my soa...not looking good

toots82

hope this works, we can't apply for any 0% cc's as credit rating not good atm, been late with payments quite a bit recently. I think I just need to let it all out n realise how bad it is. I've only just begun working and dh is self employed joiner so times have been really tough, I'm wanting a way forward n to feel like we're getting somewhere. How long does it tend to take for your cr to go back up when u get back on top of things? Some 0% deals would certainly help right now

Thanks for any opinions ....can't post link as am new think I'll have to copy whole thing below

ach it still wont post it when I copy n paste....any ideas?? xx

peb

Hmm - not really. if you look on some older threads there may be clues on how to post an soa.

It all depends on how much deficit there is as to whether a workable solution can be found.

However it may be worth looking into calling CCCS or one of the other charities as I think they are now so busy you are scheduled a call back a few days later.

toots82

thanks peb, its saying we should have £300 left each month so lenders wouldn't help or lower payments or something. Its not so much getting payment lowered its just avtually hitting balance would be nice lol xx

RAS

if you post the SOA up, people will be better able to help you.

toots82

RAS wrote: »

if you post the SOA up, people will be better able to help you.

thanks, I did try but as I mentioned in my original post it won't let me put up a link as a newbie n I couldn't figure out how else to do it xx

katsu

use copy and paste but then delete off the website link at the bottom for make sense of cards and it will then post OK

toots82

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 450
Partners monthly income after tax....... 2200
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 2810

Monthly Expense Details
Mortgage................................ 350
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 117
Electricity............................. 90
Gas..................................... 110
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 70
TV Licence.............................. 12
Satellite/Cable TV...................... 25
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 20
Petrol/diesel........................... 160
Road tax................................ 20
Car Insurance........................... 60
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 1
Life assurance ......................... 0
Other insurance......................... 10
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 20
Holiday................................. 50
Emergency fund.......................... 20
Total monthly expenses.................. 1545


Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 92000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 70000....(350)......0
Total secured & HP debts...... 70000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
hsbc...........................500.......15........11.9
hsbc...........................2000......80........16
barclaycard....................3600......80........17.9
overdraft interest.............5000......75........0
rbs loan.......................17000.....450.......0
bank of scotland...............2300......40........21.9
capital 1......................2000......80........24.09
next...........................1000......80........25.99
asda...........................2250......65........25.6
Total unsecured debts..........35650.....965.......-


Monthly Budget Summary
Total monthly income.................... 2,810
Expenses (including HP & secured debts). 1,545
Available for debt repayments........... 1,265
Monthly UNsecured debt repayments....... 965
Amount left after debt repayments....... 300

Personal Balance Sheet Summary
Total assets (things you own)........... 92,000
Total HP & Secured debt................. -70,000
Total Unsecured debt.................... -35,650
Net Assets.............................. -13,650

toots82

yayyyyyyyyyyy, thanks

lemonpopsicle

Hi,
Well done for posting your SOA. Just a couple of things - your gas and elec are very high have you shopped around for the best deal, cut usage, put in energy effiecient light bulbs etc. Also you haven't included water is that because you're in Scotland and it's included in council tax? Your food bill is also high, look on the Old Style thread for getting it down.
No life insurance?:eek:

You've made the first step, there will be other more knowledgeable people than me popping along

toots82

Hiya,

yes we're in scotland so no water....I have a few insurances and am sure one of them is life.....hubby dealt with it all, so I included it all in mortgage payment lol. Em my gas n elec are on pre pay meters n cost the earth, got refused free credit meters due to credit check so will be paying to swap them as soon as any spare cash, wasn't sure how much those with normal meters pay roughly? My food bill includes nappies etc for Dylan (1) so not a lot of hope for cutting that down in the next year with 4 of us in the house too, will happily take any advice to the contrary though xxx

opinions4u

toots82 wrote: »

Monthly Income Details
Monthly income after tax................ 450
Partners monthly income after tax....... 2200
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 2810

Monthly Expense Details
Mortgage................................ 350
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 117
Electricity............................. 90
Gas..................................... 110 ... Gas and leccy appear to be massive. Could you stop heating any rooms? Turn the heat down a degree or two and wear sweaters at home? Turn lights off all the time. Don't leave telly on standby. Above all, shop round! (Are you in arrears, hence the high payments?) I'd expect totals nearer half this amount.
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 20 ... what extras are included (free off peak calls etc)? Do you use them? A standard rental would be aorund £12 so are you getting vfm from you landline?
Mobile phone............................ 70 ... there are some SIM only contracts out there for a tenner a month. One of you could go onto PAYG and only receive calls.
TV Licence.............................. 12
Satellite/Cable TV...................... 25 ...not an essential.
Internet Services....................... 0
Groceries etc. ......................... 350 ... you could probably cut this quite a bit but it wouldn't be my priority starting point. Perhaps cut out anything unhealthy - cake, biscuits, fizzy drinks etc then you save money and eat healthier!
Clothing................................ 20
Petrol/diesel........................... 160 ... could one of you work from home a day each week? Could you do more working and less driving?
Road tax................................ 20
Car Insurance........................... 60
Car maintenance (including MOT)......... 5 .. no service costs?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 1 ... that doesn't seem right.
Life assurance ......................... 0 ... why not?
Other insurance......................... 10 ... what is this?
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 20
Holiday................................. 50
Emergency fund.......................... 20
Total monthly expenses.................. 1545


Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 92000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 70000....(350)......0
Total secured & HP debts...... 70000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
hsbc...........................500.......15........11.9
hsbc...........................2000......80........16
barclaycard....................3600......80........17.9
overdraft interest.............5000......75........0 What rate is it?
rbs loan.......................17000.....450.......0 What rate is it?
bank of scotland...............2300......40........21.9
capital 1......................2000......80........24.09
next...........................1000......80........25.99
asda...........................2250......65........25.6
Total unsecured debts..........35650.....965.......-


Monthly Budget Summary
Total monthly income.................... 2,810
Expenses (including HP & secured debts). 1,545
Available for debt repayments........... 1,265
Monthly UNsecured debt repayments....... 965
Amount left after debt repayments....... 300 ... this at NEXT for 3 or 4 months and then you've got £380 a month to throw at the second most expensive debt ... Asda. There's probably a further £200 a month you can squeeze out of other things too.

Personal Balance Sheet Summary
Total assets (things you own)........... 92,000
Total HP & Secured debt................. -70,000
Total Unsecured debt.................... -35,650
Net Assets.............................. -13,650

If you all pull together on this, you can get yourselves debt free (other than mortgage) over time. Watch that £35,650 gradually disappear!

Why have you got no life cover?

Do you have any PPI on that large number of credit agreements? If so, consider reclaiming.