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My SOA
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phoenix001
Posts: 12 Forumite
Hi everyone, so here is my SOA.... be kind 
A few points:
My car is broken at the moment, it has no tax or no MOT (Sorn) and I dont have the money to get it back on the road. I would spend £50 a month on petrol.
I also get bank & Credit card charges so this again swallows into the final monthly outgoings.
All my credit cards are maxed out and I normally take 1 or 2 payday loans to get me through the end of the month. Currently just paid last months back but the cycle will continue around week 3.
I live in zone 5 london and work in central London. The rent of this one bedroom flat is considered on the lower end of average rent for the area I live in. However my plan was to move out, sell my furniture (which is all second hand from Gumtree) and go back to a flatshare.
I bring all my lunches in to work and I also spend very little on entertainment as I work in the music /media business and most of entertainment is part of my job.
I own a small flat by the south coast, I normally rent for £415 but the tenant has just handed in his notice.
[FONT="]Statement of Affairs and Personal Balance Sheet
Household Information[/FONT][FONT="]
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2027
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 415
Total monthly income.................... 2442
Monthly Expense Details
Mortgage................................ 315
Secured/HP loan repayments.............. 0
Rent.................................... 850
Management charge (leasehold property).. 125
Council tax............................. 106
Electricity............................. 36
Gas..................................... 36
Oil..................................... 0
Water rates............................. 12
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 20
Petrol/diesel........................... 50
Road tax................................ 20
Car Insurance........................... 38
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 190
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 5
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2080
Assets
Cash.................................... 0
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 81000
Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 75000....(315)......0
Total secured & HP debts...... 75000.....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
credit card....................6900......120.......17.9
credit card....................1500......50........17.9
credit card....................500.......20........0
student loan...................600.......50........5.2
student loan...................1082......100.......5.2
HSBC loan..............137.......137.......6.9
Total unsecured debts..........10582.....482.......-
Monthly Budget Summary
Total monthly income.................... 2,442
Expenses (including HP & secured debts). 2,080
Available for debt repayments........... 362
Monthly UNsecured debt repayments....... 482
Amount left after debt repayments....... -120
Personal Balance Sheet Summary
Total assets (things you own)........... 81,000
Total HP & Secured debt................. -75,000
Total Unsecured debt.................... -10,582
Net Assets.............................. -4,582[/FONT]
A few points:
My car is broken at the moment, it has no tax or no MOT (Sorn) and I dont have the money to get it back on the road. I would spend £50 a month on petrol.
I also get bank & Credit card charges so this again swallows into the final monthly outgoings.
All my credit cards are maxed out and I normally take 1 or 2 payday loans to get me through the end of the month. Currently just paid last months back but the cycle will continue around week 3.
I live in zone 5 london and work in central London. The rent of this one bedroom flat is considered on the lower end of average rent for the area I live in. However my plan was to move out, sell my furniture (which is all second hand from Gumtree) and go back to a flatshare.
I bring all my lunches in to work and I also spend very little on entertainment as I work in the music /media business and most of entertainment is part of my job.
I own a small flat by the south coast, I normally rent for £415 but the tenant has just handed in his notice.
[FONT="]Statement of Affairs and Personal Balance Sheet
Household Information[/FONT][FONT="]
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2027
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 415
Total monthly income.................... 2442
Monthly Expense Details
Mortgage................................ 315
Secured/HP loan repayments.............. 0
Rent.................................... 850
Management charge (leasehold property).. 125
Council tax............................. 106
Electricity............................. 36
Gas..................................... 36
Oil..................................... 0
Water rates............................. 12
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 20
Petrol/diesel........................... 50
Road tax................................ 20
Car Insurance........................... 38
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 190
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 5
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2080
Assets
Cash.................................... 0
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 81000
Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 75000....(315)......0
Total secured & HP debts...... 75000.....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
credit card....................6900......120.......17.9
credit card....................1500......50........17.9
credit card....................500.......20........0
student loan...................600.......50........5.2
student loan...................1082......100.......5.2
HSBC loan..............137.......137.......6.9
Total unsecured debts..........10582.....482.......-
Monthly Budget Summary
Total monthly income.................... 2,442
Expenses (including HP & secured debts). 2,080
Available for debt repayments........... 362
Monthly UNsecured debt repayments....... 482
Amount left after debt repayments....... -120
Personal Balance Sheet Summary
Total assets (things you own)........... 81,000
Total HP & Secured debt................. -75,000
Total Unsecured debt.................... -10,582
Net Assets.............................. -4,582[/FONT]
0
Comments
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Just to let you know that I amended it since posting as forgot my property maintance charge, I also didnt include payday loans as I pay them back monthly in full.... but then reborrow again. Should I be including these?0
-
It is a good idea to list everything. Maby it will give you a small light bulb moment seeing how expensive those payday loans are.0
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phoenix001 wrote: »Hi everyone, so here is my SOA.... be kind
Yesterday I had plans to hand in my notice on my flat but I totally chickened out of it.... sob! Freeking out a bit about loosing my home
Ok
Why are you worried about losing your home??? Which property?
Please go over to the housing forum and check out the rules you need regarding notice and your tenancy.If you've have not made a mistake, you've made nothing0 -
phoenix001 wrote: »[FONT="]Statement of Affairs and Personal Balance Sheet[/FONT]
[FONT="]Household Information[/FONT]
[FONT="]Number of adults in household........... 1[/FONT]
[FONT="]Number of children in household......... [/FONT]
[FONT="]Number of cars owned.................... 1[/FONT]
[FONT="]Monthly Income Details[/FONT]
[FONT="]Monthly income after tax................ 2027[/FONT]
[FONT="]Partners monthly income after tax....... 0[/FONT]
[FONT="]Benefits................................ 0[/FONT]
[FONT="]Other income............................ 415 - how long before you can find a replacement?[/FONT]
[FONT="]Total monthly income.................... 2442[/FONT]
[FONT="]Monthly Expense Details[/FONT]
[FONT="]Mortgage................................ 315[/FONT]
[FONT="]Secured/HP loan repayments.............. 0[/FONT]
[FONT="]Rent.................................... 850[/FONT]
[FONT="]Management charge (leasehold property).. 125[/FONT]
[FONT="]Council tax............................. 106[/FONT]
[FONT="]Electricity............................. 36 - read the meter and try to reduce your usage now days are warmer and longer.[/FONT]
[FONT="]Gas..................................... 36 - read the meter[/FONT]
[FONT="]Oil..................................... 0[/FONT]
[FONT="]Water rates............................. 12[/FONT]
[FONT="]Telephone (land line)................... 0[/FONT]
[FONT="]Mobile phone............................ 45[/FONT]
[FONT="]TV Licence.............................. 12[/FONT]
[FONT="]Satellite/Cable TV...................... 0[/FONT]
[FONT="]Internet Services....................... 0[/FONT]
[FONT="]Groceries etc. ......................... 120 - you could hlave this for a month or two if you try to do a storecupboard challenge on the Old Style forum[/FONT]
[FONT="]Clothing................................ 20 - knickers only for a while[/FONT]
[FONT="]Petrol/diesel........................... 50 - presumably not at the moment?[/FONT]
[FONT="]Road tax................................ 20- presumably not at the moment?[/FONT]
[FONT="]Car Insurance........................... 38- presumably not at the moment?[/FONT]
[FONT="]Car maintenance (including MOT)......... 10- presumably not at the moment?[/FONT]
[FONT="]Car parking............................. 0[/FONT]
[FONT="]Other travel............................ 190[/FONT]
[FONT="]Childcare/nursery....................... 0[/FONT]
[FONT="]Other child related expenses............ 0[/FONT]
[FONT="]Medical (prescriptions, dentist etc).... 0[/FONT]
[FONT="]Pet insurance/vet bills................. 0[/FONT]
[FONT="]Buildings insurance..................... 10 - is this proper LL insurance?[/FONT]
[FONT="]Contents insurance...................... 10[/FONT]
[FONT="]Life assurance ......................... 5[/FONT]
[FONT="]Other insurance......................... 0[/FONT]
[FONT="]Presents (birthday, christmas etc)...... 20[/FONT]
[FONT="]Haircuts................................ 10[/FONT]
[FONT="]Entertainment........................... 40 - you are just going to have to go without for a month or two[/FONT]
[FONT="]Holiday................................. 0[/FONT]
[FONT="]Emergency fund.......................... 0[/FONT]
[FONT="]Total monthly expenses.................. 2080[/FONT]
[FONT="]Assets[/FONT]
[FONT="]Cash.................................... 0[/FONT]
[FONT="]House value (Gross)..................... 80000[/FONT]
[FONT="]Shares and bonds........................ 0[/FONT]
[FONT="]Car(s).................................. 1000[/FONT]
[FONT="]Other assets............................ 0[/FONT]
[FONT="]Total Assets............................ 81000[/FONT]
[FONT="]Secured & HP Debts[/FONT]
[FONT="]Description....................Debt......Monthly.. .APR[/FONT]
[FONT="]Mortgage...................... 75000....(315)......0[/FONT]
[FONT="]Total secured & HP debts...... 75000.....-.........- [/FONT]
[FONT="]Unsecured Debts[/FONT]
[FONT="]Description....................Debt......Monthly.. .APR[/FONT]
[FONT="]credit card....................6900......120.......17.9[/FONT]
[FONT="]credit card....................1500......50........17.9 - make this the priority[/FONT]
[FONT="]credit card....................500.......20........0[/FONT]
[FONT="]student loan...................600.......50........5.2[/FONT]
[FONT="]student loan...................1082......100.......5.2[/FONT]
[FONT="]HSBC loan..............137.......137.......6.9[/FONT]
[FONT="]Total unsecured debts..........10582.....482.......- [/FONT]
[FONT="]Monthly Budget Summary[/FONT]
[FONT="]Total monthly income.................... 2,442[/FONT]
[FONT="]Expenses (including HP & secured debts). 2,080[/FONT]
[FONT="]Available for debt repayments........... 362[/FONT]
[FONT="]Monthly UNsecured debt repayments....... 482[/FONT]
[FONT="]Amount left after debt repayments....... -120[/FONT]
[FONT="]Personal Balance Sheet Summary[/FONT]
[FONT="]Total assets (things you own)........... 81,000[/FONT]
[FONT="]Total HP & Secured debt................. -75,000[/FONT]
[FONT="]Total Unsecured debt.................... -10,582[/FONT]
[FONT="]Net Assets.............................. -4,582[/FONT]
Can you start to e-bay, amazon and even car boot stuff to make up one month of deficit?If you've have not made a mistake, you've made nothing0 -
phoenix001 wrote: »Hi everyone, so here is my SOA.... be kind
Yesterday I had plans to hand in my notice on my flat but I totally chickened out of it.... sob! Freeking out a bit about loosing my home
A few points:
My car is broken at the moment, it has no tax or no MOT (Sorn) and I dont have the money to get it back on the road. I would spend £50 a month on petrol.
I also get bank & Credit card charges so this again swallows into the final monthly outgoings.
All my credit cards are maxed out and I normally take 1 or 2 payday loans to get me through the end of the month. Currently just paid last months back but the cycle will continue around week 3.
I live in zone 5 london and work in central London. The rent of this one bedroom flat is considered on the lower end of average rent for the area I live in. However my plan was to move out, sell my furniture (which is all second hand from Gumtree) and go back to a flatshare.
I bring all my lunches in to work and I also spend very little on entertainment as I work in the music /media business and most of entertainment is part of my job.
I own a small flat by the south coast, I normally rent for £415 but the tenant has just handed in his notice.
[FONT="]Statement of Affairs and Personal Balance Sheet[/FONT]
[FONT="]Household Information[/FONT]
[FONT="]Number of adults in household........... 1[/FONT]
[FONT="]Number of children in household......... [/FONT]
[FONT="]Number of cars owned.................... 1[/FONT]
[FONT="]Monthly Income Details[/FONT]
[FONT="]Monthly income after tax................ 2027[/FONT]
[FONT="]Partners monthly income after tax....... 0[/FONT]
[FONT="]Benefits................................ 0[/FONT]
[FONT="]Other income............................ 415[/FONT]
[FONT="]Total monthly income.................... 2442[/FONT]
[FONT="]Monthly Expense Details[/FONT]
[FONT="]Mortgage................................ 315[/FONT]
[FONT="]Secured/HP loan repayments.............. 0[/FONT]
[FONT="]Rent.................................... 850[/FONT]
[FONT="]Management charge (leasehold property).. 125[/FONT]
[FONT="]Council tax............................. 106[/FONT]
[FONT="]Electricity............................. 36[/FONT]
[FONT="]Gas..................................... 36[/FONT]
[FONT="]Oil..................................... 0[/FONT]
[FONT="]Water rates............................. 12[/FONT]
[FONT="]Telephone (land line)................... 0[/FONT]
[FONT="]Mobile phone............................ 45[/FONT]
[FONT="]TV Licence.............................. 12[/FONT]
[FONT="]Satellite/Cable TV...................... 0[/FONT]
[FONT="]Internet Services....................... 0[/FONT]
[FONT="]Groceries etc. ......................... 120[/FONT]
[FONT="]Clothing................................ 20[/FONT]
[FONT="]Petrol/diesel........................... 50 (58 factor in 3p a litre rise in august also add "subject to fuel costs")[/FONT]
[FONT="]Road tax................................ 20[/FONT]
[FONT="]Car Insurance........................... 38[/FONT]
[FONT="]Car maintenance (including MOT)......... 10[/FONT]
[FONT="]Car parking............................. 0[/FONT]
[FONT="]Other travel............................ 190[/FONT]
[FONT="]Childcare/nursery....................... 0[/FONT]
[FONT="]Other child related expenses............ 0[/FONT]
[FONT="]Medical (prescriptions, dentist etc).... 0[/FONT]
[FONT="]Pet insurance/vet bills................. 0[/FONT]
[FONT="]Buildings insurance..................... 10[/FONT]
[FONT="]Contents insurance...................... 10[/FONT]
[FONT="]Life assurance ......................... 5[/FONT]
[FONT="]Other insurance......................... 0[/FONT]
[FONT="]Presents (birthday, christmas etc)...... 20[/FONT]
[FONT="]Haircuts................................ 10[/FONT]
[FONT="]Entertainment........................... 40[/FONT]
[FONT="]Holiday................................. 0[/FONT]
[FONT="]Emergency fund.......................... 0[/FONT]
[FONT="]Total monthly expenses.................. 2080[/FONT]
[FONT="]Assets[/FONT]
[FONT="]Cash.................................... 0[/FONT]
[FONT="]House value (Gross)..................... 80000[/FONT]
[FONT="]Shares and bonds........................ 0[/FONT]
[FONT="]Car(s).................................. 1000[/FONT]
[FONT="]Other assets............................ 0[/FONT]
[FONT="]Total Assets............................ 81000[/FONT]
[FONT="]Secured & HP Debts[/FONT]
[FONT="]Description....................Debt......Monthly.. .APR[/FONT]
[FONT="]Mortgage...................... 75000....(315)......0[/FONT]
[FONT="]Total secured & HP debts...... 75000.....-.........- [/FONT]
[FONT="]Unsecured Debts[/FONT]
[FONT="]Description....................Debt......Monthly.. .APR[/FONT]
[FONT="]credit card....................6900......120.......17.9[/FONT]
[FONT="]credit card....................1500......50........17.9[/FONT]
[FONT="]credit card....................500.......20........0[/FONT]
[FONT="]student loan...................600.......50........5.2[/FONT]
[FONT="]student loan...................1082......100.......5.2[/FONT]
[FONT="]HSBC loan..............137.......137.......6.9[/FONT]
[FONT="]Total unsecured debts..........10582.....482.......- [/FONT]
[FONT="]Monthly Budget Summary[/FONT]
[FONT="]Total monthly income.................... 2,442[/FONT]
[FONT="]Expenses (including HP & secured debts). 2,080[/FONT]
[FONT="]Available for debt repayments........... 362[/FONT]
[FONT="]Monthly UNsecured debt repayments....... 482[/FONT]
[FONT="]Amount left after debt repayments....... -120[/FONT]
[FONT="]Personal Balance Sheet Summary[/FONT]
[FONT="]Total assets (things you own)........... 81,000[/FONT]
[FONT="]Total HP & Secured debt................. -75,000[/FONT]
[FONT="]Total Unsecured debt.................... -10,582[/FONT]
[FONT="]Net Assets.............................. -4,582[/FONT]
You might want to remember the cost of petrol goes up in a little under 3 months plus it will probably go up before then as america's summer drain on oil kicks in.0 -
If you lost the car, what would your other transport costs increase by? Car is costing you £118 pm (MOT, etc, notwithstanding)0
-
Thanks everyone for response:
So the payday loans (which are paid in full) amount to around £200 but I end up getting another loan again at end of month.
In reference to 'loosing my home' I meant more having to give it up to get out of my debt problem, I have not defaulted.
Car gets me to and from work events at night (when it works) or cab back costs me £50 a time from central london. I have at least 4/5 events to attend and they all end after all public transport ends. Its been more of a financial struggle since car has broke.
I got landed with a £1500 property maintance bill for my flat that I own by the coast. I currently have to find another £400 by end of the month.
My tenant moves out this month so will also have no tenant and I will be paying mortagage and rent until I find someone else.0 -
You are paying tax on your rental income, aren't you?Science adjusts its views based on what's observed.
Faith is the denial of observation, so that belief can be preserved.
:A Tim Minchin :A
0 -
mildred1978 wrote: »You are paying tax on your rental income, aren't you?
Nope I havent, wasnt aware that I had to on such a small amount as it just covers my mortgage and some property costs.0 -
You still need to register to fill in a self assesment tax return each year even if the profit is zero. Tax is due even if the annual profit is £100.phoenix001 wrote: »Nope I havent, wasnt aware that I had to on such a small amount as it just covers my mortgage and some property costs.
What are you claiming as an expense for the property's mortgage? What was the mortgage amount when you purchased the flat? What is it now? What is the interest rate?
You say in your SOA the mortgage is £315 a month. Is that just the interest? Is the interest rate 5.04%?
Why don't you just sell the property? It looks like a liability to me.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0
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