Don't know where to start! SOA in post #22

Squidlet16

Hope this works...the bad news is we ow a bit more than I thought!

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.................... 1

Monthly Income Details:
Monthly income after tax................ 1245
Partners monthly income after tax....... 1417
Benefits................................ 81
Other income............................ 0
Total monthly income.................... 2743

Monthly Expense Details:
Mortgage................................ 360
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 45
Gas..................................... 40
Oil..................................... 0
Water rates............................. 39
Telephone (land line)................... 0
Mobile phone............................ 54
TV Licence.............................. 13
Satellite/Cable TV...................... 65
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 40
Petrol/diesel........................... 260
Road tax................................ 11.25
Car Insurance........................... 22
Car maintenance (including MOT)......... 12.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 54
Medical (prescriptions, dentist etc).... 61
Pet insurance/vet bills................. 15.9
Buildings insurance..................... 21.87
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100
Haircuts................................ 45
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1760.52

Assets:
Cash.................................... 0
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 81500

Secured & HP Debts:
Description....................Debt......Monthly...APR
Mortgage...................... 90500....(360)......5.49
Total secured & HP debts...... 90500.....-....5.49

Unsecured Debts:
Description....................Debt......Monthly...APR
Natwest Loan...................7862......273.......6.4
Next Account...................75........12........25.99
NRAM Loan......................14500.....130.......5.49
Natwest Overdraft..............2800......40........14.89
Total unsecured debts..........25237.....455.......

Monthly Budget Summary:
Total monthly income.................... 2,743
Expenses (including HP & secured debts). 1,760.52
Available for debt repayments........... 982.48
Monthly UNsecured debt repayments....... 455
Amount left after debt repayments....... 527.48

Personal Balance Sheet Summary:
Total assets (things you own)........... 81,500
Total HP & Secured debt................. -90,500
Total Unsecured debt.................... -25,237
Net Assets.............................. -34,237

Squidlet16

I'm a qualified nurse so we'll be emigrating on a skilled independent visa. As I said, this is something we've been looking into for some time and we've already checked out regarding emigrating and continuing to pay our debts. It's fine.

The main thing we need advice on is how to get organised in order to enable us to sell our house.

Like a lot of people, we took a loan to get married. As I mentioned, the loan would have been paid off a year and a half ago. Unfortunately we made an incorrect financial decision which has caused us to be 'trapped' with this debt. Much of the additional debt was incurred to pay for me to train to be a nurse. I understand what you're saying but it's not as if we've been buying huge TV's and cars with the money.

Squidlet16

I should add that the valuation of the house is an estimate...I don't have an actual valuation unfortunately.

Thanks again for al the help so far.

splodgethefirst

Should there be a figure in entertainment? a weekly take-away or trip? buying DVDs?

splodgethefirst

Squidlet16 wrote: »

SNIP
Mobile phone............................ 54 - for both of you?
TV Licence.............................. 13
Satellite/Cable TV...................... 65 - are you still in contract? can you reduce it?
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 40
Petrol/diesel........................... 260
Road tax................................ 11.25
Car Insurance........................... 22
Car maintenance (including MOT)......... 12.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 54
Medical (prescriptions, dentist etc).... 61
Pet insurance/vet bills................. 15.9
Buildings insurance..................... 21.87
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100
Haircuts................................ 45
Entertainment........................... 0 should there be a figure here?
Holiday................................. 0
Emergency fund.......................... 0 it would be helpful to put something away each month if you are able to - it will give you a lump sum when you get to Ozland
Total monthly expenses.................. 1760.52
SNIP

have a peer at the red comments ...

[Deleted User]

Squidlet16 wrote: »

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.................... 1

Monthly Income Details:
Monthly income after tax................ 1245
Partners monthly income after tax....... 1417
Benefits................................ 81
Other income............................ 0
Total monthly income.................... 2743

Monthly Expense Details:
Mortgage................................ 360
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101 - Over 10 or 12 months?
Electricity............................. 45
Gas..................................... 40
Oil..................................... 0
Water rates............................. 39
Telephone (land line)................... 0
Mobile phone............................ 54 - This and your pay TV is costing you £1,428pa. :eek:
TV Licence.............................. 13
Satellite/Cable TV...................... 65 - See my comment under "Mobile phone". You need to reduce both.
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 40
Petrol/diesel........................... 260
Road tax................................ 11.25
Car Insurance........................... 22
Car maintenance (including MOT)......... 12.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 54
Medical (prescriptions, dentist etc).... 61 - £732pa? Seems a lot.
Pet insurance/vet bills................. 15.9
Buildings insurance..................... 21.87
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100 - £1,200pa? Reduce.
Haircuts................................ 45 - Every month?
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1760.52

Assets:
Cash.................................... 0
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 81500

Secured & HP Debts:
Description....................Debt......Monthly...APR
Mortgage...................... 90500....(360)......5.49
Total secured & HP debts...... 90500.....-....5.49

Unsecured Debts:
Description....................Debt......Monthly...APR
Natwest Loan...................7862......273.......6.4
Next Account...................75........12........25.99
NRAM Loan......................14500.....130.......5.49
Natwest Overdraft..............2800......40........14.89
Total unsecured debts..........25237.....455.......

Monthly Budget Summary:
Total monthly income.................... 2,743
Expenses (including HP & secured debts). 1,760.52
Available for debt repayments........... 982.48
Monthly UNsecured debt repayments....... 455
Amount left after debt repayments....... 527.48

Personal Balance Sheet Summary:
Total assets (things you own)........... 81,500
Total HP & Secured debt................. -90,500
Total Unsecured debt.................... -25,237
Net Assets.............................. -34,237

My observations in red.

Squidlet16

Wow...that was a quick response!:j

The mobile phone figure is for both phones.

We're in contract with Virgin until some time next year (can't think when off the top of my head but we didn't renew that long ago and it's a 12mth contract.

We don't go out but we do get a takeaway - it varies how often though. Sometimes not at all, other times 3 times a month so maybe just under £50?

We're not currently putting anything away for Oz, but we'd love to be able to...that's why we're so keen to start paying this mess off so we can start focusing on saving up for our new life. I think we've always looked at it that we shouldn't start saving until we've cleared it down?!?!

splodgethefirst

Squidlet16 wrote: »

The mobile phone figure is for both phones.

We're in contract with Virgin until some time next year (can't think when off the top of my head but we didn't renew that long ago and it's a 12mth contract.

We don't go out but we do get a takeaway - it varies how often though. Sometimes not at all, other times 3 times a month so maybe just under £50?

I would factor that in to your SOA so that it is a true a reflection of your situation as possible. Can you ring Virgin and ask to be put on their most basic package ? it could save you a considerable sum. similarly are the phones near to the end of contracts at all?

Squidlet16

Bedsit Bob...

Council tax is over 10 months

We don't currently put anything aside for medical/dental/optician etc but that's base on if we were to put £45 per month for dentist (for all 3 of us) and 16 for optician costs.

Fair point about the presents...we currently buy for 9 children (plus our own). I think that needs to stop.

Haircuts is based on the higher estimate of a cost of 65-90 every 8 weeks for all 3 of us to have our hair cut...could probably look to reduce.

Thanks.

Squidlet16

I think the phones have both got roughly a year left on contract, and we're looking to go sim only from that point.

Will try to call virgin.