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

[Deleted User]

Yeh we can save on the washing machine, will do that starting from this week, but I cant help but think we need to do something big but I just dont know what. The insurance has been paid, I need my car to get to work and then to do childcare and dp needs the other car to get to college and then also do childcare, cars were essential as we have to rush between work and picking up dd.

I also have the added problem that I am hoping to get a new job and we need to move house for a new school for dd, we will then need a mortgage again and I guess we can't do this if we dafault the hp or arrange an IVA or so....

Still stuk, gosh and it's so complicated.

the_cat

I'm probably going to get flamed for this but the only 'big' thing that jumps out at me is the fact that your OH is not working. I'm all in favour of educating yourself and improving your long term chances but as your own wage has decreased I don't see this as affordable right now.......

Are Open University/part time course/deferring for a year options that you are prepared to consider? First and foremost is bringing in enough money to live on imo so you both need to bring in a proper wage

ducks behind cushion and awaits grilling

[Deleted User]

Thanks for the reply, the course is near finished and we are counting on a university application for next year now, it has been a lot of work and time to waste!. Ina few years it will mean beiung a cleaner V midwife, so you can see why this is important. Thanks anyway,

opinions4u

assj wrote: »

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 Why? Sell one and pay off debt with th proceeds.
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 Turn the tap off while brushing teeth. Only use dishwasher when full. Use washig machine less often with bigger loads. Only flush for number 2.
Telephone (land line)................... 0
Mobile phone............................ 36 Loads of decent £10pm SIM only deals out there.
TV Licence.............................. 12.12
Satellite/Cable TV...................... 30
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 10
Petrol/diesel........................... 115
Road tax................................ 17.5 for both cars?
Car Insurance........................... 100
Car maintenance (including MOT)......... 10 no chance for two cars, 8 tyres etc.
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 who pays this?
Contents insurance...................... 18
Life assurance ......................... 0 what if the income earner dies?
Other insurance......................... 18 what is this insurance?
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20 less frequent please
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Union Membership........................ 11.7
Total monthly expenses.................. 1705.67

Assets
Cash.................................... 0
House value (Gross)..................... 0 What's the value of your share?
Shares and bonds........................ 0
Car(s).................................. 0 How much are they 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 Why isn't this in your signature line?
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.

Comments above.

If that second car isn't generating a decent income (getting somebody to and from a job) it needs to go.

Does the non-earner qualify for any other benefits?

In the end, the best two solutions are:

1) Get rid of the car that costs the most to run.
2) Get the non-earner in to any job now.

[Deleted User]

Thanks for advice

[Deleted User]

assj wrote: »

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 - I'll not comment on this, a lot of other people have already

Monthly Income Details
Monthly income after tax................ 1528 Any way to increase? Over-time? Second job?
Partners monthly income after tax....... 0 - Get your partner to see if there are any bursery's or if there is any other financial help from the college. Also, am I right in thinking that they are training to be a modwife? If so then they should sign up to the many care agencies and bank work through the hospitals as a care assistant - they can do shifts to fit in and around college and they experience will be good on their CV for when they qualify - there is plenty of work in most areas
Benefits................................ 140
Other income............................ 0 Any way to get something here?
Total monthly income.................... 1668

Monthly Expense Details
Mortgage................................ 160
Secured/HP loan repayments.............. 365
Rent.................................... 375
Council tax............................. 94
Electricity............................. 33 Although neither this or below is high check every 6 months or so if you are on the cheapest tariff (often online and duel fuel is cheapest), also go through comparison sites and cashback sites (eg onepoll, or Quidco). Switch the thermostat down by a degree or two on the hot water tank and the heating, don't leave things on standby, energy saving bulbs etc
Gas..................................... 30 as above
Water rates............................. 57 reduce usage where possible (showers in stead of baths, dishwasher when full, etc)
Mobile phone............................ 36 if stuck in a contract see if you can drop a tariff, if/when out of conteact look at SIM only and PAYG deals
TV Licence.............................. 12.12
Satellite/Cable TV...................... 30 Switch pay-for TV to freeview/freesat, you should be able to get home phone and internet for approz £20pm
Internet Services....................... 0
Groceries etc. ......................... 160 Although this is not high, see if you can make any further savings here (even if it's only short term) - meal plan, batch cook, drop brands, packed lunches, lidl/aldi
Clothing................................ 10 essentials only for now
Petrol/diesel........................... 115 any way to reduce? car share? plan and combine journeys where possible
Road tax................................ 17.5
Car Insurance........................... 100 this seems quite high - shop around at renewal
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 15 what does this cover?
Medical (prescriptions, dentist etc).... 0 never?
Pet insurance/vet bills................. 8.35
Buildings insurance..................... 0
Contents insurance...................... 18
Life assurance ......................... 0
Other insurance......................... 18
Presents (birthday, christmas etc)...... 10 do you actually save this somewhere for when it's needed?
Haircuts................................ 20 go longer in between cuts, see if there's a local college offering cheap cuts done by trainees
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Union Membership........................ 11.7 is this necessary?
Total monthly expenses.................. 1705.67

Assets
Cash.................................... 0
House value (Gross)..................... 0 what's the value of your share?
Shares and bonds........................ 0
Car(s).................................. 0 what's the value of the cars?
Other assets............................ 0
Total Assets............................ 0

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 36000....(160)......0 what's the APR? Although this is not a recommended solution really, but if it's only temporary could you extend your mortgage term then when income increases reduce it back down? Or could you ask your provider for a payment holiday?
Hire Purchase (HP) debt ...... 18000....(365)......0 Is there any solution to this (based on the advice others have provided)
Total secured & HP debts...... 54000.....-.........-

Unsecured Debts - if you have a good credit rating can you see if you can switch any of these to lower APR cards, or those with 0% introductory rate offers?
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 This is quite a bit to make up in an already fairly trim SOA, you really do need to have a chat with one of the free debt charities for advice unless your income changes for the better in the very near future.

Personal Balance Sheet Summary
Total assets (things you own)........... 0 need share of house and cars here
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.

Hi,

I've made some comments above, hope they help. Also, have a good clear out and see if you can have a car boot, post things on e-bay, gumtree, amazon, that you no longer use/wear, and use the proceeds to pay down some of the debt.

D9

[Deleted User]

Thanks for the advice, really appreciated, only had union because work for local gov and what is happening at the moment

omas

1. Try to call your CC providers and explain your situation. Sometimes they can freeze interst.
2. You have to get rid of Sky/Cable.
3. Do you really need to have haircut every month? Maybe you can find some cheaper on Groupon? My wifes doing colour, cut and treatment for £20 via Groupon.
4. Try to reduce your mobile tariff, usually you can do this after 6 months.
5. Try to look around for new insurance. Maybe Admiral can give you good deal for 2 cars?

[Deleted User]

Thanks for the info, we don't really use that much on hair cuts, but we were advised to put a price in for every item that could be used.

Thanks again

Mr_Mistoffelees

Your OH might want to make enquiries with her college - there may be grants or loans available for people who need it.

Also, you have a housing association landlord that should offer you money advice. They might agree to do a deal with you to get you out of the immediate problem but there could be a longer-term effect on your credit worthiness.

Finally, you are paying your union and they too might be able to assist either through advice or emergency loans etc.

I think there is no harm in asking.

Best of luck