Lifting head out of the sand

portsmouth

Any help,suggestions, or guidance with my SOA would be appreciated. Don't seem to be able to get a grip on my debts.

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................ 1717
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1717

Monthly Expense Details
Mortgage................................ 384.1
Secured/HP loan repayments.............. 20
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 106
Electricity............................. 43
Gas..................................... 43
Oil..................................... 0
Water rates............................. 29.23
Telephone (land line)................... 12.5
Mobile phone............................ 21
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 12.5
Groceries etc. ......................... 170
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 12
Car Insurance........................... 31
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 245 (Train and bus to work)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 14.45 (Includes contents insurance)
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 3.75
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1197.53

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 13550
Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 98700....(384.1)....4.75
Hire Purchase (HP) debt ...... 172......(20).......0
Total secured & HP debts...... 98872.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin.........................3317.5....117.......24.9
M and S........................4520......112.......15.9
MBNA...........................2739......75........24.9
Court Fine.....................130.......41........0
HItachi Loan...................7400......200.......7.75
Overdraft......................156.......75........0
Barclycard.....................899.46....19........14.9
Halifax........................600.7.....35........20.49
Total unsecured debts..........19762.66..674.......-

Monthly Budget Summary
Total monthly income.................... 1,717
Expenses (including HP & secured debts). 1,197.53
Available for debt repayments........... 519.47
Monthly UNsecured debt repayments....... 674
Amount short for making debt repayments. -154.53

Personal Balance Sheet Summary
Total assets (things you own)........... 135,500
Total HP & Secured debt................. -98,872
Total Unsecured debt.................... -19,762.66
Net Assets.............................. 16,865.34

Tixy

Hi, well at the moment you are showing a shortfall for debt repayments so either your SoA isn't quite right or if you are short by £154 each month then thats obviously why your are struggling.

I've put a few comments in blue below which might be worth looking at.

portsmouth wrote: »

Any help,suggestions, or guidance with my SOA would be appreciated. Don't seem to be able to get a grip on my debts.

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................ 1717
Partners monthly income after tax....... 0 does the second adult work? could they? or do they claim any benefits?
Benefits................................ 0 child support, any other benefits?
Other income............................ 0
Total monthly income.................... 1717

Monthly Expense Details
Mortgage................................ 384.1
Secured/HP loan repayments.............. 20
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 106
Electricity............................. 43 this looks quite high, have you tried shopping around to see if you can find a cheaper supplier for gas & elec or a better tariff with your supplier?
Gas..................................... 43
Oil..................................... 0
Water rates............................. 29.23 is this on a meter or unmeasured?
Telephone (land line)................... 12.5
Mobile phone............................ 21
TV Licence.............................. 0 do you have this?
Satellite/Cable TV...................... 0
Internet Services....................... 12.5
Groceries etc. ......................... 170
Clothing................................ 0 might need a small budget here with a child
Petrol/diesel........................... 50 as you use public transport for work and don't do many miles is a car essential? could you manage without?
Road tax................................ 12
Car Insurance........................... 31
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 245 (Train and bus to work) do you buy season tickets to get this as cheap as you can?
Childcare/nursery....................... 0
Other child related expenses............ 0 ? nothing at all here for your child?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 14.45 (Includes contents insurance)
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5 is that realistic for xmas & birthdays over the year?
Haircuts................................ 3.75
Entertainment........................... 0 is this realistic?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1197.53

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 13550
Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 98700....(384.1)....4.75
Hire Purchase (HP) debt ...... 172......(20).......0 what is this?
Total secured & HP debts...... 98872.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin.........................3317.5....117.......24.9
M and S........................4520......112.......15.9
MBNA...........................2739......75........24.9
Court Fine.....................130.......41........0
HItachi Loan...................7400......200.......7.75
Overdraft......................156.......75........0
Barclycard.....................899.46....19........14.9
Halifax........................600.7.....35........20.49
Total unsecured debts..........19762.66..674.......-

Monthly Budget Summary
Total monthly income.................... 1,717
Expenses (including HP & secured debts). 1,197.53
Available for debt repayments........... 519.47
Monthly UNsecured debt repayments....... 674
Amount short for making debt repayments. -154.53

Personal Balance Sheet Summary
Total assets (things you own)........... 135,500
Total HP & Secured debt................. -98,872
Total Unsecured debt.................... -19,762.66
Net Assets.............................. 16,865.34

CH27

Why do you not get Child Benefit & Child Tax credits?

portsmouth

Many thanks for the quick replys and advice. Have applied for both child allowance and working tax credit. As I do not presently receive it, thought it best not to inlcude it in SOA.