SOA - Is BR the best option?

kkjamor

Hi, first post on this board. Just thought i'd post my SOA and see if anyone can help. I think BR is going to be the only option but will be great to get this confirmed...

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 950
Partners monthly income after tax....... 450
Benefits................................ 450
Other income............................ 0
Total monthly income.................... 1850
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 136
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 400
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 67
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 520
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 77
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 2164

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................18500.....25........14.9
Loan...........................3000......113.......0
Credit Card....................2000......0.........0
Total unsecured debts..........23500.....138.......-

Monthly Budget Summary
Total monthly income.................... 1,850
Expenses (including HP & secured debts). 2,164
Available for debt repayments........... -314
Monthly UNsecured debt repayments....... 138
Amount short for making debt repayments. -452
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -23,500
Net Assets.............................. -23,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Thank you!

Katie x

kkjamor

My debt is actually 31500k not sure where it has gone on my SOA. x

LittleMissKitty

kkjamor wrote: »

Hi, first post on this board. Just thought i'd post my SOA and see if anyone can help. I think BR is going to be the only option but will be great to get this confirmed...

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 950
Partners monthly income after tax....... 450
Benefits................................ 450 does this include child benefit/taz credits etc? Seems very low bearing in mind your childcare costs.
Other income............................ 0
Total monthly income.................... 1850
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 136 seems quite high compared to rent. you definitely in the correct tax band?
Electricity............................. 50 seems high
Gas..................................... 50 seems high
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 60 any way to change tarriffs?
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 400 This can be massively reduced, see the old style board for tips
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 67 blimey! This seems very high
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 520
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 77 what's this for?
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20 is this neccessary every month?
Entertainment........................... 0
Holiday................................. 60 you really don't need this if you're determined to cut back
Emergency fund.......................... 0
Total monthly expenses.................. 2164

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................18500.....25........14.9
Loan...........................3000......113.......0
Credit Card....................2000......0.........0
Total unsecured debts..........23500.....138.......-

Monthly Budget Summary
Total monthly income.................... 1,850
Expenses (including HP & secured debts). 2,164
Available for debt repayments........... -314
Monthly UNsecured debt repayments....... 138
Amount short for making debt repayments. -452
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -23,500
Net Assets.............................. -23,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Thank you!

Katie x

I'm by no means an expert but I've written some suggestions in pink. I don't think bankruptcy is going to be necessary if you're determined enough Don't take anything badly, I know it can seem harsh having people rip apart your lifestyle

Kitty x

gonzo127

kkjamor wrote: »

Hi, first post on this board. Just thought i'd post my SOA and see if anyone can help. I think BR is going to be the only option but will be great to get this confirmed...

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1 - how old?
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 950
Partners monthly income after tax....... 450
Benefits................................ 450
Other income............................ 0
Total monthly income.................... 1850
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 136
Electricity............................. 50
Gas..................................... 50 - gas and electric look high i onyl pay £101 for both for a family of 5 in a 4 bed semi (2 adults 2 teenagers and 1 baby)
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 60 - very high see if you can drop tariff or go pay as you go
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 10 - if you have internet service is it one of the dongles that use the mobile network if not why not telephones costs on the soa as normal broadband requires line rental
Groceries etc. ......................... 400 - high again, should be able to knock at least £100 from this with work, meal planning, batch cooking, check out the old style board for tips and ideas
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 67 - this seems really high, when is renewal, then do comparisons and use cashback sites over £700 a year for can insurance is a lot for a car only worth £500
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 520 - double check this currently paying out more in childcare than your partner is earning!
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 77 - what are these?
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20 - use a local college if you can
Entertainment........................... 0
Holiday................................. 60 - unless already booked this can not be afforded at the moment
Emergency fund.......................... 0
Total monthly expenses.................. 2164

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................18500.....25........14.9
Loan...........................3000......113.......0
Credit Card....................2000......0.........0
Total unsecured debts..........23500.....138.......-

Monthly Budget Summary
Total monthly income.................... 1,850
Expenses (including HP & secured debts). 2,164
Available for debt repayments........... -314
Monthly UNsecured debt repayments....... 138
Amount short for making debt repayments. -452
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -23,500
Net Assets.............................. -23,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Thank you!

Katie x

ok i have made a couple of comments above, the thing that sticks out most to me is the childcare, its currently costing MORE a month than your partner is earning, which makes me wonder is it worth them working? ok i know benefits can be linked to hours worked but it might be worth looking into as thats costing £70 more than they earn

car insurance - currently costing more than the car is worth, have you thought about going for third party only to save money here? as its currently costing £804 a year to cover a £500 car!

groceries you could knock of £100 with some work

gas and electric really think they are high possibly could get £20 of them?

as is aid just a couple of ideas i am sure other will be along soon with others

kkjamor

I was on the BR board, was advised there to put outgoings up. Benefits are correct, only qualify for Child Tax Credit. The Insurance is a commercial vehicle, we only have a van and the £77 is Liability insurance. Food is more like £200 and Gas and Elec more like £25 each. Mobile phones we are tied in to unfortunately but are reducing tarrifs monthly. We have never been on holiday, I did have £40 in medical as I have lots of perscriptions also £20 in entertainment as we have a 3 year old so need to take her out sometimes but was told I wasn't allowed these.

Thank you for you help any advice is greatly appreciated!

x

gonzo127

just doing a quick calc in my head if food is actually £200 thats 200 less out goings a month, if gas and elec is actually 25 each thats another saving of 50 a month so you are actually looking at only having to find ~ £200 a month to cover all payments

medical things are allowed, however have you checked prepayment ones, also if you have a long term condidtion you can qualify for free perscritions so look into that

insurance on the van still looks a lot for a £500 van spend over £300 a year more than its worth, would seriously find out when renewal is due and also look at going for the basic levels of cover ie third party only or third part fire and theft

kkjamor

Will call the insurance company today and see if I can get that changed, think there may be a fee? Thank you so much for your help. x

Mimi_Arc_en_ciel

kkjamor wrote: »

Hi, first post on this board. Just thought i'd post my SOA and see if anyone can help. I think BR is going to be the only option but will be great to get this confirmed...

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 950
Partners monthly income after tax....... 450
Benefits................................ 450
Other income............................ 0
Total monthly income.................... 1850
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 136 Can this be paid over 12 months instead of 10?
Electricity............................. 50 Can be lowered
Gas..................................... 50 Can be lowered
Oil..................................... 0
Water rates............................. 30 Are you on a meter? im on a fixed bill, mines £20 a month
Telephone (land line)................... 0
Mobile phone............................ 60 YIKES - go PAYG or lower contract
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 400 This is ridiculous. Down grade in products, change supermarkets, meal plan etc
Clothing................................ 10
Petrol/diesel........................... 80 Not bad but try using the car less for walkable distances
Road tax................................ 15
Car Insurance........................... 67 too high - get this lowered
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 520 This should be payable with TAX credits so you shouldnt be paying out for all this
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20 This shouldnt be £20. lower
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 77 What is this?
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20 This is a silly amount. go to the college and get a wash, cut, colour and blow dry for a tenner
Entertainment........................... 0
Holiday................................. 60 You cant afford this, drop it unless you have already booked one
Emergency fund.......................... 0
Total monthly expenses.................. 2164

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................18500.....25........14.9
Loan...........................3000......113.......0
Credit Card....................2000......0.........0
Total unsecured debts..........23500.....138.......-

Monthly Budget Summary
Total monthly income.................... 1,850
Expenses (including HP & secured debts). 2,164
Available for debt repayments........... -314
Monthly UNsecured debt repayments....... 138
Amount short for making debt repayments. -452
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -23,500
Net Assets.............................. -23,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Thank you!

Katie x

Hi,

My comments are in pnk, there are alot of changes you can make to get some extra cash

Me x

Mimi_Arc_en_ciel

kkjamor - if you have alot of medical prescriptions then why are you not getting them for free? If you claim tax credit then you should get a prescription free card. If you need your medication for life (I have to have levothyroxine as i had my thyroid removed) then you can get a medical exemption card. You should look into these. I can not for the life of me understand how your childcare is so expensive. I am assuming you work part time with your wages being so low so how many days is the child in childcare?

LittleMissKitty

kkjamor wrote: »

I was on the BR board, was advised there to put outgoings up. Benefits are correct, only qualify for Child Tax Credit. The Insurance is a commercial vehicle, we only have a van and the £77 is Liability insurance. Food is more like £200 and Gas and Elec more like £25 each. Mobile phones we are tied in to unfortunately but are reducing tarrifs monthly. We have never been on holiday, I did have £40 in medical as I have lots of perscriptions also £20 in entertainment as we have a 3 year old so need to take her out sometimes but was told I wasn't allowed these.

Thank you for you help any advice is greatly appreciated!

x

I know you say you only qualify for child tax credit. I can only imagine that is because one of you is working less than 16 hours a week. I'd either try to up the hours to 16 or quit. It seems rediculous to pay more for childcare than your income. If you do both work more than 16 hours I'd check your entitlement again because you should be getting up to 80% of your childcare costs paid by working tax credits + child tax credits + child benefit. I think this could be your biggest problem/potential saving!

Kitty x

kkjamor

I work full time as does my partner and so childcare is 5 days per week - he is however self employed and so this is an average income over the 5 months that he has been self employed. I will definately look in to my perscriptions today - I am bipolar so this is all Anti-D's and mood stabilizers etc.

Thank you x