SoA (it's worse than I thought!)

McCloud1

Hi,


I started another thread setting out my situation, so I won't waste people's time repeating it here. I can't post links as I'm a newbie, but I'm sure if anyone thinks it is relevant you can find it.


Here is my SoA. A little rough and ready and will be out by a few quid here and there, but should provide a reasonably accurate assessment of my circumstances.


You'll see the bulk of the money owed is to my boss, who takes it direct out of my salary and there is no room for adjusting these payments.


I know this will raise some eyebrows, but I'm not particularly bothered about saving a small amount here and there (unless it adds up to at least a couple of hundred a month!), if you read my other thread you'll see why. I'm more interested to know as to how others would allocate their funds in my shoes.


Thanks.


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2 (finances separate)
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1900
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1900
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 80
Gas..................................... 40
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 12
Mobile phone............................ 60
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 32
Groceries etc. ......................... 300
Clothing................................ 100
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 384
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 50
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1737

Assets
Cash.................................... 1400 (not needed for living)
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 300 (money owed to me)
Total Assets............................ 1700

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Loan from Employer.............3000......100.......0
Loan from Employer.............3840......384.......0
Loan - Family friend...........2200......200.......0 (the min payment is what's agreed, but I cant adjust if necessary)
PDL (inc charges) .............1000......0.........0 (been ignoring this for some time after they rejected my offer of £600)
Littlewoods....................910.......109.......0 (in arrears of £109 as well)
Total unsecured debts..........10950.....793.......-

Monthly Budget Summary
Total monthly income.................... 1,900
Expenses (including HP & secured debts). 1,737
Available for debt repayments........... 163
Monthly Unsecured debt repayments....... 793
Amount short for making debt repayments. -630
Personal Balance Sheet Summary
Total assets (things you own)........... 1,700 (this is cash sitting there from a previous loan and not needed for living)
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,950
Net Assets.............................. -9,250

~Beanie~

Your other thread is here: https://forums.moneysavingexpert.com/discussion/5031560

asparagus1968

WITHOUT READING YOUR OTHER POST, MY THOUGHTS
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 80BOTH UTILITIES HIGH SIDE, LOOK AT TARIFFS AND USUAGE
Gas..................................... 40
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 12
Mobile phone............................ 60NEED TO CUTBACK, GO PAYG,USE GIFFGAFF ETC
TV Licence.............................. 0DO YOU NOT NEED THIS?
Satellite/Cable TV...................... 0
Internet Services....................... 32THIS PLUS LANDLINE COULD BE HAD FOR £20 ISH
Groceries etc. ......................... 300HIGH FOR TWO PEOPLE, MEAL PLAN.SHOPPING LISTS.USE WHAT YOU ALREADY HAVE IN STOCK AND BUILD MENUS AROUND THIS,DROP A BRAND,CHANGE WHERE YOU SHOP
Clothing................................ 100DROP THIS WHILST YOU OWE FRIENDS AND EMPLOYERS MONEY
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 384ANY WAY TO REDUCE THIS?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14WOULD A SEASON TICKET BE CHEAPER?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0DON'T YOU NEED THIS?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50REDUCE
Haircuts................................ 50A MONTH?? DEFINATELY REDUCE THIS
Entertainment........................... 0REALLY?
Holiday................................. 0
Emergency fund.......................... 0YOU COULD DO WITH THIS...
Total monthly expenses.................. 1737


only my thoughts, but I'd be really getting cracking with it being friends and employers you owe.these are the ones you want to keep on the right side of!
are the utility bills your half of monthly payments or the full monthly bill?
are all debts on interest free?
could you use your assets to pay down some debt?


good luck:)

PasturesNew

Just skimming through .... first thoughts:

McCloud1 wrote: »

Electricity............................. 80 - Lots, could save half that (£40)
Gas..................................... 40- Lots, could save half that (£20)
Groceries etc. ......................... 300- Lots, could save (£50)
Clothing................................ 100- Lots, could save half that (£50)
Presents (birthday, christmas etc)...... 50- Lots, could save half that (£25)

Just in being a bit tight/careful you could save £185 there.

Just read your other thread and the top of this one again .... I assumed your figures were for TWO people, not HALF the bills. Could cut back even more.

The trouble is how to stop you spending/borrowing really ... you need somebody else to be in control of your money, with you getting a "pocket money" card every month ..... and somebody else overseeing all your other bills/accounts. Trouble is, you'd be sneaky and get a new card or something.

asparagus1968

ok, I've read your other thread now. above thoughts still stand though.


I would definitely use the leftover loan money to pay off the PDL, just get rid of it.
is the littlewoods on 0% ? try and get rid of that soon too.
then you have the employer and friend to re-pay
you do need to make some cutbacks though, but none of them are really hard ones to make, just looking into getting the same for less money- lower tariffs/better packages/new hairdresser!!
is this SOA based on if you stick it out on your own rather than move back home? or is the 2 people mentioned you and your dad?


really can't advise on the family thing, I have learnt through experience that me living with family is not good for me mentally.


you could do with a budget buddy, someone sensible who you trust who can keep their eye on you. of course, there are all us on'line ones here!!:)

asparagus1968

"The trouble is how to stop you spending/borrowing really ... you need somebody else to be in control of your money, with you getting a "pocket money" card every month ..... and somebody else overseeing all your other bills/accounts. Trouble is, you'd be sneaky and get a new card or something."




crossed post!

FireWyrm

asparagus1968 wrote: »

"The trouble is how to stop you spending/borrowing really ... you need somebody else to be in control of your money, with you getting a "pocket money" card every month ..... and somebody else overseeing all your other bills/accounts. Trouble is, you'd be sneaky and get a new card or something."




crossed post!

I'm sorry, I'm just going to say it....

Isnt that the definition of a child? Are we talking to a competent adult here, or not?

asparagus1968

That was quoted from a previous post, this is what I wrote:" you could do with a budget buddy, someone sensible who you trust who can keep their eye on you. of course, there are all us on'line ones here!! " I stated crossed post as we'd had similar thoughts-
It referred to OP other post, they mention that when episodes of mental illness occur they become irresponsible with money, I think it would be good for OP to have a trusted friend to watch over them .sorry if that has upset you.

RAS

Hi Mate

Maybe talk to CAP as they provide in person support to help people budget as well as debt management.

longtermplanner

Small amounts here and there do add up to a lot, that is how you got into debt in the first place. As pasturesnew says, you need to start being "tight/careful".

I think you need to rewind and start again from the begining of the previous thread, making every effort to save £10 on this line and £25 on the next.

CAP? Well if you are an active church member and like that sort of thing, possibly. Otherwise I understand that they ask for a "contribution" to their funds, which although not compulsorary, many people feel obliged to pay, a "tithe". I would suggest going to StepChange or Payplan instead.

[Deleted User]

£1,050pm for Rent. :eek:

£240pm for energy. :eek:

£1,200 per year for clothes just for you. :eek:

£600 per year for haircuts just for you. :eek:

Your Mobile phone could be a lot cheaper with PAYG/sim only.

You have £1,900 in savings, and a £1,000 PDL you have been ignoring :huh: