My SOA

tilly2484

Hi guys, here is my SOA. I do need to check some of the utility bills and council tax as these were the figures a few months back but they should be pretty close.

I'll try and cut my story down into a short paragraph. Basically me and my partner were very lucky and were on a combined salary of about £80k. So paying of the debts each month was fine. In the past couple of years he has been made redundant 2 times and now I am on my 4th time. The last time i got made redundant I was on £40k. however the job that I managed to get in January was £20k. Same happened to my partner- he has been on £40k prev but now on £25k job.To be honest we have survived but we have only really been paying £1 a month of some of the debts- we have been getting advice from the CCCS. We struggle each month especially if something like one of the cars goes wrong, vet trips or when we had our oil stolen:mad:

I'm not going back into the stressful £40k job I used to do and have decided to stay more local and doing a job I love more which will be around the £20-£25k mark. But will I ever get rid of this debt? I can't wait until Aug 2012 when my car payments finish which will be an extra £200 a month in the pot to go towards something else.

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 1500
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2800

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 200
Rent.................................... 795
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 20
Gas..................................... 0
Oil..................................... 100
Water rates............................. 20
Telephone (land line)................... 20
Mobile phone............................ 70
TV Licence.............................. 13
Satellite/Cable TV...................... 53
Internet Services....................... 10
Groceries etc. ......................... 280
Clothing................................ 20
Petrol/diesel........................... 400
Road tax................................ 35
Car Insurance........................... 60
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2331


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 700
Other assets............................ 0
Total Assets............................ 700


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 3000.....(200)......26
Total secured & HP debts...... 3000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................1400......10........13
Santander......................9000......200.......17
First Direct...................2800......197.......11.9
Vanquis........................1500......75........42
Halifax CC.....................6600......119.......20.9
Total unsecured debts..........21300.....601.......-


Monthly Budget Summary
Total monthly income.................... 2,800
Expenses (including HP & secured debts). 2,331
Available for debt repayments........... 469
Monthly UNsecured debt repayments....... 601
Amount short for making debt repayments. -132

Personal Balance Sheet Summary
Total assets (things you own)........... 700
Total HP & Secured debt................. -3,000
Total Unsecured debt.................... -21,300
Net Assets.............................. -23,600

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

Tebheag

tilly2484 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2 Do you need 2 if you are staying local for work ?

Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 1500
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2800

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 200
Rent.................................... 795
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 20
Gas..................................... 0
Oil..................................... 100 Seems very high is this paying of debt !
Water rates............................. 20
Telephone (land line)................... 20
Mobile phone............................ 70
TV Licence.............................. 13
Satellite/Cable TV...................... 53 Can this be cut down to basic ?
Internet Services....................... 10
Groceries etc. ......................... 280 Can you reduce this ours is same and it covrs two kids
Clothing................................ 20
Petrol/diesel........................... 400 Also seems vey high especially if you are local to work
Road tax................................ 35
Car Insurance........................... 60
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2331


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 700 You owe 3k for a £700 car ????
Other assets............................ 0
Total Assets............................ 700


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 3000.....(200)......26
Total secured & HP debts...... 3000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................1400......10........13
Santander......................9000......200.......17
First Direct...................2800......197.......11.9
Vanquis........................1500......75........42
Halifax CC.....................6600......119.......20.9
Total unsecured debts..........21300.....601.......-


Monthly Budget Summary
Total monthly income.................... 2,800
Expenses (including HP & secured debts). 2,331
Available for debt repayments........... 469
Monthly UNsecured debt repayments....... 601
Amount short for making debt repayments. -132

Personal Balance Sheet Summary
Total assets (things you own)........... 700
Total HP & Secured debt................. -3,000
Total Unsecured debt.................... -21,300
Net Assets.............................. -23,600

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Hi first thing i would recommend is to keep a spending diary to check where your money is going. May be worth getting a part time job as well to help pay of some of the debt !
Good Luck

kingfisherblue

Mobile and satelite TV are the two things that jump out at me. Also, petrol is very high.

Groceries are extortionate for just two people - I spend about this on four, including toiletires and cleaning products. We eat well, so I think this is an area where you could look to save some cash. I'm thinking of looking on the Sainsbury website, where they advertise feeding four for £50. I'm not sure whether it will work for us, as one of my children has severe feeding difficulties, but I'd like to save some money. Would checking this out help you? Some of the recipes could be halved, so you would save money there, or you could freeze extra partions to be eaten later in the week or taken to work to save buying lunch.

ViolaLass

tilly2484 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2 - both needed?

Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 1500
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2800

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 200
Rent.................................... 795 - can you move somewhere cheaper? Is this amount the norm for your area? How many bedrooms?
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 20
Gas..................................... 0
Oil..................................... 100
Water rates............................. 20
Telephone (land line)................... 20
Mobile phone............................ 70 - this is high. Do you have internet on your phone? Do you need it?
TV Licence.............................. 13
Satellite/Cable TV...................... 53 - need it?
Internet Services....................... 10
Groceries etc. ......................... 280 - we spend £150 so you could save a lot here. Do you cook?
Clothing................................ 20
Petrol/diesel........................... 400 - Can you get rid of one car? Car share? Get a bike?
Road tax................................ 35
Car Insurance........................... 60
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 - sure?
Haircuts................................ 10
Entertainment........................... 20 - sure? It's not much.
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2331

At the end of the month, are you £132 overdrawn or more?

Keep a spending diary so that you know where everything is going.

MrsTUS

Household Information[/b]
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 1500
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2800

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 200
Rent.................................... 795
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 20
Gas..................................... 0
Oil..................................... 100 Dunno about oil prices, but can you get this down at all? My gas and electricity for a 3 bed semi is £60 for BOTH per month... you're paying double!!
Water rates............................. 20
Telephone (land line)................... 20Can you get basic line rental but then use it for incoming only and make use of the free minutes and texts you get with your mboile contract? Could save you a tenner or there abouts..
Mobile phone............................ 70This is shocking high, you can DEFFO get this down and you may even get new phones and a higher text and minute allowance than you've got currently, definitely look into changing these..
TV Licence.............................. 13
Satellite/Cable TV...................... 53Get this taken out and get Freeview or Freesat - we havent missed ANY of the channels at all
Internet Services....................... 10
Groceries etc. ......................... 280This is so high for two people! We spend £220 per month for a family of 5, including nappies and wipes for 2 babies, household cleaners and toiletries and we eat very well, lots of fresh fruit and veg and home cooking..
Clothing................................ 20 Cut this out and make do with what you have for now..
Petrol/diesel........................... 400This is high, which I'm sure you know. Can you get rid of a car or switch to more economical cars?
Road tax................................ 35
Car Insurance........................... 60
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2331


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 700
Other assets............................ 0
Total Assets............................ 700


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 3000.....(200)......26
Total secured & HP debts...... 3000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................1400......10........13
Santander......................9000......200.......17
First Direct...................2800......197.......11.9
Vanquis........................1500......75........42
Halifax CC.....................6600......119.......20.9
Total unsecured debts..........21300.....601.......-


Monthly Budget Summary
Total monthly income.................... 2,800
Expenses (including HP & secured debts). 2,331
Available for debt repayments........... 469
Monthly UNsecured debt repayments....... 601
Amount short for making debt repayments. -132

Personal Balance Sheet Summary
Total assets (things you own)........... 700
Total HP & Secured debt................. -3,000
Total Unsecured debt.................... -21,300
Net Assets.............................. -23,600

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.[/font][/QUOTE] That's what I can see imediately, nothing everyone else hasn't already said though, hope it helps :]

tilly2484

Thanks guys, petrol is high as my other half does 120 miles a day for work. My car I need as I run a cake business in the evenings and weekends so yes even though I work at home I have to do a lot of deliveries. We can't afford to buy another more economical car. My job is being made redundant due to relocation but i am going to do the travel until Jan (which is 60 miles each way so will need my car for that also)- so the petrol will actually increase by about £300 extra but work are covering this as they are relocating us.

Sky needs to go down which I will sort this week/ I didn't think it was that high but I think the OH has added back on the sports!!

With food shopping I have really tried to cut this down and struggle to get any lower. I'm vegan so i can't just fill up on basic's mince etc. All meals are cooked from scratch. I find the cleaning products etc take a fair bit. On average I spend about £50 a week but some weeks it can be more if I need to buy toiletries and cleaning stuff. This week the shop was £47.67. So I think the £280 figure I put in was an old one.

The telephone- sorry it should be £20 for internet and phone- we do not use the phone. It is purely for the internet connection. We live in the middle of nowhere on a farm and the cheaper packages just do not have the signal strength. But i will ask OH to see if there is anything cheaper.

Oil- I wish we could get this down. We moved to a house with central heating oil instead of gas. This is how much it costs. We put £500 in and it lasts 5-6 months. We do not have the heating on at all in the spring summer but it is on obviously when it is very cold for a couple of hours. Hot water I need all the time really.

Birthdays/xmas- yes it's more than this overall. I have tried to put in a monthly figure but I need to go through it properly.
Entertainment- again we don't really do much other than at home but this year we have had a stag and hen party to go to which I have tried to spread over the year.

Clothes- I have not bought anything for about 6 months but CCCS said I need to put it in there?

Rent- that is the norm for our area. A flat is not an option for us. It is a 3 bed house but the smaller room is my home office.

Mobile- as I run a business the internet and email on my phone is vital. My rental is £40 and OH is £30. I'll see if he can reduce his. i could reduce mine-I tried it but it ended up more because I needed those minutes. I will however speak to VF again to see if there is any other options that might suit.

patman99

I pay £20.80 p/m on '3' for my mobile phone and this includes a mobile broadband allowance of 1Gb p/m (although it is possible to reconfigure the internet settings to stop '3' measuring your usage). Switch both mobiles to '3' and you will save £30

Do you really need Sky ?. Surely that £53 is something you simply cannot afford, you do not have enough spare money to pay for it, so cancel your Sky tomorrow.

Do you have a garden?. Why not ask your landlord if you can have a greenhouse (these pop up regularly on Freecycle and Freegle. That way you can grow your own veg. (and sell some surplus plants).

Heating oil is very expensive. Are you the only one in your area using it?, if not, set up a buying co-operative. That way, you can take orders from other members then when you have enough to buy a full tanker-load, you can phone around the suppliers and order from the cheapest.
Where these have been set up, the members save a huge amount on their oil prices as the oil supplier will give a discount due to the fact that their driver will not have to spend all day driving round the countryside delivering oil.

McKneff

Cleaning products - no need to buy expensive products, good old stardrops at about 90p a bottle is a brilliant all rounder and
cleans everything

tilly2484

Thanks

Yes sky is something I am sorting this week.

3 has no network coverage where we are. Which is annoying. My dad is on 3 and he cannot get anything when he comes to visit. We live in the middle of nowhere on a farm-this impacts the oil thing. We only have one other neighbour on the farm who we already share the oil with. And yes it does save a little. As we haven't been here long we haven't got the full picture of our full usage yet so it could be less. I'm just going by the past 8 months. We also had our first £400 we put in stolen which set us back a bit, one of those things i suppose.

I'm a very keen gardener and have grown my own veggies etc for a few years. We have only been here 8 months so it's taking a while to get established but at the mo we have a range of salad stuff, strawbs (well over now), courgettes, potatoes, chilli, sweetcorn, radish, tomatoes.

We have over the past couple of weeks been digging out a much bigger veg patch so i can get more in but obviously it takes a bit of time. So hopefully next years crops will be a lot better

Superbiatch

Check out Poundland or whichever pound shops you have nearby for both toiletries and household cleaning products. I'm quite fussy (only use flash or mr muscle and named shampoo's etc) but i tend to be able to get them all. Beware though, sometimes the big supermarkets have offers on which work out better.

You sound a lot like me with a full time job and a 2nd job, and the above might seem like a whole lot of hassle but once you get into the habit of picking bits up in your lunchtime or on your way home it becomes second nature

HappyMJ

Superbiatch wrote: »

Check out Poundland or whichever pound shops you have nearby for both toiletries and household cleaning products. I'm quite fussy (only use flash or mr muscle and named shampoo's etc) but i tend to be able to get them all. Beware though, sometimes the big supermarkets have offers on which work out better.

You sound a lot like me with a full time job and a 2nd job, and the above might seem like a whole lot of hassle but once you get into the habit of picking bits up in your lunchtime or on your way home it becomes second nature

If only my Poundland was free to park at or get to it might actually be worth it. It costs me at least £1.