hi guys I did a statement of affairs would you check it over please :)

f1ameboy007

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................ 750
Partners monthly income after tax....... 1300
Benefits................................ 135
Other income............................ 0
Total monthly income.................... 2185

Monthly Expense Details
Mortgage................................ 478
Secured/HP loan repayments.............. 281
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 60
Gas..................................... 65
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 12
Mobile phone............................ 80
TV Licence.............................. 14
Satellite/Cable TV...................... 40
Internet Services....................... 10
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 80
Car maintenance (including MOT)......... 0
Car parking............................. 22
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 60
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 10
Buildings insurance..................... 12.5
Contents insurance...................... 12.5
Life assurance ......................... 17
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 30
Entertainment........................... 20
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1871


Assets
Cash.................................... 0
House value (Gross)..................... 104000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 104000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 94000....(478)......2
Hire Purchase (HP) debt ...... 11000....(281)......4
Total secured & HP debts...... 105000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
nawest loan....................15000.....320.......8
relative loan..................15000.....135.......0
virgin CC......................4500......50........0
m and s Cc.....................300.......30........6
barclaycard....................725.......30........15
natwest CC.....................1000......25........0
tesco..........................1500......30........16
nationwide CC..................2500......25........0
bank of scotland CC...........2500......25........0
overdraft......................4000......50........18
Total unsecured debts..........47025.....720.......-


Monthly Budget Summary
Total monthly income.................... 2,185
Expenses (including HP & secured debts). 1,871
Available for debt repayments........... 314
Monthly UNsecured debt repayments....... 720
Amount short for making debt repayments. -406

Personal Balance Sheet Summary
Total assets (things you own)........... 104,000
Total HP & Secured debt................. -105,000
Total Unsecured debt.................... -47,025
Net Assets.............................. -48,025

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

f1ameboy007

it looks griimm right..

f1ameboy007

Hi I know people are gonna pull up On my phone bills but I'm stuck in a contract for two iPhones until 2013 so I can't reduce them

Also my sky bill is as low as it can go at the moment with me in contract until next month when I will cancel and go free sat.

Takeaway_Addict

f1ameboy007 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.................... 1

Monthly Income Details
Monthly income after tax................ 750
Partners monthly income after tax....... 1300
Benefits................................ 135
Other income............................ 0
Total monthly income.................... 2185

Monthly Expense Details
Mortgage................................ 478
Secured/HP loan repayments.............. 281
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 60 High
Gas..................................... 65High
Oil..................................... 0
Water rates............................. 45Maybe high
Telephone (land line)................... 12
Mobile phone............................ 80 Not a necessity, look to reduce or go PAYG
TV Licence.............................. 14
Satellite/Cable TV...................... 40Got to go
Internet Services....................... 10
Groceries etc. ......................... 200Actually not bad
Clothing................................ 0
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 80
Car maintenance (including MOT)......... 0
Car parking............................. 22
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 60
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 10
Buildings insurance..................... 12.5
Contents insurance...................... 12.5
Life assurance ......................... 17
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 30
Entertainment........................... 20
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1871


Assets
Cash.................................... 0
House value (Gross)..................... 104000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 104000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 94000....(478)......2
Hire Purchase (HP) debt ...... 11000....(281)......4
Total secured & HP debts...... 105000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
nawest loan....................15000.....320.......8
relative loan..................15000.....135.......0
virgin CC......................4500......50........0
m and s Cc.....................300.......30........6
barclaycard....................725.......30........15
natwest CC.....................1000......25........0
tesco..........................1500......30........16
nationwide CC..................2500......25........0
bank of scotland CC...........2500......25........0
overdraft......................4000......50........18
Total unsecured debts..........47025.....720.......-


Monthly Budget Summary
Total monthly income.................... 2,185
Expenses (including HP & secured debts). 1,871
Available for debt repayments........... 314
Monthly UNsecured debt repayments....... 720
Amount short for making debt repayments. -406

Personal Balance Sheet Summary
Total assets (things you own)........... 104,000
Total HP & Secured debt................. -105,000
Total Unsecured debt.................... -47,025
Net Assets.............................. -48,025

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Might want to look at a DMP

sistafromanothermista

Hi, well it definately looks like a bit of a pickle.:(
Have you sought any professional advice at all? Have either you or your wife thought of getting a 2nd job?

f1ameboy007

We work all the hours god sent.

We have been in touch with CCCS recently, and hoping to go on a DMP

We hope

f1ameboy007

mandi wrote: »

Hi f1ameboy007

Could you explain the loans please . . Thanks .

What do you mean can I explain them?

Do you want to know the reason for them?

sistafromanothermista

Hi, i feel for you i really do. I'm not to sure how the DMP things work so i can't advise. I just wanted to pass on a bit of moral support and let you know that you are certainly not alone. (Look at my sig :eek:) We're all here to help and motivate if we can.
Are you on repayment mortgage or interest only?

kingfisherblue

Presents and haircuts are high for each month.

What are the 'other child related expenses' of £60 a month? Is there any way to reduce them?

If you are putting away £50 a month for a holiday, why is there nothing listed in cash assets? TBH, it doesn't loook as though you can afford a holiday this year.

How long do you have left on the loans? Are you near the end payment for any?

asparagus1968

f1ameboy007 wrote: »

Hi I know people are gonna pull up On my phone bills but I'm stuck in a contract for two iPhones until 2013 so I can't reduce them

Also my sky bill is as low as it can go at the moment with me in contract until next month when I will cancel and go free sat.

have you asked if there is a lower tariff option if you cannot get out of contract?its always worth asking,they would rather do this than you not be able to pay anything,tell them you are struggling financially.

can you put the sims into cheap phones and sell the iphones?

asparagus1968

gas and electric are both high,is this arrears?cut usage,be more aware of what is switched on,take readings monthly so account is up to date and get any credit refunded.

you have already decided to get rid of sky next month-good.

you cannot afford a holiday sorry.

what is the £60 child related amount for?essential?

you need to reduce the £50 a month for presents.and the £30 for haircuts.

any dates for loans to be finished with? any way you could jiggle more onto the 0/low interest away from the higher interest debts?

well done on facing this,i think it must be harder when its a family situation (here its just me and 1 boy) but if you want to sort it out you have to make sacrifices,do without and sometimes,not feel embarrassed to say "sorry,we can't afford to at the moment"
it's c*ap to start with,but once the ball starts rolling,it's worth it.

may we ask what the debts were for?e.g. anything you could sell/rent out/make money from?
good luck:)