My SOA really need help please

needing-help

Yorkshireboy showed me this and suggested I post here. My wage stops in August so I haven't counted it. We also get DLA for both me and my son which I haven't included as my sons is in for renewal now and mine is due in 10 months.
Thanks for any help.

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.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 2400
Benefits................................ 227.8
Other income............................ 0
Total monthly income.................... 2627.8
Monthly Expense Details
Mortgage................................ 834
Secured/HP loan repayments.............. 245
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 113.3
Electricity............................. 45
Gas..................................... 30
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 22
Mobile phone............................ 15
TV Licence.............................. 12.12
Satellite/Cable TV...................... 22
Internet Services....................... 10
Groceries etc. ......................... 450
Clothing................................ 15
Petrol/diesel........................... 70
Road tax................................ 44
Car Insurance........................... 35
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 200
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 35
Buildings insurance..................... 15
Contents insurance...................... 19
Life assurance ......................... 0
Other insurance......................... 172.5
Presents (birthday, christmas etc)...... 15
Haircuts................................ 15
Entertainment........................... 50
Holiday................................. 10
Emergency fund.......................... 20
Total monthly expenses.................. 2566.92

Assets
Cash.................................... 1000
House value (Gross)..................... 260000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 271000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 135000...(834)......5.75
Hire Purchase (HP) debt ...... 9500.....(245)......6.01
Total secured & HP debts...... 144500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................1750......48........0
Loan...........................9500......350.......9.5
Total unsecured debts..........11250.....398.......-

Monthly Budget Summary
Total monthly income.................... 2,627.8
Expenses (including HP & secured debts). 2,566.92
Available for debt repayments........... 60.88
Monthly UNsecured debt repayments....... 398
Amount short for making debt repayments. -337.12
Personal Balance Sheet Summary
Total assets (things you own)........... 271,000
Total HP & Secured debt................. -144,500
Total Unsecured debt.................... -11,250
Net Assets.............................. 115,250

dancingfairy

A few things from me here:
1) I guess you son get's his own DLA and pays for his own things? if not then maybe once you know what's what it might be worth including on your SOA. I would also include yours for now , your circusmtance are likely to change in 10 months - ie the debt will be differnt etc so you can always do a new SOA then.
2) depending on your disabilitys have you looked into the council Disabled band recduction scheme for council tax - basically if you have mobility issues then the council will reduce the banding on your council tax bill by one band so your bill would be a band B instead of a C for example - the theory being that you would be buying a house/renting a house bigger than the average person or it woulod be ground floor etc and that this would have cost you more money so to compensate they give you a band reduction in your council tax. I'm not sure how it works for other disabilities but you can get it for motabilty related conditions.
3) Given that there are 2 disabled people in your house are you eligble for a social electric/gas tariff? it depends on your type of disabilty I think but worth looking into.
4) are you eligble for a motability vehicle - again it depends on your health conditions.
I'll leave others to comment on what sort of solution would be best for you regarding dmp's/IVA's/bankruptcy/DRO's etc but good luck
df

talana

Other insurance......................... 172.5

Is that a mistake? I hope so!

Tixy

Hi

Well done for doing your statement of affairs and posting across here.

How soon will you know whether you will get the DLA renewed? what sort of figure will they be each month?

needing-help wrote: »

Yorkshireboy showed me this and suggested I post here. My wage stops in August so I haven't counted it. We also get DLA for both me and my son which I haven't included as my sons is in for renewal now and mine is due in 10 months.
Thanks for any help.

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.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 2400
Benefits................................ 227.8
Other income............................ 0
Total monthly income.................... 2627.8
Monthly Expense Details
Mortgage................................ 834 is this interest only or repayment?
Secured/HP loan repayments.............. 245 is this for the car?
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 113.3
Electricity............................. 45
Gas..................................... 30 gas & elec don't look bad but still worth checking every so often to see if you are with the cheapest supplier and the best tariff.
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 22
Mobile phone............................ 15
TV Licence.............................. 12.12
Satellite/Cable TV...................... 22 might need to cancel this or at least threaten to cancel to see what deal they will offer (eg half price)
Internet Services....................... 10 can you combine this with landline? there are combined deals for around £20)
Groceries etc. ......................... 450 this can definitely be reduced. it probably doesn't seem like loads to you but it is possible to feed a family of 5 & pets for £250. Maybe set yourself a challenge to spend only £350 next month and £300 the month after.
You should find tips on this on the old style board but things like meal planning for the week ahead before you go shopping and trying own brands can help. If you struggle with cooking in the week then you can batch cook once a week and freeze meals so you can cook them up quicker in the week.
Clothing................................ 15
Petrol/diesel........................... 70
Road tax................................ 44 this looks high - what sort of vehicle is it?
Car Insurance........................... 35
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 200 what are these for? anyway they could be reduced at all?
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 35 is this the best insurance deal?
Buildings insurance..................... 15
Contents insurance...................... 19
Life assurance ......................... 0
Other insurance......................... 172.5 this looks very high - what is it? have you checked these are good deals?
Presents (birthday, christmas etc)...... 15
Haircuts................................ 15
Entertainment........................... 50
Holiday................................. 10
Emergency fund.......................... 20
Total monthly expenses.................. 2566.92

Assets
Cash.................................... 1000
House value (Gross)..................... 260000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 271000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 135000...(834)......5.75 interest only or repayment? is it fixed and how long for?
Hire Purchase (HP) debt ...... 9500.....(245)......6.01
Total secured & HP debts...... 144500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................1750......48........0
Loan...........................9500......350.......9.5
Total unsecured debts..........11250.....398.......-

Monthly Budget Summary
Total monthly income.................... 2,627.8
Expenses (including HP & secured debts). 2,566.92
Available for debt repayments........... 60.88
Monthly UNsecured debt repayments....... 398
Amount short for making debt repayments. -337.12
Personal Balance Sheet Summary
Total assets (things you own)........... 271,000
Total HP & Secured debt................. -144,500
Total Unsecured debt.................... -11,250
Net Assets.............................. 115,250

Do any of the debts have any PPI you are able to make a claim on? Did you have any ASU insurance that you have been able to claim.

I think you might be able to free up a bit more for debt repayments and if you could then a DMP might be a possibility.

I think it might be sensible to talk to one of the debt charities about your options. IMPORTANT - Where to seek professional impartial advice about your debts.

needing-help

Thanks so much for the (mostly) helpful advice.

dancingfairy my son is 12 so his DLA comes to me he gets low rate mobility and care. I get middle rate care and low rate mobility so a mobility car isn't an option.

I looked into the council tax reduction but we weren't elligible but will definitely check out the gas tarrif thing.

The other insurance is our mortgage protection which has been paying out while I have been ill but will end soon and now I have an existing disability no one else will take us on.

Tixy thank you as well. We have a diesel people carrier so the tax is £440 a year. We have only had it a year and are stuck with it.
The mortgage is repayment and yes the £245 is for the car.
The mortgage was a fixed rate for 5 years and there is a year left.

I recently changed supplier so it went from £90 a month to £75.

I did get my sky to £11 but that ends next month so not sure I will get it again.

The internet and landline are combined and we have another 6 months before we can get out of it.

The child expenses are for music lessons and daughters dance school as well as school trips. I know these aren't essential but they have been through so much in the last few months that I just want them to do things they love.

The pet insurance I accidently included food in that. The ins is £17.

needing-help

Another thing I thought of was to combine the loans and increse the term again to reduce the payment.

NorthernLas

When your wage stops in August will you be entitled to JSA?
Updating your SOA with your DLA would be helpful.

vandanfc

Hi

Your shortfall at the moment is about £338, your DLA alone brings in £289, so in reality for now you are only short by £49 per month. Little bits saved here and there will soon recover this. Cut back on food a little, meal plan, drop a brand, bulk buy when items you use are on special. This alone could save you your £49 a month. Look at your other items of expenditure. Can you bundle together your phone/tv/broadband ? Can you cut back on your gas and electricity useage ? Can you downgrade your mobile ?

dancingfairy

Hi - can you clarify the insurance thing please. You pay them 172 a month? but it is going to stop soon - does this mean if they stop paying out you are going to cancel?
Also pet insurance - the food for the animal is included? and not included with your food? Just to double check?
A dmp might be an option for you as Tixy said.
df

dancingfairy

vandanfc wrote: »

Hi

Your shortfall at the moment is about £338, your DLA alone brings in £289, so in reality for now you are only short by £49 per month. Little bits saved here and there will soon recover this. Cut back on food a little, meal plan, drop a brand, bulk buy when items you use are on special. This alone could save you your £49 a month. Look at your other items of expenditure. Can you bundle together your phone/tv/broadband ? Can you cut back on your gas and electricity useage ? Can you downgrade your mobile ?

If you were able to go interest only on your mortgage for a while you should be able to get that credit card paid off which would then eliminate that shortfall each month.
I'm not sure how it would affect your ability to get a new deal on your mortgage though so don't just take my word for it but it might be worth looking into.
df

needing-help

NorthernLas wrote: »

When your wage stops in August will you be entitled to JSA?
Updating your SOA with your DLA would be helpful.

No I wouldn't be able to get JSA. I will get the SOA updated in a while. Thanks

vandanfc wrote: »

Hi

Your shortfall at the moment is about £338, your DLA alone brings in £289, so in reality for now you are only short by £49 per month. Little bits saved here and there will soon recover this. Cut back on food a little, meal plan, drop a brand, bulk buy when items you use are on special. This alone could save you your £49 a month. Look at your other items of expenditure. Can you bundle together your phone/tv/broadband ? Can you cut back on your gas and electricity useage ? Can you downgrade your mobile ?

Hi thanks for your advice. The phone package and gas/electric package are as cheap as I could get them at the time and I am tied in now. Only changed the fuel last month. We have cancelled my DH mobile (i phone so stupid amount!!) but I need to keep mine mainly because of my health. I am a really good contract but it's due for renewal in october so will try and push it down more.

dancingfairy wrote: »

Hi - can you clarify the insurance thing please. You pay them 172 a month? but it is going to stop soon - does this mean if they stop paying out you are going to cancel?
Also pet insurance - the food for the animal is included? and not included with your food? Just to double check?
A dmp might be an option for you as Tixy said.
df

Yes sorry. The £172 is what we pay for the mortgage insurance and at the moment they are paying 25% of the mortgage but that will end quite soon. I was planning on changing it to a cheaper one before I got ill but now it's not an option so will keep it on.
I didn't include the dog food with the food bill.