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Statement of Affairs
Phantom_wolf
Posts: 11 Forumite
Here's our SOA as it currently stands, though there are some extra issues/factors on top of this though I'm pretty certain I should save them for new/other threads :sad: I don't intend to come pouring out with all the extra stuff on first port of call here.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Monthly Income Details[/b]
Monthly income after tax................ 0
Partners monthly income after tax....... 1000
Benefits................................ 390
Total monthly income.................... 1390
Monthly Expense Details
Rent.................................... 500
Council tax............................. 125
Electricity............................. 36
Gas..................................... 36
Water rates............................. 57.98
Mobile phone............................ 92
TV Licence.............................. 12.12
Satellite/Cable TV...................... 64
Internet Services....................... 0
Groceries etc. ......................... 132
Clothing................................ 10
Other travel............................ 120
Pet insurance/vet bills................. 55
Presents (birthday, christmas etc)...... 16.6
Haircuts................................ 8.6
Entertainment........................... 19.98
Holiday................................. 20
Total monthly expenses.................. 1305.28
Assets
Total Assets............................ 0[/b]
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
halifax credit card............1000......50........29.95
overdraught....................1250......0.........19
one-off due bill...............34........34........0
Total unsecured debts..........2284......84.....
Monthly Budget Summary
Total monthly income.................... 1,390
Expenses (including HP & secured debts). 1,305.28
Available for debt repayments........... 84.72
Monthly UNsecured debt repayments....... 84
Amount left after debt repayments....... 0.72
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,284
Net Assets.............................. -2,284
There's the budget for me and my partner as debtline worked it out for me. The biggest problem I ahve financially at the moment is the overdraught literally all of my money going in is being eaten by the charges and am stuck in a loop, I'm also fairly certain that they are going to withdraw it pretty soon.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Monthly Income Details[/b]
Monthly income after tax................ 0
Partners monthly income after tax....... 1000
Benefits................................ 390
Total monthly income.................... 1390
Monthly Expense Details
Rent.................................... 500
Council tax............................. 125
Electricity............................. 36
Gas..................................... 36
Water rates............................. 57.98
Mobile phone............................ 92
TV Licence.............................. 12.12
Satellite/Cable TV...................... 64
Internet Services....................... 0
Groceries etc. ......................... 132
Clothing................................ 10
Other travel............................ 120
Pet insurance/vet bills................. 55
Presents (birthday, christmas etc)...... 16.6
Haircuts................................ 8.6
Entertainment........................... 19.98
Holiday................................. 20
Total monthly expenses.................. 1305.28
Assets
Total Assets............................ 0[/b]
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
halifax credit card............1000......50........29.95
overdraught....................1250......0.........19
one-off due bill...............34........34........0
Total unsecured debts..........2284......84.....
Monthly Budget Summary
Total monthly income.................... 1,390
Expenses (including HP & secured debts). 1,305.28
Available for debt repayments........... 84.72
Monthly UNsecured debt repayments....... 84
Amount left after debt repayments....... 0.72
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,284
Net Assets.............................. -2,284
There's the budget for me and my partner as debtline worked it out for me. The biggest problem I ahve financially at the moment is the overdraught literally all of my money going in is being eaten by the charges and am stuck in a loop, I'm also fairly certain that they are going to withdraw it pretty soon.
Newbie to DFW, SOA coming soon
“Sometimes we gotta be brave even when we're scared. That's all brave is, boy, when you come right down to it, not lettin' the fear get you so turned around you start doin' stupid things, instead of what you know you ought to do.” ― Poppy Z. Brite
“Sometimes we gotta be brave even when we're scared. That's all brave is, boy, when you come right down to it, not lettin' the fear get you so turned around you start doin' stupid things, instead of what you know you ought to do.” ― Poppy Z. Brite
0
Comments
-
Your mobile phone(s) and pay TV are :eek:
You are paying nearly twice as much for those two, as you are paying to your debts.
If you were to get rid of them, you could have your Halifax CC (with it's terrifying APR) cleared in just 6 months (currently it will take you 28 months), and save yourself £303 in interest.0 -
The ones that jump out at me are:
water ~ are you on a meter? That seems a really high amount
Mobile phone and TV packages ~ a huge amount of your monthly income. Can you reduce the packages, go SIM only.
Council tax ~ is that over 10 months or 12? See if can go over 12 months to free up a little bit more cash.
Pet insurance/vets ~ anyway of getting this cheaper?
holiday ~ is this already planned? sounds harsh but might be worth delaying it for a bit and throwing the extra money off the debt
Anything you can sell to raise extra cash/earn anything else?
Good luck!0 -
We live as a couple and gas and electricity are similar but our water is a quarter of yours (on a meter).
What does "other travel" cover? Assume not a car as no other car related expenses.0 -
I'll be totally blunt here.
You are on low income, why have the latest smart phone + why have sky TV with all the bells and whistle ? For me I spend less than £40...I am on PAYG and my wife is currently on a contract ( after 2 years on PAYG...she needed a new phone ) I use freeview and freesat.
Thats over £100 a month I am saving more than you.
Cancel SKY ASAP...with the extra money you can pay your CC.
Call your mobile service provider and see if they can reduce your rates.
How long do you have left on your contract ? DO NOT UPGRADE until you need a new phone, always go PAYG or sim only.
Holiday and entertainment....drop them.
Haircut....get cheaper
Pet insurance.....find cheaper on the net.
Like you said....you're stuck in a loop. Be frugal for a few months and you'll be free from the cycle. It will be tough until you adjust. With the extra money saved, you can spent it on yourselves. Buy things with money you have not on credit.
W0 -
Phantom_wolf wrote: »
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Monthly Income Details[/b]
Monthly income after tax................ 0
Partners monthly income after tax....... 1000
Benefits................................ 390
Total monthly income.................... 1390
Monthly Expense Details
Rent.................................... 500
Council tax............................. 125Can you get a council tax rebate as you are a low income?
Electricity............................. 36
Gas..................................... 36
Water rates............................. 57.98This seems RIDICULOUSLY high.
Mobile phone............................ 92Cut these down to two SIM only deals from tesco at £10 per month each.
TV Licence.............................. 12.12
Satellite/Cable TV...................... 64Get rid.
Internet Services....................... 0
Groceries etc. ......................... 132
Clothing................................ 10
Other travel............................ 120?
Pet insurance/vet bills................. 55This is again far too high.
Presents (birthday, christmas etc)...... 16.6
Haircuts................................ 8.6
Entertainment........................... 19.98
Holiday................................. 20
Total monthly expenses.................. 1305.28
Assets
Total Assets............................ 0[/b]
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
halifax credit card............1000......50........29.95
overdraught....................1250......0.........19
one-off due bill...............34........34........0
Total unsecured debts..........2284......84.....
Monthly Budget Summary
Total monthly income.................... 1,390
Expenses (including HP & secured debts). 1,305.28
Available for debt repayments........... 84.72
Monthly UNsecured debt repayments....... 84
Amount left after debt repayments....... 0.72
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,284
Net Assets.............................. -2,284
My suggestions / comments are highlighted in red "ink".2018 totals:
Savings £11,200
Mortgage Overpayments £5,5000 -
Your one-off bill should be paid off quickly which is good.
In terms of the bank account you should be able to open a new basic bank account with no overdraft or credit facilities which will mean you have more control of your money and can control how much you pay towards what will then be an old overdraft (it will be just like any other debt). I think Barclays or Co-op are meant to be good for basic accounts. Make sure you apply for a basic one so you are not credit checked.
As others have said you are on a tight budget so you can't really afford to be spending so much on phones and tv etc. Can you lower the contracts at all? Cancel sky?
Best of Luck
dfMaking my money go further with MSE :j
How much can I save in 2012 challenge
75/1200 :eek:0
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