Statement of Affairs

Helpdesperate

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 432
Partners monthly income after tax....... 1950
Benefits................................ 244
Other income............................ 0
Total monthly income.................... 2626
Monthly Expense Details
Mortgage................................ 787.6
Secured/HP loan repayments.............. 181.60000000000002
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 122
Electricity............................. 36
Gas..................................... 37
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 15
Mobile phone............................ 13
TV Licence.............................. 12.91
Satellite/Cable TV...................... 43
Internet Services....................... 15
Groceries etc. ......................... 390
Clothing................................ 68
Petrol/diesel........................... 200
Road tax................................ 32.91
Car Insurance........................... 87
Car maintenance (including MOT)......... 75
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 42
Medical (prescriptions, dentist etc).... 22
Pet insurance/vet bills................. 25
Buildings insurance..................... 16
Contents insurance...................... 16
Life assurance ......................... 27
Other insurance......................... 24.99
Presents (birthday, christmas etc)...... 80
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
plumbing and heating cover.............. 32
union subs.............................. 10.96
Total monthly expenses.................. 2447.97

Assets
Cash.................................... 0
House value (Gross)..................... 174995
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 175795

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 162623...(787.6)....4.95
Hire Purchase (HP) debt ...... 4600.....(181.6)....12.9
Total secured & HP debts...... 167223....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
overdraft charges..............3500......43........19.9
Halifax credit card............12090.....125.......5.95
Barclaycard....................11378.....216.......19.9
Next storecard.................280.......30........29.9
barclaycard platinum...........476.21....10.85.....19.9
Virgin creditcard..............8897......89........0
Total unsecured debts..........36621.21..513.85....-

Monthly Budget Summary
Total monthly income.................... 2,626
Expenses (including HP & secured debts). 2,447.97
Available for debt repayments........... 178.03
Monthly UNsecured debt repayments....... 513.85
Amount short for making debt repayments. -335.82
Personal Balance Sheet Summary
Total assets (things you own)........... 175,795
Total HP & Secured debt................. -167,223
Total Unsecured debt.................... -36,621.21
Net Assets.............................. -28,049.21

Sometimes we have more cash, depending on my clients and hubbys overtime

[Deleted User]

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2 (are two cars necessary?)

Monthly Income Details
Monthly income after tax................ 432 (Any way to increase - overtime? Second job?)
Partners monthly income after tax....... 1950 (as above)
Benefits................................ 244 (are you claiming all that you are entitled to?)
Total monthly income.................... 2626

Monthly Expense Details
Mortgage................................ 787.6
Secured/HP loan repayments.............. 181.60000000000002
Council tax............................. 122 (Is this spread over 10 months - see if you can soread over 10)
Electricity............................. 36 (Check comparison sites to ensur that you are on the cheapest tariff - often online and duel fuel is cheapest)
Gas..................................... 37 (as above)
Water rates............................. 26
Telephone (land line)................... 15 (see if combining Home phone and internet would be cheaper - could probably get both for £20 - try different suppliers - Talk Talk, BT, Virgin, Sky)
Mobile phone............................ 13
TV Licence.............................. 12.91
Satellite/Cable TV...................... 43 (If in contract, drop to basic package - if out of contract cancel and go free view)
Internet Services....................... 15 (as above)
Groceries etc. ......................... 390 (might be able to cut back - drop brands, batch cook, meal plan, shop with a list and only buy what you need, try the cheaper supermarkets Aldi/Lidl)
Clothing................................ 68 (drop to essentials only - this is quite high every month)
Petrol/diesel........................... 200
Road tax................................ 32.91
Car Insurance........................... 87 (at renwal shop around)
Car maintenance (including MOT)......... 75
Other child related expenses............ 42 (what does this cover?)
Medical (prescriptions, dentist etc).... 22
Pet insurance/vet bills................. 25
Buildings insurance..................... 16 (see below)
Contents insurance...................... 16 (see if buildings and contents combined would be cheaper when you renew)
Life assurance ......................... 27
Other insurance......................... 24.99 (what does this cover?)
Presents (birthday, christmas etc)...... 80 (Quite high - can you shop around - do surveys online for vouchers and save them up for Christmas - see "up mu income board")
Haircuts................................ 10
plumbing and heating cover.............. 32
union subs.............................. 10.96
Total monthly expenses.................. 2447.97

Assets
House value (Gross)..................... 174995
Car(s).................................. 800
Total Assets............................ 175795

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 162623...(787.6)....4.95
Hire Purchase (HP) debt ...... 4600.....(181.6)....12.9
Total secured & HP debts...... 167223....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Next storecard.................280.......30........29.9
overdraft charges..............3500......43........19.9
Barclaycard....................11378.....216.......19.9
barclaycard platinum...........476.21....10.85.....19.9
Halifax credit card............12090.....125.......5.95
Virgin creditcard..............8897......89........0
Total unsecured debts..........36621.21..513.85....-

Monthly Budget Summary
Total monthly income.................... 2,626
Expenses (including HP & secured debts). 2,447.97
Available for debt repayments........... 178.03
Monthly UNsecured debt repayments....... 513.85
Amount short for making debt repayments. -335.82

Personal Balance Sheet Summary
Total assets (things you own)........... 175,795
Total HP & Secured debt................. -167,223
Total Unsecured debt.................... -36,621.21
Net Assets.............................. -28,049.21

Hi, Even in the revised SOA, you can probably make cutbacks on Pay for TV, clothes, presents, and a little off your groceries bill - but you will unlikely be able to make up the £336 needed to make minimum debt repayments. Unless you have guaranteed overtime or can take a second job, or increase your income in some other way I would definatley recommend that you contact one of the debt charities: try National debtline, CAB or CCCS.

If you could get by on one car you would not only be able to sell it and pay down some of your debts, but you would also be able to save on running costs and maintenance.

HTH

D9

Helpdesperate

I already have 2 jobs andam starting a 3rd, and yes 2 cars are necessaryfor the jobs both i and hubby do, he's a mobile engineer and i'm a domestic cleaner for the elderly and a domiciliary care workerand work at a school at lunchtime. Hubby can't get another job as he has to do on-call every 4th week.
The gas and electricity are regularly changed, and are online duel fuel as are the insurances. The other insurance is for mortgage ppi. Buildings and contents insurance are already combined and the phone, internet and tv are all together. Hubby also has to have the internetfor his work. Ihave to have the mobile for mine. It's looking like an IVA is going to be our only option.Thanks everyone anyway. Doesanyone have any experience from payplan or cccs?

DawnW

Have you tried keeping a spending diary? I say that because, when someone above pointed out that the amount for clothing etc was high, you said that it was not every month. There are several other areas where you say this, which makes me wonder if your soa is accurate, and if not,where the money is going? What can happen (I have been here ) is that you are just not sure where it is going, it just goes. If you have to write everything down, even if only for a couple of weeks, it really makes you think.

There seems to be quite a lot spent on various forms of entertainment on your soa. I would look to cut back on that before your food budget to be honest. Payplan and CCCS are recommended on here, and although I have no personal experience (they didn't exist in my debt days), seem to have helped a lot of people in really desperate situations. Why not contact them? Don't have preconceived ideas about an IVA as they are not suitable for everyone. Maybe a DMP would suit you better, but they are best placed to advise on that.

Good luck - I hope things look up for you soon x

nic_santorini

Helpdesperate wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 432
Partners monthly income after tax....... 1950
Benefits................................ 244
Other income............................ 0
Total monthly income.................... 2626
Monthly Expense Details
Mortgage................................ 787.6
Secured/HP loan repayments.............. 181.60000000000002
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 122
Electricity............................. 36
Gas..................................... 37
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 15
Mobile phone............................ 13
TV Licence.............................. 12.91
Satellite/Cable TV...................... 43 - luxury get freeview
Internet Services....................... 15 try a joint package
Groceries etc. ......................... 390 try cut down to 300 at first
Clothing................................ 68 - this is 816 a year, try 500 budget, ebay, sales etc
Petrol/diesel........................... 200
Road tax................................ 32.91
Car Insurance........................... 87 on renewal go throuh quidco and try and get cash back
Car maintenance (including MOT)......... 75
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 42
Medical (prescriptions, dentist etc).... 22
Pet insurance/vet bills................. 25 - quidco next time and ditto below for all insurances. I have joint RBS insurance for £13 shop about
Buildings insurance..................... 16
Contents insurance...................... 16
Life assurance ......................... 27
Other insurance......................... 24.99
Presents (birthday, christmas etc)...... 80 this is 960 per year, children are going to have to be more understanding, young ones don't care much anyway, budget for £500 a year. Get bargains throughout the year if you can
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
plumbing and heating cover.............. 32
union subs.............................. 10.96
Total monthly expenses.................. 2447.97

Assets
Cash.................................... 0
House value (Gross)..................... 174995
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 175795

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 162623...(787.6)....4.95
Hire Purchase (HP) debt ...... 4600.....(181.6)....12.9
Total secured & HP debts...... 167223....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
overdraft charges..............3500......43........19.9
Halifax credit card............12090.....125.......5.95
Barclaycard....................11378.....216.......19.9
Next storecard.................280.......30........29.9 pay this one off first and close it. First one to stop worrying about.
barclaycard platinum...........476.21....10.85.....19.9
Virgin creditcard..............8897......89........0
Total unsecured debts..........36621.21..513.85....-

Monthly Budget Summary
Total monthly income.................... 2,626
Expenses (including HP & secured debts). 2,447.97
Available for debt repayments........... 178.03
Monthly UNsecured debt repayments....... 513.85
Amount short for making debt repayments. -335.82
Personal Balance Sheet Summary
Total assets (things you own)........... 175,795
Total HP & Secured debt................. -167,223
Total Unsecured debt.................... -36,621.21
Net Assets.............................. -28,049.21

Sometimes we have more cash, depending on my clients and hubbys overtime

43 sky
10 joint package
90 groceries
27 clothes
16 insurance
39 gifts

Savings above give you another £225 per month - it's a start.

£335 short - pay off next, leaves you £305 short, with the savings identified above leaves you £80 short - so a little more tighter on food and gifts and you will break even. With your overtime, this will help break into paying off the capital.

Just my thoughts, still looks tight. Is your mortgage fixed? As any increase in interest rates will push you further away. I would still seek advice, but I think it could be done.

[Deleted User]

When you star your 3rd job, how much extra will this bring in?

Helpdesperate

Thanks for those suggestions-the 3rd job should have started this week, but the lady who recruited me shoved my paperwork down the back of a drawer and so my references were not requested-2 months since the job offer, ridiculous. Anyhow, as soon as they are through we are good to go, but will have to bung my friend £30/week to look after the kids as much cheaper than a nursery for them and the new rules around tax credits are coming in.
The hours will be variable and I don't get paid mileage expenses or for the time i travel between customers, so until I start work I'm not sure. Brought the next card down to £209 and today paid £400 off the barclaycard. Will try to pay more later in the month but the mot is due on my car. My car insurance is due for renewal at the end of may, but I do always shop around for that and house insurance anyway. Hadn't heard of quidco, so will try that also.

Helpdesperate

Payplan are calling me back this wednesday now that I have been able to get my paperwork together-had to ask them to leave it for a week as I have a huge amount of homework from the training for my new job. The mortgage is fixed but the secured loan is variable. May not be able to pay much extra off next month as hubbys car tax and mot are due at the end of may. It is usually expensive for him as his car is 9 years old and does a lot of mileage-we have the option of keeping the payments for my car the same and extending back to 5 years to get him a car that is cheaper to run, not sure if this is a viable thing to do?

Cheery_Daff

Just popping in to say hi, you're doing really well facing up to all this, must be so difficult to get your head round it all, so well done you

Some good advice through here, and you're doing absolutely the right thing throwing extra money off the high interest debts - that'll start to make a real difference.

Have you tried looking at the Old Style board for ideas about cutting the grocery budget? I know there's people over there who spend a fair bit less, and that'd make a big difference too. I'd also really recommend writing everything down that you spend - tedious, but a real eye opener!

Best of luck

Daffs xx