my soa

debtfreenewbie

That cant be right can it?Why am I aStatement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 0
Benefits................................ 500
Other income............................ 370
Total monthly income.................... 1670

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 40
Gas..................................... 20
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 15
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 30
Internet Services....................... 20
Groceries etc. ......................... 250
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 20
Car Insurance........................... 50
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 6
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 985


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................31000.....1.........0
loan...........................4500......5.........0
cred card......................6000......5.........0
old debt.......................700.......3.........0
store card.....................400.......1.........0
store crd......................1200......5.........0
car finance....................1100......1.........0
Total unsecured debts..........44900.....21........-


Monthly Budget Summary
Total monthly income.................... 1,670
Expenses (including HP & secured debts). 985
Available for debt repayments........... 685
Monthly UNsecured debt repayments....... 21
Amount left after debt repayments....... 664

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -44,900
Net Assets.............................. -43,400

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

Tixy

I take it you don't have £664 spare each month?
I'm guessing maybe your debt repayments are the wrong figures? (unless you are on token payments)?

debtfreenewbie

I am on token payments,have been for three years.I am slowly paying off the small debts.Have cleared three this year.

Tixy

So are you 'missing' all of the £664?
Has some of it been going on building up funds to pay off the 3 debts? How much have they added up to other the year so far?
Still if you have that much missing I would suggest a detailed spending diary, writing down absolutely everything you spend for at least a month.

I see you have nothing budgeted for haircuts, presents or entertainment - is that realistic? nothing in other child costs - do they do any activities, clubs, have pocket money?
Your rent seems very low - is that correct?

debtfreenewbie

hi,I have recently moved and we have had to buy new appliances but I definately waste money.
I aim to have a two month low spend-pay debts period before christmas.

I do need to calculate money for fun somewhere.Kids dont have pcket money which is something I know I shd do,mine are 11 and 6.
How do I set up a spending diary.I printed out my bank statements as I try and deal with cash but Im not sure thats the best way for me....

Help me.......please

Little_Miss_Uni-Debt

I think the best spending diaries are pocket notebooks with a pencil that go everywhere with you.

Alternatively, you could do a reverse budget, so that on payday, the first thing you do is send that missing money - say around £500 to a different account or maybe even clear an entire debt with it.

Then you are left with money for all the expenses at the amounts you have indicated above, plus about £160 for general fun, unexpected things and saving. I know for some people just by not having the money in the account means it doesn't get wasted and it gets put to a debt before you have chance to spend it.

HappyMJ

debtfreenewbie wrote: »

hi,I have recently moved and we have had to buy new appliances but I definately waste money.
I aim to have a two month low spend-pay debts period before christmas.

I do need to calculate money for fun somewhere.Kids dont have pcket money which is something I know I shd do,mine are 11 and 6.
How do I set up a spending diary.I printed out my bank statements as I try and deal with cash but Im not sure thats the best way for me....

Help me.......please

You need to get a spending diary. Starting tomorrow morning write everything down that you spend and categorize it into one of the above categories. Include work lunches and takeaways under groceries.

All your numbers are very very low. Noteably electricity and gas. Read the annual bill and divide it by 12.

Are you sure you want to be on a DMP. It will take you 178 years to clear the debt at £21 per month. You would be better off declaring bankruptcy and paying nothing for the next 6 years having the debt written off and a clear credit file.

Why is your rent only £200 per month? I don't know any rent that is that cheap. Even council rent is higher than that. You need to put the whole figure down and any housing benefit you get needs to go under benefits even if it goes directly to the landlord.

debtfreenewbie

I got my rent wrong then.It is 109 but I only pay 54.12 a week as I get housing benefit. I am doing this all wrong.I picked up some cheap books the other day so wil start on monday as working most weekend.
I have only just moved so not sure what my gas and electric will be really,just going by first month.

Maybe I need to do my soa again.
Thanks for your help guys.

I dont want to go bankrupt,we are buying time then looking at an iva.