I need help please! My SOA

mom23

Hi
Although i had my first L/B moment several years ago and did cut back on food,suppliers etc, i have never had the gut's to post my SOA before as basically scared what the answers would be!
But i can't do it anymore as you can see the figures just don't add up.
All bar the Next store card are in my OH'S name although i am the one who has used them,we do not have flash cars or holidays etc it is mainly down to having such a low income that i have basically used them to live:o.
I am at the end of my tether,i really can't cope with it anymore.
I need to post this quickly before i delete it.



[tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 300
Partners monthly income after tax....... 980
Benefits................................ 535
Other income............................ 0
Total monthly income.................... 1815

Monthly Expense Details
Mortgage................................ 402
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 138
Electricity............................. 47 gas/electric fixed till 2011
Gas..................................... 47
Oil..................................... 0
Water rates............................. 47
Telephone (land line)................... 40
Mobile phone............................ 0
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 14.99
Groceries etc. ......................... 170
Clothing................................ 0 i haven't included anything here as see Next store card:eek:
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 17
Car maintenance (including MOT)......... 8
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 17
Contents insurance...................... 0
Life assurance ......................... 28.82
Other insurance......................... 17.38
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0 i cut the kids hair and i have mine done maybe once a year
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1076.56

Assets
Cash.................................... 0
House value (Gross)..................... 195000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 196500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 52000....(402)......0
Total secured & HP debts...... 52000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................3467......80........22.9
lloyds tsb.....................15000.....320.......0
john lewis partnershi..........9665......297.......21.6 I am worried about this one as my OH works for John lewis
overdraft......................600.......0.........0
next...........................1100......120.......26.49
capital one....................8883......270.......28.8
Total unsecured debts..........38715.....1087......-

Monthly Budget Summary
Total monthly income.................... 1,815
Expenses (including HP & secured debts). 1,076.56
Available for debt repayments........... 738.44
Monthly UNsecured debt repayments....... 1,087
Amount short for making debt repayments. -348.56

Personal Balance Sheet Summary
Total assets (things you own)........... 196,500
Total HP & Secured debt................. -52,000
Total Unsecured debt.................... -38,715
Net Assets.............................. 105,785
[/tt]

alona1

Hi,

Well done for posting. I'm no expert but this is what I can see:

Council tax - this seems high, can you not get it reduced as your on benefits, etc? Or spread over 12 months instead of 10.
Telephone - £40 seems alot for this, can you reduce to basic £12 line rental?

I would suggest talking to Payplan or CCCS and getting advice on either a DMP or IVA - depending on your situation.

Good luck and remember it can only get better from here x

mom23

Hi thanks for your quick reply
yes i am paying council tax over 10 months could try for 12 this will knock it down to 114.17.
I will look into the phone.
Have done the cccs debt remedy which advises a DMP but am worried about the John lewis credit card as my OH works for them(not sure if this would work like the banks "setting off").
The other option i have been looking at is selling the house and renting which would pay off all the debts and mortgage and invest the difference but this is a last resort.

alona1

mom23 wrote: »

The other option i have been looking at is selling the house and renting which would pay off all the debts and mortgage and invest the difference but this is a last resort.

I dont think you need to look at this yet. Speak to Payplan about the DMP (I found them a bit more helpful with the DMP than CCCS, just my personal opinion). Get OH to check about John Lewis, or - are you able to shift this debt amongst the other cards? Not the most ideal solution but it is an option.

whiteguineapig

i didn't want to just read then go you sounded so fed up. i'm not much help but can you do anything about your landline, we are with talk talk now and i pay £18.50 per month , we get free local calls and a very good broadband connection, also don't forget quidco when you change anything like that , the oldstyle board are good , you could join their grocery challenge

KingElvis

Hi Mom23

With all that spending you must have STACKS of stuff you can chuck on fleabay, you can make money on there very quickly from what you may think of as old tat.

I too would be concerned about having a large debt with my employer, maybe through the company your OH could negotiate a repayment plan which comes from his wages or something?

Anyway, best of luck from me :-)

Marisco

Hi mom, looking at your SOA there is not a lot you can cut out!! As has been said try and bundle your internet and phone together, mine comes to £24pm with free calls all the time with one phone and evenings and weekends on the other, this includes the line rental as well! Also council tax over 12 months. Your shortfall is the best part of £350pm, which is not sustainable. Have you tried writing to the companies asking for lower payments? I don't know how fussed you are about your credit rating though, as they will default you, and it will go on your credit record.

mom23

KingElvis wrote: »

Hi Mom23

With all that spending you must have STACKS of stuff you can chuck on fleabay, you can make money on there very quickly from what you may think of as old tat.

I too would be concerned about having a large debt with my employer, maybe through the company your OH could negotiate a repayment plan which comes from his wages or something?

Anyway, best of luck from me :-)

Thanks for your reply, everything that is not stuck down is on fleabay as we speak lol!

mom23

alona1 wrote: »

I dont think you need to look at this yet. Speak to Payplan about the DMP (I found them a bit more helpful with the DMP than CCCS, just my personal opinion). Get OH to check about John Lewis, or - are you able to shift this debt amongst the other cards? Not the most ideal solution but it is an option.

Unfortunatley (sp)can't shift john lewis onto another card.
but will look at payplan

mom23

whiteguineapig wrote: »

i didn't want to just read then go you sounded so fed up. i'm not much help but can you do anything about your landline, we are with talk talk now and i pay £18.50 per month , we get free local calls and a very good broadband connection, also don't forget quidco when you change anything like that , the oldstyle board are good , you could join their grocery challenge

Hi thanks for your support will look into that package as i am also with talk talk but only for the phone i know i tried to get the broadband at one time but it wasn't available but will look again.

pennypusher

Your Gas and Elec I guess are on a fixed rate but perhaps you could cut down the usage. What's other Insurance? Try and get your telephone and broadband bundled together cheaper. I think you need expert advice. Go to one of the charities that don't charge anything. I've looked at your debts and couldn't work out the repayments with the interest rates you were quoting so perhaps that needs checking, it may be just me I can't work it out!