I have been here a while but here is my SOA, Please help!

[Deleted User]

Good Evening All

I have been here a while, but here is my SOA. Can anyone help me?

Due to the BIG problem and the situation I was thinking of asking not to may my rent for 2 months. I am shared ownership and have a charity housing association.

Here goes, please be nice!.

Monthly Salary 1528.00
Tax Credits 60.00

Mortgage -160.00
Rent -375.00
Council Tax -94.00
Water Rates -57.00
Gas -30.00
Electric -33.00
Sky, Phone and BB -30.00 - Need for work.
Home Insurance -18.00
Pet Insurance -8.35
Boiler Insurance -18.00
Union Membership -11.70
Hire Purchase -175.00
Hire Purchase -190.00
Credit Card Halifx -75.00
Credit Card Halifx -50,00
MBNA Card -75.00
Fuel -75.00

£1475.00
£112.00 (food, clothes, kids and so on....)

Anyone help please? I cant see what I can do with that.

tallyhoh

Are you saying you want to miss paying your rent for a few months? thats a really bad idea. Perhaps you could complete a full SOA (sticky at top of board) & explain the plan about missing your rent to see if it makes more sense.

Mikazaru

assj wrote: »

Good Evening All

I have been here a while, but here is my SOA. Can anyone help me?

Due to the BIG problem and the situation I was thinking of asking not to may my rent for 2 months. I am shared ownership and have a charity housing association. Your rent and mortgage are priority debts and should be paid before other debts.

Here goes, please be nice!.

Monthly Salary 1528.00
Tax Credits 60.00 Do you not claim child benefits?

Mortgage -160.00
Rent -375.00
Council Tax -94.00 Can you pay over 12 months?
Water Rates -57.00 How many in your property? Can you have a meter fitted?
Gas -30.00
Electric -33.00
Sky, Phone and BB -30.00 - Need for work. Can you get rid of the sky and get a cheaper deal for the phone/bb
Home Insurance -18.00
Pet Insurance -8.35
Boiler Insurance -18.00
Union Membership -11.70
Hire Purchase -175.00
Hire Purchase -190.00
Credit Card Halifx -75.00
Credit Card Halifx -50,00
MBNA Card -75.00
Fuel -75.00

£1475.00
£112.00 (food, clothes, kids and so on....)

Anyone help please? I cant see what I can do with that.

A few comments above..
What are the balances/APRs on the debts? If high is there any chance of getting a 0% balance transfer?

[Deleted User]

Hi thanks to both, really appreciate the quick reply.
The water is already on meter and we are 2 adults and 1 child.
Council Tax is over 12 months now, that is with a 25% student discount also.
We only have sky as we have no arial and when we did have one we could not get normal TV
The Child benefit - this goes to DP for petrol to get to college and to get to school.

The rent plan was to use the rental saving to pay the credit cards and the agree to pay the rent a litte extra each month. But to reduce the interest on the CC.

All CC are now at 1% per month as I called and arranged a payment plan. They were about 29% APR.

Thanks very much!.

McKneff

You need to check the water meter, that is one hell of a monthly usage, My water payment has just gone down to £20 a month and Im on track.

Ring them and ask them to have a look at it and re assess, bet your in credit.

Paying your rent is a priority payment, dont miss it or your council tax under any circumstances.

rising_from_the_ashes

Not paying the rent wouldn't be advisable - have you got more coming than going out? (not sure if the £1475 figure incl groceries etc)

[STRIKE]Your water looks on the high side - have you got a meter?[/STRIKE] Cross post - def contact them .... are you all careful with water or not?

Are the owed figures the totals or the amount you pay per month?

You have fuel but no other car costs - insurance, tax, maintenance etc?

Do you not get child benefit?


Sorry - agree with Tallyhoh that a full SOA would give more information (which may answer all the above questions).

There's def some things missing eg tv license & having the number of adults kids in the house / outstanding amounts & apr's etc helps with giving advice.

rising_from_the_ashes

You don't need to pay a monthly subscription to get Sky - you can buy a Freesat card for a one off payment of £25 & get a pretty decent range of channels - I can't have a tv aerial here (no signal)

rising_from_the_ashes

How much is the child benefit (does it cover the cost of the trips to college etc) - is the £75 fuel in addition to this usage?

Mikazaru

assj wrote: »

Hi thanks to both, really appreciate the quick reply.
The water is already on meter and we are 2 adults and 1 child.
Council Tax is over 12 months now, that is with a 25% student discount also.
We only have sky as we have no arial and when we did have one we could not get normal TV
The Child benefit - this goes to DP for petrol to get to college and to get to school.

The rent plan was to use the rental saving to pay the credit cards and the agree to pay the rent a litte extra each month. But to reduce the interest on the CC.

All CC are now at 1% per month as I called and arranged a payment plan. They were about 29% APR.

Thanks very much!.

I'd suggest doing a full SOA listed at the top of the board with all your income and outgoings listed.
Your rent is far more important to pay than your credit cards, skipping it is a bad idea, even for a couple months.

[Deleted User]

Thanks for your help all!.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1528
Partners monthly income after tax....... 0
Benefits................................ 60
Other income............................ 0
Total monthly income.................... 1588
Monthly Expense Details
Mortgage................................ 160
Secured/HP loan repayments.............. 365
Rent.................................... 375
Management charge (leasehold property).. 0
Council tax............................. 94
Electricity............................. 33
Gas..................................... 30
Oil..................................... 0
Water rates............................. 57
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 30
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 0
Petrol/diesel........................... 75
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................. 8.35
Buildings insurance..................... 0
Contents insurance...................... 18
Life assurance ......................... 0
Other insurance......................... 18
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Union Membership........................ 11.7
Total monthly expenses.................. 1435.05

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 36000....(160)......0
Hire Purchase (HP) debt ...... 18000....(365)......0
Total secured & HP debts...... 54000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit card Halifax............4500......75........NaN
Credit card Halifax............2000......50........NaN
Credit card MBNA...............2000......75........NaN
Total unsecured debts..........8500......200.......-

Monthly Budget Summary
Total monthly income.................... 1,588
Expenses (including HP & secured debts). 1,435.05
Available for debt repayments........... 152.95
Monthly UNsecured debt repayments....... 200
Amount short for making debt repayments. -47.05
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -54,000
Total Unsecured debt.................... -8,500
Net Assets.............................. -62,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

[Deleted User]

2 showers per day, dishwasher used, 1 wash per day (washing machine). Thats all i think.