SOA Any Advice Welcome

Hiddenidenity

Hi not been posting long but have been reading a while. Below is my SOA but sorry the figures are 4 weekly not monthly as thats how im paid/pay my bills. im not curretnly working due to being off long term for sickness also have my 2 gorgeous children ds 2 and dd 6 months any advice appreciated

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1156.8
Other income............................ 0
Total monthly income.................... 1156.8

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 60 (payment meter and paying debt)
Gas..................................... 40 (same as above)
Oil..................................... 0
Water rates............................. 44 (same as above)
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 22.4(weekly payment card at 5.60)
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 220 (includes formula, nappies x 2 etc)
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 946.4


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loans..........................925.......300.......0
Total unsecured debts..........925.......300.......-


Monthly Budget Summary
Total monthly income.................... 1,156.8
Expenses (including HP & secured debts). 946.4
Available for debt repayments........... 210.4
Monthly UNsecured debt repayments....... 300
Amount short for making debt repayments. -89.6

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -925
Net Assets.............................. -92

MrsTUS

Do you recieve any statutory sick pay as well as your benefits? Or have you lumped it all in together?

Hiddenidenity

My benefits are income support, Child tax credit, child benefit and Housing benefit. Thats all my income

MrsTUS

Ah right, sorry, the way you worded your first post, when you said you were off work on long term sick, I had assumed you still had a job to go back to... I just wanted to clarify before people come along to offer advice.

Have you checked https://www.entitledto.co.uk to make sure you're claiming absolutely everything you can? Can you claim CTC as well as income support? Sorry, I'm a bit rusty, but when I was on benefits (albeit 6 years ago) all I could claim was income support, child benefit, housing and council tax benefit and milk tokens...

ERICS_MUM

Would you be able to get child support from your little ones' dad ?

Plus are you/should you be getting statutory sick pay (sorry i'm not sure of the rules, timings etc).

Otherwise, the only area where looks like you could cut back is in your groceries, such as moving to cheaper brands and seeing if you buy "luxuries" .

Sorry not much help. Good luck anyway.


Linda xx

Hiddenidenity

No the kids dad isnt working or infact claiming anything tbh i dont want any ties at all with him ever he isnt allowed access to them till their 18 and then its their choice not his.

I know im getting everything im entilted to (awaiting my tax credits) because of a recent change in circumstances

Thank you for replying At least im not talkign to myself

CH27

Who is your loan with?
Can you extend the term for a couple of momths to reduce the payment?

HappyMJ

You can speak to the court to reduce the payments on the fine and speak to your friends who you have the outstanding loans with. Show them your SOA and offer them an appropriate amount that balances your budget.

webitha

why is your rent so high??? if your on IS, dont you get your rent paid???

also head over to the old style board which can help reduce your grocery bill.
oh and dont bother buying brand name nappies, i can highly recommend asda or morrisons own

HappyMJ

webitha wrote: »

why is your rent so high??? if your on IS, dont you get your rent paid???

Only if it's council/housing association. Housing Benefit is credited to my bank account as withdrawable cash so I include it as income then also include the rent as an expense. I get £182.30 fortnightly into my bank account from housing benefit and have to pay rent monthly at £559.00. I also have £35 a week net income from lodgers so it would look odd putting my monthly rent down at £40.

[Deleted User]

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 2

Monthly Income Details
Monthly income after tax................ 0 Is this a temporary, or longer term situation. I know that you said you're on long term sick, but is this likely to change in the forseeable?
Benefits................................ 1156.8
Total monthly income.................... 1156.8

Monthly Expense Details
Rent.................................... 550 Is this competative for your area? Would moving to a property with cheaper rent, or moving to a cheaper area be an option?
Electricity............................. 60 (payment meter and paying debt) when will the debt be fully paid, and what will your payment be then?
Gas..................................... 40 (same as above) As above - how much is debt repayment, and when will it be fully repaid?
Water rates............................. 44 (same as above)As above - how much is debt repayment, and when will it be fully repaid?
Mobile phone............................ 10 is this on contract? If so when are you out of the contract? look at cheaper monthly contracts (some for £5, also look at PAYG options)
TV Licence.............................. 22.4(weekly payment card at 5.60-why is this so high, should it not work out at £12.37 a month? When/will this reduce?
Internet Services....................... 0 don't you have something here?
Groceries etc. ......................... 220 (includes formula, nappies x 2 etc) Visit the old style board for hints and tips and advice. They should be able to reduce this for you. - drop brands, meal plan, and batch cook is a good place to start.
Presents (birthday, christmas etc)...... 0 never?
Haircuts................................ 0 never?
Entertainment........................... 0 never?
Total monthly expenses.................. 946.4

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loans..........................925.......300.......0 Is this really 0%, and can you pay over a longer time to reduce the monthly cost. On the plus side, it will be fully repaid in just over 3 months.
Total unsecured debts..........925.......300.......-


Monthly Budget Summary
Total monthly income.................... 1,156.8
Expenses (including HP & secured debts). 946.4
Available for debt repayments........... 210.4
Monthly UNsecured debt repayments....... 300
Amount short for making debt repayments. -89.6 I have made a couple of suggestions above that might help you save a bit, and although you're getting further in to debt each month by £90, there does seem to be light at the end of the tunnel. You only have one debt, and if you can scrape by for the next 3 months that will be fully repaid (could you have a few lean months?), and you will have this "extra" cash in your pocket to get your gas, water and electric bills back on to an even keel.

Is there any way that you could do a bit of e-baying (oR on Amazon, Gumtree etc) to get you through the next couple of months?

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -925
Net Assets.............................. -92[/QUOTE]

hI,

Made some comments above, I hope you get it sorted before you get further in to debt.

If you cannot get your SOA to balance, you should really seek the advice of somewhere (one of the free debt help charities) like CCCS, national debtline, CAB, before as soon as you can before things get worse.

HTH,

D9