SOA...it's worse than I thought :(

DMPhereIcome

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 954
Partners monthly income after tax....... 0
Benefits................................ 795
Other income............................ 350
Total monthly income.................... 2099

Monthly Expense Details
Mortgage................................ 465
Secured/HP loan repayments.............. 187
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 96
Electricity............................. 53
Gas..................................... 0
Oil..................................... 40
Water rates............................. 63
Telephone (land line)................... 22
Mobile phone............................ 39
TV Licence.............................. 13
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 13
Car Insurance........................... 45
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 300
Other child related expenses............ 55
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 14
Buildings insurance..................... 25
Contents insurance...................... 8
Life assurance ......................... 19
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 25
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1922


Assets
Cash.................................... 0
House value (Gross)..................... 157000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 157000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 102000...(465)......3.84
Hire Purchase (HP) debt ...... 3500.....(187)......17.9
Total secured & HP debts...... 105500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................8200......240.......0
HSBC CC........................2500......70........18.9
HSBC OD........................1600......20........17.9
Family/various.................1000......50........0
Creation.......................645.......33........19.9
KandCo.........................450.......34........0
Capital One....................1600......85........34.9
Total unsecured debts..........15995.....532.......-


Monthly Budget Summary
Total monthly income.................... 2,099
Expenses (including HP & secured debts). 1,922
Available for debt repayments........... 177
Monthly UNsecured debt repayments....... 532
Amount short for making debt repayments. -355

Personal Balance Sheet Summary
Total assets (things you own)........... 157,000
Total HP & Secured debt................. -105,500
Total Unsecured debt.................... -15,995
Net Assets.............................. 35,505


Reproduced on Moneysavingexpert with permission, using Firefox browser.[/i]

ViolaLass

DMPhereIcome wrote: »

Monthly Expense Details
Mortgage................................ 465
Secured/HP loan repayments.............. 187
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 96
Electricity............................. 53
Gas..................................... 0
Oil..................................... 40
Water rates............................. 63
Telephone (land line)................... 22 can you get rid of this?
Mobile phone............................ 39
mobile bill is rather high. Cut it.
TV Licence.............................. 13
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 250
Should be able to cut this by at least £100.
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 13
Car Insurance........................... 45
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 300
Other child related expenses............ 55
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 14
Buildings insurance..................... 25
Contents insurance...................... 8
Life assurance ......................... 19
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 25
Every month?
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20
You can't afford this. Ditch.
Total monthly expenses.................. 1922

Anything you can sell on eBay?

katy_ann

£39 on 1 mobile bill is high, can you go on pay as you go or one of the £10 contracts? Also food shopping can be slashed, look at the oldstyle board for money saving ideas x

Allypops

If you are going into a DMP you will need an emergency/contingency fund as you will not be able to fall back on credit should an emergency (such as fridge breaking down).

The mobile looks a little high. You may be able to reduce groceries a bit - look at the Old Style board.

Childcare/child related expenses - any likely changes? Are they coming up to school age or up to the age for free nursery place etc?

Maybe you can eek out haircuts a bit?

DMPhereIcome

As you can all see I've got myself in a mess, I've been lurking for weeks and read some diaries start to finish...I wish I could make an extra couple of hundred quid a month to avoid this but I can't...so I've contacted Payplan and CCCS and applied for a new bank account...

I need to phone O2 and BT to see if there is anything I can do about my mobile phone and TV/Phone/internet bills as I know they are too high, but I've not long started contracts:o

When renewal time comes around for house and car, I will be able to get better deals

the 'other child related expenses' are school dinners at £2.20 a day (i've assumed a five week month) I can't take these away from him, he enjoys them and he's a bottomless pit!

Today I've been on the DMP bandwagon and have been on the DMP support board...I thought I'd put my SOA here and any support or advice either way would be very welcome

thanks
x

DCFC79

DMPhereIcome wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 954
Partners monthly income after tax....... 0
Benefits................................ 795
Other income............................ 350
Total monthly income.................... 2099

Monthly Expense Details
Mortgage................................ 465
Secured/HP loan repayments.............. 187
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 96
Electricity............................. 53
Gas..................................... 0
Oil..................................... 40
Water rates............................. 63
Telephone (land line)................... 22 bit much, is it part of a bundle with the tv
Mobile phone............................ 39 Get rid. lower the price plan or speak to your provider
TV Licence.............................. 13
Satellite/Cable TV...................... 20
Internet Services....................... 0 No internet ? is it part of a deal ?
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 13
Car Insurance........................... 45
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 300
Other child related expenses............ 55
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 14
Buildings insurance..................... 25
Contents insurance...................... 8
Life assurance ......................... 19
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 25 Surely you can reduce this
Entertainment........................... 20 This too
Holiday................................. 0
Emergency fund.......................... 20 Can reduce this surely
Total monthly expenses.................. 1922


Assets
Cash.................................... 0
House value (Gross)..................... 157000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 157000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 102000...(465)......3.84
Hire Purchase (HP) debt ...... 3500.....(187)......17.9
Total secured & HP debts...... 105500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................8200......240.......0
HSBC CC........................2500......70........18.9
HSBC OD........................1600......20........17.9
Family/various.................1000......50........0
Creation.......................645.......33........19.9
KandCo.........................450.......34........0
Capital One....................1600......85........34.9
Total unsecured debts..........15995.....532.......-


Monthly Budget Summary
Total monthly income.................... 2,099
Expenses (including HP & secured debts). 1,922
Available for debt repayments........... 177
Monthly UNsecured debt repayments....... 532
Amount short for making debt repayments. -355

Personal Balance Sheet Summary
Total assets (things you own)........... 157,000
Total HP & Secured debt................. -105,500
Total Unsecured debt.................... -15,995
Net Assets.............................. 35,505


Reproduced on Moneysavingexpert with permission, using Firefox browser.[/i]

You thought of a spending diary ?

slowlyfading

DMPhereIcome wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 954
Partners monthly income after tax....... 0
Benefits................................ 795
Other income............................ 350
Total monthly income.................... 2099

Monthly Expense Details
Mortgage................................ 465
Secured/HP loan repayments.............. 187
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 96
Electricity............................. 53
Gas..................................... 0
Oil..................................... 40
Water rates............................. 63
Telephone (land line)................... 22
Mobile phone............................ 39
TV Licence.............................. 13
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 250 - This can be reduced a lot - pop over to the Old Style board for lots of information
Clothing................................ 20 - every month?
Petrol/diesel........................... 100 - any chance of reducing this slightly?
Road tax................................ 13
Car Insurance........................... 45
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 300 - Any chance of reducing this at all?
Other child related expenses............ 55 - what's this for?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 14
Buildings insurance..................... 25
Contents insurance...................... 8
Life assurance ......................... 19
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 25 - every month?
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20 - good to see this here
Total monthly expenses.................. 1922


Assets
Cash.................................... 0
House value (Gross)..................... 157000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 157000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 102000...(465)......3.84
Hire Purchase (HP) debt ...... 3500.....(187)......17.9
Total secured & HP debts...... 105500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................8200......240.......0 - is this really at 0%
HSBC CC........................2500......70........18.9
HSBC OD........................1600......20........17.9
Family/various.................1000......50........0
Creation.......................645.......33........19.9
KandCo.........................450.......34........0
Capital One....................1600......85........34.9 - yikes! this must be costing you a bit in interest 0 aim to clear this one first!
Total unsecured debts..........15995.....532.......-


Monthly Budget Summary
Total monthly income.................... 2,099
Expenses (including HP & secured debts). 1,922
Available for debt repayments........... 177
Monthly UNsecured debt repayments....... 532
Amount short for making debt repayments. -355

Personal Balance Sheet Summary
Total assets (things you own)........... 157,000
Total HP & Secured debt................. -105,500
Total Unsecured debt.................... -15,995
Net Assets.............................. 35,505


Reproduced on Moneysavingexpert with permission, using Firefox browser.[/i]

Added my comments above - hope they help there is definitely room for cut backs here, which is good. Have you got anything you can sell? Can you up your income at all?

DMPhereIcome

Allypops wrote: »

If you are going into a DMP you will need an emergency/contingency fund as you will not be able to fall back on credit should an emergency (such as fridge breaking down).

The mobile looks a little high. You may be able to reduce groceries a bit - look at the Old Style board.

Childcare/child related expenses - any likely changes? Are they coming up to school age or up to the age for free nursery place etc?

Maybe you can eek out haircuts a bit?

Childcare expenses are his before and after school care - I've averaged them as I get a pitiful amount of annual leave and need at least five of those days for revision and exams. I don't have family handy for free childcare during holidays so my bills rocket during holidays

groceries are over estimated as a contingency, but in reality I'm probably spending £50 a week on food, cleaning and washing stuff, fruit, bread, milk, odd magazine for little one, etc etc... this doesn't include smoking which (hopefully) will be knocked on the head soon

Haircuts are for the two of us, I am not to be let loose with scissors! I leave mine to grow for as long as I can bear it and little one the same - again, it's probably a slight over estimate but not by a lot, mine is £25 on it's own...
I've spent so long robbing peter to pay paul I don't want to underestimate just to find out that it simply isn't viable, now is when that stops!

thanks everyone for the advice...tis needed and appreciated!

Deep_In_Debt

Your water looks high...have you looked into a water meter? I saved over £20 per month initially and saving even more now.

DCFC79

DMPhereIcome wrote: »

Haircuts are for the two of us, I am not to be let loose with scissors! I leave mine to grow for as long as I can bear it and little one the same - again, it's probably a slight over estimate but not by a lot, mine is £25 on it's own...
I've spent so long robbing peter to pay paul I don't want to underestimate just to find out that it simply isn't viable, now is when that stops!

You got a college nearby that train hairdressers ?

Might be able to do cuts for less than £25

Deep_In_Debt

Re haircuts...have a look at your local college/beauty college. They often need models for haircuts for their students to train on...I've done that a few times and had really good haircuts for a fiver.