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

Barbeduk

This is a toughie as there's so much extra a month you need to find. Have you started ebaying/carbooting? Are you doing surveys? You can then use the vouchers for Xmas presents. I'd definitely ditch the holiday fund (sorry).

Good luck.

wants.to.be.debt.free

All the best in your debt free journey, you have had some good advice

ellesbellesxxx

Can you switch elec gas companies and get some cashback while you are at it?
DEf sell the iphones (mobilevaluer.com) and get cheap phone for time being...you can then go down a tariff after a year with phonecompany

bottleofred

Hi f1ameboy,

I agree with the other posters about the holiday and phones etc but understand the contract thing. You should ask about a lower tariff though. You also haven't included any money for maintenance for the car, which you may need to consider.

Good luck

Red

princessdon

Are you sure the income is correct? It doesn't show any tax credits

rising_from_the_ashes

Agree with other posters comments re gas/elec, phones, haircuts etc all being a bit high.

A couple of things are missing - car maintenance as you really need to budget for servicing/repairs/MOT etc and an emergency fund for replacing household appliances etc. Really important to have money to cover these so that when they do crop up, it doesn't just end up on another credit card and adding to the debt.

Best of luck

Depth_Charge

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
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 www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Hi

Thanks for putting this up.

Some of your expenditure figures look very low to me for a family of four as far as trigger figures are concerned anyway, examples - groceries, car costs & travel, nothing for clothing, your electric and gas do not look to high to me.

If you are entering any remedy or payment plan they have to be realistic and sustainable or you will really struggle and they will likely fail.

Sometimes when you first put things down on paper, they dont really give a true picture.

Just my thoughts based on experience

smithers1981

hi are you sure youre getting all tax credits and benefits your entitled to myself and partner get 80 a month and we only have 1 daughter and earn 60k combined i know a lot of people with on lower incomes that have money 'thrown' at them would strongly advice checking to see if you are entitled to more....

i thought gas/elec slightly high and you need car maintenance but your groceries are very low

my MRS got in a mess after divorce shes now on DMP with payplan they were very good sorted everything out and she now has 1 payment which she can afford, CCCS and PAYPLAN i think are the only 2 organisations who do not charge, all over DMP companies on google etc are gonna charge a hefty fee.

It aint the end of the world now your facing up to situation you can find a solution GOOD luck

Gimpsdad

Looking at that SOA, you would have very little problem in getting an IP to look at an IVA for you at a payment contribution of £200 to £240 per month. £46.15 per week to feed a family of 4? I don't think so. There is no need to live on the poverty line, none whatsoever. I can make a case for bankruptcy as well, but if you don't want to take any risk with your property you may not wish to consider that option.

Do what is right for your family, don't be tempted to live on bread and water for the benefit of creditors.