SOA - Advice Required

Dawlish

Please take a look at my SOA and add any relevent comments.

Many Thanks

Dawlish

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................ 1660
Partners monthly income after tax....... 400
Benefits................................ 132
Other income............................ 0
Total monthly income.................... 2192
Monthly Expense Details
Mortgage................................ 654
Secured/HP loan repayments.............. 985
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 143
Electricity............................. 55
Gas..................................... 41
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 25
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 80
Petrol/diesel........................... 200
Road tax................................ 40
Car Insurance........................... 65
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 0
School Clubs............................ 35
School Meals............................ 74
Total monthly expenses.................. 3224

Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 1900
Other assets............................ 0
Total Assets............................ 186900

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 94000....(654)......0
Secured Debt.................. 126000...(985)......0
Total secured & HP debts...... 220000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards...................65000.....175.......0
Total unsecured debts..........65000.....175.......-

Monthly Budget Summary
Total monthly income.................... 2,192
Expenses (including HP & secured debts). 3,224
Available for debt repayments........... -1,032
Monthly UNsecured debt repayments....... 175
Amount short for making debt repayments. -1,207
Personal Balance Sheet Summary
Total assets (things you own)........... 186,900
Total HP & Secured debt................. -220,000
Total Unsecured debt.................... -65,000
Net Assets.............................. -98,100

mooomin

Hello and welcome!! Comments in red below...

Dawlish 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 Are 2 cars essential for you both to get to work?

Monthly Income Details
Monthly income after tax................ 1660
Partners monthly income after tax....... 400
Benefits................................ 132
Total monthly income.................... 2192

Monthly Expense Details
Mortgage................................ 654
Secured/HP loan repayments.............. 985 Yikes! Is this a secured loan?
Council tax............................. 143 Can you pay for 12 months instead of 10?
Electricity............................. 55
Gas..................................... 41
Water rates............................. 30
Telephone (land line)................... 25 Seems high, can it be reduced?
Mobile phone............................ 30 For how many phones, PAYG or contract?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0 Included somewhere else or no home internet?
Groceries etc. ......................... 500 This is very high for the number of people in your house, look at the Old Style board for suggestions on how to reduce. They should be able to help you half it.
Clothing................................ 80 Stop buying for now, use Freecycle for the kids clothes and sell anything they have grown out of on Ebay
Petrol/diesel........................... 200
Road tax................................ 40
Car Insurance........................... 65
Car maintenance (including MOT)......... 50
Medical (prescriptions, dentist etc).... 25
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 20
Presents (birthday, christmas etc)...... 30
Haircuts................................ 30 Can this be reduced?
Entertainment........................... 0 Really? You never go out for a drink, the cinema etc?
Holiday................................. 80 Can you afford this right now? If not, stop!
School Clubs............................ 35
School Meals............................ 74 Can this be saved by making packed lunches for them?
Total monthly expenses.................. 3224

Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 1900
Other assets............................ 0
Total Assets............................ 186900

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 94000....(654)......0
Secured Debt.................. 126000...(985)......0
Total secured & HP debts...... 220000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards...................65000.....175.......0
Total unsecured debts..........65000.....175.......- How have you gotten £65k on 0%? Is this a typo as even paying off 2% of this would be over £1000 per month...

Monthly Budget Summary
Total monthly income.................... 2,192
Expenses (including HP & secured debts). 3,224
Available for debt repayments........... -1,032
Monthly UNsecured debt repayments....... 175
Amount short for making debt repayments. -1,207
Personal Balance Sheet Summary
Total assets (things you own)........... 186,900
Total HP & Secured debt................. -220,000
Total Unsecured debt.................... -65,000
Net Assets.............................. -98,100

Hey

Initial thoughts are above but a couple of questions for you....

Have your circumstances changed or have you been spending £1000+ per month more than you were earning for a while?

Have you contacted CCCS or other debt charity?

Well done for your first post, I know it's scary.

slummymummyof3

Grocery bill is enormous - do you have an aldi or lidl nearby? Much cheaper for fruit and veg, cooked meat for sandwiches etc. Do you eat a lot of convenience foods? This is often much more expensive than cooking from scratch.

Are you entitled to free school meals? If not make sandwiches for them.

If you have had your life insurance for a number of years, get some new quotes as the prices have come down a lot recently - check out cash back sites as well as you may be able to also earn cash back on any new policies.

What provider do you use for phone/internet/Tv? Again check cash back sites for offers on if you switch to another company.

Orange are doing £150 cashback on contract phones through Quidco at the moment - however, you may be better off with PAYG. I currently pay £10 per month PAYG with O2 and get unlimited texts (depends on your usage really)

Clothing - swap kids clothes with friends when they are outgrown.

Car insurance is steep - use comparison sites, clear cookies and then check cash back sites.

Use comparison sites and check cash back sites for gas and electric.

philnicandamy

bear in mind peeps.....this is an SOA for possible bankruptcy

(the figures allowed are a whole lot different)

fiveyearplan

Dawlish wrote: »

Please take a look at my SOA and add any relevent comments.

Many Thanks

Dawlish

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................ 1660
Partners monthly income after tax....... 400
Benefits................................ 132
Other income............................ 0
Total monthly income.................... 2192
Monthly Expense Details
Mortgage................................ 654
Secured/HP loan repayments.............. 985
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 143
Electricity............................. 55
Gas..................................... 41 This seems low, does it covering winter heating?
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 25
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500 600
Clothing................................ 80
Petrol/diesel........................... 200
Road tax................................ 40
Car Insurance........................... 65
Car maintenance (including MOT)......... 50 might be a bit high
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 20 OR may have interest in this
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 not allowed in BR but leave in and see
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 0
School Clubs............................ 35
School Meals............................ 74
Total monthly expenses.................. 3224

Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 1900
Other assets............................ 0
Total Assets............................ 186900

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 94000....(654)......0
Secured Debt.................. 126000...(985)......0
Total secured & HP debts...... 220000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards...................65000.....175.......0
Total unsecured debts..........65000.....175.......-

Monthly Budget Summary
Total monthly income.................... 2,192
Expenses (including HP & secured debts). 3,224
Available for debt repayments........... -1,032
Monthly UNsecured debt repayments....... 175
Amount short for making debt repayments. -1,207
Personal Balance Sheet Summary
Total assets (things you own)........... 186,900
Total HP & Secured debt................. -220,000
Total Unsecured debt.................... -65,000
Net Assets.............................. -98,100

I have made some comments for a BR SOA.

fiveyearplan

Looking above, you have quite a large deficit, so in that case you may want to reduce your figures to get closer to your income. Have you checked if you are entitled to any other benefits like tax credits etc. Check out www.entitledto.com - you may be pleasantly surprised.