My SOA - thoughts please...

Sandgrownun

Inspired by the Is Bankrupcy the best option for me thread? here is my SOA...

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....................
Monthly Income Details
Monthly income after tax................ 1447
Partners monthly income after tax....... 1120
Benefits................................ 81
Other income............................ 0
Total monthly income.................... 2648
Monthly Expense Details
Mortgage................................ 250
Secured/HP loan repayments.............. 150
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 117
Electricity............................. 40
Gas..................................... 99
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 12
Mobile phone............................ 37
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 16
Groceries etc. ......................... 400
Clothing................................ 100
Petrol/diesel........................... 240
Road tax................................ 34
Car Insurance........................... 64
Car maintenance (including MOT)......... 50
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 158
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 27
Contents insurance...................... 35
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 30
Entertainment........................... 30
Holiday................................. 100
Emergency fund.......................... 50
Total monthly expenses.................. 2634.12

Assets
Cash.................................... 50
House value (Gross)..................... 70000
Shares and bonds........................ 0
Car(s).................................. 1300
Other assets............................ 0
Total Assets............................ 71350

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 83000....(250)......4.79
Secured Debt.................. 22000....(150)......4.79
Total secured & HP debts...... 105000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Next...........................381.......35........0
MBNA...........................2643......88........0
Barclaycard....................3100......71........0
Total unsecured debts..........6124......194.......-

Monthly Budget Summary
Total monthly income.................... 2,648
Expenses (including HP & secured debts). 2,634.12
Available for debt repayments........... 13.88
Monthly UNsecured debt repayments....... 194
Amount short for making debt repayments. -180.12
Personal Balance Sheet Summary
Total assets (things you own)........... 71,350
Total HP & Secured debt................. -105,000
Total Unsecured debt.................... -6,124
Net Assets.............................. -39,774
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

So that's including the mortgage and the rent, us paying both - however as it's in massive negative equity and I'm not allowed the rent it, nor do I have the spare cash to be responsible landlord and actually fix things I am planning to give it back to NRAM as voluntary possession.

I'm currently 6 months pregnant and will be going off on mat leave for a year so my average wage will be £798 per month for the year. Go back to work early perhaps? Yes but then full time Childcare for two children will be over £1000 - that's with vouchers and the free 15 hours per week.

If I give back the house then I won't have to pay £449, then I will work out some way to pay back the shortfall, got a phone interview with Stepchange tomorrow so hopefully they will help me see a way through.

samtoby

My initial observations are that £ 100 a month on clothes needs to go.

samtoby

Holiday £100 a month that needs to go and look at the other boards for the grocery chsllenges I feed three adults one child for £50 a week. X

samtoby

How come you have rent and a mortgage? X

bell123321

Sandgrownun wrote: »

Inspired by the Is Bankrupcy the best option for me thread? here is my SOA...

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....................
Monthly Income Details
Monthly income after tax................ 1447
Partners monthly income after tax....... 1120
Benefits................................ 81
Other income............................ 0
Total monthly income.................... 2648
Monthly Expense Details
Mortgage................................ 250
Secured/HP loan repayments.............. 150
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 117
Electricity............................. 40
Gas..................................... 99
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 12
Mobile phone............................ 37
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 16
Groceries etc. ......................... 400
Clothing................................ 100
Petrol/diesel........................... 240
Road tax................................ 34
Car Insurance........................... 64
Car maintenance (including MOT)......... 50
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 158
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 27
Contents insurance...................... 35
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 30
Entertainment........................... 30
Holiday................................. 100
Emergency fund.......................... 50
Total monthly expenses.................. 2634.12

Assets
Cash.................................... 50
House value (Gross)..................... 70000
Shares and bonds........................ 0
Car(s).................................. 1300
Other assets............................ 0
Total Assets............................ 71350

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 83000....(250)......4.79
Secured Debt.................. 22000....(150)......4.79
Total secured & HP debts...... 105000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Next...........................381.......35........0
MBNA...........................2643......88........0
Barclaycard....................3100......71........0
Total unsecured debts..........6124......194.......-

Monthly Budget Summary
Total monthly income.................... 2,648
Expenses (including HP & secured debts). 2,634.12
Available for debt repayments........... 13.88
Monthly UNsecured debt repayments....... 194
Amount short for making debt repayments. -180.12
Personal Balance Sheet Summary
Total assets (things you own)........... 71,350
Total HP & Secured debt................. -105,000
Total Unsecured debt.................... -6,124
Net Assets.............................. -39,774
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

So that's including the mortgage and the rent, us paying both - however as it's in massive negative equity and I'm not allowed the rent it, nor do I have the spare cash to be responsible landlord and actually fix things I am planning to give it back to NRAM as voluntary possession.

I'm currently 6 months pregnant and will be going off on mat leave for a year so my average wage will be £798 per month for the year. Go back to work early perhaps? Yes but then full time Childcare for two children will be over £1000 - that's with vouchers and the free 15 hours per week.

If I give back the house then I won't have to pay £449, then I will work out some way to pay back the shortfall, got a phone interview with Stepchange tomorrow so hopefully they will help me see a way through.

Hi,

I'm no expert but my thoughts

When you go on maturnity will you be entilted to tax credits?

Gas seems high can you get this lower or change suppliers and maybe get a duel electric and gas paying by direct debit?

Mobile is that for both of you or just one of you? If your halfway through your contract some phone contracts allow you to downgrade tariff which I have done several times.

Groceries seems very high, I am also a family of three and ours £200 a month (We still buy fresh veg and meat) have a look around the forum as there are posts about how to get your food shopping down. Do you have any local markets to get fruit and veg from? Look for offers in supermarkets and freeze food where required.

Haircuts: Maybe cut this out at the moment I only get a hair cut every six months and we have got clippers for my husband so I can cut his hair.

Holiday: This could maybe be cut out whilst your on leave as this would give you an extra £100 a month and when you return to work you could save it again? Same as entertainment as you have an emergency fund.

Clothes: Take this out, if you need any emergency clothes maybe use the emergency fund?

Naf

samtoby wrote: »

My initial observations are that £ 100 a month on clothes needs to go.

samtoby wrote: »

Holiday £100 a month that needs to go and look at the other boards for the grocery chsllenges I feed three adults one child for £50 a week. X

Agreed.
If you don't have the money, you can't be saving for holidays, or spending that much on clothes every month.
We spend less than £400 a month for all groceries & household for 2 adults and 3 kids; so you can definitely get that down too.
You're £180 short each month; these changes will put you more than £20 in the clear (to add to your £50 emergency fund). This gives you money over to keep aside for clothing periodically.

Sandgrownun

Thanks everyone. The groceries seem high and I could cut but this is all toiletries cleaning products and lunches for all of us, is it still high?
Holiday defo can go - booked a daily mail caravan deal this year! Price was from last year, was being real.
Re house and rent, on my other thread I discuss but basically house tiny 1 bed, in a panic I moved into rented that was bigger when last pg, but realised I don't have consent which I needed, also no money to look after the house with tenants, rent income less than mortgage, plus negative equity so I'm handing it back. Then will need to work out how to repay approx £35000, is this doable without bankruptcy? After a year ill have good bit spare to repay as ds1 will be at school but while I'm on mat leave can I do it?

HappyMJ

It looks a lot like a BR SOA...Are you considering declaring bankruptcy?

£35,000 debt over really what should not be more than 6 years would cost you about £500 per month. I don't think that's doable on your income....so BR is an option worth considering.

Tixy

Does the £180 shortfall feel about right? Are your debts increasing each month?

There are definitely some areas of costs that could be reduced, but whether its enough that you want to keep trying to keep the house and want to keep paying the mortgage until its back out of negative equity is something you'll need to think about.

Is your income the £1447 one? so you'd be down around £750 whilst on maternity?

Sandgrownun wrote: »

Inspired by the Is Bankrupcy the best option for me thread? here is my SOA...

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....................
Monthly Income Details
Monthly income after tax................ 1447
Partners monthly income after tax....... 1120
Benefits................................ 81 have you looked at what tax credits etc you/ OH miay be able to get when you are on maternity?
Other income............................ 0
Total monthly income.................... 2648
Monthly Expense Details
Mortgage................................ 250
Secured/HP loan repayments.............. 150
Rent.................................... 500 are you not actually living in your property at the moment, but living elsewhere? why can you not live in your house?
Management charge (leasehold property).. 0
Council tax............................. 117
Electricity............................. 40
Gas..................................... 99 does this include some arrears? have you shopped around for cheaper gas & elec suppliers & tariffs?
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 12
Mobile phone............................ 37
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 16
Groceries etc. ......................... 400 this is very high and could look at reducing
Clothing................................ 100 this is also high and you could reduce
Petrol/diesel........................... 240 how much of this will reduce when you are on maternity?
Road tax................................ 34
Car Insurance........................... 64
Car maintenance (including MOT)......... 50
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 158 will this stop when on maternity?
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 27
Contents insurance...................... 35 B&C looks high for the value of your property - do you shop around at renewal time?
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 30
Entertainment........................... 30
Holiday................................. 100 you can't really afford this at the moment
Emergency fund.......................... 50 are you putting this aside at all? do you have any savings?
Total monthly expenses.................. 2634.12

Assets
Cash.................................... 50
House value (Gross)..................... 70000
Shares and bonds........................ 0
Car(s).................................. 1300 is this 1 or 2 cars? if 2 are they both essential? especially when on maternity leave?
Other assets............................ 0
Total Assets............................ 71350

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 83000....(250)......4.79
Secured Debt.................. 22000....(150)......4.79
Total secured & HP debts...... 105000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Next...........................381.......35........0
MBNA...........................2643......88........0
Barclaycard....................3100......71........0
Total unsecured debts..........6124......194.......-

Monthly Budget Summary
Total monthly income.................... 2,648
Expenses (including HP & secured debts). 2,634.12
Available for debt repayments........... 13.88
Monthly UNsecured debt repayments....... 194
Amount short for making debt repayments. -180.12
Personal Balance Sheet Summary
Total assets (things you own)........... 71,350
Total HP & Secured debt................. -105,000
Total Unsecured debt.................... -6,124
Net Assets.............................. -39,774
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Sandgrownun

Ps tax credits, I'm wary. Last time we claimed approx 30 pw but they over payed us without making it clear when I'd kept them informed of all changes and we owed them £350!

Tixy

Sandgrownun wrote: »

Thanks everyone. The groceries seem high and I could cut but this is all toiletries cleaning products and lunches for all of us, is it still high?

I would say its certainly possible to spend less. There are certainly people who spend around £250 all in for cleaning/toiletries etc as well for families of 4 or 5.
Perhaps try the downshift challenge?
http://www.moneysavingexpert.com/shopping/downshift-challenge/