My SOA- your thoughts please :)

Mandamoo_3

Hi All
please find my SOA I am currently on a DMP paying 271 a month. I am really looking for anything I may have missed that I can make a saving on. All thoughts and advice will be greatly appreciated. I have written in pink any additional info

Household Information
Number of adults in household........... 2 the other adult is my mum
Number of children in household......... 1
Number of cars owned.................... 2 other car is my mums mobility car
Monthly Income Details
Monthly income after tax................ 300
Partners monthly income after tax....... 0
Benefits................................ 314
Other income............................ 1132 student bursary and maintenance
Total monthly income.................... 1746
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 157
Rent.................................... 433 2/3 of rent
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 27
Gas..................................... 47
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 12
Mobile phone............................ 19
TV Licence.............................. 8
Satellite/Cable TV...................... 10
Internet Services....................... 20
Groceries etc. ......................... 230
Clothing................................ 15
Petrol/diesel........................... 160
Road tax................................ 3
Car Insurance........................... 19
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 5
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 5
Presents (birthday, christmas etc)...... 8
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1270

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0 have not included my car as on HP
Other assets............................ 0
Total Assets............................ 0

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(157)......4
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................12311.....15529.....0
c card.........................3575......5260......0
o draft .......................1544......4458......0
store cards....................591.......1853......0
Total unsecured debts..........18021.....27100.....-

Monthly Budget Summary
Total monthly income.................... 1,746
Expenses (including HP & secured debts). 1,270
Available for debt repayments........... 476
Monthly UNsecured debt repayments....... 27,100
Amount short for making debt repayments. -26,624
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -18,021
Net Assets.............................. -18,021
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

I have included the paymemt I make to cccs as I am on a DMP, whats concerning is this SOA says that I have 476 a month over! :eek:

LandyAndy

What contribution, if any, does your Mum make and is it included in the SOA?

And your unsecured debt part of the SOA is obviously wrong.

RAS

Mandamoo wrote: »

Hi All
please find my SOA I am currently on a DMP paying 271 a month. I am really looking for anything I may have missed that I can make a saving on. All thoughts and advice will be greatly appreciated. I have written in pink any additional info

Household Information
Number of adults in household........... 2 the other adult is my mum
Number of children in household......... 1
Number of cars owned.................... 2 other car is my mums mobility car
Monthly Income Details
Monthly income after tax................ 300
Partners monthly income after tax....... 0
Benefits................................ 314
Other income............................ 1132 student bursary and maintenance
Total monthly income.................... 1746
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 157
Rent.................................... 433 2/3 of rent
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 27 - is this the total or 2/3rds
Gas..................................... 47 - is this the total or 2/3rds
Oil..................................... 0
Water rates............................. 27 - is this the total or 2/3rds
Telephone (land line)................... 12 - is this the total or 2/3rds
Mobile phone............................ 19 - how many fopr whom?
TV Licence.............................. 8
Satellite/Cable TV...................... 10
Internet Services....................... 20 - is this the total or 2/3rds
Groceries etc. ......................... 230 - is this the total or 2/3rds
Clothing................................ 15
Petrol/diesel........................... 160 - do you need all these journeys?
Road tax................................ 3
Car Insurance........................... 19
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 5
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 5
Presents (birthday, christmas etc)...... 8
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20 - how much is in here?
Total monthly expenses.................. 1270

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0 have not included my car as on HP - you need to
Other assets............................ 0
Total Assets............................ 0

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(157)......4
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................12311.....15529.....0
c card.........................3575......5260......0
o draft .......................1544......4458......0
store cards....................591.......1853......0
Total unsecured debts..........18021.....27100.....-

Monthly Budget Summary
Total monthly income.................... 1,746
Expenses (including HP & secured debts). 1,270
Available for debt repayments........... 476
Monthly UNsecured debt repayments....... 27,100
Amount short for making debt repayments. -26,624
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -18,021
Net Assets.............................. -18,021
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

I have included the paymemt I make to cccs as I am on a DMP, whats concerning is this SOA says that I have 476 a month over! :eek:

I cannot see the DMP payment?

backinbusiness

No sign of the DMP payment?

Otherwise looks quite good, but the DMP payment would leave you with disp inc. of only £205 which can easily get spent on the wee things in life.

bib

Mandamoo_3

See I am rubbish with technology. Not too sure what happened with the debts showing that way!

I pay DMP 271 a month. I broke this down across the debts with what I am paying now.

My mum pays 1/3 of all bills/rent etc.

Thanks for all your help so far

VanillaDelia

Mandamoo wrote: »

Hi All
please find my SOA I am currently on a DMP paying 271 a month. I am really looking for anything I may have missed that I can make a saving on. All thoughts and advice will be greatly appreciated. I have written in pink any additional info

Household Information
Number of adults in household........... 2 the other adult is my mum
Number of children in household......... 1
Number of cars owned.................... 2 other car is my mums mobility car
Monthly Income Details
Monthly income after tax................ 300
Partners monthly income after tax....... 0
Benefits................................ 314
Other income............................ 1132 student bursary and maintenance
Total monthly income.................... 1746
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 157
Rent.................................... 433 2/3 of rent
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 27
Gas..................................... 47
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 12
Mobile phone............................ 19
TV Licence.............................. 8
Satellite/Cable TV...................... 10
Internet Services....................... 20
Groceries etc. ......................... 230
Clothing................................ 15
Petrol/diesel........................... 160
Road tax................................ 3
Car Insurance........................... 19
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 5
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 5
Presents (birthday, christmas etc)...... 8
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1270

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0 have not included my car as on HP
Other assets............................ 0
Total Assets............................ 0

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(157)......4
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
DMP CCCS.....................18021.....271
Total unsecured debts...18021.....271

Monthly Budget Summary
Total monthly income.................... 1,746
Expenses (including HP & secured debts). 1,270
Available for debt repayments........... 476
Monthly UNsecured debt repayments....... 271
Amount left after making debt repayments. 205
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -18,021
Net Assets.............................. -18,021
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

I have included the paymemt I make to cccs as I am on a DMP, whats concerning is this SOA says that I have 476 a month over! :eek:

Looking at your SAO, I think you have made some errors. The Monthly debt repayments total is £27,100! Have you just popped in random figures there?

I can see your DMP payment total but only as the amount available for debts, not as an actual input. If you are already on a DMP, I wouldn't include the monthly payments, I would go in edit with the above (see red).

Mandamoo_3

Sorry everyone I have amended my SOA (I'm still not sure what I did!) So it is showing I have a surplus of £205 a month. Is there anyway I can make further savings anywhere.


Thanks again and sorry for getting it so wrong:(




Household Information
Number of adults in household........... 2 the other adult is my mum
Number of children in household......... 1
Number of cars owned.................... 2 other car is my mums mobility car
Monthly Income Details
Monthly income after tax................ 300
Partners monthly income after tax....... 0
Benefits................................ 314
Other income............................ 1132 student bursary and maintenance
Total monthly income.................... 1746
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 157
Rent.................................... 433 2/3 of rent
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 27
Gas..................................... 47
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 12
Mobile phone............................ 19
TV Licence.............................. 8
Satellite/Cable TV...................... 10
Internet Services....................... 20
Groceries etc. ......................... 230
Clothing................................ 15
Petrol/diesel........................... 160
Road tax................................ 3
Car Insurance........................... 19
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 5
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 5
Presents (birthday, christmas etc)...... 8
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20
DMP .............................................271
Total monthly expenses.................. 1471

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0 have not included my car as on HP
Other assets............................ 0
Total Assets............................ 0

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(157)......4
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
loan...........................12311.....0 .0
c card.........................3575......0 0
o draft .......................1544......0 ........0
store cards....................591.......0.............0
Total unsecured debts..........18021.........0 .....-

Monthly Budget Summary
Total monthly income.................... 1,746
Expenses (including HP & secured debts). 1,471
Available for debt repayments........... 205
Monthly UNsecured debt repayments.......
Amount short for making debt repayments.
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -18,021
Net Assets.............................. -18,021

RAS

Mandamoo wrote: »

Household Information
Number of adults in household........... 2 the other adult is my mum
Number of children in household......... 1
Number of cars owned.................... 2 other car is my mums mobility car
Monthly Income Details
Monthly income after tax................ 300
Partners monthly income after tax....... 0
Benefits................................ 314
Other income............................ 1132 student bursary and maintenance
Total monthly income.................... 1746
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 157
Rent.................................... 433 2/3 of rent
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 27
Gas..................................... 47 - this is quite high if it is two thirds payment. Check out why? What is using so much fuel. Turn down/off radiators, cook more efficiently, be frugal with hot water, add a jumper instead of turning the heating on.
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 12
Mobile phone............................ 19
TV Licence.............................. 8
Satellite/Cable TV...................... 10 - do you really need this?
Internet Services....................... 20
Groceries etc. ......................... 230 - this is high for two. Used to be considered that £60 per person was required but a bit more now.
Clothing................................ 15
Petrol/diesel........................... 160
Road tax................................ 3
Car Insurance........................... 19
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 5
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 5
Presents (birthday, christmas etc)...... 8
Haircuts................................ 10
Entertainment........................... 20 - this may need to go.
Holiday................................. 0
Emergency fund.......................... 20 - how much is in this fund right now?
DMP .............................................271
Total monthly expenses.................. 1471

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0 have not included my car as on HP
Other assets............................ 0
Total Assets............................ 0

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(157)......4
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
loan...........................12311.....0 .0
c card.........................3575......0 0
o draft .......................1544......0 ........0
store cards....................591.......0.............0
Total unsecured debts..........18021.........0 .....-

Monthly Budget Summary
Total monthly income.................... 1,746
Expenses (including HP & secured debts). 1,471
Available for debt repayments........... 205
Monthly UNsecured debt repayments.......
Amount short for making debt repayments.
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -18,021
Net Assets.............................. -18,021

Some ideas....

backinbusiness

Ok Moo

Your soa still looks not too bad to me. Groceries could be cut a bit - take a look at the os board for help with this. Could you cut the entertainment budget - although going without treats at all can be a bit demoralising. Emergency fund - can you throw this at the debts? (Can you overpay on a DMP? - not sure about this). You might prefer the security of building up an emergency fund - I certainly did when I was debt-busting.

Would you be able to up your income? I appreciate you are a student and have a child, but could you do overtime at work; take a second part-time job?

I would recommend keeping a spending diary to identify where the £205 per month is actually going. Coffee, lunches, papers here and there can really add up.

Hope this helps.

bib

Mandamoo_3

Thanks bib I think that a spending diary is the way forward. If I actually do have £50 a week I am a little concerned what I am doing with it!

M

cloudcuckooland_3

Hello,
Why is your petrol bill so high?

Sorry If I have missed something really obvious.