Advice on SOA please?

losethedebtlou

Below is my SOA and I would be grateful for any advice. Please note I am in the forces and do not pay any bills for my room, the army pays them. Also there are some bills I have that are not an option on the SOA so I have explained next to them if this is the case. Thanks!



Household Information[/b]
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1670
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1670

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 223
Rent.................................... 521 (this is actually my IVA payment, rent comes from salary at source)
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 80
Clothing................................ 15
Petrol/diesel........................... 160 (travelling home at weekends)
Road tax................................ 20
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 20 (this is combined life, health and kit insurance needed for work)
Other insurance......................... 50 (this is to my virgin pension plan)
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0 (usually whatever is left over, would like some ideas to reduce how much i spend on this and still have some sort of a social life at the weekend)
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1224


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5500
Other assets............................ 0
Total Assets............................ 5500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 6000.....(223)......16
Total secured & HP debts...... 6000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest Loan...................6300......178.......19
Nan............................2300......50........0
Cahoot Overdraft...............900.......50........11 (i pay this voluntarily to try and lose the debt)
Total unsecured debts..........9500......278.......-


Monthly Budget Summary
Total monthly income.................... 1,670
Expenses (including HP & secured debts). 1,224
Available for debt repayments........... 446
Monthly UNsecured debt repayments....... 278
Amount left after debt repayments....... 168

Personal Balance Sheet Summary
Total assets (things you own)........... 5,500
Total HP & Secured debt................. -6,000
Total Unsecured debt.................... -9,500
Net Assets.............................. -10,000

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.[/font]

losethedebtlou

oh yes and the £15 clothing is actually my mess bill for work which I HAVE to pay. I NEVER buy clothes

RAS

Hi

is there a reason why your debts are not included in the IVA?

Tixy

You are on an IVA? Is there a reason that your natwest loan and cahoot overdraft were not included in the IVA? It is normal to put all debts into an IVA.

How long has your IVA been running? how much do you owe (or did you owe originally?)

Just trying to understand the full picture.