SOA - all feedback welcomed with a smile

Karen777

Deleting - thanks for feedback

Tixy

Hi, is this what you are actually spending you think? or what you plan to send to creditors for your self-managed DMP?

Your gas & elec look quite high - have you recently shopped around to see if you can find a cheaper supplier/tariff?

Are you on a water meter or unmeasured? if the latter have you considered a meter which as you live alone should likely save you money.

Groceries look quite high for one person - are you spending this much currently? you could probably work on dropping this by £50.

Do you shop around for car insurance each year?

Is it realistic to have nothing for presents/haircuts/entertainment?

Are the debt repayments/the £674 what you have been paying through PP?

Karen777

I have been paying 764 through pp, now want to go self managed so this is for sending to creditors.

My gas/elec includes arrears

My car ins is high cos of a claim last year. I do shop around.

I have no idea what I spend on presents/haircuts/entertainment.... what sort of figures are reasonable? I don't go out much!

maganan

Maybe use the step change debt remedy tool to set budgets for presents, entertainment etc it doesn't commit you and may help before you send your income/expenditure to your creditors

Good luck

Kate x

double_mummy

Karen777 wrote: »

Statement of Affairs and Personal Balance Sheet

recalculated to include presents/ haircuts and ents - reduced groceries

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................ 2193
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2193

Monthly Expense Details
Mortgage................................ 383.8
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 78.5 is this over 10 or 12 months?
Electricity............................. 50
Gas..................................... 61 have a look for something cheaper on both of these
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 25
Mobile phone............................ 30 any possibility of moving to a cheaper one or a PAYG?
TV Licence.............................. 0 nothing?
Satellite/Cable TV...................... 6 i presume this is netflix could this go?
Internet Services....................... 0
Groceries etc. ......................... 175
Clothing................................ 20
Petrol/diesel........................... 200
Road tax................................ 12
Car Insurance........................... 70
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 35 what does this include?
Buildings insurance..................... 17
Contents insurance...................... 0
Life assurance ......................... 7
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 40 what is this being spent on? can you go without for a couple of months?
Holiday................................. 0
Emergency fund.......................... 25
Student Loan ........................... 110
Total monthly expenses.................. 1438.3


Assets
Cash.................................... 0
House value (Gross)..................... 75000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 75500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 65398....(383.8)....4.1
Total secured & HP debts...... 65398.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax Credit Card............3536......55........0
MBNA Credit Card...............3507......200.......0
Barclaycard....................4296......175.......0
Santander Overdraft............1248......45........0
HBOS Overdraft.................430.......21........0
HBOS Loan......................516.......28........0
Santander Credit Card..........1774......150.......0
Total unsecured debts..........15307.....674.......- why no APRs here are they all on 0% deals or do you not know? are these defaulted or active? are they still with the original creditor?


Monthly Budget Summary
Total monthly income.................... 2,193
Expenses (including HP & secured debts). 1,438.3
Available for debt repayments........... 754.7
Monthly UNsecured debt repayments....... 674
Amount left after debt repayments....... 80.7

Personal Balance Sheet Summary
Total assets (things you own)........... 75,500
Total HP & Secured debt................. -65,398
Total Unsecured debt.................... -15,307
Net Assets.............................. -5,205

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

not the worst i have seen

longtermplanner

PP is Payplan? In which case how many of your creditors have frozen interest?

Karen777

Yep. Started with PP last year when debt was 10k more and was drowning in it and nowehere near min payments. Both overdrafts have stopped charges and MBNA have put me on reduced interest. Sant cc have defaulted me but not reduced interest so am writing to them today to ask them to freeze interest. No one else has made any changes. Now I am just about to go self managed so I can pay off some pesky but small creditors first so wanted to update my SOA to reflect current situation and debts. I also owe 3k to family but figure there is no point putting that in here and my car just went kaput so will be making token payments for next two months whilst that is sorted out. Then will pay off peskiest then highest interest until it's all gone! My aim is Christmas 2015... which feels manageable if I pay very close attention on a daily basis I think!