Help SOA

huskypup

Can someone please have a look at my SOA for me - we really need some help, would prefer to self manage a DMP as HB is in the military and don't want it to look bad on his record - what are the possibilities of getting the interest frozen on just my credit cards.

Household Information
Number of adults in household........... 2
Number of children in household......... 2(everyother weekend and all holidays)
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1245
Partners monthly income after tax....... 2105
Benefits................................ 0
Other income............................ 360 (part time job)
Total monthly income.................... 3710

Monthly Expense Details
Mortgage................................ 500
Secured/HP loan repayments.............. 418
Rent.................................... 0
Management charge (leasehold property).. 21
Council tax............................. 95
Electricity............................. 47
Gas..................................... 65
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 63 (sky/internet and phone)
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 200 (need both no public transport to wk)
Road tax................................ 25
Car Insurance........................... 70
Car maintenance (including MOT)......... 20
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..................... 20
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 48 (heating & drainage insurance)
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20
mess bill............................... 15
csa..................................... 275
Total monthly expenses.................. 2236

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 180000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 182000

Secured & HP Debts[/b]
Description....................Debt......Monthly..
Mortgage...................... 129000...(500)......
Secured Debt.................. 40000....(418)......
Total secured & HP debts. 169000....

Unsecured Debts
Description....................Debt......Monthly...
tesco loan me..................10000.....198......
tesco load hb..................17500.....340.......
tesco cc me....................9500......280.......
barclaycard me.................14500....314.....
egg hb.........................9500......228......
egg me.........................5000......133......
tesco cc hb....................3000......75.......
Total unsecured debts..........69000....1568

Monthly Budget Summary[/b]
Total monthly income.................... 3,710
Expenses (including HP & secured debts). 2,236
Available for debt repayments........... 1,474
Monthly UNsecured debt repayments....... 1,568
Amount short for making debt repayments. -94

Personal Balance Sheet Summary
Total assets (things you own)........... 182,000
Total HP & Secured debt................. -169,000
Total Unsecured debt.................... -69,000
Net Assets.............................. -56000

As you can see its not good, we have never missed any payments - and though it says we are £94 short - we cut back on shopping and little things and always manage to pay.

Is it possible just to have a DMP for my credit cards/loans and not HB? Is it possible to still pay my loan and have a DMP for my credit cards - even though I have included my second job - is it best not to include it in any SOA to the credit card companies - I do pay tax on it as I get a P60 at the end of each year but no wage slips, just sign a book.

Sorry for all the questions.

NGlady

huskypup wrote: »

Can someone please have a look at my SOA for me - we really need some help, would prefer to self manage a DMP as HB is in the military and don't want it to look bad on his record - what are the possibilities of getting the interest frozen on just my credit cards.

Household Information
Number of adults in household........... 2
Number of children in household......... 2(everyother weekend and all holidays)
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1245
Partners monthly income after tax....... 2105
Benefits................................ 0
Other income............................ 360 (part time job)
Total monthly income.................... 3710

Monthly Expense Details
Mortgage................................ 500
Secured/HP loan repayments.............. 418
Rent.................................... 0
Management charge (leasehold property).. 21
Council tax............................. 95
Electricity............................. 47 Seems a bit high to me, are you on the cheapest tarrif? Are you leaving lights etc on? Using water heaters?
Gas..................................... 65 Again sounds high, are you using the right tarrif?
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 63 (sky/internet and phone) That sounds very high at the moment - are you in contract? Consider canx the services, changing supplier or at least ringing and threatening to leave to get a retention deal
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 200 (need both no public transport to wk)
Road tax................................ 25
Car Insurance........................... 70
Car maintenance (including MOT)......... 20
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..................... 20
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 48 (heating & drainage insurance) Is this really necessary? It sounds an high amount for this service. Anywhere cheaper?
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20
mess bill............................... 15
csa..................................... 275
Total monthly expenses.................. 2236

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 180000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 182000

Secured & HP Debts[/b]
Description....................Debt......Monthly..
Mortgage...................... 129000...(500)......
Secured Debt.................. 40000....(418)......
Total secured & HP debts. 169000....

Unsecured Debts
Description....................Debt......Monthly...
tesco loan me..................10000.....198......
tesco load hb..................17500.....340.......
tesco cc me....................9500......280.......
barclaycard me.................145000....314.....
egg hb.........................9500......228......
egg me.........................5000......133......
tesco cc hb....................3000......75.......
Total unsecured debts..........199500....1568

Monthly Budget Summary[/b]
Total monthly income.................... 3,710
Expenses (including HP & secured debts). 2,236
Available for debt repayments........... 1,474
Monthly UNsecured debt repayments....... 1,568
Amount short for making debt repayments. -94

Personal Balance Sheet Summary
Total assets (things you own)........... 182,000
Total HP & Secured debt................. -169,000
Total Unsecured debt.................... -199,500
Net Assets.............................. -186,500

As you can see its not good, we have never missed any payments - and though it says we are £94 short - we cut back on shopping and little things and always manage to pay.

Is it possible just to have a DMP for my credit cards/loans and not HB? Is it possible to still pay my loan and have a DMP for my credit cards - even though I have included my second job - is it best not to include it in any SOA to the credit card companies - I do pay tax on it as I get a P60 at the end of each year but no wage slips, just sign a book.

Sorry for all the questions.

Afraid I cant be much help with the bottom questions, just a few thoughts of your SOA

huskypup

Hi - I think the gas & electricity are ok, 4 bed house, radiators all down on low - energy light bulbs in everything. Gas has just come down by £10 per month.

Gas plan - we have had to use it when the boiler blow up and the drains all blocks, could cancel it, but it also covers all of electrical equipment - cooker, washing machine, freezer etc.

savingmummy

huskypup wrote: »

Can someone please have a look at my SOA for me - we really need some help, would prefer to self manage a DMP as HB is in the military and don't want it to look bad on his record - what are the possibilities of getting the interest frozen on just my credit cards.

Household Information
Number of adults in household........... 2
Number of children in household......... 2(everyother weekend and all holidays)
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1245
Partners monthly income after tax....... 2105
Benefits................................ 0
Other income............................ 360 (part time job)
Total monthly income.................... 3710

Monthly Expense Details
Mortgage................................ 500
Secured/HP loan repayments.............. 418
Rent.................................... 0
Management charge (leasehold property).. 21
Council tax............................. 95
Electricity............................. 47
Gas..................................... 65elec/gas seems high shop around for cheaper
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 63 (sky/internet and phone) you can`t afford sky right now, cut package or go freeview.
Internet Services....................... 0
Groceries etc. ......................... 200 too high reduce this!
Clothing................................ 50 use what you have, you must have loads
Petrol/diesel........................... 200 (need both no public transport to wk):eek: thats a lot of petrol!
Road tax................................ 25
Car Insurance........................... 70 have you had a look to see if you can both get cheaper?
Car maintenance (including MOT)......... 20 for 2 cars? this is cheap! so double check this
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..................... 20
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 48 (heating & drainage insurance)
Presents (birthday, christmas etc)...... 20 reduce for noe, limit who you buy for!
Haircuts................................ 20 a mth? find a cheaper hairdresser, colleges do cuts
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20 use the emergency fund to pay debts!
mess bill............................... 15
csa..................................... 275
Total monthly expenses.................. 2236

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 180000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 182000

Secured & HP Debts[/b]
Description....................Debt......Monthly..
Mortgage...................... 129000...(500)......
Secured Debt.................. 40000....(418)......
Total secured & HP debts. 169000....

Unsecured Debts
Description....................Debt......Monthly... APR`S??
tesco loan me..................10000.....198......
tesco load hb..................17500.....340.......
tesco cc me....................9500......280.......
barclaycard me.................145000....314.....
egg hb.........................9500......228......
egg me.........................5000......133......
tesco cc hb....................3000......75.......
Total unsecured debts..........199500....1568

Monthly Budget Summary[/b]
Total monthly income.................... 3,710
Expenses (including HP & secured debts). 2,236
Available for debt repayments........... 1,474
Monthly UNsecured debt repayments....... 1,568
Amount short for making debt repayments. -94

Personal Balance Sheet Summary
Total assets (things you own)........... 182,000
Total HP & Secured debt................. -169,000
Total Unsecured debt.................... -199,500
Net Assets.............................. -186,500



Its good you dont miss payments but must be hard on such a tight budget!!
You need to really cut back. Sky is too high do you NEED it?
I was paying the same and certainly dont miss it as much as i thought i would
Groceries stick to a strict shopping list, meal plan, use offers and drop a brand here and there! I spend £150 for 4 of us. If you pop over to the old style board there are lots of tips and advise there.

Hopefully others will be along for advise re your credit cards etc i know nothing about these x

savingmummy

huskypup wrote: »

Hi - I think the gas & electricity are ok, 4 bed house, radiators all down on low - energy light bulbs in everything. Gas has just come down by £10 per month.

Gas plan - we have had to use it when the boiler blow up and the drains all blocks, could cancel it, but it also covers all of electrical equipment - cooker, washing machine, freezer etc.

:eek:4 bedroom? for 2!!! maybe rent rooms out

WASHER

Its Monday morning (and still sleepy) and I'm reading that your Barclaycard outstanding debt is 145000, is this correct?

huskypup

Petrol costs, include collecting children every other weekend 120 miles each way - we both work 15 miles from work in opposite directions.

Have just renewed car insurance - got £50 cash back - that is the cheapest we can get - mine has gone down but HB has gone up!!.

Groceries include pets (which some of the SOA planners include as a seperate entry) - could cut down by £50. Hair cuts are compulsary (military) plus we are responsible for paying for the childrens haircuts and clothes as part of the maintenance agreement.

Will halve the birthday fund.

No that should be 14500 for the barclay card.

WASHER

Had a quick look, your internet/phone and tv are costing you too much, reduce this.

Also, you pay a management fee, is your drainage not covered in the cost of this?


If you do not have contents insurance, this is a priority, much more so than a mobile phone or cable/sky etc.

WASHER.x.

WASHER

You can edit your first post for the Barclaycard debt, simply click on Edit button in the bottom right hand corner.

wigannwuk

just noticed the barclaycard debt myself...good wages coming in but not that good for that limit...hope for their sakes its too many zero's!!

beverleyhills

Do you really have £145,000 on your Barclaycard cc?