newbie looking for help please

emilytootle

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 700
Partners monthly income after tax....... 0
Benefits................................ 300
Other income............................ 150
Total monthly income.................... 1150

Monthly Expense Details
Mortgage................................ 420
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 58
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 19
Telephone (land line)................... 19
Mobile phone............................ 33
TV Licence.............................. 10
Satellite/Cable TV...................... 25
Internet Services....................... 10
Groceries etc. ......................... 175
Clothing................................ 0
Petrol/diesel........................... 45
Road tax................................ 15
Car Insurance........................... 25
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 25
Contents insurance...................... 25
Life assurance ......................... 14
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 1008


Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 94500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 70000....(420)......0
Total secured & HP debts...... 70000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard visa...............6500......135.......0
mbna...........................1300......35........0
m & s..........................1200......30........0
overdraft......................1200......0.........0
mbna (got 2)...................1000......0.........0
abbey..........................800.......25........0
Total unsecured debts..........12000.....225.......-


Monthly Budget Summary
Total monthly income.................... 1,150
Expenses (including HP & secured debts). 1,008
Available for debt repayments........... 142
Monthly UNsecured debt repayments....... 225
Amount short for making debt repayments. -83

Personal Balance Sheet Summary
Total assets (things you own)........... 94,500
Total HP & Secured debt................. -70,000
Total Unsecured debt.................... -12,000
Net Assets.............................. 12,500

OMG i know why i was so scared to fill one of these in, its even worse than i thought:eek:, i guess thats what burying my head in the sand does for me!
well i have done it now, any help or suggestions would be very much welcomed.
i think i need a glass of wine...... is it too early?

WASHER

emilytootle wrote: »

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 700
Partners monthly income after tax....... 0
Benefits................................ 300
Other income............................ 150
Total monthly income.................... 1150

Monthly Expense Details
Mortgage................................ 420
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 58
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 19
Telephone (land line)................... 19
Mobile phone............................ 33 - REDUCE THIS
TV Licence.............................. 10 - THIS SHOULD BE £12
Satellite/Cable TV...................... 25 - REDUCE/GET RID OF
Internet Services....................... 10
Groceries etc. ......................... 175 - TRY AND KNOCK £25 OFF
Clothing................................ 0
Petrol/diesel........................... 45
Road tax................................ 15
Car Insurance........................... 25
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 25 - IS THIS CORRECT? THATS A TOTAL OF £50 PER MONTH FOR CONTENTS AND BUILDINGS.:eek:
Contents insurance...................... 25
Life assurance ......................... 14 DO NOT CANCEL THIS UNDER ANY CIRCUMSTANCES
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 1008


Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 94500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 70000....(420)......0
Total secured & HP debts...... 70000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard visa...............6500......135.......0
mbna...........................1300......35........0
m & s..........................1200......30........0
overdraft......................1200......0.........0
mbna (got 2)...................1000......0.........0
abbey..........................800.......25........0
Total unsecured debts..........12000.....225.......-


Monthly Budget Summary
Total monthly income.................... 1,150
Expenses (including HP & secured debts). 1,008
Available for debt repayments........... 142
Monthly UNsecured debt repayments....... 225
Amount short for making debt repayments. -83

Personal Balance Sheet Summary
Total assets (things you own)........... 94,500
Total HP & Secured debt................. -70,000
Total Unsecured debt.................... -12,000
Net Assets.............................. 12,500

OMG i know why i was so scared to fill one of these in, its even worse than i thought:eek:, i guess thats what burmy head in the sand does for me!
well i have done it now, any help or suggestions would be very much welcomed.
i think i need a glass of wine...... is it too early?

Firstly, no its not too early for a glass of wine, I have one in my hand. Secondly, welcome to MSE:D

I have added comments in above, with my suggestion you could just break even, as currently you have a £80+ shortfall.

Are the debt total the actual amounts, I see alot of rounding up, please post the correct amount.


I think you may need to consider a DMP with CCCS or payplan, do not use a fee paying company.

Well done for acknowledging your debts sooner rather than later, it is a scary experience doing the SOA, but at least you know what you are dealing with.

WASHER.x.

Numpty_Monkey

emilytootle wrote: »

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 700
Partners monthly income after tax....... 0
Benefits................................ 300 are you climing all you can
Other income............................ 150Whats this
Total monthly income.................... 1150

Monthly Expense Details
Mortgage................................ 420
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 58 Ask to repay over 12 months, instead of 10
Electricity............................. 25 Check out Martins article on Utilities
Gas..................................... 25 as Above
Oil..................................... 0
Water rates............................. 19 is this metered?:D
Telephone (land line)................... 19 you can get bundle packages phone/internet for this
Mobile phone............................ 33 reduce, are you on the right tarrif/contract, go PAYG
TV Licence.............................. 10 should be 12
Satellite/Cable TV...................... 25cancel, go freeview or freesat or bundle package, on a bundle package signup to the minimum
Internet Services....................... 10 as phone
Groceries etc. ......................... 175 The OS :Apeeps will help reduce this a bit
Clothing................................ 0 budget something for this, charity shops are good
Petrol/diesel........................... 45
Road tax................................ 15
Car Insurance........................... 25 any insurance use comparrison sites and cashback sites, and Martins articles
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0 are you sure nothing
Other child related expenses............ 0are you sure nothing
Medical (prescriptions, dentist etc).... 0 Do your bennifits cover this?
Pet insurance/vet bills................. 0
Buildings insurance..................... 25 as car
Contents insurance...................... 25as car
Life assurance ......................... 14as car
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15 maybe reduce
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0 It would be a good idea to have something in here
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 1008


Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 94500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 70000....(420)......0
Total secured & HP debts...... 70000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard visa...............6500......135.......0 needed please, don't wory if its the monthly we can work it out
mbna...........................1300......35........0 as above
m & s..........................1200......30........0as above
overdraft......................1200......0.........0as above. Who with ?
mbna (got 2)...................1000......0.........0as above
abbey..........................800.......25........0as above
Total unsecured debts..........12000.....225.......-


Monthly Budget Summary
Total monthly income.................... 1,150
Expenses (including HP & secured debts). 1,008
Available for debt repayments........... 142
Monthly UNsecured debt repayments....... 225
Amount short for making debt repayments. -83

Personal Balance Sheet Summary
Total assets (things you own)........... 94,500
Total HP & Secured debt................. -70,000
Total Unsecured debt.................... -12,000
Net Assets.............................. 12,500

OMG i know why i was so scared to fill one of these in, its even worse than i thought:eek:, i guess thats what burying my head in the sand does for me!
well i have done it now, any help or suggestions would be very much welcomed.
i think i need a glass of wine...... is it too early?

I've left a few comments and a few questions:A
Your benifts sem a bit low have a look on here
http://www.entitledto.co.uk/default.aspx

I also think you need to open a new basic bank account
with someone who is not connected to any of your debts

Hope that helps :A

Lula-Hula

Hello again :hello:

hope you're feeling a little bit better now.

Yes, there is so much to learn & after 18 months of being here I am still learning new stuff, discovering new ways to cut down costs & increase income :j.

You will have to sort out for yourself which survey sites give you the best return for your time, it does vary form one person to another. I gave links to those ones as they have worked well for me, I started off doing loads but some were just not worth it. You will get to a stage where the extras do seem to start coming in without too much effort on your part. ( Actually , I think it's probably just that I now automatically do surveys, check my points, convert to something useful when I have the right amount, use money off coupons without shame & am in the flow of money saving :rolleyes:)

I dont want to put you off but yougov doesnt actually pay out unilt you get to £50 I think, so dont expect a quick return but one day you will get there. Cant rember if I mentioned valued opinions, but again, it works ok for me. I think there is a thread on one of theother boards about which are the most succesful sites.

As to being single & having wine ... not that I'm an expert or anything :whistle: ... you'd be very welcome on the single & in debt thread over on the diaries sub board.


It is never too early for wine, Gin & Tonic or chocolate

Take your time to find your way around the board, there are many challenges you can join in, all designed to help you curb your spending & increase your debt busting

lula
xx

Nargleblast

The dangers of posting your SOA - you get flooded with loads of useful suggestions and advice from the folks on here!

Another idea - keep a spending diary of every penny you pay out -every magazine or newspaper, every bar of chocolate or packet of crisps etc etc
That way you will see where the cash in your purse goes. You will then find yourself thinking "Do I need this? Can I get it cheaper? Can I get it for free?" before parting with your cash. You will then be a Moneysaver!

Tixy

Hi Emily. Well done for posting you SoA.
Actually yours is not that bad, although you have a defecit its probably not insurmountable - sometime people have a negative before debt repayments.

It can all be a bit overwhelming to start with. One area that can be easy to look at it and a good starting point is your media package. Right now you are paying £67 for satellite, telephone and broadband. If you get a package from 1 supplier you should be able to cut this considerably or as others have said get a package for landline and broadband and use freeview.

Also to me B&C insurance looks to be the highest of your insurances. Should be able to reduce this quite a bit I imagine - try the comparison sites and check the cashback sites for any extra cash back incentive for swapping (quidco etc).

The others have already made the other suggestions I would have done. But I can also vouch its never too early for wine (especially when taking a scary look at your finances).

Take care

LandyAndy

One tank of fuel a month?

No maintenance costs at all for your car beyond its MoT? Tyres, brakes, exhausts all wear out over time and will need replacing. Servicing is not an option if you want your vehicle to be reliable. With a value of £4.5k it isn't a banger. You need to be budgeting £30-40 per month at least.

Nargleblast

How are things Emily?

Yargo1

Hi, just read all thread, hope all is going ok Emily, i will subscribe as i think you will motivate me to get more savvy while you are picking up the top tips being given.

charlie2517

Hello! Didnt want to read and run. Welcome welcome - we all know it's scary hun but step by step it does get easier, stick with MSE and you'll get there. Everything I'd have suggested has been covered above me so I just wanted to say hi etc xxx