SOA Advice. Starting Dmp.

lollip0p

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1340
Benefits................................ 845
Other income............................ 0
Total monthly income.................... 2185
Monthly Expense Details
Mortgage................................ 455
Secured/HP loan repayments.............. 144
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 72
Electricity............................. 77 (trying to reduce this)
Gas..................................... 97 (Debit balance being paid)Oil..................................... 0
Water rates............................. 44
Telephone (land line)................... 0
Mobile phone............................ 75 ( 3 mobiles )
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 22
Groceries etc. ......................... 480
Clothing................................ 45
Petrol/diesel........................... 65
Road tax................................ 0
Car Insurance........................... 20
Car maintenance (including MOT)......... 20
Car parking............................. 5
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 44 ( will be changing this at renewal )
Contents insurance...................... 0 ( inc in buildings )
Life assurance ......................... 16
Other insurance......................... 0
Presents (birthday, christmas etc)...... 45
Haircuts................................ 15
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 15
School Meals............................ 81 ( reluctant to see this go )
Total monthly expenses.................. 1939

Assets
Cash.................................... 0
House value (Gross)..................... 75000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 75000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 62000....(455)......0
Secured Debt.................. 1800.....(144)......0
Total secured & HP debts...... 63800.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................1500......103.......365.1
loan...........................3000......172.......365.1
C/C............................900.......39........9
next...........................450.......0.........0
o/d............................500.......30........0
capquest.......................312.......0.........0
lowell.........................1450......55........0
Total unsecured debts..........8112......399.......-

Monthly Budget Summary
Total monthly income.................... 2,185
Expenses (including HP & secured debts). 1,939
Available for debt repayments........... 246
Monthly UNsecured debt repayments....... 399
Amount short for making debt repayments. -153
Personal Balance Sheet Summary
Total assets (things you own)........... 75,000
Total HP & Secured debt................. -63,800
Total Unsecured debt.................... -8,112
Net Assets.............................. 3,088
Created using the SOA calculator at

Any advice? Just recieved our pack from CCCS and it all seems so daunting. Don't know where to start. Also the shortfall here is smaller ( CCCS got it at £217 )as we aren't currently paying some of the debts and I have missed one off for £230.

Thanks in advance.

Tixy

Hi

Good luck with your DMP, good move to approach CCCS.

Is this SoA what you are currently spending in each area? or the budget CCCS have given you to work with?
It looks an okay budget for CCCS to share with creditors but hopefully there are some changes you can make to make things easier for you as you go through the DMP. Some comments /suggestions below

lollip0p wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1340
Benefits................................ 845
Other income............................ 0
Total monthly income.................... 2185
Monthly Expense Details
Mortgage................................ 455
Secured/HP loan repayments.............. 144
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 72
Electricity............................. 77 (trying to reduce this) Hopefully should be able to reduce this quite a bit, have you looked on your energy supplier website for tips? tried reducing usage of high energy items? do you use any elec heaters? or a tumble drier? do you have elec showers? if so try limiting them to short showers etc. Maybe see if your library has an energy meter/owl you could borrow, or you might be able to get one from your supplier even (some suppliers will provide them to certain benefit claimants I think)
Gas..................................... 97 (Debit balance being paid)
Do you know how long your Gas debt will take to be paid at the current repayment? Do you know how much is current usage and how much is repaying the debt.
Oil..................................... 0
Water rates............................. 44
Telephone (land line)................... 0
Mobile phone............................ 75 ( 3 mobiles ) are these all in contract? have you tried to drop a tariff? is one for one of the children?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 22
Groceries etc. ......................... 480 this should be the place you can make most savings. Some families on here your size can manage on around £250, maybe set yourself a challenge to get it to £350 this month to start and then try reducing a little each month. Lots of tips on the 'old style money saving' section of the forum, maybe take a look at the grocery challenge.
Clothing................................ 45
Petrol/diesel........................... 65
Road tax................................ 0 need to budget for this (could be part of the reason CCCS have a bigger shortfall than you?)
Car Insurance........................... 20
Car maintenance (including MOT)......... 20
Car parking............................. 5
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 44 ( will be changing this at renewal ) good, hopefully should be able to halve looking at your house value
Contents insurance...................... 0 ( inc in buildings )
Life assurance ......................... 16
Other insurance......................... 0
Presents (birthday, christmas etc)...... 45
Haircuts................................ 15
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 15
School Meals............................ 81 ( reluctant to see this go ) if you can cut back groceries you should be able to afford to keep this if you want.
Total monthly expenses.................. 1939

Assets
Cash.................................... 0
House value (Gross)..................... 75000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 75000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 62000....(455)......0 are you in a fixed deal? what APR? how soon does it finish?
Secured Debt.................. 1800.....(144)......0 what is the APR on this?
Total secured & HP debts...... 63800.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................1500......103.......365.1
loan...........................3000......172.......365.1
C/C............................900.......39........9
next...........................450.......0.........0
o/d............................500.......30........0
capquest.......................312.......0.........0
lowell.........................1450......55........0
Total unsecured debts..........8112......399.......-

Monthly Budget Summary
Total monthly income.................... 2,185
Expenses (including HP & secured debts). 1,939
Available for debt repayments........... 246
Monthly UNsecured debt repayments....... 399
Amount short for making debt repayments. -153
Personal Balance Sheet Summary
Total assets (things you own)........... 75,000
Total HP & Secured debt................. -63,800
Total Unsecured debt.................... -8,112
Net Assets.............................. 3,088
Created using the SOA calculator at

Any advice? Just recieved our pack from CCCS and it all seems so daunting. Don't know where to start. Also the shortfall here is smaller ( CCCS got it at £217 )as we aren't currently paying some of the debts and I have missed one off for £230.

Thanks in advance.

What payment have CCCS calculated a month? is it around £180?

Maybe consider an energy meter see this link Free & cheap energy monitors: Free for some or £24
and have a check out of the grocery challenge - Grocery Challenge - February 2012

his_missus

You receive quite a bit in benefits (that's not a dig) so I was just wondering if you're entitled to free school meals, have you looked into this? Also you say you don't have a car but pay for insurance, parking, petrol etc.

Agree you should try a different tariff for mobiles, dfficult if in a contract I know, just changed mine at end of contract from £30 to £7 a month.

Perhaps you could reduce grocery spend too. I find online shopping helps me stick to a budget, though it does mean I miss out on yellow stickered bargains.

RAS

Are these payday loans? Or Provident?

lollip0p

Thanks to all of you for taking the time to reply.

This is a similar soa to the CCCS one but they have our payments to them at around £100 a month.

It is pretty much our budget as it stands at the moment. My husband was made redundant 2 years ago and had to take a job with a significant reduction in pay, so we made big changes to our lifestyle then to accomodate that. Although obviously we have been relying on credit too much.

One of the mobile contracts is my daughters and we pay that in lieu of spending money really but as soon as we can we will be reducing those or going payg.

Im not very certain of all the APR's and don't have the paper work handy. Our mortgage is on a fixed rate for another 4 years and the secured loan is due to be paid up in January.

The car doesn't belong to us it is actually his brothers, we sold our car when husband was made redundant and as his brother uses a van through the week he lets my husband use it for work. We still pay for the insurance petrol etc and the bulk of servicing maintenance costs and his brother pays the tax.

We are not entitled to free school meals. RAS- they are provident

Also we are expecting a lump sum of £2000 in a few months what she would we do with this money?

Thanks again.