Help - SOA included

Phelpsie001

Have you included all of your outgoings? According to this, you can afford all of your debt and can save £100 a month.

If you are looking to cut costs, I can save you £160 straight away!! £60 a month pocket money seems quite a lot and being a non-smoker I can always say don't buy cigs!!

However, always pay off the debt with the highest APR first!!

desperate+determined

Hi, and welcome. Well done on facing your debt. I've jotted a few suggestins below

I wont comment on cards etc as smeone more xperienced will come along for that

Good luck x

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 (this looks like child benefit - check entitle to website to se i your claiming everything you can)
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 (whats the breakdown on this? - theres some great packages out there for tv,b/band and phone from £20 upwards - use cashback sites like quidco)
Mobile phone............................ 47 (can these be reduced or go to payg)
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 (not bad for fam of 4 - visit old style money saving board - you maybe able to shave some of this)
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 (? what is this)
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12.73 (visit cashback sites and comparison sites check your geting best deals)
Life assurance ......................... 52.17
Other insurance......................... 23
Presents (birthday, christmas etc)...... 10
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 0
Cigs.................................... 100 (can you cut down - or maybe switch to cheaper brand or rollies)
Pocket Money for son ................... 60(in yourcurrent sitution - this is too much - what age is son - can he mayb get a paperround to earn some pocket money?)
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.

happycamel_2

Firstly according to the SOA you have £100 left after your debt repayments so I suspect you are under estimating your spending. A spending diary will help.

The most obvious thing I can see is £100 for broadband etc. TV is free other than the licence and broadband and phone can be £30 a month. You need to cancel any extras.

£60 pocket money sounds quite a lot (but maybe I'm out of date). The other obvious target is cigs, could you cut down and/or change to roll ups?

Are you sure you are only spending £200 on groceries? I know its possible but if you are achieving it you must be very well controlled.

foolishmeandhim

I forgot to include Rates which are £60.00 I dont pay Water rates or Council Tax. My son uses his allowance for haircuts clothes and Travel to school. He manages well with it trying to instill some budgeting skill which I dont have. To be fair I think the food is too low because I never have any money left over.

My mortgage has 12 Years and 2 months left on it. The repayment is crippling me every month. When I was wiser it was our intention to pay it off quickly so we reduced the years. Do you think I could speak to lender to increase years to reduce payment!!!!!!!!!

HappyMJ

foolishmeandhim wrote: »

I forgot to include Rates which are £60.00 I dont pay Water rates or Council Tax. My son uses his allowance for haircuts clothes and Travel to school. He manages well with it trying to instill some budgeting skill which I dont have. To be fair I think the food is too low because I never have any money left over.

My mortgage has 12 Years and 2 months left on it. The repayment is crippling me every month. When I was wiser it was our intention to pay it off quickly so we reduced the years. Do you think I could speak to lender to increase years to reduce payment!!!!!!!!!

So how does the council tax get paid? Never mind just put £60. That's low. Are you sure it's £60? Where do you live? I'm envious.

The pocket money is OK. I've had my OH give our daughter the child benefit and explained to her that's all she gets. It's for all her own personal expenses as you have mentioned. She's old enough to learn to live within a budget. And it's been a relief just to say all requests for anything will be turned down so don't even bother asking. The requests came for the first few months then she gave up and starting using her own money.

Yes speak to the mortgage company you want to set the date to almost your retirement age and make sure that every spare penny goes towards paying off every high interest debt you have. It's called snowballing there is a calculator on the same website you got the SOA template from.

foolishmeandhim

Thank you everyone for your advice I sit here now crying as I have felt so very alone dealing with all this and now I can see there are people to help.

I live in Northern Ireland so we just have Rates here I think the Water charges are included in this. We dont have Council Tax.