Help!! Check my SOA

stevezero

This is also on thread "New Member"
[tt]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................ 1250
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1250
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 498
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 39
Gas..................................... 74
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 25
Mobile phone............................ 25
TV Licence.............................. 30
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 5
Petrol/diesel........................... 240
Road tax................................ 30
Car Insurance........................... 35
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1102

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 3000
Total Assets............................ 6000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................29000.....350.......14
credit card....................14000.....250.......18
Total unsecured debts..........43000.....600.......-

Monthly Budget Summary
Total monthly income.................... 1,250
Expenses (including HP & secured debts). 1,102
Available for debt repayments........... 148
Monthly UNsecured debt repayments....... 600
Amount short for making debt repayments. -452
Personal Balance Sheet Summary
Total assets (things you own)........... 6,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -43,000
Net Assets.............................. -37,000
[/tt]

chazsucks

Your petrol costs are huge! Do you use your car for work? Is there no cheaper option - bus/train etc?

Other than that your outgoings seem ok... I might try and lower the mobile phone though, you can get decent sim only deals for £10 per month x

glentoran99

nothing on groceries? what do you eat?

Nothing for entertainment or Haircuts?

Car maintence seems very low? £60 a year?

spot3

Your utilities are quite high, £74 for gas is a lot. Is the TV licence in arrears? The standard payment is £12.12. Also you don't appear to eat, £0 for groceries?

stevezero

Round trip to work is 50 miles and use it as part of my job. I get about £25/mnth towards fuel. I was in a higher paid job last year with higher allowances. Im a Local Government officer and had to take another job following restructuring. Thanks for the tip on mobile phone deals - Ill check that out

andyfromotley

stevezero wrote: »

This is also on thread "New Member"
[tt]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................ 1250
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1250
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 498
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 39
Gas..................................... 74 gosh this is high
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 25 High can be had for £16 or less
Mobile phone............................ 25 High, sim only - £10 or less
TV Licence.............................. 30 - on dd its 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0 Nothing for food???
Clothing................................ 5
Petrol/diesel........................... 240 High??
Road tax................................ 30 Per month??
Car Insurance........................... 35
Car maintenance (including MOT)......... 5 Unless its on am all in contract thats not enough to maintain a car
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
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)...... 0
Haircuts................................ 0
Entertainment........................... 0 Not sustainable
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1102

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 3000 What are these?
Total Assets............................ 6000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................29000.....350.......14
credit card....................14000.....250.......18 Can you get a 0% Card?
Total unsecured debts..........43000.....600.......-

Monthly Budget Summary
Total monthly income.................... 1,250
Expenses (including HP & secured debts). 1,102
Available for debt repayments........... 148
Monthly UNsecured debt repayments....... 600
Amount short for making debt repayments. -452
Personal Balance Sheet Summary
Total assets (things you own)........... 6,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -43,000
Net Assets.............................. -37,000
[/tt]

I have tried to annotate yr SOA, There are savings to be made but they are not going to resolve your problem. You need debt advice urgently. Can i suggest that you contact one of the debt charities, (step change receives very good feed back on here). You are in deep trouble steve and to use a cliche fiddling with your budget is like re arranging the deck chairs on the titanic. Contact them. Today. HTH andy

stevezero

Thanks Spot3. Cant believe I managed to miss groceries. I spend around £170/mnth on food/cleaning/pet food at Asda or Lidl

stevezero

Looks like i need to shop around for Gas. Im in a 3 bed house (council house) and use timer carefully

chazsucks

To me the gas doesn't seem high, but then I realised you live alone. We're in a large badly insulated 4 bed detached house so actually your gas should probably be cheaper! Are you on a meter?

stevezero

Ive tried to get a 0% card but was refused even though my credit score is good.
Assets include private number plates on retention at £3k

andyfromotley

Just out of interest how are you paying for things from month to month? You have a huge overspend. Are you increasing your credit card every month?

What was the 29k loan for? Debt consolidation?

You need expert help Steve.