SOA -Is there light at the end of the tunnel?

admingirl

Well here it is in all its glory. I contacted CAP as they have a local contact and they have put me into a dmp although it says 166 years to pay off because my divorce is not even at the nisi stage yet (6 mths taken so far) although I have heard he has now signed his paper. But as he is also in dire muck and a charge is probably going onto the house because he hasn't bothered contacting his c.card people. (Why do I have to pay for his bit too?) So I can't see much from him maybe some child maintenance - only a year left there tho. I have paid everything for both of us (stupid idiot- not paid his cards this time) so have never been in arrears til month ago. hate it.:mad: Must have missed off something as I don't know where the spare £253 comes from - I wish. Add union fees of £11. No card payments yet as they are with CAP - pay CAP £85.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 917
Partners monthly income after tax....... 0
Benefits................................ 470
Other income............................ 0
Total monthly income.................... £1387
Monthly Expense Details
Mortgage................................ 505
Secured loan repayments.............. 75
Council tax............................. 100
Electricity............................. 49
Gas..................................... 20
Water rates............................. 27
Telephone (land line)................... 0
Mobile phone............................ 5
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 140
Clothing................................ 5
Petrol/diesel........................... 40
Road tax................................ 18
Car Insurance........................... 18
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 20
Other child related expenses............ 15
Medical (prescriptions, dentist etc).... 0
Buildings insurance..................... 9
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 17
Presents (birthday, christmas etc)...... 7
Haircuts................................ 5
Entertainment........................... 5
Holiday................................. 0
Emergency fund.......................... 5
Total monthly expenses.................. £1134
Assets
Cash.................................... 5
House value (Gross)..................... 175000
Car(s).................................. 200
Other assets............................ 0
Total Assets............................ £175205
Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 93000....(505)......0.7
Secured Debt.................. 16000....(75).......24
Total secured debts...... £109000
Description....................Debt......Monthly...APR
credit card....................4213......0.........0
credit card....................3275......0.........0
credit card....................2820......0.........0
bank o/d.......................130.......0.........0
bank o/d.......................1400......0.........0
credit card....................1223......0.........0
credit card....................2564......0.........0
Total unsecured debts..........£15625
Monthly Budget Summary
Total monthly income.................... 1,387
Expenses (including secured debts). 1,134
Available for debt repayments........... 253
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 253
Personal Balance Sheet Summary
Total assets (things you own)........... 175,205
Total HP & Secured debt................. -109,000
Total Unsecured debt.................... -15,625
Net Assets.............................. 50,580

Reproduced on Moneysavingexpert with permission, using IE browser.[/i][/font]

miggy

Hi, I take it your DS is in his teens? Is he paying some of his own expenses?
Clothing budget - this seems low especially with a teenager. Do CAP have any advice on levels to set?
Hopefully someone with more insight than me will be along soon

miggy

Thought of a couple more things: I take it these are your personal liabilities, none of your ex's? And is the mortgage in your name, his name or joint names? I think that can make a difference to whether a charge can be made against the house.

Nottoobadyet

Does look like theres a £253 light at the end of the tunnel! Do you really have this at the end of the month and put it towards your debts? if not, something may be missing off the SOA.

I'd think you have far less than 166 years to wait! The only thing I wanted to mention on the SOA was the council tax - are you getting the 25% discount now that you're single?

admingirl

thanks people. mge is joint, ds pays a lot of his own - works part time but at college so I use some of child benefit for rail fairs. Council tax is just for me. Since CAP have looked at soa (old one) I have reduced a few things - life ins by 1/3 inc ex as he is still on mge, rail fair - student rail pass (still cheaper than council costs of £37/mth), contact lens was £13/mth now online but not for 2 months. Broadband/phone went to supplier and got it cut from £35 to £27. Spend v. little on clothes possibly not put down enough for personal stuff though. As far as I know I haven't had £253 left at the end of the month. Managed to put an extra £20 to CAP. Probably forgetting ds sports costs and essentials - will have to have a look when I've put all my receipts onto my daily chart - bit behind but helps to write it all in my diary. Surprising how just milk & bread add up.

miggy

If your Ds will still be at College next year, can College offer help towards fares?
Contact lenses: I've seen mention of people reusing daily disposables so long as they are undamaged and cleaned as per monthly lenses. I have managed to do it once but I don't wear mine often anyway. Monthly ones are cheaper if they suit your eyes.
You could try keeping a spending diary - people say that's effective for showing where the money goes.
Milk & bread really do add up! Apparently the cheapest milk is dried, and the cheapest bread is home made (with or without a bread maker).
You've already made some useful cuts - have you also looked at whether your gas & electricity are the cheapest? It's worth doing this regularly - keep an eye on the site for when to change!
Now I'm no expert on mortgages, but will it stay in joint names? I don't know if there's any possibility of it becoming yours, or whether your ex will contribute? If as you say, there's the possibility of someone trying to reclaim money off him through a house sale (have I understood right?), that'll obviously be a major factor and you'll need to know your rights. I don't know enough to risk an opinion but you could ask on the mortgage boards.
Just looking at your electricity costs - do check things aren't left on standby (my teenagers leave things on all the time!). Turn the water temperature down a degree too.
I can't think of anything else right now, hopefully in the morning someone will come up with something helpful!

mum2one

admingirl wrote: »

Well here it is in all its glory. I contacted CAP as they have a local contact and they have put me into a dmp although it says 166 years to pay off because my divorce is not even at the nisi stage yet (6 mths taken so far) although I have heard he has now signed his paper. But as he is also in dire muck and a charge is probably going onto the house because he hasn't bothered contacting his c.card people. (Why do I have to pay for his bit too?) So I can't see much from him maybe some child maintenance - only a year left there tho. I have paid everything for both of us (stupid idiot- not paid his cards this time) so have never been in arrears til month ago. hate it.:mad: Must have missed off something as I don't know where the spare £253 comes from - I wish. Add union fees of £11. No card payments yet as they are with CAP - pay CAP £85.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 917
Partners monthly income after tax....... 0
Benefits................................ 470 - Have you checked that you are getting everything you are entitled to
Other income............................ 0
Total monthly income.................... £1387
Monthly Expense Details
Mortgage................................ 505
Secured loan repayments.............. 75 - how long have you got left on this
Council tax............................. 100 -are you getting the single adult rate, also may be worth asking if you can pay over 12 months not 10

Electricity............................. 49 - that seems high, simple things turn lights off, don't leave items on charge etc, turn tv off - don't use standby
Gas..................................... 20
Water rates............................. 27
Telephone (land line)................... 0
Mobile phone............................ 5
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 140
Clothing................................ 5
Petrol/diesel........................... 40
Road tax................................ 18
Car Insurance........................... 18
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 20
Other child related expenses............ 15
Medical (prescriptions, dentist etc).... 0
Buildings insurance..................... 9
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 17
Presents (birthday, christmas etc)...... 7 - that seems a really low figure, £84 covers all your bday and xmas presents?

Haircuts................................ 5 - Is it really that low
Entertainment........................... 5 - ditto
Holiday................................. 0
Emergency fund.......................... 5
Total monthly expenses.................. £1134
UNION FEES - £11
CAP - CARDS £85
NEW TOTAL 1230


Assets
Cash.................................... 5
House value (Gross)..................... 175000
Car(s).................................. 200
Other assets............................ 0
Total Assets............................ £175205
Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 93000....(505)......0.7
Secured Debt.................. 16000....(75).......24
Total secured debts...... £109000
Description....................Debt......Monthly...APR
credit card....................4213......0.........0
credit card....................3275......0.........0
credit card....................2820......0.........0
bank o/d.......................130.......0.........0
bank o/d.......................1400......0.........0
credit card....................1223......0.........0
credit card....................2564......0.........0
Total unsecured debts..........£15625
Monthly Budget Summary
Total monthly income.................... 1,387
Expenses (including secured debts). 1,134
Available for debt repayments........... 253
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 253
Personal Balance Sheet Summary
Total assets (things you own)........... 175,205
Total HP & Secured debt................. -109,000
Total Unsecured debt.................... -15,625
Net Assets.............................. 50,580

Reproduced on Moneysavingexpert with permission, using IE browser.[/i][/font]

Incomings - £1387, outgoings (added in Union and the £85 that you will be paying for the cards) - spare in theory would be £153.00 spare.

I've made a few pointers on the SOA, again just suggestions,

What I would say is presently the SOA is showing you have £253 a month, but thats not the case, the best bet is keep a spending diary, doesn't have to be a posh diary, 20p saver notepad do the job!! Keep that for a couple of weeks, whether its 50p for a packet of chewing gum or £3 for that must have magazine, that may show where the money dipping down the cracks,

xx

miggy

Bump!

Who's around this morning who can cast an eye over this and make suggestions please?

katsu

miggy wrote: »

Bump!

Who's around this morning who can cast an eye over this and make suggestions please?

We need the OP to update her spending diary (she mentioned having receipts to enter) and then revise her SOA as if she is over £150 out on her SOA we don't have the complete picture to look for cutbacks. I also question whether she is saving the £5 emergency fund for example?

I suggest utilities focus - turn everything off as much as possible, to get summer usage down as low as you can and get back to us having checked some of your SOA figures. Good luck.

lesalanos

the spending diary should help

admingirl

Back again. Thanks. I am keeping a spending diary and some of the spare money goes on sport fees which add up to £25 a month basic. Then the occasional larger purchase although we do get some help from one sport for the clothing and competition fees (50% back) but the other sport has just had an outlay of £100. I tend to forget about including this expense - sounds crazy I know. My savings went on buying an old car for £300 when mine got repossessed by the ex. Do you think the elec bill is high? I'll look into that. All I have is a haircut every 3 months for a tenner - same for ds. Was too low on entertainment if you count a weekly take away and this week has been a money out week with retirement/leaving dos. Usually then about £20 (except this week!). Will do a proper check on outgoings Saturday- add all up properly from diary. Hadn't thought about council tax over 12months - didn't know that is a possibility. Birthdays etc are low - not a big family at all. Occasional night out with friends but all very frugal and rare! (Not the friends they're priceless). I can't believe, tho, how much better/more positive I feel just doing this, so thanks again. Will be back on Saturday. :A