SOA - think ive done it correct

confusedmamtobe

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 421
Partners monthly income after tax....... 900
Benefits................................ 520
Other income............................ 0
Total monthly income.................... 1841
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 25
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 30
Mobile phone............................ 100
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 100
Petrol/diesel........................... 0
Road tax................................ 120
Car Insurance........................... 50
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 100
Childcare/nursery....................... 0
Other child related expenses............ 200
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 80
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1338

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
vanquis credit card............150.......25........0
capital one....................500.......60........0
catalogue......................1200......80........0
bank overdrafts................600.......80........0
loan...........................4000......200.......0
Total unsecured debts..........6450......445.......-

Monthly Budget Summary
Total monthly income.................... 1,841
Expenses (including HP & secured debts). 1,338
Available for debt repayments........... 503
Monthly UNsecured debt repayments....... 445
Amount left after debt repayments....... 58
Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,450
Net Assets.............................. -5,650

[Deleted User]

confusedmamtobe wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 421
Partners monthly income after tax....... 900
Benefits................................ 520
Other income............................ 0
Total monthly income.................... 1841
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150 is this total or the portion you pay?
Management charge (leasehold property).. 0
Council tax............................. 25
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 50 if you're on rates, any chance you could get a water meter? Take a look at the water meters vs water rates guide on this site if it's a possibility
Telephone (land line)................... 30
Mobile phone............................ 100 any chance you could swap to pay as you go or decrease your contract(s)?
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400 theres loads of guides on the 'old style' board to help you to reduce this, such as batch cooking, plus Martin's 'downshift challenge' - give it a go if you aren't already :-)
Clothing................................ 100 this quite a lot...
Petrol/diesel........................... 0 you don't put fuel in the car? Or is it your partner who does this?
Road tax................................ 0 you don't tax the car, or is it your partner who does this?
Car Insurance........................... 50
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 100 I presume this is your travel on public transport?
Childcare/nursery....................... 0
Other child related expenses............ 200 could you break this figure down?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 Are you sure you don't have any contents insurance? It might be worth looking at some.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 80 this is a lot :-(
Haircuts................................ 0 Do you never have a hair cut?
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1338

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
vanquis credit card............150.......25........0
capital one....................500.......60........0
catalogue......................1200......80........0
bank overdrafts................600.......80........0
loan...........................4000......200.......0
Total unsecured debts..........6450......445.......-

If you can, try and find out the APR's of these debts, they should be on your statements or online account summaries.
Monthly Budget Summary
Total monthly income.................... 1,841
Expenses (including HP & secured debts). 1,338
Available for debt repayments........... 503
Monthly UNsecured debt repayments....... 445
Amount left after debt repayments....... 58
Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,450
Net Assets.............................. -5,650

Just a couple of pointers above - one thing I noticed is that you've not put anything down for car tax or fuel, which leads me to believe its your partners car? Because you've put your partners wage above, for the figures to be right you need to find out how much these things are and update the totals.

HappyMJ

Are the rent and council tax figures after housing and council tax benefit payments have been made and this is your contribution to the rent and CT?

amyloofoo

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1 How old's your child and are you pregnant currently or am I getting confused by your user name?
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 421 I presume this is so low because you're only working part time or are on benefits / maternity leave? With an income this low and a child in the household you should be receiving support - I know you've put £520 from benefits below, but it might be worth double checking what you're entitled to at http://www.entitledto.co.uk/
Partners monthly income after tax....... 900 Is this working full time? Is it possible either he or you could pick up a few extra shifts?
Benefits................................ 520
Other income............................ 0
Total monthly income.................... 1841
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150 Same question as others have asked really, is this the total amount or just your share (or what you pay after housing benefit)? For the sake of keeping it simple, it might be best to calculate this with the full figure as you're (presumably) including your partner's full wages in your calculations.
Management charge (leasehold property).. 0
Council tax............................. 25 Again, are you getting the full discount you're entitled to?
Electricity............................. 20 Both gas and electric figures seem pretty low, well done if this is correct but you might want to double check the figures
Gas..................................... 20
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 30 This is by no means a ridiculous figure but is a little on the high side and could probably be cut. Are you tied into a contract or could you possibly swap. There are some good deals out there and if you go through a cashback site then you may even get some money back.
Mobile phone............................ 100 Again, this is a little high, I presume it's for yourself and your partner. It might be worth talking to your provider, explaining the situation and seeing if you can downgrade - or if you're close to the end of your contract then switching to PAYG.
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400 This is pretty high given that there's only 3 of you in the household. The 'old style' boards are really good for tips and it should be pretty easy to cut this bill down to reduce your outgoings.
Clothing................................ 100 A month? For clothes? For 3 of you? I love to shop as much as the next girlygirl but I'm sure you could cut down on this until the financial pressure' off a bit.
Petrol/diesel........................... 0 Even if the car expenses aren't your responsibility then if your partner pays for them, and you've put his full wages on here, you're not going to have a true representation of what you're spending as a couple. It's probably best to include them, unless I'm missing something.
Road tax................................ 0
Car Insurance........................... 50
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 100 Childcare/nursery....................... 0
Other child related expenses............ 200 Other travel and other child expenses add up to £300 a month, what exactly is this spent on?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 I understand that money's tight but I'd be very wary of having no insurance whatsoever. It doesn't have to be horribly expensive.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 80 I know you have a child and it's lovely that you're generous, but £80 a month on presents is a lot of money and are you sure you can really afford it at the moment? This can probably be cut down quite a bit. There are some wonderfully creative and crafty people on these boards who can give you ideas of how to do this.
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 You never spend any money on haircuts, entertainment or holidays It doesn't have to cost a fortune but you (and your partner and child) need to have a little treat now and then. Also, I know it's hard when money's tight, but if you can manage to set aside a small emergency fund each month then you're much less likely to fall into the trap of using credit cards, pay day loans, etc when the unexpected happens.
Total monthly expenses.................. 1338

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
vanquis credit card............150.......25........0
capital one....................500.......60........0
catalogue......................1200......80....... .0
bank overdrafts................600.......80........0
loan...........................4000......200...... .0
Total unsecured debts..........6450......445.......-

Are you sure you're not paying interest on any of these debts? I know from bitter experience that the APR on catalogues can be 49.9% and Vanquis / Capital One aren't much better :eek: This information should be on your statements and is really important in working out how to 'snowball' your debts so that you end up paying the minimum amount of interest. This could potentially save you £100s.

Monthly Budget Summary
Total monthly income.................... 1,841
Expenses (including HP & secured debts). 1,338
Available for debt repayments........... 503
Monthly UNsecured debt repayments....... 445
Amount left after debt repayments....... 58
Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,450
Net Assets.............................. -5,650

I think the thing for you to do in the short term is to stay calm. These debts aren't insurmountable and with the correct advice and support (and trimming your outgoings ) these can be paid back in a relatively short amount of time. I know how stressful debt is and how terrible it feels, but there are people on these boards who've been in far worse positions and are now on the other side.

I'm sure some of the other lovely people will be along to advise shortly (atm it's just insomniacs like me lol) but until then stay calm and maybe take a look at some of the threads which give advice on how to boost your income and reduce your outgoings. Also, if you've not already got it, it might be worth getting a copy of your credit report (www.noddle.co.uk is free) to check that nothing else is showing and see if any damage has been done.

flippin36

Are these figures right? Are your groceries a guess, do you keep receipts and a track of what you spend? I say that because I don't think everyone does, and its surprising how much those extra trips to the supermarket add up (I used to really underestimate our groceries and wonder why we overspent every month). Keep totting up every time you buy anything edible and see what the true figure is, it takes a few months, then average it. I think £100 is very low but £400 very high

Your gas and electric is very low too. Are you in debit? Check you are paying the right amount as you may end up stuck with a humongus bill in the winter. I do meter readings every now and then and go online to check its the right figure.

Clothes, mobiles, presents are certainly high.

You really need an emergency fund. Honestly, its the best thing anyone with debts (or no debts) can do. Because you have very little wiggle room in your monthly expenses if something goes wrong - the car breaks, washing machine breaks, boiler needs work in the middle of winter, you will end up getting further into debt. This has happened to me .

Do you actually have any money left over at the end of the month. Did you see the £58 at the end and think that sounds about right? Because most people do their SOA and are surprised to have anything left over because they never see it. It took me months of messing around with my SOA until I actually had what it says I should have, then I could start throwing that money at my debts.

paulmapp8306

Agree with most others - you needt o check those figures. You have a car, and pay car insurance but no petrol/tax/maintenance costs???

Gas/Electric VERY Low

food - High

Clothes/prezzies VERY high

Need an emergency fund, and contents insurance.

If your not working, what child expenses do you have that cost £200/month, and if you rubn a car what is the £100 other travel for?