my soa

chris46_2

hello all newbee
have just done a soa wich i will post with this, i am unable to continue trying to service this dept as is all am doing is increasing the dept, i have incurred it through funding the completion of building a house and now find i am unable to remortgage to clear the dept it has been a bit of a juggling act that has got out of control
what are my opyions if any? will a dmp work for me
just a few points the £400 is for maintenace for my 3 kids who stay over two nights per week with me, i am worried i will lose the house and have to carry some of the dept over have looked at selling the house but the market is just not there even thought of a buy to let mortgage but soon my credit rating is going to belly up
so that prob wont be an option
also i need to have a car to pick up my kids and travel to work
is this realistic as a proposal for dmp?

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2 two nights per week
Number of cars owned.................... [1]
Monthly Income Details[/b]
Monthly income after tax................ 2000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2000
Monthly Expense Details
Mortgage................................ 635 intrest only
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120 this is over 12 months
Electricity............................. 35
Gas..................................... 0
Oil..................................... 50
Water rates............................. 0
Telephone (land line)................... 25
Mobile phone............................ 25
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 130
Road tax................................ 17
Car Insurance........................... 30
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 400
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 50
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1827

Assets
Cash.................................... 0
House value (Gross)..................... 170000
Shares and bonds........................ 0
Car(s).................................. 1300
Other assets............................ 0
Total Assets............................ 171300

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 132000...(635)......0
Total secured & HP debts...... 132000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
first direct...................18000.....400.......0
virgin.........................11000.....175.......0
rbs............................14000.....140.......0
Total unsecured debts..........43000.....715.......-

Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including HP & secured debts). 1,827
Available for debt repayments........... 173
Monthly UNsecured debt repayments....... 715
Amount short for making debt repayments. -542
Personal Balance Sheet Summary
Total assets (things you own)........... 171,300
Total HP & Secured debt................. -132,000
Total Unsecured debt.................... -43,000
Net Assets.............................. -3,700
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using IE browser.

RAS

The starting point for me seems to be that what you are paying in maintenance exceeds what the CSA would dictate, if you income is exactly £2000? I reckon it should be £286 if you have the children two mights a week.

Any prosepct of taking in lodgers, as the income is tax-free up to £370 per month. Even for the days you do not have children?

Danni-R

Just quickly before I read and run:

your groceries seem pretty high. Have you tried cutting down?

You can usually combine your phone and internet for about £19 something (bt) that might save you a bit.

£120 a month for council tax? is that your single person allowance? Someone might come along and correct me as I dont know what happens with children.

Cheers,

Danni

chris46_2

hi thanks for the feed back so far
i could try to reduce my food bill each moth altough i would find it difficult to do so perhaps getting it down to 180 might be poss as the maintanace figure was what we agreed dont think renagoiations would be very easy but colud try what would be a realistic proposal to my creditors

RAS

Hi

You really need to talk to one of the debt charities listed here https://forums.moneysavingexpert.com/discussion/2077631 about your options.

[Deleted User]

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2 two nights per week
Number of cars owned.................... [1]
Monthly Income Details[/b]
Monthly income after tax................ 2000 (Any way to increase this - overtime? Second job? Take in lodgers)
Total monthly income.................... 2000

Monthly Expense Details
Mortgage................................ 635 intrest only
Council tax............................. 120 this is over 12 months (Are you claiming single persons allowance here)
Electricity............................. 35
Oil..................................... 50
Water rates............................. 0
Telephone (land line)................... 25 (try combining with internet - try Virgin, Talk Talk, BT or any others that may operate in your area, could get approx £20 for both)
Mobile phone............................ 25 (if in contract reduce tariff - if out of contract look at SIM only packages, or go PAYG)
TV Licence.............................. 10 (12.37)
Internet Services....................... 20 (as above - home phone)
Groceries etc. ......................... 200 (for one adult and 2 Kids (2 nights) this can be reduced - drop brands, batch cook, meal plan, look at the Old Style board for tips on healthy meals at low cost)
Clothing................................ 10 (essentials only for now)
Petrol/diesel........................... 130
Road tax................................ 17
Car Insurance........................... 30
Car maintenance (including MOT)......... 10
Other child related expenses............ 400 (I don't know about child maintenance, but look in to what other posters have said)
Buildings insurance..................... 20
Life assurance ......................... 50
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0 never?
Entertainment........................... 0 nothing?
Total monthly expenses.................. 1827

Assets
Cash.................................... 0
House value (Gross)..................... 170000
Shares and bonds........................ 0
Car(s).................................. 1300
Other assets............................ 0
Total Assets............................ 171300

Secured & HP Debts
Description....................Debt......Monthly...APRMortgage...................... 132000...(635)......0
Total secured & HP debts...... 132000....-.........-

Unsecured Debts(What are the APR's on these debts?)
Description....................Debt......Monthly...APR
first direct...................18000.....400.......0
virgin.........................11000.....175.......0
rbs............................14000.....140.......0
Total unsecured debts..........43000.....715.......-

Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including HP & secured debts). 1,827
Available for debt repayments........... 173
Monthly UNsecured debt repayments....... 715
Amount short for making debt repayments. -542
Personal Balance Sheet Summary
Total assets (things you own)........... 171,300
Total HP & Secured debt................. -132,000
Total Unsecured debt.................... -43,000
Net Assets.............................. -3,700
Created using the SOA calculator at

Hi given the shortfall is in excess of £500, and although you can make some savings in your SOA, you are not likely to make this up, unless you can increase your income (second job, over-time, lodger), therefore I would suggest that you contact one of the debt charities for advice. They are free, non-judgemental and will be able to comment and advice on your exact situation.

Try CCCS, National Debtline, CAB

HTH

D9

chris46_2

hi thanks again
the £2000 per month is with ovetime, as for the intenet and phone that was the cheapest i could get for the area someting to do with the exchange for the phone being so far away. the phone mobile contract is for 24 months and have tried to reduce the package but they wont renegotiate it, dont think a lodger would be an option as the kids would just not stay over which i dont really want to happen. I honestly would struggle to figure out how to cook cheaper meals.. what is the acceptable figure on the house keeping? as for entertainment didnt think what to put in for that so just left it! and i just use the clippers for a hair cut number 4, i do wish to address the dept and will contact the dept help lines you have suggested just want to see what the options are have given up trying to refinance as it just makimg the situation a lot worse in the long run
thanks again