SOA loss of business/new baby hardship

kimi1977

Please see my SOA below.

Notes* Baby born May this year, Business loss August this year
I should explain the rent is based on income when business was well,

I do have a small income from another business of mine but things are difficult and my partner does not work currently (although will take teaching placement next year in september)

The rent will be until September next year then we can downgrade
look at other options, I'm looking at what to do for now to get through this and not risk my own good credit history.

I have a health condition crohns disease but do not receive help with this financially, anything else i would be happy to answer.

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................ 600
Partners monthly income after tax....... 0
Benefits................................ 840 (inc housing £300-council tax £100 benefit)
Other income............................ 0
Total monthly income.................... 1440

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 625
Management charge (leasehold property).. 0
Council tax............................. 45
Electricity............................. 25 (summer)
our heating and water are gas)
Gas..................................... 50
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25
Mobile phone............................ 0 (mobile is through business)
TV Licence.............................. 10
Satellite/Cable TV...................... 20
Internet Services....................... 0 (business)
Groceries etc. ......................... 200
Clothing................................ 15 (i run a clothing business partly so buy my own clothes through that)
Petrol/diesel........................... 90
Road tax................................ 0 (lease car)
Car Insurance........................... 70
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 250 (lease car month)
Childcare/nursery....................... 0
Other child related expenses............ 20
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)...... 10
Haircuts................................ 6
(partner haircut, clothes are paid by her family)
Entertainment........................... 0
(sky included on this list, pizza odd one offs are including in the food budget)
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1440


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
goldcard.......................4600......120.......27.9
MBNA...........................2680......74........22.8
barclaycard....................2891......90........0
hsbc...........................3200......160.......13
Total unsecured debts..........13371.....444.......-


Monthly Budget Summary
Total monthly income.................... 1,440
Expenses (including HP & secured debts). 1,440
Available for debt repayments........... 0
Monthly UNsecured debt repayments....... 444
Amount short for making debt repayments. -444

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -13,371
Net Assets.............................. -13,371

DanielleNic87

Are you entitled to housing benefit and council tax benefit?

mum2one

kimi1977 wrote: »

Please see my SOA below.

Notes* Baby born May this year, Business loss August this year
I should explain the rent is based on income when business was well,

I do have a small income from another business of mine but things are difficult and my partner does not work currently (although will take teaching placement next year in september)

The rent will be until September next year then we can downgrade
look at other options, I'm looking at what to do for now to get through this and not risk my own good credit history.

I have a health condition crohns disease but do not receive help with this financially, anything else i would be happy to answer.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 600
Partners monthly income after tax....... 0
Benefits................................ 840
Other income............................ 0
Total monthly income.................... 1440

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 625 - do you getanyassistance for rentand Housingbrnrfit
Management charge (leasehold property).. 0
Council tax............................. 45
Electricity............................. 25 - that seems low - is that based on ummer
Gas..................................... 50 -seems about right
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25 does thatinclude ant calls package or internet
Mobile phone............................ 0 - no mobiles
TV Licence.............................. 10
Satellite/Cable TV...................... 20
Internet Services....................... 0 is this in with telephone?
Groceries etc. ......................... 200
Clothing................................ 0 - there be clothing needed if even ou dont spend it every month -
Petrol/diesel........................... 90
Road tax................................ 0 - sorry to ask id it low emmisons?
Car Insurance........................... 70 at renewalspend a day shopping around - you should be able to save
Car maintenance (including MOT)......... 0 - there should be spme put in here, even £30 a month
Car parking............................. 0
Other travel............................ 250 - sorry to ask but how come so expensive?
Childcare/nursery....................... 0
Other child related expenses............ 20 - is this a necessatity
Medical (prescriptions, dentist etc).... 0 do you get free prescriptions but there may be over the counter items, (i'd recommend £5)
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 - you do really need contents, again shop around, but you should have insurance I'd say £10 per month
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 - I know were all trying to befrugal, but can you get all that for £120
Haircuts................................ 0- 3 adults 1child and no haircuts ?
Entertainment........................... 0 - so if your not at work your all at home, I'd estimate that most people would spend £20 thats just a pizza and a couple of cans at home
Holiday................................. 0
Emergency fund.......................... 0 everybody should have an emergency fund
Total monthly expenses.................. 1440


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0 - but you have a car in the list
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
goldcard.......................4600......120.......27.9
MBNA...........................2680......74........22.8
barclaycard....................2891......90........0
hsbc...........................3200......160.......13
Total unsecured debts..........13371.....444.......-


Monthly Budget Summary
Total monthly income.................... 1,440
Expenses (including HP & secured debts). 1,440
Available for debt repayments........... 0
Monthly UNsecured debt repayments....... 444
Amount short for making debt repayments. -444

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -13,371
Net Assets.............................. -13,371

I really think that although your trying your hardest with the budget it really looks like your fighting for every penny, I can see gaps where money should be on your SOA,

I know you said things will change in Sept - house move, teaching placement.

But for now, I feel that your robbing peter to pay paul, have you thought of looking into seeing if you can get a 6 month reductions on payments to give you some breathing space but unless your income increases soon I would also consider debt advice, there are representatives from CCCS and paylan which are both charity helplines xx

kimi1977

Thanks for your replies Yes housing and council tax benefit is included in the benefits section. I will ammend the original to explain car etc.

DanielleNic87

So your paying £625 rent on top of what your receiving from HB/CTB?

cutestkids

Hi you have 3 adults listed in the household is the third adult contributing financially

kazwookie

Do the other 2 adults work? if not can they get temping type jobs for now?

[Deleted User]

Who is the 3rd adult?

Do they not contribute anything, to the household finances?

I think you definitely need to dump the pay TV (at least for the time being) and look for a cheaper phone service.

You could even stop watching/recording live TV, and save on the licence.

Any space on the 0% Barclaycard?

kimi1977

Sorry guys - I have edited again.

It is 2 adults & 1 baby (Me & My partner who does not work currently, looks after our 5 month old daughter)

Sky is on 12 month contract, so ends November / Dec so I can cancel now

Space on Barclay card yes around £2000-3000 credit
All of the cards listed are around 40-50% of credit available, so none are maxed out fully.

rent £625 housing benefit £300 - so I pay £625 rent and receive HB

cutestkids

Can your partner not work around your working hours and get something in evenings or weekends, bar work or supermarket night shifts anything really to up the income a bit.

cutestkids

Do you need the car it is costing you more than £400 a month to have a car between petrol, insurance ad the lease payment that's a huge portion of your income.