SOA and Credit File Information

Bliss_Butterfly

Ok, this is maybe a little back to front as I (when I say I that means we, I have a husband who does the earning while I am trying to rebuild the ship) have had a couple of threads running asking some questions about how to deal with specific debts. I am now trying to really get back to basics.

Below is my SOA, which shows I have some excess money at the moment. There is no guarantee that this will last so I may have to post an updated SOA within the next three months.

Below my SOA I have posted some information about my credit file, it is current and most of the issues arose during a very bad period for me between 2008 and 2009.

It has took me a while to be able to confront this issue head on, but here goes;

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 4
Number of children in household.........
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 5400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 140
Total monthly income.................... 5540
Monthly Expense Details
Mortgage................................ 549
Secured/HP loan repayments.............. 399
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 99
Electricity............................. 100
Gas..................................... 75
Oil..................................... 0
Water rates............................. 110
Telephone (land line)................... 21.25
Mobile phone............................ 70
TV Licence.............................. 13
Satellite/Cable TV...................... 80
Internet Services....................... 15
Groceries etc. ......................... 500
Clothing................................ 200
Petrol/diesel........................... 400
Road tax................................ 40
Car Insurance........................... 80
Car maintenance (including MOT)......... 100
Car parking............................. 40
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 40
Buildings insurance..................... 15
Contents insurance...................... 30
Life assurance ......................... 15
Other insurance......................... 15
Presents (birthday, christmas etc)...... 20
Haircuts................................ 50
Entertainment........................... 200
Holiday................................. 100
Emergency fund.......................... 300
Total monthly expenses.................. 3746.25

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 3000
Total Assets............................ 143000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 67000....(549)......4
Secured Debt.................. 33000....(399)......7
Total secured & HP debts...... 100000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................7500......260.......29
Various .......................8000......0.........0
Total unsecured debts..........15500.....260.......-

Monthly Budget Summary
Total monthly income.................... 5,540
Expenses (including HP & secured debts). 3,746.25
Available for debt repayments........... 1,793.75
Monthly UNsecured debt repayments....... 260
Amount left after debt repayments....... 1,533.75
Personal Balance Sheet Summary
Total assets (things you own)........... 143,000
Total HP & Secured debt................. -100,000
Total Unsecured debt.................... -15,500
Net Assets.............................. 27,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

I have used Credit Expert to access my credit file and I have;

17 Entries on my file
8 of them defaults

In addition, I have;

1 CCJ
1 Charging Order.

So there is my starter for 10, I would appreciate any advice on where to start or what information I can provide that will help build a fuller picture so I can get this mess sorted out.

Thanks in advance,

rising_from_the_ashes

Bliss_Butterfly wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 4
Number of children in household.........
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 5400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 140
Total monthly income.................... 5540
Monthly Expense Details
Mortgage................................ 549
Secured/HP loan repayments.............. 399
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 99
Electricity............................. 100 Does this incl arrears - very high
Gas..................................... 75 As above
Oil..................................... 0
Water rates............................. 110:eek: As above
Telephone (land line)................... 21.25
Mobile phone............................ 70 Switch to PAYG
TV Licence.............................. 13
Satellite/Cable TV...................... 80 Sorry but not essential - switch to Freeview
Internet Services....................... 15
Groceries etc. ......................... 500:eek: Sorry but this is huge - you should be able to take at least £200 of it - try the Grocery Challenge on the Old Style board
Clothing................................ 200:eek: Sorry but needs to be cut at least in 1/2
Petrol/diesel........................... 400
Road tax................................ 40
Car Insurance........................... 80
Car maintenance (including MOT)......... 100
Car parking............................. 40
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 40 How many pets? Have you shopped around?
Buildings insurance..................... 15 As a comparison, I pay £15/month in total for both
Contents insurance...................... 30 See above
Life assurance ......................... 15
Other insurance......................... 15
Presents (birthday, christmas etc)...... 20
Haircuts................................ 50:eek: Sorry but needs to be reduced - try an extra couple of weeks between cuts / student nights etc
Entertainment........................... 200 Try to cut in 1/2
Holiday................................. 100
Emergency fund.......................... 300 Seems high
Total monthly expenses.................. 3746.25

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 3000
Total Assets............................ 143000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 67000....(549)......4
Secured Debt.................. 33000....(399)......7
Total secured & HP debts...... 100000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................7500......260.......29
Various .......................8000......0.........0
Total unsecured debts..........15500.....260.......-

Monthly Budget Summary
Total monthly income.................... 5,540
Expenses (including HP & secured debts). 3,746.25
Available for debt repayments........... 1,793.75
Monthly UNsecured debt repayments....... 260
Amount left after debt repayments....... 1,533.75
Personal Balance Sheet Summary
Total assets (things you own)........... 143,000
Total HP & Secured debt................. -100,000
Total Unsecured debt.................... -15,500
Net Assets.............................. 27,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

I have used Credit Expert to access my credit file and I have;

17 Entries on my file
8 of them defaults

In addition, I have;

1 CCJ
1 Charging Order.

So there is my starter for 10, I would appreciate any advice on where to start or what information I can provide that will help build a fuller picture so I can get this mess sorted out.

Thanks in advance,

There are some big savings to be made in your SOA which could be put towards the debts.

Do the other 2 adults not contribute to the household?

What are the accounts with the defaults / CCJs / Charging order on?

You would only appear to have 4 debts from the above list and as you can only have 1 default issued, I don't understand where the rest have come from? (sorry)

[Deleted User]

who are the other 2 adults in the household and do they only contribute £140 a month?

pennypusher

Hi and welcome. On the face of it you have a lot of money left at the end of the month but I'm guessing you don't see it. Keep a spending diary to see where all the money goes. It looks like you could cut back on nearly everything. Your Gas and Electricity are huge. Your mobile and cable need cutting. Your groceries could be cut back a lot. Clothing and entertaining can be cut back. Your emergency fund can be used for debt repayment.

Can you use your £3000 other assets to pay off your debts.

Who are the other 2 adults who live with you. Are they adult children who are working and can they contribute?

These ideas are only to help. You need to choose which ones you feel you would like to use. Good luck. I don't think it will take too long if you keep an eye on things and start paying off your debts.

Bettingmad

Am I missing something? I can't see where you have any trouble, you have a huge surplus compared to your debts. Your expenditure could be shaved back significantly if you wanted to as previous posters have pointed out. Saying that your income can fully support your current expenditure.
When you say there is no guarantee that the income levels will last, how likely is this and how much do you anticipate that income will drop?
On the face of it at the moment you are in an enviable position, by trimming down your expenditure you could easilly be debt free in 5mths(Unsecured).