Existing, not living (DFW)

ceebeeby

Hi Everyone,

My relationship is over but we're still co-habiting. This is the relationship thread: https://forums.moneysavingexpert.com/discussion/4588233

My SOA is based upon HALF of joint debts, and where applicable, the full amount of any sole debts, and only includes my own income. Where applicable mortgage and assets have been halved.

Here is the grim story:

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 2664.23
DD1 contribution to car insurance ...... 30.00
Benefits................................ 81.2
Total monthly income.................... 2775.43
Monthly Expense Details
Mortgage................................ 387
Secured/HP loan repayments.............. 370
Council tax............................. 111.5
Electricity............................. 15
Gas..................................... 16.5
Telephone (land line)................... 0
Mobile phone............................ 38
TV Licence.............................. 6.06
Satellite/Cable TV...................... 51
Internet Services....................... 0
Groceries etc. ......................... 100
Petrol/diesel........................... 250
Road tax................................ 20
Car Insurance........................... 78
Car maintenance (including MOT)......... 20
Other child related expenses............ 150
Pet insurance/vet bills................. 14
Buildings insurance..................... 10
Contents insurance...................... 20
Life assurance ......................... 36.78
Other insurance......................... 8
Presents (birthday, christmas etc)...... 30
Entertainment........................... 7
Total monthly expenses.................. 1738.84

Assets
Cash.................................... 0
Half House value (Gross)................ 87500
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets (inheritence / jewellery).. 45000
Total Assets............................ 133500

PLUS not included above or below - 2nd home ..50,000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 49500....(387)......0
Secured Debt................ 16650....(370)......7.7%
Total secured & HP debts...... 66150.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan A .....................10308.....312.......14.9%
Credit Card A..................6700......168.......0
Credit Card S..................3400......120.......0
Credit Card B..................7000......195.......0
Credit Card T..................8400......192.......0
Overdraft .....................3825 .....30 .......0
Catalogue ..................... 228 .....35 .......0%
Total unsecured debts..........39861.....1052.......-

Monthly Budget Summary
Total monthly income.................... 2,775.43
Expenses (including HP & secured debts). 1,738.84
Available for debt repayments........... 1036.59
Monthly UNsecured debt repayments....... 1052
Amount left after debt repayments....... -15.41

Personal Balance Sheet Summary
Total assets (things you own)........... 133,500
Total HP & Secured debt................. -66,150
Total Unsecured debt.................... -39,861
Net Assets.............................. 27,489
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

I have been a little loose with some figures in terms of rounding up and down - I hope that's okay.

I've tried DFW diaries before, but other than keeping the monthly budget up to date, which I'm really good at - I'm hopeless with updating it with chat.

I'm so very grateful for any advice.

gizmo111

So do you have over £500 left at the end of the month?

harrys_dad

Surely that is all the council tax and not half? Is your ex paying their half?

ceebeeby

Harry's dad - yes, that's exactly half the council tax.

I originally thought there was £300 a month left-over, but there isn't - I missed out a £300 loan from SOA, which is now included.

gizmo111

So what happens to the £300 - is the secured loan £740 a month?

ceebeeby

Hi Gizmo, yes - secured loan £740 pcm.

OMG - I am as hopeless at this as I am at living life!! I'd only missed out child expenses and a whopping great loan, which collectively together come to £500 - leaving nothing. I've hopefully now fully updated the SOA.

So sorry, does this usually take a little bit of time to get right, or am I just being ridiculous!!

gizmo111

So sorry, does this usually take a little bit of time to get right, or am I just being ridiculous!!

No it happens like that!

I would seriously onsider makng token payments to the unsecured debt and saving up to rent somewhere and then sell the house, make offers to the creditors from the equity and get on and start living your life.

19lottie82

ceebeeby wrote: »

.

Mobile phone............................ 38
- ouch. how long until you can cancel and go sim only / payg?
Groceries etc. ......................... 100
- seems low, is it realistic?
Car Insurance........................... 78
- really high, why?
Other child related expenses............ 200
- what are these? i thought your kids were 17 and 20?
Life assurance ......................... 36.78
- maybe ditch this until you are in a better place, financially.
Presents (birthday, christmas etc)...... 0
- you never buy anyone, inc your kids, a birthday or christmas present?
Entertainment........................... 7
- is this realistic? no magazines, coffees, meeting friends for a drink?

Also, why id there nothing in here for haircuts or clothes?

Little_Miss_Uni-Debt

Hello Ceebeeby,

Just wanted to say Hi, I know how it feels to be treading water with money. Your SOA is a work in progress, it's good to get all the facts and figures written down so they don't have to be juggled in your mind.

A couple of things stuck out at me,

1) No interest rates for the cards were listed. It's important you find out which rate they are on. Once there is breathing room in your SOA and extra should go to highest rate first.

2)Any overdraft?

ceebeeby

Mobile phone............................ 38
- ouch. how long until you can cancel and go sim only / payg?

This is for both mine and eldest daughters phone - this was her Xmas present. Mine is needed for work and volunteering. Both are new at Xmas contracts that will run for at least another 14 months.

Groceries etc. ......................... 100
- seems low, is it realistic?

This is effectively half the family budget - I can do it with the help of MSE

Car Insurance........................... 78
- really high, why?

Eldest daughter passed her test less than a year ago. She's added to my insurance which was only £20 a year before that!!


Other child related expenses............ 200
- what are these? i thought your kids were 17 and 20?

Travel to Uni Costs, Uni Books not covered by loan, Kids Clothes etc. School Trips and Club Fees for youngest (Guiding)

Life assurance ......................... 36.78

- maybe ditch this until you are in a better place, financially.

I always kept this going just to pay off the horror debts!!


Presents (birthday, christmas etc)...... 0
- you never buy anyone, inc your kids, a birthday or christmas present?

Yes I do, but I've never budgeted for it. I probably spend about £150 per child for birthdays, £100 for OH and £50 for friend. For Xmas in total it usually comes to about £750 total for everything including food. Again, I never budget - just add it to the CC.


Entertainment........................... 7
- is this realistic? no magazines, coffees, meeting friends for a drink?

That's National Trust and Historic Scotland membership, halved, but in good MSE style, I'd take a flask with home-made tea-loaf I never buy magazines or go out for coffee. The most I spend on entertainment in addition to this would be about £3 going to the swimming pool once a month.


Thank you so much for having a look - that's much appreciated.

ceebeeby

Little_Miss_Uni-Debt wrote: »

2)Any overdraft?

:eek::eek::eek: Oh yes, another thing I've forgotten. Where does that get added in. Overdraft is £4550!!!!!