My SOA - any advice please?

Tink_04

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................ 530
Partners monthly income after tax....... 950
Benefits................................ 500
Other income............................ 0
Total monthly income.................... 1980

Monthly Expense Details
Mortgage................................ 458
Secured/HP loan repayments.............. 0
Rent.................................... 458 DUNNO WHY THIS IS HERE MUST BE A TYPO!!! ITS £0!!!!!!!!!!!!!!!
Management charge (leasehold property).. 0
Council tax............................. 97
Electricity............................. 35
Gas..................................... 45
Oil..................................... 0
Water rates............................. 29.31
Telephone (land line)................... 11
Mobile phone............................ 51.7
TV Licence.............................. 12.37
Satellite/Cable TV...................... 55
Internet Services....................... 0
Groceries etc. ......................... 125
Clothing................................ 10
Petrol/diesel........................... 70
Road tax................................ 2.5
Car Insurance........................... 65.61
Car maintenance (including MOT)......... 9
Car parking............................. 0
Other travel............................ 46.5
Childcare/nursery....................... 470.8
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 8.99
Buildings insurance..................... 25
Contents insurance...................... 0
Life assurance ......................... 32.79
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2143.57


Assets
Cash.................................... 0
House value (Gross)..................... 85000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 87000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 90000....(458)......4.7
Total secured & HP debts...... 90000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................4500......159.2.....7.9
loan...........................2000......100.......7
Credit card....................1000......50........NaN
credit card....................1050......20........19.9
Total unsecured debts..........8550......329.2.....-


Monthly Budget Summary
Total monthly income.................... 1,980
Expenses (including HP & secured debts). 2,143.57
Available for debt repayments........... -163.57
Monthly UNsecured debt repayments....... 329.2
Amount short for making debt repayments. -492.77

Personal Balance Sheet Summary
Total assets (things you own)........... 87,000
Total HP & Secured debt................. -90,000
Total Unsecured debt.................... -8,550
Net Assets.............................. -11,550

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

king100

What sicks out to me is mobile phone costs, cable/sky and car insurance.

[Deleted User]

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................ 530 Any way to increase? Overtime? Second job)
Partners monthly income after tax....... 950 as above
Benefits................................ 500 are you recieving all that you are entitled to?
Total monthly income.................... 1980

Monthly Expense Details
Mortgage................................ 458
Rent.................................... 458
Council tax............................. 97 Are you paying over the usual 10 months? Can you switch to paying over 12 months?
Electricity............................. 35 although neither are excessive, check that you are on the cheapest tariff for your area - often online and duel fuel are cheapest. If switching is cheaper - check cashback sites for offers (Quidco, Onepoll cashback, topcashback etc)
Gas..................................... 45 as above
Water rates............................. 29.31
Telephone (land line)................... 11
Mobile phone............................ 51.7 Seems high - if in contracts see if you can reduce, if out of contract drop to SIM only PAYG - some good £10 pm deals to be had
TV Licence.............................. 12.37
Satellite/Cable TV...................... 55 Could reduce to basic package or switch to free-view
Groceries etc. ......................... 125
Clothing................................ 10
Petrol/diesel........................... 70 all journeys essential?
Road tax................................ 2.5
Car Insurance........................... 65.61 check comparison sites at renewal
Car maintenance (including MOT)......... 9
Other travel............................ 46.5 what does this cover? Any way to reduce - season monthly or weekly ticket?
Childcare/nursery....................... 470.8 Any way to reduce - do either of you get childcare vouchers via your employers?
Pet insurance/vet bills................. 8.99
Buildings insurance..................... 25
Contents insurance...................... 0
Life assurance ......................... 32.79
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 0 nothing?
Total monthly expenses.................. 2143.57


Assets
House value (Gross)..................... 85000
Car(s).................................. 2000
Total Assets............................ 87000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 90000....(458)......4.7
Total secured & HP debts...... 90000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................1050......20........19.9
Loan...........................4500......159.2.....7.9
loan...........................2000......100.......7
Credit card....................1000......50........NaN is this one on a 0% deal, if so when does it end?
Total unsecured debts..........8550......329.2.....-


Monthly Budget Summary
Total monthly income.................... 1,980
Expenses (including HP & secured debts). 2,143.57
Available for debt repayments........... -163.57
Monthly UNsecured debt repayments....... 329.2
Amount short for making debt repayments. -492.77 This is quite a large shortfall - your biggest expense appears to be your rent/mortgage. I am guessing that you have a SO property and are not paying rent on one place and a mortgage on another - is this correct?

Personal Balance Sheet Summary
Total assets (things you own)........... 87,000
Total HP & Secured debt................. -90,000
Total Unsecured debt.................... -8,550
Net Assets.............................. -11,550

Hi,

Well done for posting and getting to grips with your debts.

I have made some comments above on where you could make some cutbacks. But unless you can either increase your income or decrease one of your larger expenses significantly (eg rent, mortgage, childcare expenses) it looks like you will struggle to make your expenditure meet your income.

You are currently getting further in to debt by nearly £500 every month - you really need to seek professional free advice from one of the debt charities - CCCS, Payplan, national debtline.

HTH

D9

dancingfairy

Hi - your biggest problem is that at the moment you are overspending by over 160 pounds a month before you even start to think about repaying debts - clearly this is not sustainable. You need to make some drastic cutbacks and fast.
What's the situation with the house - at the moment it is eating up a huge chunk of your money every month - do you part own/ part rent?
Sky etc - you just can't afford this at the moment - it has to go - cancel it straight away and if they won't you will have to stop paying it whatever they say because you need to try and keep the roof over your head and sky is not a priority.
Mobile - again it has to go or be seriously, seriously reduced - look at Pay as YOu go and get rid of the contract(s) - again if they refuse you may seriously have to just stop paying them as you can't afford this.
Childcare - this is high - is there anything you can do about this at all? have you got family that can maybe help out at all? does your employer offer childcare vouchers - although do check whether this will work out for you as it can affect benefits - Martin has an article on it somewhere.
Firstly I think you have to stop the tide and stop getting further into debt by making cutbacks where possible - you will probably need to send 1 pound to all your unsecured creditors and explain you having problems and ask them to be patient and you will be in touch as soon as you have got help from one of the debt charities such as National Debtline , CCCS or your local CAB.

Good luck and I think you've caught this just in time to stop it all spiralling out of control but do get some free help.
df

Gettingtherequickly

Is there any reason why your rent & mortgage amounts are exactly the same, it seems strange to me? If this is the case, it means that you are both working to simply keep a roof over your heads and child care costs. After you have both of these paid, you are pretty much relying on the benefits you run your home. I fully understand the want to work, but if there is only a net earning of less than £100 per month, something needs to be addressed.

Other than that, my comments would be as already stated re satellite, phones etc.

Tink_04

Thanks for the replies everyone ill try to answer best i can on the points you all made,

*sky is going in May as thats when contract ends might look at keepint the basic tho as get the phone and BB free with it but will have to see what works out best.
*mobile - is for 2 contract phones and both still have 8 months on them
*Car is due in April i was hoping it would go down as i would be classed as 25 this time but reading the car insurance threads it may seem this is not the case (i do however always renew through quidco after shopping around)
*Child care is what it is i cant change it at all i currently work 3 days a week and have no one to help watch DD - DH cant get a fixed day off work either to look after her as works shifts so she has to go in for the 3 days also this is why i cant work more hours a week - will check about the childcare vouchers at work tho!
*The other travel is DH bus pass for a month as he doesnt drive im trying to cut down the car journeys tho and hopefully as the weather gets nicer only use it for work but i cant go as i couldnt get to work without it.
*Erm ... oh yeah the mortgage is high but we dont have an option of re mortgaging as will be in neg equity (as far as i know this is the rule)

Im really worried about doing anything like a DMP as my credit file is not totally shot and would like to move house in a few years time and dont know how this would affect things like this in the future?

Thanks for all the advice

Tink

CH27

Why do you pay rent & a mortgage?

dancingfairy

I don't think you can avoid a dmp - you are overspending by over 160 a month on just the basics - that's before you even consider the unsecured debts wich add up to 300 a month - you will be doing well to be able to cut 160 from your budget from what you've said so I can't see how you can avoid a dmp - unless you go for something more drastic like an IVA/Bankruptcy
It's probably costing you more to work than not work - - you're only 60 a month up on the wages v childcare - then you've got to factor in the cost to get there etc and you can't be making much money if any. Have you looked at whether you may be better off giving up work -it's a crazy situation I know.
Have you looked at a different job - maybe one you can do from home - ironing, home typing, accouting, dog walking, avon - well anything?
The other thing is to accept that you are going to be getting 500 a month at least more in depth - is there any chance of promotion in the near future? how long do you have left to pay for childcare- is little one starting school soon? - what I mean is if you are fairly confident that things will change in the short term then perhaps you can sustain this situation for a few more months.
Can you take a mortgage holiday for a few months to allow you to get the debts down? even then though you will have to make the drastic cuts I've already outlined otherwise it will quickly build back up.
df

RAS

Tink_04 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................ 530
Partners monthly income after tax....... 950
Benefits................................ 500
Other income............................ 0
Total monthly income.................... 1980

Monthly Expense Details
Petrol/diesel........................... 70
Road tax................................ 2.5
Car Insurance........................... 65.61
Car maintenance (including MOT)......... 9
Car parking............................. 0
Childcare/nursery....................... 470.8
Total....................................£617.91

You are currently earning £530

and it cost £617.91 for you to earn that money.

Complete no brainer - you need to stop work.

What would happen to your benefits? www.turn2us.org.uk


Sky and phone - ring NOW and reduce the packages. You realy connot afford them when you cant even break even on living expenses.

ovoreo

CH27 wrote: »

Why do you pay rent & a mortgage?

Tink - Are you shared ownership? It would at least explain the rent & mortgage for us. I also think the ctax on 12 months would be a good idea for you, to lessen the monthly impact. Have you considered a water meter? I'm wondering if it would be preferential to the rates you are paying? (Not for all but worth checking).

Tink_04

EEEk no that must be a typo its only mortgage - dunno why that has appeared twice!!!!!
RAS id get nothing for not working as DH works we aparently ear too much for most benifits - this i would get £200 a month at the very most - if we were lucky (the way the system is changing i doubt we would get that!) plus when DD starts school i can work more and not have to find a job after being unemployed for x long!