my SOA please look at!

marietp30

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 500
Benefits................................ 950
Other income............................ 240
Total monthly income.................... 1690
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 125
Electricity............................. 45
Gas..................................... 45
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 40
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 25
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 15
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..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 40
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1667

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
cc.............................7500......0.........0
od.............................5000......0.........0
cc.............................3000......0.........0
cc.............................0.........0.........0
cc.............................2000......0.........0
cc.............................1800......0.........0
cc.............................800.......0.........0
Total unsecured debts..........20100.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,690
Expenses (including HP & secured debts). 1,667
Available for debt repayments........... 23
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 23
Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -20,100
Net Assets.............................. -18,100
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.
please advise if this looks ok??? x

marietp30

oh hell Im in the wring place aaaaagh! how do i move this???

bottleofred

Hi Marie,

You are absolutely in the right place. I've put some of my thoughts below.



Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 500
Benefits................................ 950
Other income............................ 240
Total monthly income.................... 1690
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 125
Electricity............................. 45 A bit high, as is the Gas. Can you switch to another company or does this include any arrears?
Gas..................................... 45
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 40 Very high - Switch to cheaper provider?
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 25 I realise this isn't the full package, but you may need to reduce or get rid of it completely. Is freeview an option?
Internet Services....................... 0
Groceries etc. ......................... 500 Quite expensive. You should try to take advantage of BOGOFS, cook from scratch, Batch cooking and freezing etc.
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 50 Expensive. Can you shop around?
maintenance (including MOT)......... 15
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..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 40 Can this be reduced?
................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1667

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
cc.............................7500......0........ .0Are you not making any payments?
000......0........ .0
cc.............................3000......0........ .0
cc.............................0.........0........ .0
cc.............................2000......0........ .0
cc.............................1800......0........ .0
cc.............................800.......0........ .0
Total unsecured debts..........20100.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,690
Expenses (including HP & secured debts). 1,667
Available for debt repayments........... 23
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 23
Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -20,100
Net Assets.............................. -18,100

marietp30

Hi Im not paying any creditiors at the mo as advised by CAB as currently saving for my BR fee!! I would like to thank you for your input though :j

AllieBallie

Well done for posting I've put some advice in for you in purple

marietp30 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0 - any way to earn something here - part time, evenings, weekends etc?
Partners monthly income after tax....... 500 - any chance of increasing hours or taking on a 2nd job?
Benefits................................ 950
Other income............................ 240
Total monthly income.................... 1690
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 125 - make sure you're paying over 12 months not 10.
Electricity............................. 45 - really high! look to reduce, switch off not standby, use cashback for changing supplier
Gas..................................... 45 - see above!
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 40 - this is high - £65 presumably for phone, tv and broadband is too much - reduce package/cut channels, or swap supplier
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 25
Internet Services....................... 0
Groceries etc. ......................... 500 - could probably be reduced through bulk buying and batch cooking
Clothing................................ 20 - could be reduced, try cat boot sales for kids clothes for just now and sell on anything that's been outgrown
Petrol/diesel........................... 80 - are all these journeys necessary?
Road tax................................ 15
Car Insurance........................... 50 - this is high, look to change supplier
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 - nothing here for 4 kids?!
Medical (prescriptions, dentist etc).... 0 - nothing here at all?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 - you should have this
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 - im surprised this is so low for a family of 6 - only £120 for everyone's presents?!
Haircuts................................ 40 - this really needs reduced for now, try the local college for trainee hair cuts
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 - there probably should be something here
Total monthly expenses.................. 1667

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
cc.............................7500......0.........0
od.............................5000......0.........0
cc.............................3000......0.........0
cc.............................0.........0.........0
cc.............................2000......0.........0
cc.............................1800......0.........0
cc.............................800.......0.........0
Total unsecured debts..........20100.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,690
Expenses (including HP & secured debts). 1,667
Available for debt repayments........... 23
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 23
Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -20,100
Net Assets.............................. -18,100
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.
please advise if this looks ok??? x

The main thing that screams out to me is the low income - if there is any way to increase this (2nd job, more hours at current job etc) then I'd look into that. You could also try upping the income using car boot sales, online selling sites etc.

I've put up some other suggestions but I'm by no means an expert, I'm sure more people will be along shortly to help out and share advice.