Is this the right place? Here's my SoA, any advise/suggestions welcome!

SmilingEyes

Here goes:

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................ 597.5 Partners monthly income after tax....... 1057.64 Benefits................................ 81.2 Other income............................ 0 Total monthly income.................... 1736.34
Monthly Expense Details Mortgage................................ 781 Secured/HP loan repayments.............. 0 Rent.................................... 0 Management charge (leasehold property).. 0 Council tax............................. 168.75 Electricity............................. 75 Gas..................................... 44 Oil..................................... 0 Water rates............................. 56 Telephone (land line)................... 21 Mobile phone............................ 20 TV Licence.............................. 15 Satellite/Cable TV...................... 0 Internet Services....................... 21 Groceries etc. ......................... 239 Clothing................................ 31 Petrol/diesel........................... 35 Road tax................................ 13 Car Insurance........................... 40.5 Car maintenance (including MOT)......... 11 Car parking............................. 0 Other travel............................ 55 Childcare/nursery....................... 0 Other child related expenses............ 0 Medical (prescriptions, dentist etc).... 30 Pet insurance/vet bills................. 15 Buildings insurance..................... 22 Contents insurance...................... 0 Life assurance ......................... 29 Other insurance......................... 0 Presents (birthday, christmas etc)...... 0 Haircuts................................ 0 Entertainment........................... 0 Holiday................................. 0 Emergency fund.......................... 0 Total monthly expenses.................. 1722.25
Assets Cash.................................... 0 House value (Gross)..................... 249950 Shares and bonds........................ 0 Car(s).................................. 500 Other assets............................ 0 Total Assets............................ 250450
Secured & HP Debts Description....................Debt......Monthly...APR Mortgage...................... 156530...(781)......0 Total secured & HP debts...... 156530....-.........-
Unsecured Debts Description....................Debt......Monthly...APR AA Pers. fin LOAN..............611.......1.........0 Egg CC.........................3503......1.........0 Sains. CC......................4668......1.........0 WSB late rent..................1591......1.........0 FSB mbna CC....................1898......1.........0 Banque PSA fin Van le..........2264......1.........0 Zopa LOAN......................720.......1.........0 Virgin mbna CC.................3341......1.........0 Smile Bank.....................455.05....1.........0 Smile CC.......................3946......1.........0 Smile LOAN.....................6574......1.........0 Total unsecured debts..........29571.05..11........-
Monthly Budget Summary Total monthly income.................... 1,736.34 Expenses (including HP & secured debts). 1,722.25 Available for debt repayments........... 14.09 Monthly UNsecured debt repayments....... 11 Amount left after debt repayments....... 3.09
Personal Balance Sheet Summary Total assets (things you own)........... 250,450 Total HP & Secured debt................. -156,530 Total Unsecured debt.................... -29,571.05 Net Assets.............................. 64,348.95
Created with soa calc makesenseofcards. Thank you.


I have been dealing with these debts, open eyed since November 2010, before then, both my husband and I know about them but we were paying well over the minimum payments, until my husband has been out of work since September and financially it all went pear shaped.

We are waiting to hear about a job in another area, we'd have to move house, as there are just not the vacancies here.

jamesd

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................ 597.5
Partners monthly income after tax....... 1057.64
Benefits................................ 81.2
Other income............................ 0
Total monthly income.................... 1736.34

Monthly Expense Details
Mortgage................................ 781
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 168.75
Electricity............................. 75
Gas..................................... 44
Oil..................................... 0
Water rates............................. 56
Telephone (land line)................... 21
Mobile phone............................ 20
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 21
Groceries etc. ......................... 239
Clothing................................ 31
Petrol/diesel........................... 35
Road tax................................ 13
Car Insurance........................... 40.5
Car maintenance (including MOT)......... 11
Car parking............................. 0
Other travel............................ 55
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 15
Buildings insurance..................... 22
Contents insurance...................... 0
Life assurance ......................... 29
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1722.25

Assets
Cash.................................... 0
House value (Gross)..................... 249950
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 250450

Secured & HP Debts Description....................Debt......Monthly.. .APR
Mortgage...................... 156530...(781)......0
Total secured & HP debts...... 156530....-.........-

Unsecured Debts Description....................Debt......Monthly.. .APR
AA Pers. fin LOAN..............611.......1.........0
Egg CC.........................3503......1.........0
Sains. CC......................4668......1.........0
WSB late rent..................1591......1.........0
FSB mbna CC....................1898......1.........0
Banque PSA fin Van le..........2264......1.........0
Zopa LOAN......................720.......1.........0
Virgin mbna CC.................3341......1.........0
Smile Bank.....................455.05....1.........0
Smile CC.......................3946......1.........0
Smile LOAN.....................6574......1.........0
Total unsecured debts..........29571.05..11........-

Monthly Budget Summary
Total monthly income.................... 1,736.34
Expenses (including HP & secured debts). 1,722.25
Available for debt repayments........... 14.09
Monthly UNsecured debt repayments....... 11
Amount left after debt repayments....... 3.09

Personal Balance Sheet Summary
Total assets (things you own)........... 250,450
Total HP & Secured debt................. -156,530
Total Unsecured debt.................... -29,571.05
Net Assets.............................. 64,348.95

Reformatted to make it a bit easier to read.

SmilingEyes

Jamessd thank you for that - I didn't know how!

Rock_Cakes

Hi SmilingEyes :wave:

I would post this on the main debt free wanabe forum, which can be found here: http://forums.moneysavingexpert.com/forumdisplay.php?f=76. This is a sub forum where people write their diaries during their DFW journey. I have no doubt if you post it on the main forum, you will have lots of help and advice.

Hope this helps and see you over on the main forum.
x

EssexHebridean

But in the meantime until you get the chance to do that....

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................ 597.5 can you increase this at all? Overtime, second job, working from home etc?
Partners monthly income after tax....... 1057.64
Benefits................................ 81.2 You've checked this is all you're entitled to?
Other income............................ 0
Total monthly income.................... 1736.34

Monthly Expense Details
Mortgage................................ 781
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 168.75
Electricity............................. 75 Seems high - we use electric for heating as well as all the normal lighting etc and ours is a long way short of this!
Gas..................................... 44
Oil..................................... 0
Water rates............................. 56 Very high - are you with South West Water by any chance? Otherwise might be worth considering going metered?
Telephone (land line)................... 21 *
Mobile phone............................ 20
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 21 * combine these marked items together into a package to cut costs. Check out the boards on here for cheap landline/broadband deals
Groceries etc. ......................... 239 This can be reduced easily to around the £200 mark, and possibly a bit lower still with organisation and sacrifice!
Clothing................................ 31 can you cut this for a while by you & partner wearing what you have, and the little 'un's clothes coming from charity shops, ebay, freecycle etc?
Petrol/diesel........................... 35
Road tax................................ 13
Car Insurance........................... 40.5 can you bring this down at all? check comparison sites.
Car maintenance (including MOT)......... 11
Car parking............................. 0
Other travel............................ 55 Can this be reduced at all?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30 This seems quite high - if it is regular prescriptions then a pre-pay certificate might be worth looking at.
Pet insurance/vet bills................. 15 Shop around for cheaper, particularly if you are with Pet Plan!
Buildings insurance..................... 22
Contents insurance...................... 0 PLEASE tell me this is because this is combined with your buildings insurance?!
Life assurance ......................... 29 For both of you? Sounds fairly good if so, and with kids you can't take any chances.:)
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0 This is unrealistic - even if it's only taking the little one on the bus to feed the ducks, there has to be SOME fun!
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1722.25

Assets
Cash.................................... 0 Should this be showing at Zero or should it show the balance of the money you've shown above that you are setting aside monthly for car running costs, insurances etc? (there is a reason for asking this - more below)
House value (Gross)..................... 249950
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 250450

Secured & HP Debts Description....................Debt......Monthly.. .APR
Mortgage...................... 156530...(781)......0
Total secured & HP debts...... 156530....-.........-

Unsecured Debts Description....................Debt......Monthly.. .APR
AA Pers. fin LOAN..............611.......1.........0 You need to confirm what the APR's are on these, and also what you should be paying in min. payments, so we can work out what you should be targetting first.
Egg CC.........................3503......1.........0
Sains. CC......................4668......1.........0
WSB late rent..................1591......1.........0
FSB mbna CC....................1898......1.........0
Banque PSA fin Van le..........2264......1.........0
Zopa LOAN......................720.......1.........0
Virgin mbna CC.................3341......1.........0
Smile Bank.....................455.05....1.........0
Smile CC.......................3946......1.........0
Smile LOAN.....................6574......1.........0
Total unsecured debts..........29571.05..11........-

Monthly Budget Summary
Total monthly income.................... 1,736.34
Expenses (including HP & secured debts). 1,722.25
Available for debt repayments........... 14.09
Monthly UNsecured debt repayments....... 11
Amount left after debt repayments....... 3.09

Personal Balance Sheet Summary
Total assets (things you own)........... 250,450
Total HP & Secured debt................. -156,530
Total Unsecured debt.................... -29,571.05
Net Assets.............................. 64,348.95

OK - the good news is you have wriggle-room. So all is definately not lost. I agree with what was said above by the way about posting it onto the main DFW board - you might be best to PM a board guide and ask them to move it wholesale though rather than ending up with two threads.

The reason I asked about the "money you are putting aside" is that we often see SOA's on here that have these figures filled in - for car depreciation for example, which indicate that this money is being put aside, but in actual fact it's not, which leads to the question of where is it going then - if this is the case then a spending diary might help. it's amazing how the odd little spend here and there can soon mount up into a whole in the budget, and finding where these "money leaks" are occurring means you can stop the habit, plug the gap, and feel the benefit.

Well done for getting the REALLY hard bit out the way - that is acknowledging there is a problem, and asking for help in dealing with it.

Good luck!

beanielou

Good advice there for you from EH.
Welcome to MSE.

SmilingEyes

Ok - the SoA I've posted is my budget as agreed with the CCCS. What I'm going to do is go through my expenditure on excel (I've been recording since November) and find out what out average is for the different expenses and post this. I know we've gone over on food, but they'll be more suprises as well I'm sure.

SmilingEyes

Here's my actual expenditure:

n.b. I have entered the average over Jan -Feb '11 for expenses that can vary incl. food, clothing, telephone, gas, electric, travel, medical, entertainment, emergency fund. These figures are what we have actually spent. The others categories are the cost spread over 12 months.

Monthly Expense Details
Mortgage................................ 781
Council tax............................. 168.75
Electricity............................. 66.2 Just changed to Scottish POwer on an internet only deal
Gas..................................... 53.45 Yes this is high - we've also changed provider
Water rates............................. 56 We're with Wessex water (South west)
Tel, mob and net................... 49.39 I thought not too bad
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Groceries etc. ......................... 338 Too high I know - I'm now using cash, getting £55 out a week for food
Clothing................................ 69.39 School shoes £32, husband trainers £32 increased this
Petrol/diesel........................... 30
Road tax................................ 13
Car Insurance........................... 40.5 We're going to look into this - only just renewed, may be able to change
Car maintenance (including MOT)......... 11
Car parking............................. 0
Other travel............................ 9.5 Trying not to spend on public transport - v exp here!
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (presc, dent, opticians).... 20.25 We both wear glasses, I've just bought some for £75 and husband needs dental treatment - used to be on denplan, don't know how much treatment will cost now
Pet insurance/vet bills................. 0 £15 was for cat food - we've no ins.
Buildings & contents insurance..................... 22
Life assurance ......................... 29 £7 for me, £22 for husband
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10.33
Haircuts................................ 0
Entertainment........................... 7.83
Holiday................................. 0
Emergency fund.......................... 60 Household repairs etc

Total monthly expenses.................. 1850.59

**Kat**_2

Well done for posting and welcome I know it may seem daunting but believe me, we have all been there, living beyond our means. Have you looked into maybe a second job or increasing your hours (I assume from your wage you are part time). I have a DS who is 3 next month and have both a full and part time job. It's hard work but I know we can pay all our bills and overpay on our debt while still having fun on the time I do spend with him. My second job is also during his bedtime hours (bar one hour each shift) so I am not missing out on any time with him.

SmilingEyes

I haven't got any regular hours - I'm bank staff at a care home and so fill in for people on holiday/sick. We are about to relocate so these next 2 months will be tricky for work for me - I'm going to work where I am until we move and then find work where husbands job is.

With temp work and care home work in Dec I managed to earn £1200, but usually it's around £500 now. I've got no set hours and I'm not guaranteed any work. I am looking for ways to earn more money and have applied for full time jobs, just no luck so far. In the meantime I'm trying to find other ways of raising some money, maybe do a car boot sale soon, but there's got to be something else I can do to earn much more.