Can someone have a look at my SOA please?

chazsucks

Hiya, i posted another thread on here basically asking how do I get out of debt?! I was advised to do the SOA thing and here it is. Now.. what do I do with it?

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.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1041.21
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 1121.21
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 80
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 0
Car Insurance........................... 120
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 67
Childcare/nursery....................... 100
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................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Education............................... 120
Total monthly expenses.................. 1222

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 400......(0)........0
Total secured & HP debts...... 400.......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Halfix CC......................1200......0.........26.93
Total unsecured debts..........1200......0.........-

Monthly Budget Summary
Total monthly income.................... 1,121.21
Expenses (including HP & secured debts). 1,222
Available for debt repayments........... -100.79
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -100.79
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -400
Total Unsecured debt.................... -1,200
Net Assets.............................. -1,100
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

HappyMJ

chazsucks wrote: »

we moved out in july and moved into my dads house, he has a faily big house and couldnt afford the mortgage etc was going to sell but didnt want to so we moved in and pay £500 rent plus our share of the bills etc and we rent two bedrooms - so where we were before we got local housing allowance but i don't think we would be entitled to it here as it's my dad

You need to quote this vital piece of information from your last thread as it explains why bills are £0 and why you can't claim LHA...

I'm really stuck on this SOA though. With the £120 on education. Is this for yourself? It's an investment in your future...At least I hope it is so I would be loathe to cut it.

Could you get free childcare from somewhere? That could save another £100.

chesky369

Who is the other adult and do they bring any income into the household? Can you really feed three adults and a child on £20 per week? (I take my hat off to you.) Are utilities included in the rent?

chazsucks

by the way we rent two bedrooms in my dads house, we pay rent and council tax but he pays gas and electricity most months, unles for some reason its higher and he cant afford it all

there is no car tax as my car is exempt

i havent put the cars as assets because they are now worth basically nothing, i tried to sell one for scrap and they offered me £10 lol

erm.. what else. the £80 benefit is child benefit

the £400 loan i owe to my nan, it was £1000 but we've paid £600 so far

when we moved out of our privately rented place we were getting LHA and my partner was recieving it but I've just found out he forgot to end it when we left, so now we contacted them and told them we moved out in July and they said we now owe them £450

the other random bits are education - pay to do a distance learning access to higher education course as i'm applying for university. the 100 childcare is my son has a childminder one morning a week so that i can do some studying - the rest of it i have to do when he's asleep

erm... so i think the amounts are explained now, what do i do?

chesky369

Sorry, didn't seethe other information.

chazsucks

chesky we eat a LOT of sainsburies basics / asda smart price etc. my son is only 17 months so he doesn't eat all that much anyway, plus we often make our own bread etc etc

the third adult is my dad, he has his pension but thats it which he pays gas electricity, tv lisence, car insurance etc

me and my dad also sell some stuff on ebay if we get time, me - just old things i had from when i had a job and money and my dad used to collect stamps so he sells them when he needs money

xxx

chazsucks

HappyMJ wrote: »

You need to quote this vital piece of information from your last thread as it explains why bills are £0 and why you can't claim LHA...

I'm really stuck on this SOA though. With the £120 on education. Is this for yourself? It's an investment in your future...At least I hope it is so I would be loathe to cut it.

Could you get free childcare from somewhere? That could save another £100.

hiya thanks for that! yes i'm applying to start a midwifery degree at university next september and i can't get a place without the course i am doing

i'm not sure where i would get the childcare from, my dad will look after my son for an hour or so sometimes but he really struggles if its any longer so i don't really get much work done

chazsucks

also sorry forgot to mention the car insurance is high because this is my first year on the insurance so hopefully in october it should go down as i will get a no claims thingy wont i?

babymoo

Do you have a proper tenancy agreement with your dad or is it just a casual agreement where you give him the £500 a month? I am not sure but I am sure that I have heard somewhere that if you are on a low income and you have a tenancy agreement that you can claim LHA? I am quite probably mistaken because its your dad they wont entertain the idea but it can't hurt to try. Otherwise not really sure I can help sorry.

chazsucks

thanks anyway babymoo i asked CAB before we moved back here and they said i wouldn't be able to claim it unfortunately, i suppose i could try but i wouldn't even know how to do a tenancy agreement? we just give him the money xx

Lucylocket01

Could you study in the evenings when your partner is home from work? that way knock the £100 childcare on the head.
What about a part time job (say delivering local free papers, or bar work of an evening, or supermarket).