Soa

vicky1001

Debt_free_by_2012 wrote: »

Hi vicky,

Have you asked the open university for financial help? I got my fees paid when i did my degree and i got a small grant each year. It would be worth seeing if you qualify.

i dont i have looked

chivers1977

Why do you have Pet Plan and Pet Care. Surely the insurance is to cover the costs and you just pay the excess?

THIS IS THE MOST IMPORTANT The first thing you need to do is cancel the GP DMP and go with a free service.

tallyhoh

Your first monthly payment is an initial fee for setting up our Payment Programme and is not paid to your creditors. This will place your accounts into arrears or further into arrears. There’s a monthly fee of 15% included as part of your affordable monthly payment (subject to a minimum of £29.50 and a maximum of £90.00)." Gregory Pennington.
:eek:
So you are paying at least £29.50 each month (& maybe more) to GP? You should look at one of the free debt managment plans.

MFWannabe

vicky1001 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 1160
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1960

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 102.74
Electricity............................. 47
Gas..................................... 47
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 15.33
Mobile phone............................ 60 - This is high; see if you can change to lower tariffs
TV Licence.............................. 12.37
Satellite/Cable TV...................... 15.33
Internet Services....................... 34 - This seems very high; check to see if you can get cheaper combined with satellite tv
Groceries etc. ......................... 365 - This is very high for just 2 of you; should be able to knock at least £100 per month off this figure
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 130 - You need to divide this by 12 so monthly figure should read £10.83
Car Insurance........................... 62.75
Car maintenance (including MOT)......... 54
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 28 - What is this for? Seems very high
Pet insurance/vet bills................. 64 - This is incredibly high. How many pets is this for? What do you actually get for £24 per month pet plan?
Buildings insurance..................... 0
Contents insurance...................... 14.08 - This is high; check to see if you can get cheaper. I only pay £50 for the year
Life assurance ......................... 26 - Again; this seems high. Do you really need it as neither of you have any children
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 22 - This is high; use a junior at the salon or check local colleges
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 15
HDC overpayment......................... 40
Gregory pennington dmp.................. 123
fraud prevention........................ 8 - What is this for? Do you really need this?
bank fees............................... 28 - what is this for? If it's charges for having a certain account then change to a non fee paying account
mobile insurance........................ 9 - Do you really need this? What sort of phones are they?
dongle broadband........................ 19
education open uni...................... 110
rentals................................. 65
charity donations....................... 6
Total monthly expenses.................. 2157.6


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 3000 - What is this?
Total Assets............................ 7000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,960
Expenses (including HP & secured debts). 2,157.6
Available for debt repayments........... -197.6
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -197.6

Personal Balance Sheet Summary
Total assets (things you own)........... 7,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 7,000

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






we have seperate bank accounts

here what goes in and out of mine with the SOA tried to add it together



wage 800

management - 13
Ace life cover - 18
just giving -6
hughs rentals - 65
phone cover - 5
petplan - 40
pet club care plan - 24
fraudlock-8
3 mobile - 30
3 broadband - 19
lovefilm - 15
ics - 70
open uni - 35
food - 365



here what out of partner account

wage paid weekly but if 4 wk month 1160

think insure contents - 14.08
npower - 94
rent -500
water -33
life cover - 8
3 mobile - 30
admerial car - 52.92
bt package tv/phone/bb - 46.60
rac- 9.83
healthcare - 28
council tax - 102.74
phone insure - 4
DMP- 123
HDC overpayment - 40

this per month

would love help on budget the little things - hair cuts about 22 month

but petrol he would like 30pm and said mot like 50 when it needs it , car tax is 77 for 6 months runs out may 12 mot run out may 12 too

Hi
I've made some comments above in your soa where you could make some cutbacks. You need to edit your soa and change the car tax amount to read montly; then your soa should look better. You also need to enter the water rates.
You currently pay a huge amount for broadband; why do you have 3 broadband when you have broadband with BT also. Are you in contract with BT? If not you may be able to get it all cheaper with Sky basic package and broadband

MFWannabe

vicky1001 wrote: »

Hard to work out soa - see under it this is what we both have going out our banks a month just cant add it up and work out car stuff if need- mots etc road tax and emergency fund

wage 800

management - 13 - What is this for?
Ace life cover - 18 - This is very high; check comparison sites to see if you can get cheaper. But do you really need it; as there are no children?
just giving -6
hughs rentals - 65 - What are these for? Very high amount each month
phone cover - 5 - Do you really need this? What phone is it and how much would it cost to replace?
petplan - 40 - See if you can get cheaper if you've not made a previous claim and there's no existing conditions
pet club care plan - 24 - This is very high; what do you actually get for this?
fraudlock-8 - What is this for?
3 mobile - 30 - This is high; see if you can change to lower tariff
3 broadband - 19 - why do you have this when you already have broadband in the house?
lovefilm - 15 - This should stop for now
ics - 70
open uni - 35
food - 365 - Should be able to knock £100 off this. This is very high for just 2 of you



here what out of partner account

wage paid weekly but if 4 wk month 1160

think insure contents - 14.08 - this is high; check comparison sites to see if you can get cheaper. I only pay £50 for the whole year
npower - 94
rent -500
water -33
life cover - 8
3 mobile - 30 - Check to see if can change to lower tariff
admerial car - 52.92
bt package tv/phone/bb - 46.60 - This is very high. Check if you could get the cheap lowest Sky package which would include landline and broadband for less than this
rac- 9.83 - This is high; check comparison sites. I only pay £40 for the year
healthcare - 28 - What is this for? Seems very high
council tax - 102.74
phone insure - 4 - Do you really need this? How much would phone cost to replace?
DMP- 123
HDC overpayment - 40

this per month

would love help on budget the little things - hair cuts about 22 month - Use a Junior at the salon or check out local college. This is very high

but petrol he would like 30pm and said mot like 50 when it needs it , car tax is 77 for 6 months runs out may 12 mot run out may 12 too

Hi
I've made some comments above where you could make some cutbacks. You seem to be spending a huge amount on broadband and pet plans. If you reduced these and your food bill things should look a lot better. You are also spending a lot on insurances which you could slash.