SOA - Please have a look.

lita

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.................... 2

Monthly Income Details
Monthly income after tax................ 1369
Partners monthly income after tax....... 0
Benefits................................ 220.35
Other income............................ 0
Total monthly income.................... 1589.35

Monthly Expense Details
Mortgage................................ 288
Secured/HP loan repayments.............. 66.68
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 108
Electricity............................. 33
Gas..................................... 31
Oil..................................... 0
Water rates............................. 15.6
Telephone (land line)................... 15
Mobile phone............................ 32.68
TV Licence.............................. 12.37
Satellite/Cable TV...................... 12.25
Internet Services....................... 17.5
Groceries etc. ......................... 100
Clothing................................ 10
Petrol/diesel........................... 110
Road tax................................ 20
Car Insurance........................... 50
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 24.97
Contents insurance...................... 0
Life assurance ......................... 17.93
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Mortgage PPI............................ 44.53
CSA..................................... 144
Bank charges (for account benefits)..... 25
Pension................................. 32
Total monthly expenses.................. 1250.51


Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 116500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 85000....(288)......0<
Endowment......................0........(57.1).....0<
Endowment......................0........(9.58).....0
Total secured & HP debts...... 85000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card - Me...............1533......40........18.94
Credit Card - OH...............2521......53........21.9
Loan - Me......................4254......99.94.....20
Overdraft - Joint..............1000......7.........10.4
Overdraft - OH.................1500......25........19.3
Loan - OH......................11869.....263.3.....20
Total unsecured debts..........22677.....488.24....-


Monthly Budget Summary
Total monthly income.................... 1,589.35
Expenses (including HP & secured debts). 1,250.51
Available for debt repayments........... 338.84
Monthly UNsecured debt repayments....... 488.24
Amount short for making debt repayments. -149.4

Personal Balance Sheet Summary
Total assets (things you own)........... 116,500
Total HP & Secured debt................. -85,000
Total Unsecured debt.................... -22,677
Net Assets.............................. 8,823

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

tallyhoh

what benefits do you get with your account for £25? Your house/content/life insurance are huge! have you tried a comparison site?

Superbiatch

Contents insurance is very expensive - is that per month?

lita

We get - £500 overdraft interest free, mobile insurance, travel insurance, free AA call outs. There might be more but those are the important ones.

The insurances were all set up by OH and I have no idea what we're covered for to change it (he doesn't know either, I've asked:mad:)

ETA - The contents and building insurance 'might' be in the wrong way round - they may not, I have no idea!! I moved in with OH who had all these set up already. I just know that one comes up on the statements as general insurance and the other says 'LTSBC+G' (the mortgage is with C+G through LTSB).

backinbusiness

Hello

I agree with the above poster. Your insurance costs are quite high.

Secondly, the present budget is a bit steep - you need to cut that in the meantime if you can.

Thirdly, with only one adult working do you really need 2 cars? Is the second adult seeking employment?

And finally - what has driven your debts - has there been a change in circumstance, or is it long-term overspending?

Having been through this myself I think this is perhaps the most important thing to consider, otherwise one is in danger of racking up debt all over again.

Really don't wish to pry, but the more informed we are, the better we are able to help.

Well done for posting, and good luck

bib

ps - do the benefits of the bank account equate to £25/month? If not, ditch. That's £300 pa

tallyhoh

I think you need to have a good look at your insurances & account charges, see what they include & if you can get them cheaper. Do you really only spend £25 per week groceries?

RAS

lita wrote: »

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card - Me...............1533......40........18.94
Credit Card - OH...............2521......53........21.9
Loan - Me......................4254......99.94.....20
Overdraft - Joint..............1000......7.........10.4
Overdraft - OH.................1500......25........19.3
Loan - OH......................11869.....263.3.....20
Total unsecured debts..........22677.....488.24....-

Limits on all of these, please. Plus the end date on the loan and whether he can make early payments without redeemption penalty.

And the insurance is very high, and the groceries not nearly enough.

lita

I have just change the insurance figure and car insurance as I was mistaken - £57.10 wasn't car insurance as I thought, it's for an endowment and the 44.53 is PPI not contents insurance!!! (have just managed to figure out where OH had hidden the paperwork for it all)

(Am going to attempt to reply to individual posts now!)

lita

backinbusiness wrote: »

Hello

I agree with the above poster. Your insurance costs are quite high.

Secondly, the present budget is a bit steep - you need to cut that in the meantime if you can.

Thirdly, with only one adult working do you really need 2 cars? Is the second adult seeking employment?

And finally - what has driven your debts - has there been a change in circumstance, or is it long-term overspending?

Having been through this myself I think this is perhaps the most important thing to consider, otherwise one is in danger of racking up debt all over again.

Really don't wish to pry, but the more informed we are, the better we are able to help.

Well done for posting, and good luck

bib

ps - do the benefits of the bank account equate to £25/month? If not, ditch. That's £300 pa

Present budget is for 3 kids (b'day and xmas)

We are currently discussing selling the one car.

I am not currently looking for work. The reason we have got into debt is because I had a baby in Oct '09, I was off work ill from May '09 and unfortunately have suffered from depression and anxiety ever since so became a 'bored spendaholic'. OH also had no control over his spending.
I am unable to get a job due to OH's stupid shifts. I don't drive so have no way of getting my son to childcare without spending all my wages doing so.
I honestly don't know if then benefits work out cheaper. Where would someone insure mobiles? Where can I find out how much AA cover is?:o

lita

tallyhoh wrote: »

I think you need to have a good look at your insurances & account charges, see what they include & if you can get them cheaper. Do you really only spend £25 per week groceries?

We've got no choice but to only spend £25 a week. We can't afford any more

lita

RAS wrote: »

Limits on all of these, please. Plus the end date on the loan and whether he can make early payments without redeemption penalty.

And the insurance is very high, and the groceries not nearly enough.

Limits - My CC - 1700
OH CC - 16000 (have requested a reduction to 5000)
O/drafts are at their limits.
Loans - OHs loan was taken out in aug 10 for 84 months
My loan was taken out in 0ct 10 for 84 months

I'm not entirely sure on whether we can make early payments without penalties at the moment. The paperwork is in my room where my son is currently asleep so will check that later.
The grocery amount is what we pay, we've no choice at the moment.