Filling out an SOA

Konamb212

Hi Folks, need a little bit of assistance here with an SOA.

Brief history is that, this past 3 years I have been regularly getting overtime, and paying my debts with it. Suddenly my firm has cut overtime to virtually zero which has left a hole in my finances (or will do at the end of September) and this is to continue for the forseeable future.
I have a secured loan with 2 years left to run, a personal loan with 2 years left, and 2 Vanquis credit cards.
In simple terms the above unsecured debt is similar to the amount of money I have lost per month.

I have written to the companies involved to explain the situation, and asked for a token payment to be considered, an SOA to follow.

My question is :When completing the SOA, do I put in the repayment amount that I am supposed to be paying or the amount which I am offering ?

Cos if I enter the amount I am supposed to pay I end up with a negative 470, but if I put in the token amopunt then it nearly balances out ?

CH27

Put in the amount you should pay.

Konamb212

Ok thanks for that

Konamb212

Can Someone have a look and give me your opinions on my SOA (it was a lot harder than I thought!!)

Points to note - 2 Adults at home (my sons) one on income support, the other is student, so £120 a month is all they can afford at the moment between them.
Car Insurance is high - student son needs to be on insurance to get to placements
Diesel costs - no alternative transport to my place of work - 88 mile round trip daily
mobile phones - contracted for another 17 months
home phone - contracted for another 9 months
Sky TV - on half price deal till marc - then cancelling
Gym membership for my wife & I, minimum term runs out April 2012
Also I have put my domestic rates in the council tax box - we dont have CT in Ni, no Water charges either (yet!)

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 4
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1652
Partners monthly income after tax....... 696
Benefits................................ 0
Other income............................ 120
Total monthly income.................... 2468

Monthly Expense Details
Mortgage................................ 261
Secured/HP loan repayments.............. 316.20000000000005
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 38
Electricity............................. 70
Gas..................................... 18
Oil..................................... 60
Water rates............................. 0
Telephone (land line)................... 14
Mobile phone............................ 82
TV Licence.............................. 12.37
Satellite/Cable TV...................... 26
Internet Services....................... 17
Groceries etc. ......................... 550
Clothing................................ 25
Petrol/diesel........................... 250
Road tax................................ 15
Car Insurance........................... 144
Car maintenance (including MOT)......... 35
Car parking............................. 0
Other travel............................ 15
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 7
Buildings insurance..................... 0
Contents insurance...................... 18
Life assurance ......................... 24.5
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 15
Gym Membership (2)...................... 49
Professional Body Fees.................. 7
Total monthly expenses.................. 2139.07


Assets
Cash.................................... 0
House value (Gross)..................... 70000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 74000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 49800....(261)......2.25
Secured Debt.................. 5150.....(186.3)....17
Hire Purchase (HP) debt ...... 3662.....(129.9)....11
Total secured & HP debts...... 58612.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Vsnquis Card (Partner..........2950......140.......54
Vanquis Card 9mine)............2450......120.......54
Black Horse Loan...............5500......244.......0
Grattan Catalogue..............270.......30........0
Capital One Card...............200.......6.........39
Aqua Card......................590.......21........34
Total unsecured debts..........11960.....561.......-


Monthly Budget Summary
Total monthly income.................... 2,468
Expenses (including HP & secured debts). 2,139.07
Available for debt repayments........... 328.93
Monthly UNsecured debt repayments....... 561
Amount short for making debt repayments. -232.07

Personal Balance Sheet Summary
Total assets (things you own)........... 74,000
Total HP & Secured debt................. -58,612
Total Unsecured debt.................... -11,960
Net Assets.............................. 3,428

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

Konamb212

In my opening post, I mentioned a negative £470, - that was an initial SOA i had tried , dunno hoiw that figure came about - I obviously entered wrong info somewhere!

HappyMJ

Konamb212 wrote: »

Can Someone have a look and give me your opinions on my SOA (it was a lot harder than I thought!!)

Points to note - 2 Adults at home (my sons) one on income support, the other is student, so £120 a month is all they can afford at the moment between them.
Car Insurance is high - student son needs to be on insurance to get to placements
Diesel costs - no alternative transport to my place of work - 88 mile round trip daily
mobile phones - contracted for another 17 months
home phone - contracted for another 9 months
Sky TV - on half price deal till marc - then cancelling
Gym membership for my wife & I, minimum term runs out April 2012
Also I have put my domestic rates in the council tax box - we dont have CT in Ni, no Water charges either (yet!)

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 4
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1652
Partners monthly income after tax....... 696
Benefits................................ 0
Other income............................ 120
Total monthly income.................... 2468

Monthly Expense Details
Mortgage................................ 261
Secured/HP loan repayments.............. 316.20000000000005
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 38
Electricity............................. 70 You have Elec, Gas and Oil? It's also very high @ £148 for household fuel.
Gas..................................... 18 ^^^
Oil..................................... 60 ^^^
Water rates............................. 0
Telephone (land line)................... 14
Mobile phone............................ 82 Ouch why so high. Can you cancel these or downgrade them to a lower priced package.
TV Licence.............................. 12.37
Satellite/Cable TV...................... 26 Consider cancelling.
Internet Services....................... 17
Groceries etc. ......................... 550 4 people £127 per week is £32 per week per person. That's quite high.
Clothing................................ 25
Petrol/diesel........................... 250 Again very high. At £250 per month that would take an average car 20,000 to 30,000 miles per year. Check the figures.
Road tax................................ 15
Car Insurance........................... 144
Car maintenance (including MOT)......... 35
Car parking............................. 0
Other travel............................ 15
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 7
Buildings insurance..................... 0
Contents insurance...................... 18
Life assurance ......................... 24.5
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 15
Gym Membership (2)...................... 49 If you really want to be debt free then this has to go.
Professional Body Fees.................. 7
Total monthly expenses.................. 2139.07


Assets
Cash.................................... 0
House value (Gross)..................... 70000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 74000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 49800....(261)......2.25
Secured Debt.................. 5150.....(186.3)....17
Hire Purchase (HP) debt ...... 3662.....(129.9)....11
Total secured & HP debts...... 58612.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Vsnquis Card (Partner..........2950......140.......54
Vanquis Card 9mine)............2450......120.......54
Black Horse Loan...............5500......244.......0
Grattan Catalogue..............270.......30........0
Capital One Card...............200.......6.........39
Aqua Card......................590.......21........34
Total unsecured debts..........11960.....561.......-


Monthly Budget Summary
Total monthly income.................... 2,468
Expenses (including HP & secured debts). 2,139.07
Available for debt repayments........... 328.93
Monthly UNsecured debt repayments....... 561
Amount short for making debt repayments. -232.07

Personal Balance Sheet Summary
Total assets (things you own)........... 74,000
Total HP & Secured debt................. -58,612
Total Unsecured debt.................... -11,960
Net Assets.............................. 3,428

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

Get the interest rates down Vanquis is one of the worst cards possible. If your credit rating is still good then switch the debt to a lower interest rate card and then you MUST cancel the Vanquis cards.

Konamb212

OK, to reply to your pointss :

Gas Cooker & 1 superser type heater, Oil is a direct debit payment which is what just about covers my oil bill and I dont use it excessively, Electricity is prepaid meter, currently put £60 through meter, price rise of 18% announced for 1/10/11 so estimate roughly extra £10

2 mobile phone contracts as explained - 17 months to run, can only downgrade when 12 months to go

Sky -as explained - on deal till march then cancelling - will have to pay anyway

Car Fuel - as explained- no alternative, average miles per year 27000

Gym - yeah I know this will have to go - they can chase me for the rest of the money - they can get in line!!

Food - dont think its that high to be honest for 4 adults

HappyMJ

Konamb212 wrote: »

OK, to reply to your pointss :

Gas Cooker & 1 superser type heater, Oil is a direct debit payment which is what just about covers my oil bill and I dont use it excessively, Electricity is prepaid meter, currently put £60 through meter, price rise of 18% announced for 1/10/11 so estimate roughly extra £10

2 mobile phone contracts as explained - 17 months to run, can only downgrade when 12 months to go

Sky -as explained - on deal till march then cancelling - will have to pay anyway

Car Fuel - as explained- no alternative, average miles per year 27000

Gym - yeah I know this will have to go - they can chase me for the rest of the money - they can get in line!!

Food - dont think its that high to be honest for 4 adults

OK, so what are your plans for stopping yourself from overspending by £232 per month. You need to spend less every month. If you can't then you must consider a DMP. It will destroy your credit for the next 6 years as all your credit cards will go into default so you may as well stop paying the mobile contracts, stop paying Sky and stop paying the Gym.

You really should get the food bill down 4 adults can eat very heathily for about 50p per meal multiply that by 90 meals per month means you should eat for about £180 on a healthy eating budget. It will not include expensive things such as meat and processed foods.

Have you thought about selling and moving 40 miles closer to your workplace? The kids are adults now they can rent their own place in your local town.

Konamb212

Well definitely I am considering a DMP, and will consider cancelling what is not needed such as gym, sky etc, need one phone for work, and as both are on the linked contract that might be hard to do, will look into it though.

50p per meal is just not going to happen in our house! 4 people coming in at different times for meals, plus I would like to see a piece of identifiable meat on the plate once or twice a week!

Konamb212

HappyMJ wrote: »

Have you thought about selling and moving 40 miles closer to your workplace? The kids are adults now they can rent their own place in your local town.

Have thought about it - no. There is the chance that I could be transferred to a workplace 2 miles from my home, but that may take some time, theres a queue of people looking to transfer - Im 5th in line, and no moves have taken place in the past 3 years

HappyMJ

Konamb212 wrote: »

Well definitely I am considering a DMP, and will consider cancelling what is not needed such as gym, sky etc, need one phone for work, and as both are on the linked contract that might be hard to do, will look into it though.

50p per meal is just not going to happen in our house! 4 people coming in at different times for meals, plus I would like to see a piece of identifiable meat on the plate once or twice a week!

Slow cookers work really well for people coming in at different times. The food is always ready. Grab a plate, get a ladle of food. Done. Very cheap to make a pot of hot food and the meat is even very cheap for it if you must have meat. Buy the cheapest possible cut and it will always be tender. Salad's can also be made and refridgerated. Needs some planning but you really must avoid ready meals. They are a rip off. Think about making your own ready meals and freezing them for when the slow cooker hasn't been prepared.