Filling out an SOA

antonia1

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!

If you can't cut the food bill, the adult children will have to start covering some of their own costs. £120 per month is far too low if you are paying all the mortgage, bills, food, car insurance for two adults.

At very least the working adult should be covering his own costs. That means the cost of food (£550/4 = £137.5), and his share of the council tax and energy bills (£186 / 4 = £46. 5) so he should be paying £184 per month. Please bear in mind that this a ridiculously low sum for someone in employment.

Students often don't have much money, but most have to pay rent and food when away at uni, so see if he can try to up the payment to £137.5 per month to at the very least cover the costs of his food. A student loan should give your son a minimum £2754, so he can afford to pay it. Lots of students have to have jobs at uni if their parents can't afford to support them.

The other thing I noticed was £30 per month for medical bills. Again, are they for you and your partner, or are you covering your son's costs too? If they are yours, consider a prescription pre-payment certificate.

From your SOA it looks to me like you could actually afford to repay your debts if you weren't supporting your adult children.

CH27

You can make big savings on your grocery bills.
Batch cook, drop a brand & stop pandering. Go to the Old Style board & you will get lots of help there.

Can your student son get get a part time job?
The car insurance is ludicrous. How can your son use it for college placements if you use it for work?

Can your partner increase her income with overtime?

Konamb212

CH27 wrote: »

The car insurance is ludicrous. How can your son use it for college placements if you use it for work?

Can your partner increase her income with overtime?

Placements are on my days off, but realistically the insurance is due for renewal in January, so hes gonna have to get dropped off it. Unfortunately mine will still be around £80 cos I had an accident and large claim against me last year!!

No overtime opportunities in partners job.

From your SOA it looks to me like you could actually afford to repay your debts if you weren't supporting your adult children

looking more and more like that!!!

I never really paid much attention to things, just worked more hours if more money was needed, and was luck enough to be able to do so!

Everything under the microscope now!