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

Mikazaru

The HP debts are they for cars?

rising_from_the_ashes

Ahhhhh, thanks!:D

assj wrote: »

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 You should really add the CB amount in here (and have the total fuel costs noted below) to keep the income correct
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 Def contact them!
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 0 Need to put in £12.12 / month
Satellite/Cable TV...................... 30
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 0
Petrol/diesel........................... 75 Is this on top of what is spent out the CB money?
Road tax................................ 0 Need something here
Car Insurance........................... 0 and here
Car maintenance (including MOT)......... 0 and here
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0 No other child costs at all?
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 8.35
Buildings insurance..................... 0
Contents insurance...................... 18 Does this incl buildings? High if not, check comparison sites
Life assurance ......................... 0
Other insurance......................... 18 boiler?
Presents (birthday, christmas etc)...... 0 Need something here, even if £10
Haircuts................................ 0
Entertainment........................... 0 As haircuts
Holiday................................. 0
Emergency fund.......................... 0
Union Membership........................ 11.7 Is this essential?
Total monthly expenses.................. 1435.05

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0 What's the car worth?
Other assets............................ 0
Total Assets............................ 0

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 36000....(160)......0
Hire Purchase (HP) debt ...... 18000....(365)......0 Is this the car? If so, could you sell, clear the debt & get something cheaper?
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.

mmmm you have a shortfall and there are still a few things missing & your SOA is pretty lean on the "usual suspects" (groceries etc) - apart from the water.

Missing the rent payment for a couple of months, won't unfortunately resolve this - which is what you need to address or you'll get into the same situation again (and also be behind on your rent too)

Does your OH not work? Is there anyway they could do so, even part time..... you need to either increase the income to the household or reduce the debt payments - I would suggest a chat with one of the debt charities https://forums.moneysavingexpert.com/discussion/2077631

[Deleted User]

Yes two cars, big mistake, did have more coming in when they were started, this was just a few months back.

rising_from_the_ashes

assj wrote: »

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

You seem to be paying an awful lot if that's all you use ..... are there arrears?

I can't have a water meter here so sorry if this is a stupid question:o but is it like gas/elec & they estimate & you have to provide readings?

If so, have you checked these & that you've been billed correctly (and that they're not just estimates which are way off)?

rising_from_the_ashes

Is there any way you could get rid of one of the cars?

Your overall debt isn't too high .... it's unfortunately lack of income that's the stumbling block at the minute.

Did your OH work before and has stopped?

[Deleted User]

Ok OH is at college full time and looking for PT work. I agree those things do need to be added, I did not want an IVA because I hope to achieve a much better job in the next few months and this will change everything, but in the meantime I am stuck and I do want to improve now and change what we do for ever.
Thanks all

[Deleted User]

Previously yes and I was on a much better wage a few months back. The cars are both new this year, taken due to the old wage :-/
We had a water leak earlier in the year, I think this is why we are now paying more. Thanks again.

rising_from_the_ashes

There are other options apart from an IVA - have a look at the debt charities websites.

Unfortunately, at the minute & probably until your OH gets a part time job, there is more going out than coming in.

The missing car costs will unfortunately add at least another £100 / month (2 x insurance, tax, maintenance). If you're only spending £75 on fuel, have a serious think if you can manage with one car.


What's your credit rating / report like - if you could get a 0% card and transfer all the cc debts to that, it would certainly help.

saterkey

are you not entitled to some child tax credits at all, as well as the child benefit? perhaps. Obvious things would be to go down to one car if at all possible, even trade it in for a year bus pass or something, partner get a small part time job, even doing surveys, comps, sell a few bits to pay extra off your debts then youll have more money in the monthly pot. hope you get sorted.

[Deleted User]

Amended

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................................ 140
Other income............................ 0
Total monthly income.................... 1668
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............................ 36
TV Licence.............................. 12.12
Satellite/Cable TV...................... 30
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 10
Petrol/diesel........................... 115
Road tax................................ 17.5
Car Insurance........................... 100
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 15
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)...... 10
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Union Membership........................ 11.7
Total monthly expenses.................. 1705.67

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........12
Credit card Halifax............2000......50........12
Credit card MBNA...............2000......75........12
Total unsecured debts..........8500......200.......-

Monthly Budget Summary
Total monthly income.................... 1,668
Expenses (including HP & secured debts). 1,705.67
Available for debt repayments........... -37.67
Monthly UNsecured debt repayments....... 200
Amount short for making debt repayments. -237.67
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.