pending? Did she receive the paperwork before the case went to court?

And when do the loan and HB overpayments end?

bluekaw

try to sort money subject with DW, is like pulling teeth and when i suggest doing the credit check the other day, i got my head bitten off, and she said she's never had any paperwork relating to this CCJ as its over 5 years old now, The HB overpayment, will run for about 3 years, and the loan another 4.

sometime feel im been punished, i've alway managed by finance's well, and the debt i owe, is manageable,

Don't get me wrong were managing, she just always want more, and we just ain't got it

RAS

bluekaw wrote: »

and she said she's never had any paperwork relating to this CCJ as its over 5 years old now,

In which case she may even now have the grounds to get the CCJ over-turned. What was the debt for?

bluekaw

Welcome finance, they had applied for attachment to earning, we have offered £20.00pm, and sent a copy of our SOA spliting the cost per who's liable, detailing shes insolvent after the bills are paid, so we will have to wait and see now i assume

bluekaw

Well looking on uswitch, ithink we can save £11 a month on Gas and electric, and another £6 on phone and broadband,

dancingfairy

Well things are going to improve soon - 1) your hp finishes soon - that's a spare 26.00 and 2) you should get a council tax holiday in feb and march so that will really help as well.

How long have you got left on the gas and electric arrears?
df

RAS

bluekaw wrote: »

Welcome finance, they had applied for attachment to earning, we have offered £20.00pm, and sent a copy of our SOA spliting the cost per who's liable, detailing shes insolvent after the bills are paid, so we will have to wait and see now i assume

So they got this CCJ over 5 years ago?

Is she sure she did not get any paperwork prior to the CCJ being granted?