Soa

helena83

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1392
Partners monthly income after tax....... 1600
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2992
Monthly Expense Details
Mortgage................................ 454
Secured/HP loan repayments.............. 0
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 26
Gas..................................... 49
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 11
Mobile phone............................ 130
TV Licence.............................. 12
Satellite/Cable TV...................... 40
Internet Services....................... 15
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 85
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 37
Childcare/nursery....................... 0
Other child related expenses............ 400
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 52
Contents insurance...................... 0
Life assurance ......................... 13
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2674

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 6500
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 100500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 72000....(454)......5.49
Total secured & HP debts...... 72000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Car Loan.......................3600......136.......19.9
Virgin.........................7500......160.......29.9
HSBC...........................2000......35........11.9
Next...........................80........5.........0
Littlewoods....................100.......30........0
DFS............................660.......27........0
Mum & Dad......................12000.....100.......0
CIS............................2500......50........0
Barclaycard....................900.......20........19.9
Total unsecured debts..........29340.....563.......-

Monthly Budget Summary
Total monthly income.................... 2,992
Expenses (including HP & secured debts). 2,674
Available for debt repayments........... 318
Monthly UNsecured debt repayments....... 563
Amount short for making debt repayments. -245
Personal Balance Sheet Summary
Total assets (things you own)........... 100,500
Total HP & Secured debt................. -72,000
Total Unsecured debt.................... -29,340
Net Assets.............................. -840
Created using the SOA calculator at Reproduced on Moneysavingexpert with permission, using IE browser.

tallyhoh

Hi, Could you tell us a bit more, why the rent & mortgage-is it shared ownership?

helena83

The house is on the market as had to move house for work and the property hasn't sold yet. Looking into renting it out but the rent won't cover the whole mortgage.

bottleofred

Hi Helena83,

The mobile at £130 is way too expensive and should be changed for payg for around £10 per month each. Satelite tv will have to go and the grocery shopping is far too expensive. You should look on the forum for ways to save money on shopping bills. £50 for clothes has to be reduced and you could try ebay/charity shops. £400 for child related expenses? You have not mentioned children and £52 for building contents insurance is expensive. If you can't sell the house but can rent it quickly, this may be better in the short term and you could keep it on the market and keep tenants on a short term agreement (6 months maybe).

Fortheloveofmoney

helena83 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1392
Partners monthly income after tax....... 1600
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2992
Monthly Expense Details
Mortgage................................ 454 - both rent & mortgage?
Secured/HP loan repayments.............. 0
Rent.................................... 700 as above
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 26
Gas..................................... 49
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 11
Mobile phone............................ 130 - this is a huge amount almost 5% of your joint take home pay! Can you downgrade. Mine and hubby's contracts are £45 per month (which I still think is too much) for both and he has an i-Phone.
TV Licence.............................. 12
Satellite/Cable TV...................... 40 - Cancel this and get freeview or downgrade to basic package
Internet Services....................... 15 - Can get cheaper than this now. Ours is £7.50 per month with o2
Groceries etc. ......................... 300 - This is quite a lot for 2 people.
Clothing................................ 50
Petrol/diesel........................... 100
Road tax................................ 0 - You need something in here for both cars
Car Insurance........................... 85
Car maintenance (including MOT)......... 0 - you need something in here for both cars
Car parking............................. 0
Other travel............................ 37
Childcare/nursery....................... 0
Other child related expenses............ 400 - What's this?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 52
Contents insurance...................... 0
Life assurance ......................... 13
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 - Do you buy presents? If so, you need to budget for this.
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2674

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 6500 - Can you cash these in to pay back some of the debt?
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 100500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 72000....(454)......5.49
Total secured & HP debts...... 72000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Car Loan.......................3600......136.......19.9
Virgin.........................7500......160.......29.9
HSBC...........................2000......35........11.9
Next...........................80........5.........0
Littlewoods....................100.......30........0
DFS............................660.......27........0
Mum & Dad......................12000.....100.......0
CIS............................2500......50........0
Barclaycard....................900.......20........19.9
Total unsecured debts..........29340.....563.......-

Monthly Budget Summary
Total monthly income.................... 2,992
Expenses (including HP & secured debts). 2,674
Available for debt repayments........... 318
Monthly UNsecured debt repayments....... 563
Amount short for making debt repayments. -245
Personal Balance Sheet Summary
Total assets (things you own)........... 100,500
Total HP & Secured debt................. -72,000
Total Unsecured debt.................... -29,340
Net Assets.............................. -840
Created using the SOA calculator at Reproduced on Moneysavingexpert with permission, using IE browser.

Well done for posting. I've added my comments above. Good luck x

helena83

Phones are on contract so can't do anything with them. £400 child expenses is maintenance so nothing I can do there and the Sky is still in contract til September.

I could cash in some shares but reluctant because the value has dropped so much!!

Marisco

Hi Helena, is the £400 "child related" CSA or maintenance payments? And if they are voluntary, could you maybe reduce them for a while? The mobile phone is ridiculous!!! Its worse than my grandaughters and that's saying something!;) The council tax seems very high as well, is it paying off arrears?

helena83

Council tax is that much every month. No arrears on anything. Things were fine until we had to move and thats where all the debt has come from over the last few months. Before that there was hardly anything on cards at all.

Can't change the maintenance or we wouldn't see the kids.

Jacey53

You could try writing to the mobile phone company (don't deal with the call centre people). Explain that you are unable to pay the contracted amount (send them a copy of amended SOA if necessary) Ask them to reduce the contract or you will have to go PAYG.
Cancel any DD before you write so that they don't try to claim an early release fee. Even if they were to take you to court, the court would look at your means and you simply cannot pay. You could suggest a different contract amount? perhaps £10-£15pcm? - they would still be getting money from you.

helena83

I've done everything I can to reduce the bills down, this is the situation as best as I can get it. We don't go out anymore, don't buy clothes, don't have hair done, people don't get presents etc etc etc. There's not anything else I can see to reduce the direct debits and I could do with some suggestions on reducing the debt or the interest rates etc.

Jacey53

ps - I'd try the same thing with Sky.