New and improved SOA - is it realistic?

happymoneysaver79

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.................... 1
Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 0
Benefits................................ 213.68
Other income............................ 420
Total monthly income.................... 2633.68
Monthly Expense Details
Mortgage................................ 316.3
Secured/HP loan repayments.............. 240.60000000000008
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 50
Gas..................................... 91
Oil..................................... 0
Water rates............................. 25.4
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12.12
Satellite/Cable TV...................... 48
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 140
Road tax................................ 14
Car Insurance........................... 41.16
Car maintenance (including MOT)......... 22
Car parking............................. 0
Other travel............................ 5
Childcare/nursery....................... 0
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 15.4
Pet insurance/vet bills................. 10
Buildings insurance..................... 12.99
Contents insurance...................... 12.99
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 10
water rates (rented property)........... 21.4
boiler cover & certif (rented property). 21.89
buildings insurance (rented property)... 11.34
child maintenance....................... 100
mobile phone............................ 15
boiler cover............................ 13
tax repayment........................... 50
Total monthly expenses.................. 1694.59

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 93000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 76283.2..(316.3)....0
Secured Debt.................. 24695.2..(102.3)....0<
secured debt (rented)..........4157.....(38.3).....0<
Mortgage (rented)..............57737.1..(100)......0
Total secured & HP debts...... 162872.5..-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Natwest credit card............4003.36...90........0
Citi bank credit card..........3878.88...116.5.....0
Barclaycard credit ca..........4628.76...104.1.....0
family loan....................8000......200.......0
Tesco credit card..............3689......100.......0
Barclays o/d...................350.......10........0
Bank of scotland o/d...........2300......0.........0
Marbles credit card............930.......22.07.....0
r b s credit card..............2217.14...50........0
Capital one credit ca..........4090.68...122.7.....0
Halifax credit card............2689......47.14.....0

There is a surplus of £76.58

Ive applied for some balance transfers as the apr's are high on all the cc's some as high as 30%. If we get declined we have no choice other than to go on a dmp. I'm not messing about any longer, i've been farting about for nearly 3 years now, if we had done something then it would nearly have been paid off by now. Ive requested payment holidays on both mortgages for one month and we shall use the surplus to pay a chunck off the marbles card rather than spend it on stuff that we don't need! We have 3 ppi claims outstading, maybe they will be fruitfull and pay out something which can be knocked off the total owed. Found out from our accountant today that the capital gains tax on our house would be around 10k so that would swallow any profit we would have hoped to make - I hate the tax man!:mad:
Any comments/advice always welcome from you wonderful helpful peeps x

Tixy

Hi

If you have a surplus (and considering some of the items in your SoA are quite high possibly due to the 2 houses) I am not sure you would be elgible for a DMP. Usually people go on a DMP when they cannot afford their minimum repayments, and its then that a creditor may consider freezing interest (after they have seen the SoA and if the consider it to be reasonable).

Your gas & elec both look really high, have you looked into this? are they just for the main house?

If the tax repayment is a debt then it should really show in the debts section with the balance outstanding.

The boiler cover for your own house £13 seems quite a high figure - have you checked if this is competative. Car insurance seems high for a £3k car and B&C insurance seems high for a £90k house, again have you shopped around to see if you can get cheaper?

How much is the rented house worth? I assume its not included in the £90k. At the moment it appears to be bringing in £420 less £138 mortgage & £54 expenses so a net income of £228 per month. Have you budgeted for the personal tax you need to pay on this (the taxable profit will be slightly higher than this each month due to the capital repayment part of the secured loan -assuming the mortgage is interest only?)

Have you had advice from CCCS or one of the other free advisors yet?

Could your partner earn anything towards the household? Even if its part time evening and weekends (due to childcare) every bit would help.

Mimi_Arc_en_ciel

happymoneysaver79 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.................... 1
Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 0
Benefits................................ 213.68
Other income............................ 420
Total monthly income.................... 2633.68
Monthly Expense Details
Mortgage................................ 316.3
Secured/HP loan repayments.............. 240.60000000000008
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 50
Gas..................................... 91 This is still very high
Oil..................................... 0
Water rates............................. 25.4
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12.12
Satellite/Cable TV...................... 48
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 140
Road tax................................ 14
Car Insurance........................... 41.16 Can this be lowered?
Car maintenance (including MOT)......... 22
Car parking............................. 0
Other travel............................ 5 What is this?
Childcare/nursery....................... 0
Other child related expenses............ 10 What is this?
Medical (prescriptions, dentist etc).... 15.4 Is this accurate? The children and the person on benefits do not pay for prescriptions / dentist - seems high for 1 person
Pet insurance/vet bills................. 10
Buildings insurance..................... 12.99
Contents insurance...................... 12.99
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 10
water rates (rented property)........... 21.4 Why is there two water rates?
boiler cover & certif (rented property). 21.89 Can this be changed? British Gas have a good offer
buildings insurance (rented property)... 11.34 Why is there two?
child maintenance....................... 100
mobile phone............................ 15
boiler cover............................ 13
tax repayment........................... 50
Total monthly expenses.................. 1694.59

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 93000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 76283.2..(316.3)....0
Secured Debt.................. 24695.2..(102.3)....0<
secured debt (rented)..........4157.....(38.3).....0<
Mortgage (rented)..............57737.1..(100)......0
Total secured & HP debts...... 162872.5..-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Natwest credit card............4003.36...90........0
Citi bank credit card..........3878.88...116.5.....0
Barclaycard credit ca..........4628.76...104.1.....0
family loan....................8000......200.......0
Tesco credit card..............3689......100.......0
Barclays o/d...................350.......10........0
Bank of scotland o/d...........2300......0.........0
Marbles credit card............930.......22.07.....0
r b s credit card..............2217.14...50........0
Capital one credit ca..........4090.68...122.7.....0
Halifax credit card............2689......47.14.....0

There is a surplus of £76.58

Ive applied for some balance transfers as the apr's are high on all the cc's some as high as 30%. If we get declined we have no choice other than to go on a dmp. I'm not messing about any longer, i've been farting about for nearly 3 years now, if we had done something then it would nearly have been paid off by now. Ive requested payment holidays on both mortgages for one month and we shall use the surplus to pay a chunck off the marbles card rather than spend it on stuff that we don't need! We have 3 ppi claims outstading, maybe they will be fruitfull and pay out something which can be knocked off the total owed. Found out from our accountant today that the capital gains tax on our house would be around 10k so that would swallow any profit we would have hoped to make - I hate the tax man!:mad:
Any comments/advice always welcome from you wonderful helpful peeps x

Mine are above - Hope they help xx