Need help and advice - SOA attached

BMG

I have attached a SOA for advice. I think I have got everything on there but not really sure.


I can not work due to ill health and income has changed after last months dreadful loss.


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 510
Other income............................ 1000
Total monthly income.................... 1510
Monthly Expense Details
Mortgage................................ 506
Secured/HP loan repayments.............. 35.90999999999997
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 145
Electricity............................. 35
Gas..................................... 30
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 45
Mobile phone............................ 11
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 23.75
Car Insurance........................... 37.5
Car maintenance (including MOT)......... 15.51
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8.66
Pet insurance/vet bills................. 0
Buildings insurance..................... 12.5
Contents insurance...................... 0
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 1292.95

Assets
Cash.................................... 3000
House value (Gross)..................... 285
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 8285

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 70000....(506)......4
Hire Purchase (HP) debt ...... 430......(35.91)....NaN
Total secured & HP debts...... 70430.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
1..............................3839.12...100.......21.94
2..............................6090.86...120.......21.94
3..............................9816.77...221.......22.94
Total unsecured debts..........19746.75..441.......-

Monthly Budget Summary
Total monthly income.................... 1,510
Expenses (including HP & secured debts). 1,292.95
Available for debt repayments........... 217.05
Monthly UNsecured debt repayments....... 441
Amount short for making debt repayments. -223.95
Personal Balance Sheet Summary
Total assets (things you own)........... 8,285
Total HP & Secured debt................. -70,430
Total Unsecured debt.................... -19,746.75
Net Assets.............................. -81,891.75
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.


Any advice would be appreciated

FinanciallyUnsavvy

Why £45 for the landline and another £20 for internet? That seems very expensive to me. You could be paying less than £20 for both, combined. Perhaps that's something you could look into switching.

You could shave at least £30-£50 off your grocery bill - £150 is high for one person. I shop for two on £120 a month at Aldi. Absolutely amazing - I love it! We eat very well too. Lots of high quality meat, and never go without anything we want. Try Aldi/Lidl or even just downgrading some brands to see what you can save.

Is your council tax over 10 months or 12? Do you get the single person discount?

Good luck - hopefully some people will be along to post with better advice than I can offer you! x

marliepanda

As you are not currently working, what is the £150 on petrol for?

Do you currently need a car, a lot of this is car related expenses.

What is the 'other' income, can that be increased?

BMG

FinanciallyUnsavvy wrote: »

Why £45 for the landline and another £20 for internet? That seems very expensive to me. You could be paying less than £20 for both, combined. Perhaps that's something you could look into switching.

You could shave at least £30-£50 off your grocery bill - £150 is high for one person. I shop for two on £120 a month at Aldi. Absolutely amazing - I love it! We eat very well too. Lots of high quality meat, and never go without anything we want. Try Aldi/Lidl or even just downgrading some brands to see what you can save.

Is your council tax over 10 months or 12? Do you get the single person discount?

Good luck - hopefully some people will be along to post with better advice than I can offer you! x

I am only just coming to terms with the loss of my husband so I haven't got used to shopping for one yet.


The telephone and internet have a balance owing on them which is why they are high


Council tax is over 12 months. They haven't issued the bill yet with the discount on it. I must chase them up on that.

BMG

marliepanda wrote: »

As you are not currently working, what is the £150 on petrol for?

Do you currently need a car, a lot of this is car related expenses.

What is the 'other' income, can that be increased?

I am unable to work due to disability and ill health. I have to use my car to go anywhere as I can't work far. So yes I do need my car.


The other income is what my late husbands boss is sending me each month for a year to get me back on my feet, which is very kind of him

FinanciallyUnsavvy

BMG wrote: »

I am only just coming to terms with the loss of my husband so I haven't got used to shopping for one yet.


The telephone and internet have a balance owing on them which is why they are high


Council tax is over 12 months. They haven't issued the bill yet with the discount on it. I must chase them up on that.

I'm very sorry to hear about your loss - I didn't realise

Lots of love to you. I can't even begin to imagine what you are going through. xx

marliepanda

BMG wrote: »

I am unable to work due to disability and ill health. I have to use my car to go anywhere as I can't work far. So yes I do need my car.


The other income is what my late husbands boss is sending me each month for a year to get me back on my feet, which is very kind of him

Okay so car expenses are necessary, but £150 a month on petrol is a lot, I spend maybe £50 a month and I go to work/gym everyday.

Not meaning to pry but how long will this bereavement payment from his boss last? Are you declaring that for your benefits?

How will your income change when his boss stops paying this?

ViolaLass

What's the life assurance for? Was it for your husband?

BMG

I have declared it to the benefits office and they are looking into it all for me. OH was killed in a car accident recently. His boss is being very kind and not wanting the money back. He said 12 months if needed but I am hoping to be able to say thank you but no thank you before then


The house has gone on the market so once that sells there will be some spare cash unless I need it for a new house purchase

BMG

The life insurance was a joint policy but it is just in my name now. I asked for a cheaper option but I am a lot older now with illness ettc and they recommended that I kept the current policy it was cheaper

ViolaLass

So is it paying out now that you can't work? If not, what's the use of it?