Soa

alice43

Any comments greatly received!!

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1250
Partners monthly income after tax....... 560
Benefits................................ 173
Other income............................ 640
Total monthly income.................... 2623

Monthly Expense Details
Mortgage................................ 759
Secured/HP loan repayments.............. 397
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 96
Gas..................................... 0
Oil..................................... 100
Water rates............................. 0
Telephone (land line)................... 40
Mobile phone............................ 90
TV Licence.............................. 12
Satellite/Cable TV...................... 50
Internet Services....................... 0
Groceries etc. ......................... 520
Clothing................................ 150
Petrol/diesel........................... 240
Road tax................................ 30
Car Insurance........................... 50
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 24
Medical (prescriptions, dentist etc).... 6
Pet insurance/vet bills................. 10
Buildings insurance..................... 15
Contents insurance...................... 10
Life assurance ......................... 117
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70
Haircuts................................ 26
Entertainment........................... 0
Holiday................................. 75
Emergency fund.......................... 0
Total monthly expenses.................. 3047


Assets
Cash.................................... 0
House value (Gross)..................... 200000
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 207000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 183179...(759)......0
Secured Debt.................. 48349....(356)......0
Hire Purchase (HP) debt ...... 1100.....(41).......0
Total secured & HP debts...... 232628....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
overdraft......................2000......0.........0
overdraft......................2100......0.........0
mint...........................9144......200.......0
a and l .......................2305......55........0
Total unsecured debts..........15549.....255.......-


Monthly Budget Summary
Total monthly income.................... 2,623
Expenses (including HP & secured debts). 3,047
Available for debt repayments........... -424
Monthly UNsecured debt repayments....... 255
Amount short for making debt repayments. -679

Personal Balance Sheet Summary
Total assets (things you own)........... 207,000
Total HP & Secured debt................. -232,628
Total Unsecured debt.................... -15,549
Net Assets.............................. -41,177

katsu

alice43 wrote: »

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1250
Partners monthly income after tax....... 560
Benefits................................ 173
Other income............................ 640 - what is this?
Total monthly income.................... 2623

Monthly Expense Details
Mortgage................................ 759
Secured/HP loan repayments.............. 397
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 96 if you have no electric heating this seems very high (like about 2.5 times too high). Can you stop using a tumble dryer, turn thigs off not standby etc?
Gas..................................... 0
Oil..................................... 100 I assume this is your monthly winter figure, not an annual average - are you really spending £1200 per year on heating?:eek:
Water rates............................. 0
Telephone (land line)................... 40 look at Martin's advice on making cheaper calls. I use Rebtel for international calls and have saved a fortune.
Mobile phone............................ 90 again look at the tabs at the top of the page and work out how to reduce this.
TV Licence.............................. 12
Satellite/Cable TV...................... 50 afraid you need to reduce this - buy a freeview box or go without?
Internet Services....................... 0
Groceries etc. ......................... 520 old style board will help you reduce this.
Clothing................................ 150 - on what? Are you sure this is accurate, as it seems very high.
Petrol/diesel........................... 240 how many non essential journeys? are you driving fuel efficiently?
Road tax................................ 30
Car Insurance........................... 50
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 24
Medical (prescriptions, dentist etc).... 6
Pet insurance/vet bills................. 10
Buildings insurance..................... 15
Contents insurance...................... 10
Life assurance ......................... 117 have you checked this is best deal you can get?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70 :eek: This needs to come down. I spent £180 for 23 people for Christmas last year. Unless you are buying for about 100 people (and even if you are TBH), then you are spending way too much for your current income and outgoings.
Haircuts................................ 26
Entertainment........................... 0
Holiday................................. 75 have you booked this yet? If not cancel for now.
Emergency fund.......................... 0
Total monthly expenses.................. 3047


Assets
Cash.................................... 0
House value (Gross)..................... 200000
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 207000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 183179...(759)......0
Secured Debt.................. 48349....(356)......0
Hire Purchase (HP) debt ...... 1100.....(41).......0
Total secured & HP debts...... 232628....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
overdraft......................2000......0.........0 find out the APRs on the mint and A&L at least. Are you charged a monthly fee by the bank for using the OD?
overdraft......................2100......0.........0
mint...........................9144......200.......0
a and l .......................2305......55........0
Total unsecured debts..........15549.....255.......-


Monthly Budget Summary
Total monthly income.................... 2,623
Expenses (including HP & secured debts). 3,047
Available for debt repayments........... -424
Monthly UNsecured debt repayments....... 255
Amount short for making debt repayments. -679

Personal Balance Sheet Summary
Total assets (things you own)........... 207,000
Total HP & Secured debt................. -232,628
Total Unsecured debt.................... -15,549
Net Assets.............................. -41,177

Hi Alice, I hope some of the green comments above help you work out where to make changes to your current spending.

foxgloves

With careful menu planning and cooking more from scratch, you could be able to half your groceries bill, it does seem very high. Also, there are decent monthly mobile tariffs around for £15.

strictwithmoney

How old are your children?
Can you look for a second p/t job?

alice43 wrote: »

Any comments greatly received!!

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1250
Partners monthly income after tax....... 560
Benefits................................ 173
Other income............................ 640
Total monthly income.................... 2623

Monthly Expense Details
Mortgage................................ 759 is this interest only?
Secured/HP loan repayments.............. 397
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120 over 10 or 12 mths?
Electricity............................. 96
Gas..................................... 0
Oil..................................... 100
Water rates............................. 0
Telephone (land line)................... 40
Mobile phone............................ 90 you need to reduce this !
TV Licence.............................. 12
Satellite/Cable TV...................... 50 reduce this and go for freeview !
Internet Services....................... 0
Groceries etc. ......................... 520 reduce this by half, drop a brand and do batch cooking, bring packed lunch to work or school
Clothing................................ 150 you can't afford this !
Petrol/diesel........................... 240 this is very high !
Road tax................................ 30
Car Insurance........................... 50
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 24
Medical (prescriptions, dentist etc).... 6
Pet insurance/vet bills................. 10
Buildings insurance..................... 15 you can reduce this!
Contents insurance...................... 10 you can reduce this!
Life assurance ......................... 117
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70 you can't afford this!
Haircuts................................ 26 try to cut each other hair
Entertainment........................... 0
Holiday................................. 75 you can't afford this!
Emergency fund.......................... 0
Total monthly expenses.................. 3047


Assets
Cash.................................... 0
House value (Gross)..................... 200000
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 207000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 183179...(759)......0
Secured Debt.................. 48349....(356)......0
Hire Purchase (HP) debt ...... 1100.....(41).......0
Total secured & HP debts...... 232628....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
overdraft......................2000......0.........0
overdraft......................2100......0.........0
mint...........................9144......200.......0 ???
a and l .......................2305......55........0 ???
Total unsecured debts..........15549.....255.......-


Monthly Budget Summary
Total monthly income.................... 2,623
Expenses (including HP & secured debts). 3,047
Available for debt repayments........... -424
Monthly UNsecured debt repayments....... 255
Amount short for making debt repayments. -679

Personal Balance Sheet Summary
Total assets (things you own)........... 207,000
Total HP & Secured debt................. -232,628
Total Unsecured debt.................... -15,549
Net Assets.............................. -41,177

You have the potential to reduce your expenses.

The bldg & content insurance of our 4-bed is only £18 a mth.

alice43

My husband told he was being made redundant 7 weeks ago,he has since been offered another job within same company but on half the wage, this maybe explain why a lot of our outgoings seem high!
Mobile phones....3 on contracts ,otherwise thay would be changed to PAYG
Mortgage on interest only
Electricity is high (only 1supplier in N.Ireland)
Other income i look after my friends children while he works shifts and my OH has part time job
Think bankruptcy our only option!

char_student

Agree with the above....holidays/birthdays, mobiles quite high and also clothing FAR too much. £150 per month!

Numpty_Monkey

I think my best sugguestion is to contact
advice4debtNI Tel: 0800 917 4607 Opening times: M-F 9am-5pm.
Free debt advice for peeps in Northern Ireland( its on Martins list
Non-profit Debt Counsellors' List

:A

belfastgirl23

alice43 wrote: »

Any comments greatly received!!

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1250
Partners monthly income after tax....... 560
Benefits................................ 173
Other income............................ 640
Total monthly income.................... 2623

Monthly Expense Details
Mortgage................................ 759
Secured/HP loan repayments.............. 397
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 96 Can def reduce even in NI - we pay £45 a month in a 4 bed detatched house
Gas..................................... 0
Oil..................................... 100 again very high over a full year, can you cut back?
Water rates............................. 0 for now
Telephone (land line)................... 40
Mobile phone............................ 90 very high could cut in half
TV Licence.............................. 12
Satellite/Cable TV...................... 50 who is your provider? should be able to reduce significantly
Internet Services....................... 0
Groceries etc. ......................... 520 :eek:this offers huge potential for savings, try the oldstyle board, should be half this at most for 4 people
Clothing................................ 150 this has to go or be majorly reduced
Petrol/diesel........................... 240
Road tax................................ 30
Car Insurance........................... 50
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 24
Medical (prescriptions, dentist etc).... 6
Pet insurance/vet bills................. 10
Buildings insurance..................... 15 Actually these aren't so different from mine, maybe that's about right in NI (contents and building are £23 per month for me)
Contents insurance...................... 10
Life assurance ......................... 117 Can you get a better deal on this? What does it cover?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70 Cut at least in half
Haircuts................................ 26
Entertainment........................... 0
Holiday................................. 75 probably needs to go
Emergency fund.......................... 0
Total monthly expenses.................. 3047


Assets
Cash.................................... 0
House value (Gross)..................... 200000
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 207000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 183179...(759)......0
Secured Debt.................. 48349....(356)......0
Hire Purchase (HP) debt ...... 1100.....(41).......0
Total secured & HP debts...... 232628....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
overdraft......................2000......0.........0
overdraft......................2100......0.........0
mint...........................9144......200.......0
a and l .......................2305......55........0
Total unsecured debts..........15549.....255.......-


Monthly Budget Summary
Total monthly income.................... 2,623
Expenses (including HP & secured debts). 3,047
Available for debt repayments........... -424
Monthly UNsecured debt repayments....... 255
Amount short for making debt repayments. -679

Personal Balance Sheet Summary
Total assets (things you own)........... 207,000
Total HP & Secured debt................. -232,628
Total Unsecured debt.................... -15,549
Net Assets.............................. -41,177

You should be able to reduce your outgoings significantly. I'd suggest slashing what you spend on clothes, holidays and presents (saving about £200 a month) and looking very seriously at how you can reduce your electric and oil expenditure (saving about £80 a month). At least the summer is usually cheaper for these things. Your grocery bill also offers a great place to cut back - the oldstyle board is excellent for this (saving £250-£300 a month). Your life assurance bill is also huge - this might be a luxury you can't afford at the minute and you might want to go for just basic mortgage cover. I think you can get to a point where you can meet your repayments using these tactics.

Many CABs have specialist debt advisors in NI as well so worth checking if you have one locally

Also is there anything you can ebay in the meantime?

How old are the children by the way?

Oh and is the income before or after the redundancy? ie is it his old wage or his new one?

Finally you need to fill in the APRs on as many of the debts as you can, this will help you decide what to prioritise.

alice43

I think i maybe have completed the wrong form!!! New to all this and struggling, though all help i getting on here making thing clearer! We are going to petition for bankruptcy beginning of April. The costings i have put in on the SOA form are not really what i spend ie i dont have a holiday fund (would have in past but not now) also the clothing allowance wont be anymore, sky will go etc etc but i have put down these figs as was trying to work out how much the OR would allow us when trying to work out the IPA!! Does this make sense?

gonzo127

i think the thing is with this is that with proper budgetting depending on how accurate the SOA is you would not need to go for bankruptcy.

there are a lot of things there that can be changed which will bring your outgoings down so that you can live within your means and to be honest £15k of debt is not that massive in the greater scheme of things

just remember going bankrupt will affect things like getting a mobile phone contract (will probably void your current contract and mean you will have to send the phones back - although i do not know for certain you would have to check you T&C's)

you will also have to take into account that all your insurances will go up in price come renewal meaning your cost of living will increase,

yes you monthly outgoings will drop a little bit since you will not have the debts, however looking at your SOA you will only drop by just over £200 a month whereas the SOA is showing you need to free up nearly £700

basically i PERSONALLY do not see bankruptcy as the best option for you, i might be wrong as i can only go by your SOA and as you have pointed out is not 100% accurate, you also have to think that if this is the basic SOA you are submitting for bankruptcy they might not accept it since you have 1 the ability to live within your means if you make some changes and 2 even if you go brankrupt you would still be overspending (based on current levels) so that would mean bankruptcy would not actually help

alice43

Oh you making me wonder now!!! The house is our major prob!What if we do voluntary repossession??How does that work?There will be neg equitiy!!