S.O.A. Help please

Fuzzy16

OH going bankrupt, small business failed. Been out of work now for a few months. My income is not covering everything. i have been quoted cheaper life insurance probably saving £10, only thing is i think OR has now claimed this. We have tried to have a cheaper weekly shop but its impossible. I only ask £100 a month from my daughter as she only works a few hours a week and has a 9 month old baby. We are for the first time in 30 years contemplating going to our mortgage provider and asking to be put on interest only, OH not entitled to any benefits either. It is starting to get very stressful with this and the bankruptcy that he filed for in march, I have attached the SOA (hopefully)
thanks
Statement of Affairs &Personal Balance Sheet

Summary

Monthly Budget Summary

Amount(£)

Total monthly income

1,286

Monthly expenses (incl. HP & secured loans)

1,686.62

Available for debt repayments

-400.62

UNsecured debt repayments

0

Amount short for making debt repayments

-400.62

Personal Balance Sheet Summary

Amount(£)

Total Assets (things you own)

122,500

Total Secured & HP Debt

-89,000

Total Unsecured Debt

-0

Net Assets

33,500

Household Information

Number of adults in household

2

Number of children in household

1

Number of cars owned

1

Income, Expense, Debt & Asset Details

Income

Amount(£)

Monthly income after tax

1186

Partners monthly income

0

Benefits

0

Other income

100

Total monthly income

1286

Expenses

Amount(£)

Mortgage

590

Secured/HP loan payments

0

Rent

0

Management charge (leasehold property)

0

Council tax

117

Electricity

123

Gas in with electric price

0

Oil

0

Water Rates

45

Telephone (land line)

0

Mobile phone

15

TV Licence

12

Satellite/Cable TV,phone,internet

81.77

Internet services with above

0

Groceries etc.

400

Clothing

20

Petrol/diesel

60

Road tax

20

Car Insurance

25

Car maintenance (including MOT)

15

Car Parking

0

Other travel

0

Childcare/nursery

0

Other child related expenses

0

Medical (prescriptions, dentists, opticians etc.)

0

Pet Insurance/Vet bills

16

Buildings Insurance

28.08

Contents Insurance with above

0

Life Assurance can get this cheaper

43.17

Other Insurance

0

Presents (birthday, christmas etc.)

15

Haircuts

0

Entertainment

0

Holiday

0

Emergency Fund

0

TV breakdown cover

7.99

Diet Club

20

pension

32.61

Total monthly expenses

1686.62

Secured & HP Debt Description

Debt(£)

Monthly(£)

APR(%)

Mortgage

89000

(590)

(I think) 6.5

Secured & HP Debt totals

89000

-

-

Unsecured Debt Description

Debt(£)

Monthly(£)

APR(%)

Unsecured Debt totals

0

0

-

Asset Description

Value (£)

Cash

0

House Value (Gross)

119000

Shares and bonds

0

Car(s)

3500

Other assets (e.g. endowments, jewellery etc)

0

Total Assets

122500

rising_from_the_ashes

Sorry to hear things are tough - had a really quick look at your SOA (sorry about to disappear for a bit!) and a couple of things really jump out:

Sky incl landline & broadband @ £81.77 isn't an essential (sorry). By shopping around / haggling you can get good deals on landline / broadband. Mine cost £12.49 for landline (incl anytime calls) and £6.49 for broadband (with a big limit), so that's less than £20 and a big difference.

Also groceries - are there 2 adults or 3 (you mentioned your daughter & baby living with you?). You should be able to get this down by at least £100 (gradually!) - try the grocery challenge on the Old Style board. Loads of great tips & fab recipes and a really friendly bunch (as a starter point, 2 adults & 2 kids can manage & eat well on £200 / month - incl toiletries, nappies etc). Oh - Al*di nappies are apparently brilliant & a great price.

Sure others will be along in a minute.

ellesbellesxxx

Hi, so sorry to hear it's been getting tight. Just couple of observations... TV breakdown cover, TVs can be picked up quite cheaply now or even free on freecycle etc - breakdown cover 8 pounds more money towards living each month. Also elec quite a lot for 2?3? people- can you use economy 7/turn things off more? Even inc phone/internet 80+ way too much for satellite - plus net do some great deals for phone/net - freeview on top and can shave at least 30 off if not more.
Your car usage doesn't seem to be that much - £15 a week - is that for commuting?

Th1984

water, worth a meter?
We have 2 adults + 1 child and we pay £19 per month and are neither in credit or debit with them.

E.t.a
My oh has just reminded me we don't pay sewerage as we have a bio disc that we share with next door (doesn't need emptying) so water isn't far off, sorry!

Tixy

Given that you have a £400 shortfall you need to be really brutal with your outgoings.

Is partner not claiming benefits?

Is this SoA what you actually spend? or what was prepared re OHs bankruptcy?

Have you shopped around for the cheapest gas & elec supplier these seem fairly high - or try to reduce your usage.
Have you shopped for the cheapest insurance for the cover you need? B&C seems quite high for the value of your house.

Is the mortgage just in your name? It seems a high APR. Are you on a fixed rate? Rather thank switching to interest only can you see if you can get a cheaper mortgage deal (assuming only in your name and assuming you have no joint financial accounts and are financially disassociated).
Look for a cheaper media/tv package (should be able to halve this amount).
Try to reduce grocery costs - you should certainly be able to get this down to £300 and still eat well.

I'd also review what daughter is paying - is she getting what benefits she is entitled to? is she aware of your finances? could she increase what she pays?

dancingfairy

Have you taken advice regarding the house? Reason being is with approx 30k worth of equity I'm not sure whether the OR would want to release some of that equity to go into the bankruptcy? I'm not too sure how it works with a joint house. I know the OR doesn't look have to look at it until 2 years 3months into the bankruptcy but if there's likely to be some equity I would make a plan now Hopefully you know what's what with the house etc but if not just hop over to the bankruptcy board and they can explain all about buying the Beneficial Interest etc.
The other thing that struck me was -is your daughter working at all? If so then she probably needs to contribute more into the household (as long as this doesn't mess up all the benefits) otherwise maybe she can get a part time job and your OH can watch her little one for a few hours each day (again assuming that you actually end up better off). I know it's not ideal but when times are tough ..... needs must.
Hope things improve.
df

Fuzzy16

Have already saved £11 by switching home & contents insurance. Have had a cheaper quote (£10 cheaper) for life insurance, am cancelling my slimming club membership £20 and continue it at home. My daughter has offered to contribute more even though she does'nt earn much from her part time job. My OH can not get any benefits as he was self employed. I am not sure about the APR on the mortgage can't find any paperwork. Outstanding mortgage stands at approx £89,000(not fixed rate and in joint names) i only earn £17000 a year so doubt i can have a remortgage. Somebody suggested a water meter, very doubtful as we have dishwasher and washing machine both are on every day(washer every other day as daughter has a 9 month old baby) We spend around £15 a week on fuel for car, thats just me getting to work and any other running around, the engine size is only 1600. Yes i believe we can get a cheaper broadband/phone deal.

Thanks all for support