My SoA. Any and all advice is appreciated

jellyjenny

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.................... 4
Monthly Income Details
Monthly income after tax................ 700
Partners monthly income after tax....... 700
Benefits................................ 590
Other income............................ 400
Total monthly income.................... 2390
Monthly Expense Details
Mortgage................................ 680
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 113
Electricity............................. 57
Gas..................................... 57
Oil..................................... 0
Water rates............................. 46
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 60
Internet Services....................... 0
Groceries etc. ......................... 320
Clothing................................ 40
Petrol/diesel........................... 80
Road tax................................ 20
Car Insurance........................... 110
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 5
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1725

Assets
Cash.................................... 0
House value (Gross)..................... 155000
Shares and bonds........................ 0
Car(s).................................. 5500
Other assets............................ 3000
Total Assets............................ 163500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 112000...(680)......4
Total secured & HP debts...... 112000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
loan.....................7000......233.......9.9
barclays personal loa..........7000......263.......10.1
santander loan.................10000.....250.......14.1
overdraft......................1900......5.........9.9
santander card.................1600......16........0
asda card......................1700......17........0
Barclaycard....................200.......5.........19.9
nationwide card................1700......25........0
Loan to family.................1100......50........0
Total unsecured debts..........33900.....892.......-

Monthly Budget Summary
Total monthly income.................... 2,390
Expenses (including HP & secured debts). 1,725
Available for debt repayments........... 665
Monthly UNsecured debt repayments....... 892
Amount short for making debt repayments. -227
Personal Balance Sheet Summary
Total assets (things you own)........... 163,500
Total HP & Secured debt................. -112,000
Total Unsecured debt.................... -33,900
Net Assets.............................. 17,600

shop-to-drop

4 cars! Is that an error?

tallyhoh

four cars but only £80 a month petrol? are any of them necessary?

The grocery bill could certainly drop down a bit, my monthly shopping (includes household stuff etc) is £150/180 for 3 adults & 2 large dogs.

Cheers

deeleybopper

shop-to-drop wrote: »

4 cars! Is that an error?

if not, then surely the road tax/fuel bit is way off??

miradene

Just had a quick look at your SOA. Your car insurance seems really high - over £1200 per year.
Could your mobile bill be reduced - tesco mobile have £12.50 sim only for 500 mins, 5000 txts, 1gb data.
Groceries bill could be reduced-search this site for some low cost meal ideas.
Utilities bills seem a little bit high - check comparison sites.
£40 for clothing and £30 for holidays is too much in your current situation.

fracturedsun

Apart from the grocery bill the other thing that stood out was the TV/cable bill. Do you need to have paid TV £60 a month seems high (even with a paid TV and unlimited broadband package). Are you currently locked in?

jellyjenny

miradene wrote: »

Just had a quick look at your SOA. Your car insurance seems really high - over £1200 per year.
Could your mobile bill be reduced - tesco mobile have £12.50 sim only for 500 mins, 5000 txts, 1gb data.
Groceries bill could be reduced-search this site for some low cost meal ideas.
Utilities bills seem a little bit high - check comparison sites.
£40 for clothing and £30 for holidays is too much in your current situation.

The clothing was really an exaggerated estimate, I would rarely spend that unless one of the kids needed shoes. I thought it would be best to give a worst case scenario. The Holiday, you're right of course, we shouldn't be having one. However, it was booked and paid for pre LBM. We are just trying to save up a bit of spending money.

camuk81

Can you speak to the council and look at 12 months rather then 10, if this hasn't been considered.

have you tried Martin brand challenge on the groceries or the old style board.

Mobile phone is good but is this just one line? Could this be improved?

Plus you mentioned you husband has a van can I ask who does his books and is he claiming things that he can such as clothing to reduce his tax?

ViolaLass

Could either of you earn more? Where is the 'extra income' coming from?

RAS

Jenny

I suspect you are in a lot more trouble than this SOA suggests. For those on a decent income, about a year's salary worth of debt can be managed as long as the APRs are low.

You are already over that. Plus, you have not accounted for some expenditure and you may be affected by the changes in benefits before long.

jellyjenny wrote: »

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.................... 3
Monthly Income Details
Monthly income after tax................ 700
Partners monthly income after tax....... 700
Benefits................................ 590
Other income............................ 400
Total monthly income.................... 2390
Monthly Expense Details
Mortgage................................ 680
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 113
Electricity............................. 57
Gas..................................... 57
Oil..................................... 0
Water rates............................. 46
Telephone (land line)................... 0
Mobile phone............................ 40 - you need to reduce these
TV Licence.............................. 12
Satellite/Cable TV...................... 60 you need to cut this back and go freeview if possible
Internet Services....................... 0
Groceries etc. ......................... 320- you need to shave £40 per month off this
Clothing................................ 40 Petrol/diesel........................... 80
Road tax................................ 20
Car Insurance........................... 110
Car maintenance (including MOT)......... 0 - soory but you have three cars and none of them ever need an MOT? How much did you spend last year? Divide by 12
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 5
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 - you do not give any Christmas or birthday presents? Even to the kids?
Haircuts................................ 0 - not haircuts ever?
Entertainment........................... 0 and you never go out?
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1725

Assets
Cash.................................... 0
House value (Gross)..................... 155000
Shares and bonds........................ 0
Car(s).................................. 5500
Other assets............................ 3000
Total Assets............................ 163500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 112000...(680)......4
Total secured & HP debts...... 112000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
loan.....................7000......233.......9.9
barclays personal loa..........7000......263.......10.1
santander loan.................10000.....250.......14.1
overdraft......................1900......5.........9.9
egg............................1700......28........19.9
santander card.................1600......16........0
asda card......................1700......17........0
Barclaycard....................200.......5.........19.9
nationwide card................1700......25........0
Loan to family.................1100......50........0
Total unsecured debts..........33900.....892.......-

Monthly Budget Summary
Total monthly income.................... 2,390
Expenses (including HP & secured debts). 1,725
Available for debt repayments........... 665
Monthly UNsecured debt repayments....... 892
Amount short for making debt repayments. -227
Personal Balance Sheet Summary
Total assets (things you own)........... 163,500
Total HP & Secured debt................. -112,000
Total Unsecured debt.................... -33,900
Net Assets.............................. 17,600

Are all the 0% cards actually 0% or just ones for which you do not know the APR?

jellyjenny wrote: »

A family car which was paid by the barclays loan, husbands van and his classic car, which has no real value, is tax exempt and insurance costs £70 per year. The fuel costs with this car are negligable as it is used on dry days only

In which case is the van a business expense? And if so why is it and the associated debt on the household budget?

I think you need to talk to one of the debt charities before this comes tumbling down.

fatbelly

RAS wrote: »

I think you need to talk to one of the debt charities before this comes tumbling down.

I'm surprised we had to get to post #14 before someone said this.

Here's Martin's list