S.o.a.

lizzydrippin

Not sure if the amount left on the creditcards is accurate as paid £1800
off one and havent had a new statment but this is a start will update soon



Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1619
Benefits................................ 134
Other income............................ 0
Total monthly income.................... 1753

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 140
Electricity............................. 80
Gas..................................... 0
Oil..................................... 90 this is paying off a small deficit
Water rates............................. 0
Telephone (land line)................... 62 inc internet and arrears
Mobile phone............................ 26
TV Licence.............................. 0 no tv
Satellite/Cable TV...................... 0 dito
Internet Services....................... 0 included in phone bill
Groceries etc. ......................... 600 I know this needs reducing inc animal food for 4 dogs and 4 cats etc. often feed boyfriends girlfriends etc and my children never seem to stop eating
Clothing................................ 0 Have been spending to much outfits for work and a new suit intend to cut back childrens cloths only
Petrol/diesel........................... 80
Road tax................................ 30.00
Car Insurance........................... 41
Car maintenance (including MOT)......... 60.00
Car parking............................. 8
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 0 My son has a holiday booked so a little expense here not sure how much just pocket money etc
Emergency fund.......................... 0
Total monthly expenses.................. 1177


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
c.c............................800.......28........0
c.c............................4500......80........0
c.c............................5000......160.......0
store card.....................410.......0.........0
loan...........................4500......181.......0
Total unsecured debts..........15210.....449.......-


Monthly Budget Summary
Total monthly income.................... 1,753
Expenses (including HP & secured debts). 1,177
Available for debt repayments........... 576
Monthly UNsecured debt repayments....... 449
Amount left after debt repayments....... 127

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,210
Net Assets.............................. -11,210

de1amo

im confused -i cant see rent or mortgage--if you own outright it would be an asset

kazwookie

No mortgage or rent? where / how do you live?
No insurance?

£600? for groceries, this can be cut down, have a look on the old style board.

Well done for posting up.

LandyAndy

Car tax and maintenance?

TV Licence?

You never buy clothes?

£600 on groceries is a lot.

Tixy

Hi

Is this the whole household income & expenditure?

lizzydrippin wrote: »

Not sure if the amount left on the creditcards is accurate as paid £1800
off one and havent had a new statment but this is a start will update soon


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0 do you not work? could you? do you get any benefits?
Partners monthly income after tax....... 1619
Benefits................................ 134 is this child benefit - have you checked to see what else you are entitled to as a family? eg maybe working tax credit, child tax credit etc.
Other income............................ 0
Total monthly income.................... 1753

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0 ? is this paid by benefits?
Management charge (leasehold property).. 0
Council tax............................. 140 is this the monthly amount or does it include any arrears?
Electricity............................. 80 this looks very high - does it include paying off arrears? have you looked at the comparison sites to see if you can find a cheaper supplier or a cheaper tariff?
Gas..................................... 0
Oil..................................... 90 is this the annualised cost or just what you pay in winter?
Water rates............................. 0 don't you pay these?
Telephone (land line)................... 62 this looks very high, is there a particular reason/type of call that is making it high? have you shopped around for a cheaper deal?
Mobile phone............................ 26
TV Licence.............................. 0 don't you have this? if you pay annually, include 1/12 of the cost here.
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 600 this is extremely high for a family of 4. Plenty of people on here can manage on around £200. Try to drop this to say £300 to start. Try the drop a brand challenge, try comparing different supermarkets or making more meals from scratch/ meal planning before you go shopping.
Clothing................................ 0 is this realistic long term with children?
Petrol/diesel........................... 80
Road tax................................ 0 you need to budget 1/12 of the annual cost here
Car Insurance........................... 41
Car maintenance (including MOT)......... 0 you need to budget for this (estimate for MO, service, tyres etc)
Car parking............................. 8
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 don't you have this? worth looking into as you can get policies for just a few pound a month.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 need to budget for this over the year.
Haircuts................................ 30
Entertainment........................... 0 probably need a small budget here.
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1177


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR find out the APRs so you can work out which debt to target first.
c.c............................800.......28........0
c.c............................4500......80........0
c.c............................5000......160.......0
store card.....................410.......0.........0
loan...........................4500......181.......0
Total unsecured debts..........15210.....449.......-


Monthly Budget Summary
Total monthly income.................... 1,753
Expenses (including HP & secured debts). 1,177
Available for debt repayments........... 576
Monthly UNsecured debt repayments....... 449
Amount left after debt repayments....... 127

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,210
Net Assets.............................. -11,210

At the moment you are showing a surplus each month, do you have this? if not its likely due to some of the missing costs on your SoA. I would look back through and see what else you might need to include.
Also check out this website to see if you are getting all the benefits you are entitled to - http://www.turn2us.org.uk/benefits_search.aspx

Also take a read of this link
Supermarket Shopping: Downshift & more, halve weekly bills

lizzydrippin

we live in tied accommodation hence no rent. I have just been made redundant hence no income. I do not have a t.v.I do spend on clothes etc but I was earning and am not anymore so this must change Groceries inc pet food and are what we have been spending obviously need to cut costs
My phone bill includes internet our usage changed due to childrens games i didn't realise as i opted out of paper billing so paying off a back log

Tixy

Ah - that makes more sense now. Do check out what benefits you are entitled to lizzy - that link only takes 5mins or so to run through and should help identify what else you might be entitled to, which will obviously help your finances.

Plus if you can spend some time seeing if you can find a cheaper elec supplier and phone supplier that also is time well spent. Have a look at the utility and phones tab in blue at the top of the page for some ideas.

When you suffer a loss in income it does take time to change your spending but you have a least identified that you need to and I'm sure you'll pick up tips on reducing things like groceries. Its had to change everything at once but even if you can cut costs a little each month it should make things easier for you.

At the moment it looks like you can keep up with your debt repayment minimums - is that right? have you so far managed to make them all? Even if you can only pay the minimums whilst you are not working then this is still reducing the debts a little and meaning you are keeping on top of things.

Good luck job hunting.:)

RAS

Please go to www.turn2us.org.uk for benefit advice.

lizzydrippin

Only lost my job 4 weeks ago so haven't had to try paying everything yet,
I am worried about getting into worse debt. Because I had a good income I kept putting off paying off my debts I always thought I'll pay a bit more next month but its not a good idea as you never know whats round the corner.
I am looking for work but I know this sound pathetic I am so emotional I keep messing up, I think I might be better waiting a bit for I burn all my boats