Please help me with my SOA.....

so84

Hi everyone,

Ive been reading some good advice on here and today im wondering how I will be able to pay back my debtors.

below is my SOA as you will see i have a shortfall that will start from next month. I have just lost some extra income i was getting from my ex as he was living with me. Now im scared what will happen from the next month. Should i call my card suppliers and let them know today i cant pay? I still have £700 of maintaince bills to pay and was going to max my last card before telling them i cant pay at least that way I have paid the bill on my home.

I have the option to rent my flat out, but that is drastic... i just need to find about £150 more per month, so hoping if getting my minimum payments cut could mean I would have more spare money. However it means debt will never clear..... what the hell can I do



Monthly Income Details[/b]
Monthly income after tax................ 1500
Other income............................ 600
Total monthly income.................... 2100

Monthly Expense Details[/b]
Mortgage................................ 680
Management charge (leasehold property).. 120
Council tax............................. 100
Electricity............................. 24
Gas..................................... 24
Water rates............................. 22
Telephone (land line)................... 35
Mobile phone............................ 50
TV Licence.............................. 13
Groceries etc. ......................... 50
Clothing................................ 40
Other travel............................ 130
Medical (prescriptions, dentist etc).... 8
Contents insurance...................... 24
Life assurance ......................... 25
Other insurance......................... 10
Presents (birthday, christmas etc)...... 20
Total monthly expenses.................. 1375[/b]


Assets[/b]

House value (Gross)..................... 200000

Total Assets............................ 200000[/b]


Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 142000...(680)......4.99
Total secured & HP debts...... 142000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
all credit cards?..............12000.....380.......0
Loans..........................15000.....471.......0
Total unsecured debts..........27000.....851.......-


Monthly Budget Summary
Total monthly income.................... 2,100
Expenses (including HP & secured debts). 1,375
Available for debt repayments........... 725
Monthly UNsecured debt repayments....... 851
Amount short for making debt repayments. -126

Personal Balance Sheet Summary
Total assets (things you own)........... 200,000
Total HP & Secured debt................. -142,000
Total Unsecured debt.................... -27,000
Net Assets.............................. 31,000

C

McKneff

Monthly Income Details[/b]
Monthly income after tax................ 1500
Other income............................ 600
Total monthly income.................... 2100

Monthly Expense Details[/b]
Mortgage................................ 680
Management charge (leasehold property).. 120 is this per month
Council tax............................. 100 apply for 25% discount
Electricity............................. 24
Gas..................................... 24
Water rates............................. 22
Telephone (land line)................... 35 stop using the phone so much or get it taken out.
Mobile phone............................ 50 kill your contract or PAYGO
TV Licence.............................. 13
Groceries etc. ......................... 50
Clothing................................ 40 Make do with what you have to.
Other travel............................ 130 What is this.
Medical (prescriptions, dentist etc).... 8
Contents insurance...................... 24 Shop around, this is expensive.
Life assurance ......................... 25
Other insurance......................... 10
Presents (birthday, christmas etc)...... 20 Halve it.
Total monthly expenses.................. 1375[/b]

HOpe that helps a bit.

Dharma_Bunny

How much rent would you get for your flat and where would you go?

[Deleted User]

Monthly Income Details
Monthly income after tax................ 1500 Any way to increase? Over-time? Second income?
Other income............................ 600 as above?
Total monthly income.................... 2100
If your ex is moving out could you move a lodger in?

Monthly Expense Details
Mortgage................................ 680
Management charge (leasehold property).. 120
Council tax............................. 100 ask your council if you can spread this over 12 instead of 10 months, also ensure that when you are living alone you are getting the single persons allowance (25% less)
Electricity............................. 24 although not high, check every 6-12 months that you are on the cheapest tariff for your area (often online and duel fuel is cheapest) try somwhere like Uswitch and if switching makes sense then go through one of the cashback sites (eg Quidco)
Gas..................................... 24 as above
Water rates............................. 22 Are you on a meter? If not would one be cheaper?
Telephone (land line)................... 35 this is quite high (in total you are spending £85 on phones - do you really need both to be so high) - you should be able to get home phone and internet for £20-£25 pm. If you make a lot of international calls look at Voip Cheap or Skype
Mobile phone............................ 50 This is very high as well, do you really use all the calls and texts you get as part of the bundle? - If you are stuck in contract see if you can drop a tariff, if/when out of contract look at SIM only and pay as yoy go - there are some good £10 pm deals
TV Licence.............................. 13
Groceries etc. ......................... 50
Clothing................................ 40 every month? This is quite high for one - go through your wardrobe and sell what no longer fits/you no longer wear on e-bay - and consider reducing.
Other travel............................ 130 what does this cover? Qould a season/weekly/monthly ticket work out cheaper?
Medical (prescriptions, dentist etc).... 8
Contents insurance...................... 24 Does this include building and contents?
Life assurance ......................... 25
Other insurance......................... 10
Presents (birthday, christmas etc)...... 20 possibly reduce to 10?
Total monthly expenses.................. 1375


House value (Gross)..................... 200000
Total Assets............................ 200000


Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 142000...(680)......4.99
Total secured & HP debts...... 142000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
all credit cards?..............12000.....380.......0 You need to list each of the debts along with the minimum payment required for each and the interest rate each is charging
Loans..........................15000.....471.......0 as above
Total unsecured debts..........27000.....851.......-

You need to list the minimums and interest rate in order to prioritise repayments

Monthly Budget Summary
Total monthly income.................... 2,100
Expenses (including HP & secured debts). 1,375
Available for debt repayments........... 725
Monthly UNsecured debt repayments....... 851
Amount short for making debt repayments. -126 I think that you will be able to make most of this up through cutting your phone bills - and hopefully you can shave a little of the others (C-tax, presents, clothing)

Personal Balance Sheet Summary
Total assets (things you own)........... 200,000
Total HP & Secured debt................. -142,000
Total Unsecured debt.................... -27,000
Net Assets.............................. 31,000

Hi,

Your SOA is quite tight, and while I think that you will manage to get your SOA to meet (income=expenditure) in the short run until you can change things in another way (rent out your flat, get a lodgeer, increase your income in some other way), I don't think long term it will be very sustainable, especially if you were to have an "emergency" expense (home repairs etc) as any further expenses would tip you over the edge (you have no emergency savings)

Before I can comment on any of your debts you need to list the number of debts you have, the minimum payment being made to them, and the interest rate being charged.

Do you have good credit history - could you shift any of the debt to 0% cards or low life of balance?

I hope some of the comments I have made wil be of use,

D9

so84

Hiya

Thanks for your help.

here are some answers:

I am already on 25 % discount on council tax
I already have a lodger who pays 600 per month that is shown above
£35 to bt includes broadband and phone line ( i need broadband for tenant) also in contract till aug so cant swap
I have shopped around for energy suppliers, I am on the lowest and even british gas wondered how mine was so cheap#
I am on a meter (my tenant showers too much!!)
I go over my minutes most months so trying to keep it within the contract ( i will stop using it!) but im still tied in for another 10 months
Clothing i dont need clothing - the thing made me enter this ont he above! ( but what happens if my shoes break) i cant look like a tramp at work I ahve a good job, im losing weight too so i look like a tramp as it is in clothes too big!!
Travel is my travel card to get to work - I dont want to do another yearly with work as I do want a new job and it ends up with me being out of pocket by hundreds if you hand back a season ticket!


Even if I make up the shortfall - how the hell will i survive on £50 for food and life every month?? is it achievable - i suppose supernoodles are 7p in asda (well i hope they still are)

Im in such a bad place

so84

I do have a good credit history, but because of all my outstanding debt no one will give me anything to consolidate - even tho my credit rating is 999. I have never defaulted one payment, and I dont plan to hence why im trying to sort it out today before a new round of bills from the 28th

so84

oh and insurance is just contents, my buildings insurance was included in my flat for 10yrs i have 5 years left!

so84

If I rent my flat out I would get £1050 for it minus 10% management fees. but then my income will only be 1500 but it does mean i will have surplus to live on - do you think this is my best option in the long run. even if i got my credit card repayments down and interest frozen i still wont be able to see the light at the end of the tunnel...... so thinking i will rent flat out - but isnt that costly to begin with i dont have money to pay any one anything!

CH27

Why do you get 25% Council Tax single person discount if you have a lodger?

so84

cos my ex boyfriend who lived there was a student, I haven't had the chance to change it! I will now!

so84

so therefore now i have more negative money! nice thanks mr or mrs!!