SOA - Advice required

saz19_2

Hi,

This is my first post onto the forum and wondered if i could get some advice on what steps to take to get myself out of debt. A couple of years ago my partner lost his job and we continued to live on the same basis as we did before he lost it( using credit cards). I was stupid and realised this and have not used a credit card for two years as i now know the implications of doing so. Having read the forums for a few weeks it is normally the case that people have creditors writing letters, telephone calls ext but luckily i have managed to maintain all payments based on my salary and i have always put the debts first before anything else. I now want to be able to sort my debts out , i have tried hiding away from them and it doesn't solve anything. Although i have a decent salary after all the bills i am left with very little , i have applied for consolidation loans and the providers are not interested, i cannot juggle credit cards onto 0% interest to get the balances down. I have contacted the credit card companies and they are not interested as i keep paying the minimum amounts. It seems as though they will only reduce the interest charges if i stop paying.


Here is my SOA, i hope someone can point me in the right direction of what to do next!

[tt]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2( we both need a car to carry out our jobs)
Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 400
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2200
Monthly Expense Details
Mortgage................................ 720
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 11
Mobile phone............................ 30
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 25
Car Insurance........................... 60
Car maintenance (including MOT)......... 20
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..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1164

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 123000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 125000...(720)......5.89
Total secured & HP debts...... 125000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
egg card - mine................2949......75........19.9
egg card - partner.............1000......35........19.9
halifax overdraft min..........3000......51........0
RBS............................5000......120.......19
loan...........................3000......100.......0
mint...........................4000......80........21.1
natwest overdr partne..........2000......35........0
post office partner............1000......20........19.9
create card tsb................1300......40........19
virgin mbna....................13500.....240.......20
halifax overdraft jo...........1500......31........0
halifax overdraft par..........1500......31........0
Total unsecured debts..........39749.....858.......-

Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including HP & secured debts). 1,164
Available for debt repayments........... 1,036
Monthly UNsecured debt repayments....... 858
Amount left after debt repayments....... 178
Personal Balance Sheet Summary
Total assets (things you own)........... 123,000
Total HP & Secured debt................. -125,000
Total Unsecured debt.................... -39,749
Net Assets.............................. -41,749

Tixy

Hi Saz and welcome

You seem not to have included everything on your SoA. You haven't put in your child benefit for example, and do you get any tax credits? Also you haven't budgeted for groceries.

saz19 wrote: »

[tt]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2( we both need a car to carry out our jobs)
Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 400
Benefits................................ 0 child benefit? can you get tax credits? check on www.entitledto.co.uk
Other income............................ 0
Total monthly income.................... 2200
Monthly Expense Details
Mortgage................................ 720
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 50 This looks high, have you shopped around to see if you can get a cheaper gas & elec supplier, and tried to reduce your usage, especially of things that use a lot of elec such as tumble driers, immersion heaters, elec heaters etc.
Gas..................................... 50
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 11
Mobile phone............................ 30
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0 Need to budget for this
Clothing................................ 0 Need to put a little something in your budget here
Petrol/diesel........................... 50 You don't seem to be do many miles between you if you only spend this, have you costed out to see how much public transport would cost for one of you to get to work.
Road tax................................ 25
Car Insurance........................... 60
Car maintenance (including MOT)......... 20 Is this enough for MOT, servicing, tyres etc for 2 cars?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 do you need to budget a little here?
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15 Shop around to see if you can find a cheaper B&C deal, I would think you should be able to save a bit based on your house value.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 Need to budget for this, 1/12 of your annual spend each month
Haircuts................................ 0 Budget for this unless you do at home
Entertainment........................... 0 Is this realistic?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1164

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 123000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 125000...(720)......5.89 Is this a fixed apr? how long is it fixed for?
Total secured & HP debts...... 125000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
egg card - mine................2949......75........19.9
egg card - partner.............1000......35........19.9
halifax overdraft min..........3000......51........0
RBS............................5000......120.......19
loan...........................3000......100.......0
mint...........................4000......80........21.1
natwest overdr partne..........2000......35........0
post office partner............1000......20........19.9
create card tsb................1300......40........19
virgin mbna....................13500.....240.......20
halifax overdraft jo...........1500......31........0
halifax overdraft par..........1500......31........0
Total unsecured debts..........39749.....858.......-

Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including HP & secured debts). 1,164
Available for debt repayments........... 1,036
Monthly UNsecured debt repayments....... 858
Amount left after debt repayments....... 178 Once you have included the missing items you need to relook at this figure.
Personal Balance Sheet Summary
Total assets (things you own)........... 123,000
Total HP & Secured debt................. -125,000
Total Unsecured debt.................... -39,749
Net Assets.............................. -41,749

Hope some of those tips might help, its hard to see totally where you are with such a lot missing from your budget.