Hmmmm worse than I thought!!

Slimy1

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1800

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 40
Gas..................................... 35
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 15
Mobile phone............................ 45
TV Licence.............................. 13
Satellite/Cable TV...................... 30
Internet Services....................... 15
Groceries etc. ......................... 200
Clothing................................ 40
Petrol/diesel........................... 150
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 20
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 35
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 30
Emergency fund.......................... 40
Total monthly expenses.................. 1638


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds loan....................24000.....496.......15.9
Lloyds loan....................8000......198.......15.9
Lloyds credit card.............3500......80........13.9
Overdraft lloyds...............3250......30........6
Virgin credit card.............5000......125.......12.9
Total unsecured debts..........43750.....929.......-


Monthly Budget Summary
Total monthly income.................... 1,800
Expenses (including HP & secured debts). 1,638
Available for debt repayments........... 162
Monthly UNsecured debt repayments....... 929
Amount short for making debt repayments. -767

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -43,750
Net Assets.............................. -43,750

Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using other browser.

Tixy

Hi

Is this based on the costs you expect in a new property? have you looked at rental prices etc?

Obviously you have quite a shortfall so I'll make some comments on what you might be able to reduce (this is not always the same as what is allowed on a DMP but should give you an idea).

Slimy1 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1800

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 700 can you find anywhere cheaper? flatshare again?
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 40
Gas..................................... 35
Oil..................................... 0
Water rates............................. 35 this is quite high for 1 person. If possible have a water meter and should be no more than around £20 for 1 person.
Telephone (land line)................... 15 look into getting a combined package for landline & internet to save money.
Mobile phone............................ 45
TV Licence.............................. 13
Satellite/Cable TV...................... 30 switch to a cheaper package? combine with internet & phone? use freeview?
Internet Services....................... 15
Groceries etc. ......................... 200 A lot of people can manage on less than £100, probably allowed around £150 in a DMP. If you need tips on reducing your food costs there are some really good tips on the oldstyle board here on MSE.
Clothing................................ 40
Petrol/diesel........................... 150
Road tax................................ 0 need to budget 1/12 of annual cost
Car Insurance........................... 0 and for this
Car maintenance (including MOT)......... 0 and 1/12 of annual estimate for MOT, servicingm tyres etc here
Car parking............................. 20
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 35 what is this? if prescips consider a prepay cert, if contact lenses or similar see if you can find a cheaper deal online
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 30
Emergency fund.......................... 40
Total monthly expenses.................. 1638


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds loan....................24000.....496.......15.9
Lloyds loan....................8000......198.......15.9
Lloyds credit card.............3500......80........13.9
Overdraft lloyds...............3250......30........6
Virgin credit card.............5000......125.......12.9
Total unsecured debts..........43750.....929.......-


Monthly Budget Summary
Total monthly income.................... 1,800
Expenses (including HP & secured debts). 1,638
Available for debt repayments........... 162
Monthly UNsecured debt repayments....... 929
Amount short for making debt repayments. -767

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -43,750
Net Assets.............................. -43,750

Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using other browser.

I do think given the level of your shortfall it will be worth talking to CCCS or similar. Whilst you wouldn't want to actually start a DMP at this stage (because of the renting issue) it does take a couple of months to set one up anyway. Plus given the level of your debt they may suggest other alternatives anyway.

EDIT - sorry I've just realised you have no car listed. How come you have petrol money? it might be you need to class this as other transport for your figures to make sense. Or is it a company car and you only pay private fuel?

Clarie_2

Hi Slimy1,

Well done for being brave and filling in and posting your SOA. Things can and will get better from here on in.
Just a couple of suggestions from things which really helped me-
1) have you thought about shifting some of your credit card debt? Doing a shuffle can help with that. (see elsewhere on this site)
2) On your loans, are you paying PPI and were you missold it? (again, see elsewhere on this site)
3) I take it you are car sharing (paying petrol, not owning car) - are there any options to get your share lower?
4) 700 in rent and 200 in food seems really expensive for one person. We rent out a room to a friend for £375, and that includes all bills and food - maybe check gumtree etc for a similar set up for yourself?
5) Do you have family/ friends who could loan you money at 0% and maybe set lower repayments to help you pay off any of your loans?

I don't know if any of those will be of any help. But you are doing the right thing, and it sounds like you've thought through your finance options. CAB and other debt advice charities can be a lifeline - get all the help you can!

Good luck, keep us posted on how you get on.

Clarie

d3mon4ngel

Slimy1 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1800

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 700 <-- Is this the right amount for your area? Could you look at somewhere cheaper? Or closer to work so you pay less for petrol?
Management charge (leasehold property).. 0
Council tax............................. 120 <-- Does this include single person discount? Is it over 10 or 12 months?
Electricity............................. 40 <-- Seems high for one person, especially if you are out working all day
Gas..................................... 35 <-- Ditto
Oil..................................... 0
Water rates............................. 35 <-- High for one person. I'm on water meter (2 people in house) and we pay about £25 a month
Telephone (land line)................... 15 <-- See if you can combine with internet
Mobile phone............................ 45 <-- See if you can drop to a lower tariff, or switch to PAYG if you are out of contract
TV Licence.............................. 13
Satellite/Cable TV...................... 30 <-- Get rid and use freeview until you have the spare cash
Internet Services....................... 15 <-- Combine with telephone and shop around for best deal
Groceries etc. ......................... 200 <-- Very high for one person. We plan about £175 for two of us. Meal plan, make meals from scratch and take packed lunches - will save so much money. Check Old Style board for food ideas
Clothing................................ 40 <-- Wear what you have for now.
Petrol/diesel........................... 150 <-- Can you use public transport to get to work? Would this be cheaper?
Road tax................................ 0 <-- You need something here
Car Insurance........................... 0 <-- You need something here
Car maintenance (including MOT)......... 0 <-- You should put something here
Car parking............................. 20 <-- Is there nowhere free that you can park? Or use public transport so no parking to pay?
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 35 <-- This is very high, could you get a pre-pay prescription, might work out cheaper
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15 <-- Quite high, ours is about £16 for buildings & contents combined
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10 <-- Have longer between cuts, find somewhere cheaper. Are you male? Could you get some clippers and do it yourself / ask a family member / friend to do it?
Entertainment........................... 40 <-- Will be hard, but cut this down for now
Holiday................................. 30 <-- You can't afford this at the minute.
Emergency fund.......................... 40
Total monthly expenses.................. 1638


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds loan....................24000.....496.......15.9
Lloyds loan....................8000......198.......15.9
Lloyds credit card.............3500......80........13.9
Overdraft lloyds...............3250......30........6
Virgin credit card.............5000......125.......12.9
Total unsecured debts..........43750.....929.......-


Monthly Budget Summary
Total monthly income.................... 1,800
Expenses (including HP & secured debts). 1,638
Available for debt repayments........... 162
Monthly UNsecured debt repayments....... 929
Amount short for making debt repayments. -767

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -43,750
Net Assets.............................. -43,750

Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using other browser.

I've put some suggestions, but I'm sure there will be more people along with ideas soon. This is just some things that I've picked up from reading these boards, so there might be better ways of doing things

EDIT: Just seen Tixy's post and noticed the lack of car too lol (That's how long it took me to write these in... there were no replies when I started lol)

rising_from_the_ashes

Hi Slimy, welcome to the boards.
Just a quick comment from me (very helpful advice has already been given) - if your fuel costs are £150/month for travelling to work, with the really high rent etc, would it be possible for you to move closer to your work and hopefully save some money that way?

[Deleted User]

Slimy1 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1

Monthly Income Details
Monthly income after tax................ 1800 (is there anyway to imcrease this? overtime? Second job? Change of job?)
Total monthly income.................... 1800

Monthly Expense Details
Rent.................................... 700 (this is very high? Can you downsize? move to a less expensive area? flat or house share?)
Council tax............................. 120 (are you getting the single person's discount [25% cheaper?], can you pay over 12 months instead of 10? Or for your 2 Council tax free months can you throw the £240 at your debt with the highest interest rate?)
Electricity............................. 40 (check comparison sites to see if you are on the best tariff for your area - often online and duel fuel packaages are cheaper)
Gas..................................... 35 (as above)
Water rates............................. 35 (expensive for one. Consider a water meter)
Telephone (land line)................... 15 (combine with inernet and see if it's cheaper)
Mobile phone............................ 45 (this is very high, especially considering you have a landline as well - look at SIM only or PAYG £10/month packages, or if you are stuck in a contract see if you can drop a tariff)
TV Licence.............................. 13 (12.37)
Satellite/Cable TV...................... 30 (go freeview, you can't afford it)
Internet Services....................... 15 (as above - use comparison sites and see if combining with landline would be cheaper)
Groceries etc. ......................... 200 (could be cheaper for one...use own brand products, shop in cheaper supermarkets - LIDL/ALDI - batch cook - meal plan, take a list and only buy what you need - look at the Old Style Board for advice, hints and tips)
Clothing................................ 40 (cut for now, essentials only)
Petrol/diesel........................... 150 (this is quite high, is ther any way to reduce? car share? public transport? cycle? walk?)
Road tax................................ 0 (need this)
Car Insurance........................... 0(need this)
Car maintenance (including MOT)......... 0(need this)
Car parking............................. 20 (any way to reduce?)
Medical (prescriptions, dentist etc).... 35 (is this prescriptions - if so a pre-paid certificate would be cheaper. If contact lenses - try online as you may be able to reduce this)
Contents insurance...................... 15 (check comparison sites to see if it could be cheaper at renewal)
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10 (check local colleges for trainee cuts, or go an extra week or two in between cuts)
Entertainment........................... 40 (what does thisd cover, and can you get it cheaper?)
Holiday................................. 30 (not sure you can afford this right now, may have to cut this)
Emergency fund.......................... 40 (do you actually save this, you don't seem to have anything in your cash savings below? Where does this really go, keep a spending diary if you are not sure where your money goes and note down all spending from rnt to chewing gum, and then you will be able to identify where your money goes, and then how to make savings on this)
Total monthly expenses.................. 1638


Assets
Cash.................................... 0 (where are your emergency savings?)
Car(s).................................. 0 (where's your car? Could you sell or trade in for a cheaper car to run?)
Other assets............................ 0 (do you have anything else of value?)
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds loan....................24000.....496.......15.9 (you don't seem to have any assets - what have you spent this money on? Anything that you could sell and pay down your debt?)
Lloyds loan....................8000......198.......15.9
Lloyds credit card.............3500......80........13.9 (do you have a good credit history? - could you transfer to a 0% card)
Virgin credit card.............5000......125.......12.9 (as above)
Overdraft lloyds...............3250......30........6
Total unsecured debts..........43750.....929.......-


Monthly Budget Summary
Total monthly income.................... 1,800
Expenses (including HP & secured debts). 1,638
Available for debt repayments........... 162
Monthly UNsecured debt repayments....... 929
Amount short for making debt repayments. -767 (this is quite high, you will need to make some serious cuts to reach this, or increase your income - if this is a regular occurance having this shortfall contact one of the debt charities (e.g. CCCS, CAB))

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -43,750
Net Assets.............................. -43,750

Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using other browser.

Hi, I have put some comments above, you big exspense seems to be your rent - are there cheaper alternatives in your area? (share, downsize etc), or would living closer to work be better?

Hope the comments help,

Domino9