Advice On SOA Please

catandy

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1140
Partners monthly income after tax....... 0
Benefits................................ 680
Other income............................ 40
Total monthly income.................... 1860
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 429
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 80
Gas..................................... 0
Oil..................................... 0
Water rates............................. 36
Telephone (land line)................... 15
Mobile phone............................ 0
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 380
Clothing................................ 0
Petrol/diesel........................... 80
Road tax................................ 0
Car Insurance........................... 48
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 80
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1245.12

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........

Monthly Budget Summary
Total monthly income.................... 1,860
Expenses (including HP & secured debts). 1,245.12
Available for debt repayments........... 614.88
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 614.88
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

Advise needed on SOA please - there is lots of things missing because they are paid for by the company I'm a director for - internet, mobiles, portion of petrol. So I've put together the figures I actually pay (I dont get paid a salary from the company just have some outgoings paid instead for now) - I've done a spending diary for the last 2 months so I know the figures for grocery, travel etc are realistic. Car is not mine hence no assets (ive got to give it back to my dad when I get back on my feet a bit).

I'm doing a DMP as cannot clear the arrears on all the CC - Ive either been unemployed or shaky self employment for the last 9 months so I've taken the leap and start an employed job from Monday on a reduced salary for some much needed security. My kids are 17 and 18 respectively, oldest is on an apprenticeship wage and gives me £10 board money out of his £80 he earns each week. younger son finishes his A levels in 6 weeks and has a job lined up for when after that so will be throwing something into the kitty.

from the figures it seems I can afford to pay 600 PM to my DMP and get it cleared in 3 years or do I build a buffer into my figures, or is there something glaringly obvious ive missed completely?

thanks in advance

matttye

Could you include the details of your debts in the SOA?

catandy

as per my signature - ive been making nominal payments of £1 for the last 6 months whilst chaos took over, to get back on the straight and narrow with them now will take anything between £200 and £500 each to clear the arrears and re-instate normal payment schedule and interest being charged. for now all interest has been frozen due to the low amounts all my creditors have been receiving

moohound

Need something in emergency fund, and perhaps contents insurance, do you never buy a gift or get your hair cut?

There are 2 cars on the SOA, is that right?

How will your child leaving school and starting work affect your benefits?

I would stash £300 - £600 as an emergency fund before paying anything extra ( see DMP support thread for what I've used mine for this month )

catandy

come september benefits go down by 240 pm so a big drop.

one car on the road - amended my figures, use it for ferrying kids about, visiting my mom once a month and running to the supermarket. im walking to and from work each day so saving money there

hair cuts - DS1 has a crew cut, DS2 has an afro and I do a buzz cut once every 3 months with the hair clippers gifts have been a no no whilst things have been so tight but yes both sons get money for xmas / birthdays of £100 each so that makes another 30 odd a month. what is realistic for an emergency fund £500 or is that OTT?

moohound

I think £300 minimum if you have no potential car or house repairs and £600 minimum if you do have either of these.

We had £650 and it went in a month when everything broke down at once, we run 2 cars and own our house, we have a separate disaster fund in an ISA buts that a post debt thing really.

I based this on an American money 'guru' who says 1000 dollars, so about £600, this was aimed at car/home owners.

I do haircuts as well, I do one style only a number 1