SOA and Natwest

vodooelephant

Hi

I have spoken to Natwest today as i have MIL recieved a debt letter at her address for me we moved over a year ago - i thought overdraft was put in with credit card payments.?

They have asked for a financial statment in writing (posted only) I have asked to repay £30.00 a month - they didnt ask for this with credit card or hubbys loan/overdraft?

I have done a SOA can you have a look and see if this will be acceptable?

Most if this overdraft amount in incured bank charges + monthly fee for having an account?

Thanks

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1552.19
Benefits................................ 1069.12
Other income............................ 0
Total monthly income.................... 2621.31

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 900
Management charge (leasehold property).. 0
Council tax............................. 205
Electricity............................. 85
Gas..................................... 65
Oil..................................... 0
Water rates............................. 60
Telephone (land line)................... 50
Mobile phone............................ 45
TV Licence.............................. 36
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 60
Petrol/diesel........................... 200
Road tax................................ 35
Car Insurance........................... 70
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 40
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.2
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 35
Entertainment........................... 50
Holiday................................. 25
Emergency fund.......................... 0
Total monthly expenses.................. 2348.2


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1400
Other assets............................ 0
Total Assets............................ 1400

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
abbey cc.......................7862.65...80........0
craig natwest loan.............15136.2...100.......0
emma natwest cc................649.84....25........0
emma natwest overdraf..........1546.51...30........0
CRAIG NATWEST OVERDRA..........1300......20........0
Total unsecured debts..........26495.2...255.......-


Monthly Budget Summary
Total monthly income.................... 2,621.31
Expenses (including HP & secured debts). 2,348.2
Available for debt repayments........... 273.11
Monthly UNsecured debt repayments....... 255
Amount left after debt repayments....... 18.11

Personal Balance Sheet Summary
Total assets (things you own)........... 1,400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,495.2
Net Assets.............................. -25,095.2

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

DEVONLIFE_2

Hi
A few things look a bit high. Utilities have you got the best deal? go to the comparison websites you could save here. I saved £350 per year on gas & electricity. Car insurance looks high do you need 2 cars. Food looks okay. Rent looks high. Entertainment £50 per month??? TV Licence isnt £36 per month. Mobiles can you get a better package. Telephone I pay £23 per months for phone and broadband! Hope that helps. There are many others that will help you that will be along soon. Best of luck DL

Tixy

Hi

Is this your actual SoA that you think you spend or is it just what you want to send to your creditors. As I think some things good be lower in practice but not necessarily in terms of what the creditor sees.

Are you currently on a DMP/reduced payment plan for your credit cards? are you saying that the overdraft was not included? Also just to check - I assume you are banking elsewhere now, not using the overdraft?

vodooelephant wrote: »

Hi

I have spoken to Natwest today as i have MIL recieved a debt letter at her address for me we moved over a year ago - i thought overdraft was put in with credit card payments.?

They have asked for a financial statment in writing (posted only) I have asked to repay £30.00 a month - they didnt ask for this with credit card or hubbys loan/overdraft?

I have done a SOA can you have a look and see if this will be acceptable?

Most if this overdraft amount in incured bank charges + monthly fee for having an account?

Thanks

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1552.19
Benefits................................ 1069.12
Other income............................ 0
Total monthly income.................... 2621.31

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 900 this looks high but maybe isn't in surrey? do you get HB towards this?
Management charge (leasehold property).. 0
Council tax............................. 205 again looks pretty high?
Electricity............................. 85 looks high - does it include arrears?
Gas..................................... 65
Oil..................................... 0
Water rates............................. 60
Telephone (land line)................... 50 looks quite high
Mobile phone............................ 45
TV Licence.............................. 36 this is wrong - its abour £13, £36 is a quarterly payment. (unless you are paying a fine/arrears)
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350 could be less
Clothing................................ 60
Petrol/diesel........................... 200
Road tax................................ 35
Car Insurance........................... 70
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 40
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.2
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 35
Entertainment........................... 50
Holiday................................. 25
Emergency fund.......................... 0
Total monthly expenses.................. 2348.2


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1400
Other assets............................ 0
Total Assets............................ 1400

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
abbey cc.......................7862.65...80........0
craig natwest loan.............15136.2...100.......0
emma natwest cc................649.84....25........0
emma natwest overdraf..........1546.51...30........0
CRAIG NATWEST OVERDRA..........1300......20........0
Total unsecured debts..........26495.2...255.......-

If these are payment plans they are not fair to each creditor. You should split the amount you can afford based on the balance, so for craig's nw overdraft to get less than emmas natwest cc is not 'fair'.

If (roughly) the amount you can afford is £265 and the debts are £26.5k then you should pay £1 for each £100 you owe. So approximately

abbey cc.......................7862.65...80........0 £79
craig natwest loan.............15136.2...100.......0 £151
emma natwest cc................649.84....25........0 £7
emma natwest overdraf..........1546.51...30........0 £15
CRAIG NATWEST OVERDRA..........1300......20........0 £13

Monthly Budget Summary
Total monthly income.................... 2,621.31
Expenses (including HP & secured debts). 2,348.2
Available for debt repayments........... 273.11
Monthly UNsecured debt repayments....... 255
Amount left after debt repayments....... 18.11

Personal Balance Sheet Summary
Total assets (things you own)........... 1,400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,495.2
Net Assets.............................. -25,095.2

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

Hope that helps