First SOA :)

mixedupdebt

Hi all,

This is my first SOA. Any advice welcome.

Thanks.

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.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 460
Benefits................................ 260
Other income............................ 150
Total monthly income.................... 870

Monthly Expense Details
Mortgage................................ 1180
Secured/HP loan repayments.............. 190
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 64
Electricity............................. 62
Gas..................................... 0
Oil..................................... 100
Water rates............................. 0
Telephone (land line)................... 30
Mobile phone............................ 5
TV Licence.............................. 14
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 480
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 20
Car Insurance........................... 30
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 45
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 13
Contents insurance...................... 0
Life assurance ......................... 75
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2428


Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 141500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 190000...(1180).....0
Hire Purchase (HP) debt ...... 1800.....(190)......0
Total secured & HP debts...... 191800....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
A&L Overdraft..................915.......20........0
CU Loan........................3196......187.......0
Sainsburys Loan................21164.....284.......0
Virgin CC......................6620......150.......0
Tesco CC.......................3782......80........0
Sainsburys CC..................2765......80........0
Halifax CC.....................3695......80........0
Barclaycard CC.................519.......15........0
Total unsecured debts..........42656.....896.......-


Monthly Budget Summary
Total monthly income.................... 870
Expenses (including HP & secured debts). 2,428
Available for debt repayments........... -1,558
Monthly UNsecured debt repayments....... 896
Amount short for making debt repayments. -2,454

Personal Balance Sheet Summary
Total assets (things you own)........... 141,500
Total HP & Secured debt................. -191,800
Total Unsecured debt.................... -42,656
Net Assets.............................. -92,956

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

WASHER

Welcome to MSE.

Are you sure the salary/income is correct, do you work?

WASHER.x.

System

mixedupdebt 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.................... 2 Do you really need two cars?

Monthly Income Details
Monthly income after tax................ 0 Do you stay at home with the kids?
Partners monthly income after tax....... 460
Benefits................................ 260
Other income............................ 150 Where is this from?
Total monthly income.................... 870

Monthly Expense Details
Mortgage................................ 1180 This is incredibly high considering your joint income. Is it interest only or repayment? Try going interest only for now, if you're not already.
Secured/HP loan repayments.............. 190
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 64
Electricity............................. 62
Gas..................................... 0
Oil..................................... 100 Seems quite high - turn down thermostats, turn off radiators in unused rooms, try swapping supplier and get cashback for it.
Water rates............................. 0
Telephone (land line)................... 30
Mobile phone............................ 5
TV Licence.............................. 14
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 480 This is very high. Most people on here will tell you that it can be done for £200-300. Try meal planning and dropping a brand.
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 20
Car Insurance........................... 30
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 45
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 13
Contents insurance...................... 0
Life assurance ......................... 75
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2428


Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 141500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 190000...(1180).....0
Hire Purchase (HP) debt ...... 1800.....(190)......0
Total secured & HP debts...... 191800....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
A&L Overdraft..................915.......20........0
CU Loan........................3196......187.......0
Sainsburys Loan................21164.....284.......0
Virgin CC......................6620......150.......0
Tesco CC.......................3782......80........0
Sainsburys CC..................2765......80........0
Halifax CC.....................3695......80........0
Barclaycard CC.................519.......15........0
Total unsecured debts..........42656.....896.......-


Monthly Budget Summary
Total monthly income.................... 870
Expenses (including HP & secured debts). 2,428
Available for debt repayments........... -1,558
Monthly UNsecured debt repayments....... 896
Amount short for making debt repayments. -2,454

Personal Balance Sheet Summary
Total assets (things you own)........... 141,500
Total HP & Secured debt................. -191,800
Total Unsecured debt.................... -42,656
Net Assets.............................. -92,956

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Hi mixedup,

I've made some comments (in red) on your SOA. There are a few places where you can cut back even further but, to be honest, unless your income goes up dramatically then I think you need professional help because the deficit is so massive. I would contact CAB.

Is there any reason why only one of you works? Can your OH find a better-paid job?

Red.

savingmummy

mixedupdebt wrote: »

Hi all,

This is my first SOA. Any advice welcome.

Thanks.

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.................... 2
do you need 2 cars?
Monthly Income Details
Monthly income after tax................ 0 could you get a p/t or f/t job
Partners monthly income after tax....... 460
Benefits................................ 260
Other income............................ 150 what is this?
Total monthly income.................... 870

Monthly Expense Details
Mortgage................................ 1180 this is more then your income!
Secured/HP loan repayments.............. 190
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 64
Electricity............................. 62 is this cheapest?
Gas..................................... 0
Oil..................................... 100
Water rates............................. 0 ?? none
Telephone (land line)................... 30
Mobile phone............................ 5
TV Licence.............................. 14
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 480 far too high for your income, this needs to be reduced!
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 20
Car Insurance........................... 30 for 2?
Car maintenance (including MOT)......... 15 for 2?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 45 what is this?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 13
Contents insurance...................... 0
Life assurance ......................... 75 can you get cheaper?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 reduce this
Haircuts................................ 10
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2428


Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 141500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 190000...(1180).....0
Hire Purchase (HP) debt ...... 1800.....(190)......0
Total secured & HP debts...... 191800....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
A&L Overdraft..................915.......20........0
CU Loan........................3196......187.......0
Sainsburys Loan................21164.....284.......0
Virgin CC......................6620......150.......0
Tesco CC.......................3782......80........0
Sainsburys CC..................2765......80........0
Halifax CC.....................3695......80........0
Barclaycard CC.................519.......15........0
Total unsecured debts..........42656.....896.......- aprs??


Monthly Budget Summary
Total monthly income.................... 870
Expenses (including HP & secured debts). 2,428
Available for debt repayments........... -1,558
Monthly UNsecured debt repayments....... 896
Amount short for making debt repayments. -2,454 how do you cover everything? overdraft? cc?

Personal Balance Sheet Summary
Total assets (things you own)........... 141,500
Total HP & Secured debt................. -191,800
Total Unsecured debt.................... -42,656
Net Assets.............................. -92,956

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

You are 2k short a month is this right??
You need to stop the cards and reduce your outgoings!
Your income is low, can you work? your OH increase work?

IMO you need professional help! You can`t afford your debt repayments a month!
Your mortgage is higher then your income how are you paying for this??

gonzo127

i am sorry if this is harsh and not what you want to here and i really hope you have got some errors in your SOA above, however from what i can tell the best course of action for you MIGHT be bankrupcy, main reasons for this

your income is very low
you are currently earning less than your mortgage costs you let alone any food tax or other expenses
your house is in £50,000 of negative equity

basically the only way i can see of your getting out of this without going bankrupt would be for you or your otherhalf to get a much better paid job AND make some big cuts to your lifestyle

RAS

I think we have one income and the joint household expenditure listed?

Are the debts all your or joint?

savingmummy

Info from Dec http://forums.moneysavingexpert.com/showthread.html?p=27954275&highlight=#post27954275

System

savingmummy wrote: »

Info from Dec http://forums.moneysavingexpert.com/showthread.html?p=27954275&highlight=#post27954275

This financial situation is way beyond just cutting back on food a bit. This is definitely something that needs professional attention, which it seems OP is already pursuing.

Good luck, mixedup!

savingmummy

I wasn`t aware of the recent situation when i commented on the soa, so no general cutting back wont help!!

Mixedup what is currently happening regarding professional help etc?

mixedupdebt

Thanks for the prompt replies. Harsh I know, but these are the figures. In answer to some of the points:

Household info:
2 cars. One is 9 yrs old and fully paid off. The other is 5 years old (family car).
Live in country so yes, both cars are used.

Income:
My income is 0. Am on JSA and actively looking for work. Had own business last year which has now ceased trading - hence back looking for work.
Wife is on SMP for next year. Her income normally 1200 p/m after tax.
My income was 1700 p/w after tax before starting own business.
150 extra is child benefit.

Household bills:
Electric - yes, cheapest - sole supplier here in Northern Ireland.
Water rates are included in general rates in NI.
Car insurance and maintenance are for 2 cars.

Other household:
I will work at reducing these spends. Values are current.

Mortgage:
Full repayment. Contacted lender in Dec to notify of circumstances. Due to LTV ratio, they are unwilling to change to interest only. Will not even offer a payment break. Currently trying to arrange reduced payments with them for a year. Not going well. Mortgage uptodate until last month. Lender not playing ball at all. Just looking at short term and not the life of the mortgage (still 20 years left).

General spending is pretty low. No impulse or spurge spending. All debts have been incurred due to business costs and not as a result of wasteful spending. Until business I was debt free.

I have spoken with the CCCS. Have also sent token £1 payment letters to all unsecured lenders. Any household bills that can be shopped around for have been.

CCCS said bankruptcy would be unlikely to be granted at present until I can balance my incomings and outgoings - Hopefully an option once I'm back to work.

Debts are all my own. Wife is debt free.

Keep the advice flowing.

Thanks.

savingmummy

How are you paying for the mortgage and other monthly outgoings?

I really dont have any concrete advise, i`m sure others who have been through the same can help you! Only option i see is to be declared bankrupt.
I hope you get sorted soon, and good luck with the job hunting x