Soa new needs help i think

bobsky_2

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................ 1170
Partners monthly income after tax....... 1275
Benefits................................ 220
Other income............................ 0
Total monthly income.................... 2665
Monthly Expense Details
Mortgage................................ 532
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 60
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 55
TV Licence.............................. 12
Satellite/Cable TV...................... 36
Internet Services....................... 0
Groceries etc. ......................... 450
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 20
Car Insurance........................... 90
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 19
Contents insurance...................... 0
Life assurance ......................... 35
Other insurance......................... 20
Presents (birthday, christmas etc)...... 0
Haircuts................................ 7
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1684

Assets
Cash.................................... 0
House value (Gross)..................... 145000
Shares and bonds........................ 0
Car(s).................................. 7500
Other assets............................ 3000
Total Assets............................ 155500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 130000...(532)......4.99
Total secured & HP debts...... 130000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
CARD...........................7500......175.......24
CARD...........................9800......161.......22
LOAN...........................4000......198.......9
LOAN...........................750.......62........0
CARD...........................7500......150.......18
LOAN...........................5000......115.......8
LOAN...........................28000.....249.......8
Total unsecured debts..........62550.....1110......-

Monthly Budget Summary
Total monthly income.................... 2,665
Expenses (including HP & secured debts). 1,684
Available for debt repayments........... 981
Monthly UNsecured debt repayments....... 1,110
Amount short for making debt repayments. -129
Personal Balance Sheet Summary
Total assets (things you own)........... 155,500
Total HP & Secured debt................. -130,000
Total Unsecured debt.................... -62,550
Net Assets.............................. -37,050
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

WASHER

bobsky wrote: »

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................ 1170
Partners monthly income after tax....... 1275
Benefits................................ 220
Other income............................ 0
Total monthly income.................... 2665
Monthly Expense Details
Mortgage................................ 532
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 60
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20 - THIS IS LOW, IS IT CORRECT?
Telephone (land line)................... 0 - NO LANDLINE PHONE LINE?
Mobile phone............................ 55 - FAR TOO HIGH
TV Licence.............................. 12
Satellite/Cable TV...................... 36 - YOU DO NOT NEED THIS
Internet Services....................... 0
Groceries etc. ......................... 450 - TOO HIGH, TRY TO REDUCE TO £400 THIS MONTH AND SEE IF YOU CAN FURTHER NEXT - OLDSTYLE BOARD WILL HELP YOU WITH THIS
Clothing................................ 50 - I KNOW KIDS ARE EXPENSIVE, BUT TRY CHARITY SHOPS, EBAY ETC
Petrol/diesel........................... 120
Road tax................................ 20
Car Insurance........................... 90:eek: THIS IS HIGH
Car maintenance (including MOT)......... 0 - YOU MUST SET A SIDE SOMETHING HERE
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 19 - DOES THIS INCLUDE CONTENTS? IF NOT, ITS EXPENSIVE, YOU SHOULD HAVE CONTENTS INSURANCE
Contents insurance...................... 0
Life assurance ......................... 35 - DO NOT CANCEL THIS UNDER ANY CIRCUMSTANCES - IT IS FAR MORE IMPORTANT THAN A MOBILE PHONE OR CABLE TV
Other insurance......................... 20
Presents (birthday, christmas etc)...... 0
Haircuts................................ 7
Entertainment........................... 0 - YOU SHOULD HAVE A DAY OUT WITH THE FAMILY
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1684

Assets
Cash.................................... 0
House value (Gross)..................... 145000
Shares and bonds........................ 0
Car(s).................................. 7500
Other assets............................ 3000 - WHAT'S THIS?
Total Assets............................ 155500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 130000...(532)......4.99
Total secured & HP debts...... 130000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
CARD...........................7500......175.......24
CARD...........................9800......161.......22
LOAN...........................4000......198.......9
LOAN...........................750.......62........0
CARD...........................7500......150.......18
LOAN...........................5000......115.......8
LOAN...........................28000.....249.......8
Total unsecured debts..........62550.....1110......-

Monthly Budget Summary
Total monthly income.................... 2,665
Expenses (including HP & secured debts). 1,684
Available for debt repayments........... 981
Monthly UNsecured debt repayments....... 1,110
Amount short for making debt repayments. -129
Personal Balance Sheet Summary
Total assets (things you own)........... 155,500
Total HP & Secured debt................. -130,000
Total Unsecured debt.................... -62,550
Net Assets.............................. -37,050
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

I have added comments in above, with a little work, you could just cover your outgoings.

What are the assets worth £3K?

I would personally contact the CCCS for advice on a DMP, you are really really tight on the overall budget. I'm pleased to see you haven't gone down the route of equity release on your mothers property.

Well done for posting your SOA, its never easy to see it in black and white, but as Martin Lewis himself said, he has never seen a debt problem that cannot be solved and yours is no different, its going to take time, you didn't get into debt overnight and you are certainly not going to get debt free overnight either.

WASHER.x.