Help - SOA included

foolishmeandhim

This is my first time using this site I am just checking I am on the right page. I need help with debt.

shezam

Hiya, you are defo on the right page, the lovely people on this forum will help you out. First thing to do is complete a SOA (Statement of affairs). This will detail all income and expenditure for the household.

Heres the link http://www.makesenseofcards.com/soacalc.html

post the results up on here and people will help you
Sxxx

foolishmeandhim

Thank you for replying so quickly. I will do the SOA but to be honest I am so nervous about it and embarrassed by how foolish we have been.

shezam

Please don't be embarrassed. There are plenty of people here who will be in the same situation if not worse. Seriously, the first step (admitting you are in debt) is always the hardest, now you have that out the way, its onwards and upwards.

Everyone is so friendly on this board and full of such good advice aswell. Your in welcome hands here, so grab yourself a cuppy, get your statements/cc bills etc out and do your SOA, you'll feel much better after doing it and getting some great help from these boards.

Sxxxx

Tixy

Hi and welcome

Definitely post and explain about your financial position and what problems you are having. I can guarantee there will be people on here who have been in a worse position or who have been more foolish than you feel you have been.
People on here will try to help you find a way to tackle your debt problems, nobody is on here to judge you, and of course nobody on here will know you, or know your true identity.

Phelpsie001

I agree with these chaps

Everyone is here for the same reason, and a fresh pair of eyes looking at your situation can really help

foolishmeandhim

I just did the SOA and push the load data button and lost it all does it store it anywhere so I can retrieve it. Thanks to eveyone who has replied.

RAS

There is a link at the bottom of the SOA; you have to delete that as you are a newbie.

So "Format for MSE, remove the link and post the SOA in your reply window. Save.

Little_Miss_Uni-Debt

What point did you get to?

If you fill in the form and click "Calculate" it will then say at the bottom of the page if you have missed anything off the form.

If you then press the green MSE button a pop up window will appear with your Statement of Affairs info.

If this box doesn't appear when you press the MSE button, you probably have a pop-up blocker enabled on your browser which will stop the new window opening.

If you hold down CTRL on your keyboard and then press the MSE button this will allow the window to open.

You then press "Highlight Text" then right click and select "Copy".

Open up a new post on here and right click and press "Paste"

foolishmeandhim

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................ 1561.24
Partners monthly income after tax....... 1027.2
Benefits................................ 134.8
Other income............................ 0
Total monthly income.................... 2723.24
Monthly Expense Details
Mortgage................................ 982.1
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 60
Gas..................................... 0
Oil..................................... 60
Water rates............................. 0
Telephone (land line)................... 99
Mobile phone............................ 47
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 8
Car Insurance........................... 37.15
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12.73
Life assurance ......................... 52.17
Other insurance......................... 23
Presents (birthday, christmas etc)...... 10
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 0
Cigs.................................... 100
Pocket Money for son ................... 60
Total monthly expenses.................. 1928.52

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 133000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 106803...(982.1)....0
Total secured & HP debts...... 106803....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Tesco Card.....................2056.53...45........0
Virgin Card....................2535.86...85........0
Studio Catalouge...............550.......30........0
HFC............................400.......40.16.....0
Bank of Scotland Card..........4000......74.95.....20.9
Barclaycard....................6600......127.......26.8
Sainsburys Card................2955......67.32.....20.9
Topshop........................18.83.....5.........18.32
Asda Card......................3988.67...123.......26.4
Halifax Card...................1976.37...90.64.....19.9
Santander O/D..................2700......0.........0
Total unsecured debts..........27781.26..688.07....-

Monthly Budget Summary
Total monthly income.................... 2,723.24
Expenses (including HP & secured debts). 1,928.52
Available for debt repayments........... 794.72
Monthly UNsecured debt repayments....... 688.07
Amount left after debt repayments....... 106.65
Personal Balance Sheet Summary
Total assets (things you own)........... 133,000
Total HP & Secured debt................. -106,803
Total Unsecured debt.................... -27,781.26
Net Assets.............................. -1,584.26

I have included building and contents insurance together.
Phone,t.v and Internet are included together.

Please can someone help Im desperate and dont know what to do.

HappyMJ

foolishmeandhim wrote: »

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................ 1561.24
Partners monthly income after tax....... 1027.2
Benefits................................ 134.8
Other income............................ 0
Total monthly income.................... 2723.24
Monthly Expense Details
Mortgage................................ 982.1
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 60
Gas..................................... 0
Oil..................................... 60
Water rates............................. 0
Telephone (land line)................... 99 Way too high. Unlimited broadband and unlimited call packages incuding line rental can be had for around £25. Maybe £30 including some 0845/0870 calls.
Mobile phone............................ 47
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 Are you sure? Most people underestimate this. It's not just food but everything. I am a household of 1 and spend this amount.
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 8
Car Insurance........................... 37.15
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 Mortgaged properties should have insurance.
Contents insurance...................... 12.73
Life assurance ......................... 52.17
Other insurance......................... 23
Presents (birthday, christmas etc)...... 10
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 0
Cigs.................................... 100 Enjoy....but don't mention it as a seperate expense. I smoke too but I include it in the monthly "Groceries." You will only get responses such as you are wasting your money QUIT!!!>
Pocket Money for son ................... 60 Again here it's your choice but don't mention it is a seperate expense include it under "Other child related expenses". Same as above responses will be you are wasting your money. What does your son spend the money on? Your clothes budget is low you could bump that up a bit and remove this.
Total monthly expenses.................. 1928.52

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 133000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 106803...(982.1)....0
Total secured & HP debts...... 106803....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Tesco Card.....................2056.53...45........0
Virgin Card....................2535.86...85........0
Studio Catalouge...............550.......30........0
HFC............................400.......40.16.....0
Bank of Scotland Card..........4000......74.95.....20.9
Barclaycard....................6600......127.......26.8
Sainsburys Card................2955......67.32.....20.9
Topshop........................18.83.....5.........18.32
Asda Card......................3988.67...123.......26.4
Halifax Card...................1976.37...90.64.....19.9
Santander O/D..................2700......0.........0
Total unsecured debts..........27781.26..688.07....-

Monthly Budget Summary
Total monthly income.................... 2,723.24
Expenses (including HP & secured debts). 1,928.52
Available for debt repayments........... 794.72
Monthly UNsecured debt repayments....... 688.07
Amount left after debt repayments....... 106.65
Personal Balance Sheet Summary
Total assets (things you own)........... 133,000
Total HP & Secured debt................. -106,803
Total Unsecured debt.................... -27,781.26
Net Assets.............................. -1,584.26

I have included building and contents insurance together.
Phone,t.v and Internet are included together.

Please can someone help Im desperate and dont know what to do.

According to that SOA you should have £106 left over every month. As you are here asking for help I doubt that is the case.

First I'd get the mortgage down £1,000 a month to pay on an outstanding loan of £107,000 is very high. What is the interest rate on the mortgage and what is the remaining term? If you make the remaining term 15 years and the interest rate 4 % you can get the payments doen to £800 per month. With the £200 you can then put that towards paying off higher interest debts.

You need to enter a figure for council tax and water rates.