advice pleeeese

aries69

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 0
Benefits................................ 270
Other income............................ 0
Total monthly income.................... 1270
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 95
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 200
Electricity............................. 50
Gas..................................... 80
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 70
Road tax................................ 19
Car Insurance........................... 55
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 21
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1332

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 1850.....(95).......19.9
Total secured & HP debts...... 1850......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Provident Loan.................400.......120.......0
Total unsecured debts..........400.......120.......-

Monthly Budget Summary
Total monthly income.................... 1,270
Expenses (including HP & secured debts). 1,332
Available for debt repayments........... -62
Monthly UNsecured debt repayments....... 120
Amount short for making debt repayments. -182
Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -1,850
Total Unsecured debt.................... -400
Net Assets.............................. -1,450
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

tealady

Hi
Does your Council tax include arrears? if not you need to move as that is very expensive. Check that you are getting the single persons discount.
Also keep a spending diary, it will help you identify what you are spending money on.
HTH

Clarie_2

Ouch for your council tax!
I've been there myself, with a similar income and rent/ council tax combo. Not sure how I made it work, looking back - and you've pared down loads. I take it the benefit is child benefit? do you qualify for housing benefit/ council tax benefit? Also if you are working, then do you qualify for child tax credits?
And you could try shaving some off the groceries bill - we budget for £30 a week (about £150 a month) for 2 adults and a baby - a lot of people here get by on less so it can be done! (Though I accept it's cheaper for 2 than for 1)
Clarie

CH27

Your Council Tax is very high. Do you get a Singke Person Discount?

Your Gas seems a bit hig. Are you on the cheapest tarrif?

Your car insurance seems a bit high. When is it due for renewal?

When does your Hire Purchase agreement end? Also you seem to have entered the payment for this twice on your SOA???

[Deleted User]

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1000 (is there any way to increase this - overtime?)
Benefits................................ 270 (Are you getting all that you are entitled to?)
Total monthly income.................... 1270

Monthly Expense Details
Secured/HP loan repayments.............. 95
Rent.................................... 450
Council tax............................. 200 (This is quite high - are you in arrears? Are you claiming single persons allowance (25%), and can you ask to spread it over 12 months instead of 10)
Electricity............................. 50 (Seems quite high - again are you in arrears? - check comparison sites to ensure that you are on the best tariff available to you - often online and duel fuel is better)
Gas..................................... 80 (Again very high - see above)
Water rates............................. 26
Mobile phone............................ 25 (Are you in contract? If so see if you can drop a tariff. If out of contract look at £10 Sim only deals or go PAYG)
TV Licence.............................. 11 (12.37)
Internet Services....................... 0 (Don't you need something here?)
Groceries etc. ......................... 200 (Quite high - try dropping brands, batch cooking, meal planning - look at cheaper supermarkets -LIDL/ALDI, take a list with you, and stick to it)
Petrol/diesel........................... 70
Road tax................................ 19
Car Insurance........................... 55 (Shop around at renewal)
Car maintenance (including MOT)......... 15
Contents insurance...................... 15
Life assurance ......................... 21
Presents (birthday, christmas etc)...... 0 (Nothing?)
Haircuts................................ 0 (never?)
Entertainment........................... 0 (Nothing?)
Total monthly expenses.................. 1332

Assets
Car(s).................................. 800
Total Assets............................ 800

Secured & HP Debts
Description....................Debt......Monthly...APR
Hire Purchase (HP) debt ...... 1850.....(95).......19.9
Total secured & HP debts...... 1850......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Provident Loan.................400.......120.......0 (What's the APR - When will this be paid off? It seems that it will only run for another few months now?)
Total unsecured debts..........400.......120.......-

Monthly Budget Summary
Total monthly income.................... 1,270
Expenses (including HP & secured debts). 1,332
Available for debt repayments........... -62
Monthly UNsecured debt repayments....... 120
Amount short for making debt repayments. -182

Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -1,850
Total Unsecured debt.................... -400
Net Assets.............................. -1,450

Hi,
I have made some comments and suggestions above, I hope that some of them will be of use to you.

It looks as though the loan has not got left to run - and once gone this will put you in a much better position financially, although you will still need to make some cut backs to prevent you from overspending every month.

The places that you should really ensure you are paying correctly are gas and electric, and council tax - they seem high if there's no arrears. If there is arrears involved how much are you in arrears, and when will they be paid off, so that your payments can revert to normal?

Also, please check that you are getting all the benefits that you are entitled to.

HTH

D9

aries69

Thanks guys for your replies. My council tax is currently £70 per month but I am subject to an attachment of earnings for arrears at previous address at £136 per month - this will last for another year.

My benefits are child benefit £80 for one child and WTC/CTC of £190 per month. They are also deducting for an overpayment.

I have cut down spending dramatically, mainly groceries, cleaning products, toiletries etc even as far as colouring my own hair instead of going to the salon (save £45). I hardly socialise, don't smoke and have an old banger of a car.

Overall if I didn't have the attachement of earnings and the deduction relating to Tax Credits I think I would manage.

Do you think it would be worth approaching the council tax and wtc to renegotiate payments ?

tealady

If you are struggling then yes. It costs nothing to ask.

themull1

Could you get rid of the car?

CH27

aries69 wrote: »

Thanks guys for your replies. My council tax is currently £70 per month but I am subject to an attachment of earnings for arrears at previous address at £136 per month - this will last for another year.

My benefits are child benefit £80 for one child and WTC/CTC of £190 per month. They are also deducting for an overpayment.

I have cut down spending dramatically, mainly groceries, cleaning products, toiletries etc even as far as colouring my own hair instead of going to the salon (save £45). I hardly socialise, don't smoke and have an old banger of a car.

Overall if I didn't have the attachement of earnings and the deduction relating to Tax Credits I think I would manage.

Do you think it would be worth approaching the council tax and wtc to renegotiate payments ?

I would definately contact the CT ask them to reduce your payments & I would also contact the Tax Credits & ask them to reduce your repayments.

ERICS_MUM

CH27 wrote: »

I would definately contact the CT ask them to reduce your payments & I would also contact the Tax Credits & ask them to reduce your repayments.

Definitely worth trying, the figures look a bit steep and unrealistic to me. Don't give up after their first refusal ! Good luck and let us know how you get on.

Linda xx

aries69

ERICS_MUM wrote: »

Definitely worth trying, the figures look a bit steep and unrealistic to me. Don't give up after their first refusal ! Good luck and let us know how you get on.

Linda xx

Thanks and will do tomorrow, I accepted the penalties as I didn't have the strength to deal with it at the time. Am much more focused now and although I know I have to pay it back I need to put my case of financial hardship across in order to start surviving again;)