My SOA help needed please!!

mandmschallenge

Hi here is my SOA. What should my first step be I am sick with worry and do not know which way to turn.

TIA


Household Information

Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... .1
Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 800
Benefits................................ 132.8
Other income............................ 0
Total monthly income.................... 2932.8

Monthly Expense Details

Mortgage................................ 1336 this includes overpayment for mortgage arrears of £12,000
Secured/HP loan repayments.............. 239 these are ccj's and court order was not too sure if they should be secured or unsecured
Rent.................................... 0
Management charge ................ 4.33
Council tax............................. 123
Electricity............................. 60
Gas..................................... 42
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 35
Mobile phone............................ 20
TV Licence.............................. 12.29
Satellite/Cable TV...................... 38.03
Internet Services....................... 20
Groceries etc. ......................... 300
Clothing................................ 25
Petrol/diesel........................... 125
Road tax................................ 17.08
Car Insurance........................... 44
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 85
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 10
Buildings insurance..................... 20
Contents insurance...................... 15
Life assurance ......................... 37.07
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 25
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 2710.8

Assets
Cash.................................... 0
House value (Gross)..................... 210000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 211000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 195000...(1336).....4.96
Secured Debt.................. 67630....(239)......0
Total secured & HP debts...... 262630....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
halifax overdraft..............850.......0.........0
next...........................262.......25........24.9
Coventry Loan..................23314.....136.......0
Total unsecured debts..........24426.....161.......-

Monthly Budget Summary

Total monthly income.................... 2,932.8
Expenses (including HP & secured debts). 2,710.8
Available for debt repayments........... 222
Monthly UNsecured debt repayments....... 161
Amount left after debt repayments....... 61
Personal Balance Sheet Summary
Total assets (things you own)........... 211,000
Total HP & Secured debt................. -262,630
Total Unsecured debt.................... -24,426
Net Assets.............................. -76,056

lisainglasgow

Do you really have £61 left after paying debts at the end of the month? If not, then I would do a spending diary for a couple of weeks.

Tixy

Hi - Just going through you SoA for places you may be able to save money, its not meant to be harsh but just areas for you to look at.

Telephone (land line)................... 35
Satellite/Cable TV...................... 38.03
Internet Services....................... 20

This is a lot on media - try to get a combined package from one provider or consider switching to freeview. Should be able to get an all in package for around £50

Groceries etc. ......................... 300
Should be able to make a bit of a reduction to this, try meal planning for the week before you shop, dropping down a brand, cooking more from scratch.

Electricity............................. 60
Gas..................................... 42
Are you with the cheapest supplier in the area? do these include arrears? have you tried to reduce your usage (partic elec?)

With regards to the rest of the SOA it currently shows that you can just afford the minimums and have £61 left over each month. However I guess that you struggling more than that and cannot meet all your minimums? so you need to work out where else money is being spent. Keep a spending diary where you write down everything you spend for a couple of months (even just a bar of chocolate or newspaper whilst on the way to work) that should highlight where else money is going and if it can be reduced.

Have you checked to see if you are entitled to any tax credits?

Do you have items you could sell to raise any money? (ebay/amazon/gumtree?)

How long do you have left paying the arrears on the mortgage? what is the repayment once these are paid?

Good luck

RAS

mandmschallenge wrote: »

Household Information

Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... .1
Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 800
Benefits................................ 132.8
Other income............................ 0
Total monthly income.................... 2932.8

Monthly Expense Details

Mortgage................................ 1336 this includes overpayment for mortgage arrears of £12,000
Secured/HP loan repayments.............. 239 these are ccj's and court order was not too sure if they should be secured or unsecured In which case they are priority debts
Rent.................................... 0
Management charge ................ 4.33
Council tax............................. 123
Electricity............................. 60
Gas..................................... 42
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 35 - you need to drastically reduce your usage
Mobile phone............................ 20 - and reduce this then go PAYG
TV Licence.............................. 12.29
Satellite/Cable TV...................... 38.03 - reduce immeditately and then cancel ASAP. Freeview
Internet Services....................... 20
Groceries etc. ......................... 300 - this would be in CCCS guidelines but you can reasonably cut it by £100
Clothing................................ 25 - reduce if possible. Join www.fregle.co.uk
Petrol/diesel........................... 125
Road tax................................ 17.08
Car Insurance........................... 44 - High - comparison site and use a cashback site
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 85
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 10
Buildings insurance..................... 20
Contents insurance...................... 15
Life assurance ......................... 37.07
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 25 - colleges and home custs for teh kids
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 2710.8

Assets
Cash.................................... 0
House value (Gross)..................... 210000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 211000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 195000...(1336).....4.96
Secured Debt.................. 67630....(239)......0
Total secured & HP debts...... 262630....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
halifax overdraft..............850.......0.........0
next...........................262.......25........24.9
Coventry Loan..................23314.....136.......0 - can you overpay on this?
Total unsecured debts..........24426.....161.......-

Monthly Budget Summary

Total monthly income.................... 2,932.8
Expenses (including HP & secured debts). 2,710.8
Available for debt repayments........... 222
Monthly UNsecured debt repayments....... 161
Amount left after debt repayments....... 61
Personal Balance Sheet Summary
Total assets (things you own)........... 211,000
Total HP & Secured debt................. -262,630
Total Unsecured debt.................... -24,426
Net Assets.............................. -76,056

You seem to be able to afford this but need to have a long think about whether reposession and bankruptcy would be an option.

Requiem

mandmschallenge wrote: »

Hi here is my SOA. What should my first step be I am sick with worry and do not know which way to turn.

TIA


Household Information

Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... .1
Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 800
Benefits................................ 132.8
Other income............................ 0
Total monthly income.................... 2932.8

Monthly Expense Details

Mortgage................................ 1336 this includes overpayment for mortgage arrears of £12,000
Secured/HP loan repayments.............. 239 these are ccj's and court order was not too sure if they should be secured or unsecured
Rent.................................... 0
Management charge ................ 4.33
Council tax............................. 123
Electricity............................. 60
Gas..................................... 42
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 35 - this is awfully high, especially with mobile phone usage too, try cut it down, maybe try a free evening/weekend package?
Mobile phone............................ 20 - is this a contract or PAYG?
TV Licence.............................. 12.29
Satellite/Cable TV...................... 38.03 - huge expense and something you could live without temporarily, while you get your debts sorted. Even downgrading to the basic £19 package would be good, getting rid of it and going for Freeview would be better!
Internet Services....................... 20 - seems a little high but very dependant on where you live, have you shopped around for better deals?
Groceries etc. ......................... 300
Clothing................................ 25 - could you make do with the clothes you have temporarily to pay more off your debts?
Petrol/diesel........................... 125
Road tax................................ 17.08
Car Insurance........................... 44
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 85
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 10
Buildings insurance..................... 20
Contents insurance...................... 15
Life assurance ......................... 37.07
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 25 - is this for one person?
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 10 - your debts are an emergency, stick every spare penny towards paying them off
Total monthly expenses.................. 2710.8

Assets
Cash.................................... 0
House value (Gross)..................... 210000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 211000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 195000...(1336).....4.96
Secured Debt.................. 67630....(239)......0
Total secured & HP debts...... 262630....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
halifax overdraft..............850.......0.........0
next...........................262.......25........24.9
Coventry Loan..................23314.....136.......0
Total unsecured debts..........24426.....161.......-

Monthly Budget Summary

Total monthly income.................... 2,932.8
Expenses (including HP & secured debts). 2,710.8
Available for debt repayments........... 222
Monthly UNsecured debt repayments....... 161
Amount left after debt repayments....... 61
Personal Balance Sheet Summary
Total assets (things you own)........... 211,000
Total HP & Secured debt................. -262,630
Total Unsecured debt.................... -24,426
Net Assets.............................. -76,056

Added some comments to the above, that's just what jumps out at me immediately, I'm sure others with a lot more experience than me could advise you on ways to cut back further