Please help with SOA thanks in advance.

tangyfog

I am just about managing to service my debit however the problem I have is that I keep on having emergencies that are costing me money. I feel quite unlucky and so I dont really have much left over. Even though It show a surplus of £273.33

This seems to get quickly swallowed up with a number of my small emergencies.

e.g Washer Dryer broken cost £250 to fix. Car has sensor fail cost £500, and 2 of my tyres got a puncture not sure if it was a vendetta £200... But now mother in law is ill and need treatment and my wife needs me to help if I can, but my budget is tight. What can I do... take out another loan to help with the medical bills?

Other family member are also hard up and cant afford to help much. So I was looking at how I can save a bit more for helping out the misses mum. any advice welcome.


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2800
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2800
Monthly Expense Details
Mortgage................................ 540
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 25
Council tax............................. 120
Electricity............................. 52
Gas..................................... 45
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 20
Mobile phone............................ 80
TV Licence.............................. 13
Satellite/Cable TV...................... 44
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 0
Petrol/diesel........................... 220
Road tax................................ 17.92
Car Insurance........................... 97
Car maintenance (including MOT)......... 0
Car parking............................. 89
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 18
Pet insurance/vet bills................. 0
Buildings insurance..................... 12
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 6.75
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 96
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Overdraft Fees.......................... 16
Bank Account Fees....................... 24
Payment Protection Insurance............ 77
Pension................................. 60
Total monthly expenses.................. 1952.67

Assets
Cash.................................... 750
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 254750

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 158500...(540)......4.14
Total secured & HP debts...... 158500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
NRAM Loan 1....................11000.....179.......7.9
NRAM Loan 2....................4000......61........5.9
NRAM Loan 3....................4000......59........5.8
Company Loan...................3000......250.......0
Capital One....................1970......25........0
Total unsecured debts..........23970.....574.......-

Monthly Budget Summary
Total monthly income.................... 2,800
Expenses (including HP & secured debts). 1,952.67
Available for debt repayments........... 847.33
Monthly UNsecured debt repayments....... 574
Amount left after debt repayments....... 273.33
Personal Balance Sheet Summary
Total assets (things you own)........... 254,750
Total HP & Secured debt................. -158,500
Total Unsecured debt.................... -23,970
Net Assets.............................. 72,280
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

RAS

is your wife not working?

tangyfog

She works but the small money she makes she sent home to help family back in her home country.

So I dont count that.

tangyfog

All of my emergencies get wacked on the credit cards as there is no where else for them to go... apart from the £700 emerency fund. which i was saving for the car insurance which comes up in july as I pay yearly to save £200 which is the extra i would pay for paying monthly. So I dont really want to dig into that...

iamana1ias

Your mobile phones and entertainment are ridiculous.

Why is your car insurance so expensive?

Why can't your wife work more?

beecher2

Look into the cost of public transport to get to work as petrol and parking is taking a big chunk of your income.

dancingfairy

Hi - how much money do you think you will need?
There appears to be a few places in your budget you could save - for instance your gas and electric look a bit high , SKy/Satelite could go and maybe go freeview, entertainment could be cut, ditch the bak account fee unless you really are getting value for money and you've also got that 273 a month the majority of which could maybe go for the operation if it's that vital?
Can you take a holiday from your mortgage for a few months? be careful though as you don't want to end up having to pay through the nose later to make up for it and you really don't want to get into a pickle with your mortgage so think about this very very very carefully.
df

Tabatha_Kitten

Is there a free or cheaper car park further out that you could use ?
Even if it meant a 20-30 min walk ?
Save £90 and get a bit of excercise ?

jennyo

Hi,
Gas and electric seem a little excessive - look to see if you can find a cheaper supplier, and maybe cut down on usage.
Mobile phone very high, but maybe its used for your wife to phone home.
TV package could go or be reduced.
Food quite high for 2 of you, should be easy to reduce it by £50, and much more with some thought.
entertainment is high could you halve it ?
Car insurance seems high, but maybe you are young.
Good luck

RAS

tangyfog wrote: »

She works but the small money she makes she sent home to help family back in her home country.

So I dont count that.

Does she appreciate that you could get charges on your house/flat if she carries on doing this?

RAS

tangyfog wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2800
Partners monthly income after tax....... 0 - she needs to earn more
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2800
Monthly Expense Details
Mortgage................................ 540 - can you take a lodger?
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 25
Council tax............................. 120
Electricity............................. 52 - this is high
Gas..................................... 45 - this is high
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 20
Mobile phone............................ 80 - this is ludicrous both go PAYG as soon as possible
TV Licence.............................. 13
Satellite/Cable TV...................... 44 - this has to be down graded now and then has to go.
Internet Services....................... 0
Groceries etc. ......................... 250 - this can be cut to £140
Clothing................................ 0
Petrol/diesel........................... 220 - very high|
Road tax................................ 17.92
Car Insurance........................... 97 - can you get this cheaper
Car maintenance (including MOT)......... 0
Car parking............................. 89 - also high
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 18
Pet insurance/vet bills................. 0
Buildings insurance..................... 12
Contents insurance...................... 0 - you need this
Life assurance ......................... 0
Other insurance......................... 6.75
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 96 - this has to go
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Overdraft Fees.......................... 16
Bank Account Fees....................... 24 - get rid, you can get a free basic account if necessary.
Payment Protection Insurance............ 77 - this is very very high. Will it actually pay out? Check
Pension................................. 60
Total monthly expenses.................. 1952.67

Assets
Cash.................................... 750
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 254750

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 158500...(540)......4.14
Total secured & HP debts...... 158500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
NRAM Loan 1....................11000.....179.......7.9
NRAM Loan 2....................4000......61........5.9
NRAM Loan 3....................4000......59........5.8
Company Loan...................3000......250.......0
Capital One....................1970......25........0
Total unsecured debts..........23970.....574.......-

Monthly Budget Summary
Total monthly income.................... 2,800
Expenses (including HP & secured debts). 1,952.67
Available for debt repayments........... 847.33
Monthly UNsecured debt repayments....... 574
Amount left after debt repayments....... 273.33 - do you actually have this much left over each month?
Personal Balance Sheet Summary
Total assets (things you own)........... 254,750
Total HP & Secured debt................. -158,500
Total Unsecured debt.................... -23,970
Net Assets.............................. 72,280
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi, if you take out more loans given your situation, you will very soon get into trouble.

There is nothing for car maintenance, house maintenance, clothing, hair cuts etc. Do you never get any of these? Sit down with the last year's statements, work out how much you spent on each and then divide by 12 and feed that into your SOA.

You need to both talk to a debt charity, preferably face to face, CAB (you need a specialist debt advisor) or CAP.