SOA using soa calculator..any advice welcome

indebtmummy_2

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 729.88
Other income............................ 0
Total monthly income.................... 729.88

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 52
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 120
Gas..................................... 0
Oil..................................... 0
Water rates............................. 20.8
Telephone (land line)................... 44
Mobile phone............................ 0
TV Licence.............................. 18
Satellite/Cable TV...................... 0
Internet Services....................... 26
Groceries etc. ......................... 188
Clothing................................ 52
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 26 daysaver to visit my mom
Childcare/nursery....................... 0
Other child related expenses............ 28.60 sons school buspass
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 32
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0 we havent had a holiday in 5 years : (
Emergency fund.......................... 10
laundry , toiletries, cat food.......... 20
school music lesson..................... 20
school snacks........................... 18
Total monthly expenses.................. 695.4

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 250......(52).......0
Total secured & HP debts...... 250.......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
studio.........................400.17....£5.........0
grattan........................1035.72...£5.........0
freemans/oli...................319.97....£5.........0
simply yours...................364.03....£5.........0
simply yours...................344.72....£5.........0
vanquis........................533.65....£5.........0
additions......................317.75....£5.........0
Total unsecured debts..........3316.01...35........

Monthly Budget Summary
Total monthly income.................... 729.88
Expenses (including HP & secured debts). 695.4
Available for debt repayments........... 34.48
Monthly UNsecured debt repayments....... 35
Amount short for making debt repayments. -0.52

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -250
Total Unsecured debt.................... -3,316.01
Net Assets.............................. -3,566.01
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

gonzo127

indebtmummy wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 729.88 - check the entitled to website make sure you are getting everything you can
Other income............................ 0
Total monthly income.................... 729.88

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 52
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 120 - this does seem high have you swopped lately using the comparison sites? if not i would suggest to have a look find out your usage in KWH and do a comparison, use quidco or other cashback site if you do swop
Gas..................................... 0
Oil..................................... 0
Water rates............................. 20.8
Telephone (land line)................... 44 - this is a lot! try and find out who and what you are calling, ie mobiles, daytime evening and weekend or internation, then look for a inclusive bundle even BT do a anytime call bundle for only £5 a month on top of line rental!
Mobile phone............................ 0
TV Licence.............................. 18
Satellite/Cable TV...................... 0
Internet Services....................... 26 - this is a bit high as well dependent on usage this could be dropped a bit
Groceries etc. ......................... 188 - pretty good for 3 people in my books
Clothing................................ 52 - this is high even with 2 kids, i have 3 kids (one 17 year old, one 13 year old and a baby) and do not even spend half of this each month
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 26 daysaver to visit my mom
Childcare/nursery....................... 0
Other child related expenses............ 28.60 sons school buspass
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 32
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0 we havent had a holiday in 5 years : (
Emergency fund.......................... 10
laundry , toiletries, cat food.......... 20
school music lesson..................... 20
school snacks........................... 18
Total monthly expenses.................. 695.4

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 250......(52).......0
Total secured & HP debts...... 250.......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
studio.........................400.17....£5.........0
grattan........................1035.72...£5.........0
freemans/oli...................319.97....£5.........0
simply yours...................364.03....£5.........0
simply yours...................344.72....£5.........0
vanquis........................533.65....£5.........0
additions......................317.75....£5.........0
Total unsecured debts..........3316.01...35........

Monthly Budget Summary
Total monthly income.................... 729.88
Expenses (including HP & secured debts). 695.4
Available for debt repayments........... 34.48
Monthly UNsecured debt repayments....... 35
Amount short for making debt repayments. -0.52

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -250
Total Unsecured debt.................... -3,316.01
Net Assets.............................. -3,566.01
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

hi i have made a few comments above i think you could reasonably get an extra £40 a month with a few changes, however i would suggest if you can save this, to actually put it to one side for the time being and try and get some money saved to make some 'full and final' settlements to the DCA's as it is not unknown to be able to get a settlement of 20-40% of the debt once it has been given to a DCA

miss_missy

hi
well done on the new soa

whats the secured debt? and whats it secured against? is it your provident payment if that is just a loan it needs to go into your unsecured debts i believe

indebtmummy_2

hi , the phone line bit covers rental , caller id ( to see who is calling lol ) and calls , its £11 a week for all of it...all in all with this and internet i pay about £66 a month ( 18 month contract : ( to virgin media )
electric is with british gas , about £30 a week, i am all electric and economy 7 so it eats the electric..and no washing machine mean i am using a bit more to get clothes dry in time.
the clothing is also the allowance for shoes and uniform as well as the odd top or bottoms we all need..

moneysaver599

Hi first time i've given advice on a SOA but I've added a few comments below and hope i can help a little!!

indebtmummy wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 0 - could you look for a part-time job, it will affect benefits but you'll still end up better off with tax credits
Partners monthly income after tax....... 0
Benefits................................ 729.88 - does this include housing/council tax benefit/child tax credit & child benefit.
Other income............................ 0 - could you get child maintenance??
Total monthly income.................... 729.88

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 52
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 120 head over to the utilities board to try and reduce this a bit
Gas..................................... 0
Oil..................................... 0
Water rates............................. 20.8 check with supplier - you may get a discount for being only adult occupant
Telephone (land line)................... 44 can you reduce package or get this joint with internet as you pay total £70.00 for the two!!?
Mobile phone............................ 0
TV Licence.............................. 18
Satellite/Cable TV...................... 0
Internet Services....................... 26 see comment on telephone
Groceries etc. ......................... 188 this is good i think
Clothing................................ 52
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 26 daysaver to visit my mom
Childcare/nursery....................... 0
Other child related expenses............ 28.60 sons school buspass - have you checked with school & local authority to see if eligible for free bus travel?? or walk him to school if not too far?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 32
Haircuts................................ 0 you should budget for this
Entertainment........................... 20
Holiday................................. 0 we havent had a holiday in 5 years : (
Emergency fund.......................... 10
laundry , toiletries, cat food.......... 20
school music lesson..................... 20
school snacks........................... 18
Total monthly expenses.................. 695.4

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 250......(52).......0
Total secured & HP debts...... 250.......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
studio.........................400.17....£5.........0
grattan........................1035.72...£5.........0
freemans/oli...................319.97....£5.........0
simply yours...................364.03....£5.........0
simply yours...................344.72....£5.........0
vanquis........................533.65....£5.........0
additions......................317.75....£5.........0
Total unsecured debts..........3316.01...35........

Monthly Budget Summary
Total monthly income.................... 729.88
Expenses (including HP & secured debts). 695.4
Available for debt repayments........... 34.48
Monthly UNsecured debt repayments....... 35
Amount short for making debt repayments. -0.52

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -250
Total Unsecured debt.................... -3,316.01
Net Assets.............................. -3,566.01
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

Sorry I wasn't much help! Could you also write to each of the people you owe money to and ask them to freeze interest and charges to give you a chance to reduce the debt (other people will be along to explain this better)

indebtmummy_2

oh , it is a provident loan lol.. put it in the wrong space then! lol

indebtmummy_2

p.s , sons bus pass.. he dosent qualify for a free one as there are schools nearer.. he would have to walk down the hagley road to get there about a 40 min walk

RAS

How much is the provident loan for?

indebtmummy_2

at the moment i am training to be a teaching assistant , one day college , three days placement .. leaves me a friday spare when i dont have the children , so not sure if i would be alright working from 9.30 till 2.30.. and how much better off i would be..
the provident loan was £200.. paying alot of interest..
pay back £13 a week

JasX

indebtmummy wrote: »

p.s , sons bus pass.. he dosent qualify for a free one as there are schools nearer.. he would have to walk down the hagley road to get there about a 40 min walk

could he cycle?

Also your electrical bill is Astronomical, are you sure you've done all you can to cut it down? use of electrical heating minimised (anything electric that gets hot uses alot of power, heaters, towel rails, tumble dryer, cooking etc etc? lights changed for energy saving bulbs (the cheap supermarket ones -waitrose does 2x 100w equivilents for £1.50) not leavign things on standby etc etc

indebtmummy_2

hi .. neither have a bike , i am in a high rise on the 11th floor in a two bed so no space for one