SOA Help Please

Bulliebaby46

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................ 1317
Partners monthly income after tax....... 400
Benefits................................ 660
Other income............................ 0
Total monthly income.................... 2377
Monthly Expense Details
Mortgage................................ 525
Secured/HP loan repayments.............. 550
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 55
Gas..................................... 50
Oil..................................... 0
Water rates............................. 54
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 41
Internet Services....................... 0
Groceries etc. ......................... 280
Clothing................................ 20
Petrol/diesel........................... 50
Road tax................................ 17
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 280
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 34.5
Buildings insurance..................... 17
Contents insurance...................... 17
Life assurance ......................... 14.42
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2216.92

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 121500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 81000....(525)......0
Secured Debt.................. 32000....(550)......0
Total secured & HP debts...... 113000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC Credit Card...............2750......65........0
Santander......................2500......30........0
Total unsecured debts..........5250......95........-

Monthly Budget Summary
Total monthly income.................... 2,377
Expenses (including HP & secured debts). 2,216.92
Available for debt repayments........... 160.08
Monthly UNsecured debt repayments....... 95
Amount left after debt repayments....... 65.08
Personal Balance Sheet Summary
Total assets (things you own)........... 121,500
Total HP & Secured debt................. -113,000
Total Unsecured debt.................... -5,250
Net Assets.............................. 3,250
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi,
Any ideas / help would be appreciated....basically I know the SOA doesn't look totally horrendous at the moment, however I am on a fixed term contract which ends very soon. I have secured another job.....but its £4k less than I currently earn which I think will take my income to around £1k per month. O/H is self employed so his wage is an average, hes looking for something permanent but not having much luck. Cold sweat and panic are beginning to set in i'm afraid.
Our child tax credits are also high this year as they are based on last year salary where both myself and OH were made redundant and I claimed maternity allowance for part of the year, so i'm expecting CTC and WTC to be minimal after April.
So come April, we'll be pretty much shafted, hence the reason i'm seeking suggestions now before we end up in an almighty pickle. Thoughts of repossession are already in my mind...........
Sorry, know thats a bit long winded, hope it makes sense.

[Deleted User]

bulliebaby46 wrote: »

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................ 1317
Partners monthly income after tax....... 400
Benefits................................ 660
Other income............................ 0
Total monthly income.................... 2377
Monthly Expense Details
Mortgage................................ 525
Secured/HP loan repayments.............. 550
Council tax............................. 85 (are you paying over 10 months? Can you change to 12 months?)
Electricity............................. 55 (check comparison sites to ensure that you are on the cheapest tariff for your area - often online duel fuel are cheapest. And if another company is cheaper, check cashback sites (Quidco, onepoll, topcashback))
Gas..................................... 50 (as above)
Water rates............................. 54 (are you on a meter?)
Mobile phone............................ 35 (for how many phones? If you are in contract try nd drop a tariff, if you are out of contract - check out £10 SIM only deals or go PAYG)
TV Licence.............................. 12
Satellite/Cable TV...................... 41 (cancel and go freeview)
Groceries etc. ......................... 280 (reduce - drop brands, switch to cheaper ssupermarkets (lidl/Aldi), meal plan, batch cook - check the old style board for hints, tips and advice)
Clothing................................ 20 (reduce to essentials only)
Petrol/diesel........................... 50 (this is quite low - do you need a car? If you sold you could pay a chunk of debt and save on running costs and maintenance - would public transport work out cheaper?)
Road tax................................ 17
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Childcare/nursery....................... 280 (Is there any way to reduce this? Does your, or your OH get the option for vouchers at work?)
Pet insurance/vet bills................. 34.5 (check comparison sites to ensure you are getting a good deal)
Buildings insurance..................... 17 (also check comparison sites at renewal, often combined buildings and contents is cheaper)
Contents insurance...................... 17 (as above)
Life assurance ......................... 14.42 (check comparison sites)
Presents (birthday, christmas etc)...... 25 (maybe reduce for now to £10/£15 per month - people will understand)
Haircuts................................ 10 (try local colleges for cheap hairdressing, or leave an extra week or two in between cuts)
Entertainment........................... 0 (is this realistic?)
Total monthly expenses.................. 2216.92

Assets
House value (Gross)..................... 120000
Car(s).................................. 1500
Total Assets............................ 121500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 81000....(525)......0
Secured Debt.................. 32000....(550)......0 (what's the APR?)
Total secured & HP debts...... 113000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC Credit Card...............2750......65........0 (you need to check the APR's on these to see how much they are costing you - or are they all on 0% deals? If so when do they end? If they aren't is your credit history good? Could you switch to 0% with a super balance transfer?)
Santander......................2500......30........0
Total unsecured debts..........5250......95........-

Monthly Budget Summary
Total monthly income.................... 2,377
Expenses (including HP & secured debts). 2,216.92
Available for debt repayments........... 160.08
Monthly UNsecured debt repayments....... 95
Amount left after debt repayments....... 65.08 (it's good that you are currently in the plus. But if your income is going to drop, you will need to make cutbacks to remain in the plus. Do you actually have this surplus at the end of the month? If not, keep a spending diary to see where it goes.)
Personal Balance Sheet Summary
Total assets (things you own)........... 121,500
Total HP & Secured debt................. -113,000
Total Unsecured debt.................... -5,250
Net Assets.............................. 3,250
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi,

You are now in the fortunate position of having a monthly surplus, and it's great planning now for when your income will drop in the future to prevent you from getting further into debt. Have you stopped spending on your CC's?

I have made some suggestions above - hopefully some of them will be usefull to you.

You need to find the APR's on your debts, and now that you have done a current SOA, it might also be worth your while doing one based on what your future income - to see the difference.

If you are having difficulties in getting your "new" SOA to balance it might be worth your while contacting one of the debt charities (free, confidential, professional advice) like CAB, CCCS, or national debtline.

HTH

Bulliebaby46

Thank you so much for your reply, i'm going to have a good look at your suggestions tomorrow, hopefully i'll be able to make some good savings to start with. Am going to try a prospective SOA aswell.

WASHER

bulliebaby46 wrote: »

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................ 1317
Partners monthly income after tax....... 400
Benefits................................ 660
Other income............................ 0
Total monthly income.................... 2377
Monthly Expense Details
Mortgage................................ 525
Secured/HP loan repayments.............. 550
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 55 very high
Gas..................................... 50 very high
Oil..................................... 0
Water rates............................. 54 high
Telephone (land line)................... 0 Do you not have a phone
Mobile phone............................ 35 get rid of
TV Licence.............................. 12
Satellite/Cable TV...................... 41 get rid of
Internet Services....................... 0 How do you access the internet?
Groceries etc. ......................... 280
Clothing................................ 20
Petrol/diesel........................... 50
Road tax................................ 17
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 280 Your partner is earning £400 per month, and paying £280 childcare, it doesn't make sense really
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 34.5 - too high each month
Buildings insurance..................... 17 - your contents and buildings insurance are too high each month,I have unlimited building and £50,000 contents for £25 per month combined
Contents insurance...................... 17
Life assurance ......................... 14.42
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25 - too much each month, agree with family and friends not to buy each other presents
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2216.92

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 121500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 81000....(525)......0
Secured Debt.................. 32000....(550)......0
Total secured & HP debts...... 113000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC Credit Card...............2750......65........0
Santander......................2500......30........0
Total unsecured debts..........5250......95........-

Monthly Budget Summary
Total monthly income.................... 2,377
Expenses (including HP & secured debts). 2,216.92
Available for debt repayments........... 160.08
Monthly UNsecured debt repayments....... 95
Amount left after debt repayments....... 65.08
Personal Balance Sheet Summary
Total assets (things you own)........... 121,500
Total HP & Secured debt................. -113,000
Total Unsecured debt.................... -5,250
Net Assets.............................. 3,250
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

I have added comments in, you seem to spending alot on your car each month, do you really need it?

Why are you spending £280 on childcare, and the partner salary is £400 per month?

Have you checked Entitled.com and look at your entitlements for next year,its a guide, but will help you.


Can I ask what is the secured loan for?
WASHER.x.

Bulliebaby46

My oh is self employed so 400 is an average, we had to commit to three full days at nursery in case oh is working all week, as luck would have it granny is going to have son for those days until we are more sorted so childcare costs will be gone from April.
My phone and net are with sky too so we pay them £40 per month for those plus tv. Will have to see what can be done about this as oh uses land line for work


At the moment I only live five miles from work hence the low costs. It's £88 per month for a metro card so I'm not really saving tons by not having a car plus I'll need it to drop son off so although I'll loose the car before my house it will stay for now.
Going to see if I can spread water and council tax over 12 months tomorrow
Ps both credit card are on 0% and I've not used them for a couple of years now

Thanks so much for the suggestions. Sometimes it just takes new eyes.....

Bulliebaby46

Pls the secured loan was taken out 4 years ago when oh and I had good jobs, basically was spent on windows, new bathroom etc as the house we bought was very run down.....unfortunately still got six years to go, if I'm honest if we didn't have this we wouldn't have a problem

[Deleted User]

When do the 0%'s runout on the CC's? What rate will they go to then? And is your credit file good enough to transfer yo further 0% deals?

You have mentioed that Granny will take the little one after April to save you the £280/month, could granny start this sooner so at lease you can makee some over payments towards your debts before your income drops?

Given that both your CC's are not incurring interest at the moment, you should make overpayments to your secured loan with any surplus you have (the £65 + any savings you make from your SOA), just check first that any overpayments will be penalty free.

Bulliebaby46

My credit cards have both been transferred onto 0% deals in November and January, the deals have 12 and 15 months remaining, so i'm sorted on this score at the moment.

I've just agreed to pay water over ten months, this is the maximum the supplier offers unless you owe them money?!

Council tax I can pay over 12 months when I get my next bill which is due soon, so that should reduce that too.

I have to give nursery notice, which i'll do on Monday when DS is there next, but i'm not really sure how much this will save me at the moment as most of the cost is currently covered by WTC.

Going off now to look at gas / elec and insurances hopefully I save some pennies there......

OH has a mobile, but contract until June 2012:eek: might ring them and see if there is anything they'll do. Its worth a try.

Also OH has applied for five jobs this week so fingers crossed.

Thanks again :A

loveGSDs

hi there,

sorry to hear that your facing a wage drop and i second that you're doing well by planning in advance!

regarding your groceries....do you have an Aldi close by? iv just recently started doing my weekly shop there and its saving me a fortune. there stuff is really nice and i can get bout 80% of what i need. also i dont feel so embarrassed coz im not filling my trolley with the 'smart price' or 'extra value' stuff like i used to in asda and tesco

hope your OH gets some good news from the applications.

you have a few more years of scrimping but as soon as that HP is cleared you will be far more comfortable!

xx

Bulliebaby46

I've been doing one Asda shop per month mainly for meat and nappies, and a couple of Lidls for veg, milk etc

I'm watching really closely what we spend on food and am trying to cut it down to around £60 per week which includes baby stuff, lunch food and tea food so I think thats realistic for 2 adults and toddler.
I've started going on the oldstyle board for hints and tips too.

Thinking about seeing if our mortgage can go on interest only until our income goes up, not sure how much it will help, hopefully this would make a reasonable difference.

Bulliebaby46

Right, i've been fairly busy over the last couple of days

*Water bill spread to maximum 10 months, should save me around £8 per month

*Life insurance switched now £9.72 per month

*Buildings and contents switched now £22.50 per month

*Gas and Elec switched now £85 per month combined

*Cannot get out of mobile contract until May 2012

*Pet insurance is high, however pedigree dog who is never away from vets, thinking its not wise to change as i've claimed in excess of £1000 last year alone for a lump removal etc....

Anyway I still have a shortfall of around £250 per month, and no where else to cut costs really other than food. I'm considering asking mortgage and loan company if we can extend our term, other than this if our financial situation carries on like this I think we'll have no other choice but to try and sell up which I really don't want to do, but I suppose i'll just have to accept it.

My car is only worth about 1500 and is paid for. I really rely on it to drop son off and get to work I just don't think its worth selling....

Any further advice / ideas would be very appreciated. Sorry its long again, I just go on and on.............