Sparkerly's SOA

Sparkerly

Using the link provided, here is my updated SOA - very scary reading.

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....... 4501
Benefits................................ 0
Other income............................ 115
Total monthly income.................... 4616
Monthly Expense Details
Mortgage................................ 788
Secured/HP loan repayments.............. 1382.1
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 42
Electricity............................. 78
Gas..................................... 79
Oil..................................... 0
Water rates............................. 29.36
Telephone (land line)................... 12.5
Mobile phone............................ 20.58
TV Licence.............................. 12.37
Satellite/Cable TV...................... 63.83
Internet Services....................... 18.53
Groceries etc. ......................... 450
Clothing................................ 50
Petrol/diesel........................... 20
Road tax................................ 0
Car Insurance........................... 16.25
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 145
Medical (prescriptions, dentist etc).... 45
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 323.27
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 45
Entertainment........................... 289
Holiday................................. 0
Emergency fund.......................... 0
School fees............................. 725.5
Total monthly expenses.................. 4715.29

Assets
Cash.................................... 0
House value (Gross)..................... 450000
Shares and bonds........................ 5000
Car(s).................................. 2000
Other assets............................ 3500
Total Assets............................ 460500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 132345...(788)......0
Secured Debt.................. 12255....(322.5)....0
Hire Purchase (HP) debt ...... 3242.62..(117.6)....0<
Mortgage (2)...................215256...(942)......0
Total secured & HP debts...... 363098.6.-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC CC (self).................4868......120.......11.9
HSBC CC (OH)...................7374......180.......11.9
HSBC OD........................5000......0.........11.9
First Direct OD................1000......0.........14.85
Total unsecured debts..........18242.....300.......-

Monthly Budget Summary
Total monthly income.................... 4,616
Expenses (including HP & secured debts). 4,715.29
Available for debt repayments........... -99.29
Monthly UNsecured debt repayments....... 300
Amount short for making debt repayments. -399.29
Personal Balance Sheet Summary
Total assets (things you own)........... 460,500
Total HP & Secured debt................. -363,098.62
Total Unsecured debt.................... -18,242
Net Assets.............................. 79,159.38
Reproduced on Moneysavingexpert with permission, using IE browser.[/i]

Still got to find out my APRs for one of the loans and the mortgages.

My OH does make a bit extra money by DJ-ing, but as its not regular I have not included it.

Going to show this to OH tonight over a glass of wine and TELL him we are cancelling a few things!

CH27

Why are you paying £323 per month on Insurance?:eek:

Rock_Cakes

Hi Sparkerly

Glad to see that you are getting loads of help and advice from the lovely DFW gang. The LBM is dead scary but you will get to your DFD. Which by the way you can calculate using the snowball calculator, which gives you a bit of a target. Good luck. xx

Domino9 wrote: »

I love the build your own pizza night idea! Think we'll have to do that here.

I do occationally make pizza's but I always use the tesco pizza base mix - if you have an (easy) pizza base recepie it would be very welcome!

D9

I bit of digression for this topic but had to answer this question:

250g strong white bread flour
250g plain white flour
5g powdered dried yeast
10g salt
325ml warm water
About 1 tbsp olive oil
1 handful coarse flour (rye, semolina or polenta), for dusting

In a bowl, mix the flours, yeast, salt and water to form a sticky dough. Mix in the oil, then turn out on to a clean work surface and knead until smooth and silky. (Alternatively, if you have a mixer with a dough hook, mix the flours, yeast, salt and water on a low speed, add the oil and knead for 10 minutes). Shape into a round, and leave to rise in a clean bowl, covered with a plastic bag, until doubled in size (45 min to 1hr ish)

CH27

Domino9 wrote: »

I love the build your own pizza night idea! Think we'll have to do that here.

I do occationally make pizza's but I always use the tesco pizza base mix - if you have an (easy) pizza base recepie it would be very welcome!

D9

Aldi do a pizza flour for 99p.

Mix the dough as instructions( very simple)
Roll out
Cover with tomato puree.
Sprinkle basil & oregano on the puree
Add whatever toppings you like.

I use spicy chicken, bacon, mushroom topped with mozarella.

tallyhoh

OMG, you are paying more in insurance & food than I have for my total monthly income of £800 (3 adults & 2 large dogs).

Just a suggestion but if the family starts moaning about cut backs, how about making everyone a monthly "allowance". They can choose how they use it up to their limit. It should cover everything though except basic food and housing

WASHER

Sparkerly wrote: »

Using the link provided, here is my updated SOA - very scary reading.

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....... 4501
Benefits................................ 0
Other income............................ 115
Total monthly income.................... 4616
Monthly Expense Details
Mortgage................................ 788
Secured/HP loan repayments.............. 1382.1
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 42
Electricity............................. 78
Gas..................................... 79
Oil..................................... 0
Water rates............................. 29.36
Telephone (land line)................... 12.5
Mobile phone............................ 20.58
TV Licence.............................. 12.37
Satellite/Cable TV...................... 63.83:eek:
Internet Services....................... 18.53
Groceries etc. ......................... 450
Clothing................................ 50
Petrol/diesel........................... 20
Road tax................................ 0
Car Insurance........................... 16.25
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 145 WHATS THIS?
Medical (prescriptions, dentist etc).... 45
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 323.27:eek:
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 - TOO MUCH EACH MONTH
Haircuts................................ 45 A MONTH?
Entertainment........................... 289:eek: tHIS HAS TO BE CUT TO £100 AT THE MOST
Holiday................................. 0
Emergency fund.......................... 0
School fees............................. 725.5
Total monthly expenses.................. 4715.29

Assets
Cash.................................... 0
House value (Gross)..................... 450000
Shares and bonds........................ 5000
Car(s).................................. 2000
Other assets............................ 3500
Total Assets............................ 460500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 132345...(788)......0
Secured Debt.................. 12255....(322.5)....0
Hire Purchase (HP) debt ...... 3242.62..(117.6)....0<
Mortgage (2)...................215256...(942)......0
Total secured & HP debts...... 363098.6.-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC CC (self).................4868......120.......11.9
HSBC CC (OH)...................7374......180.......11.9
HSBC OD........................5000......0.........11.9
First Direct OD................1000......0.........14.85
Total unsecured debts..........18242.....300.......-

Monthly Budget Summary
Total monthly income.................... 4,616
Expenses (including HP & secured debts). 4,715.29
Available for debt repayments........... -99.29
Monthly UNsecured debt repayments....... 300
Amount short for making debt repayments. -399.29
Personal Balance Sheet Summary
Total assets (things you own)........... 460,500
Total HP & Secured debt................. -363,098.62
Total Unsecured debt.................... -18,242
Net Assets.............................. 79,159.38
Reproduced on Moneysavingexpert with permission, using IE browser.[/i]

Still got to find out my APRs for one of the loans and the mortgages.

My OH does make a bit extra money by DJ-ing, but as its not regular I have not included it.

Going to show this to OH tonight over a glass of wine and TELL him we are cancelling a few things!

I have added comments in your amended SOA.

If you cancel Sky, reduce Life insurance by £100 at least, Entertainment by £ £189.00, child related expensives by £45, you will give or take a £1 or £2 break even, BUT thats not paying off your overdraft. This situation is not sustainable for longer than a few months, you may get fed up/disheartened.

Why can't you cash in the shares and repay your overdraft?

If I'm honest with you, anyone else in your situation with such a negative figure on the SOA, I would recommend contacting the CCCS to discuss a DMP, but they will not allow you to privately educate your children nor would they allow such high life insurance.

Your husband has NO choice but let you cancel Sky, you cannot afford it. Tell him WASHER said so:D, and I'm a woman who doesn't take no for an answer!

WASHER.x.

the_cat

Insurances are there to protect you from possible hardship in the future.... if they cause you to have hardship in the present, it kind of defeats the object doesn't it;)

You are at a crossroads. If you cut back on ABSOLUTELY everything AND get a job very quickly, you should be ok. There is absolutely no place for luxuries sky,school dinners or a car (not essential as covered earlier). If you (OH?) are not willing to make these sacrifices you are faced with a straight choice.... the house or the kids schooling

That is how you are going to have to sell it to OH. Good luck with your chat tonight

LillythePink

What's your HP for?

Is your buildings and contents insurance really that low? Who are you with? I only ask because ours is £75pm - we are with a local firm

Will your house be worth more when finished?

I know you mentioned about your life assurance - we pay £200 pm for ours, so yours does seem excessive and ours isn't cheap!

Where do you shop over there?

Surely you do spend more than £20 pm on petrol - I know it's cheaper than the UK, but still......

The reduction on your gas dd - will it be enough to cover your gas bill? Are you in credit with them now? Is gas your only heating? If so, in one respect, I would be tempted to have kept the dd higher so that I don't have any big bills coming in which then go on the cc!

I'm lucky, I don't have gas, but have oil - but it's still expensive compared to the UK

Sparkerly

CH27 wrote: »

Why are you paying £323 per month on Insurance?:eek:

Easy - because I am a mug and with my previous job (hate to admit it but financail adviser giving advice on mortgage life assuarnace and all it covered) it felt necessary to take it our otherwise I would be a hypocrite!

RAS

Hi

On the utility side, do you have a watertank. Get a screw driver and set the temperature to 60 degees. Will reduce your electricity and gas bills.