2nd Attempt at SOA please advise

fishfinger1

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2[/B]
Monthly Income Details
Monthly income after tax................ 1362.83
Partners monthly income after tax....... 1135
Benefits................................ 147.33
Other income............................ 0
Total monthly income.................... 2645.16[/B]
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 167.6
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 136
Electricity............................. 35
Gas..................................... 37
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 17.99
Mobile phone............................ 80
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 220
Road tax................................ 30.68
Car Insurance........................... 60
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 25
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70
Haircuts................................ 35
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1899.27

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 11000....(167.6)....5
Total secured & HP debts...... 11000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................5674......117.5.....0
barclaycard....................6809......150.......0
natwest........................2337......48........0
virgin.........................3776......85........0
nationwide.....................2000......30........0
yorkshire bank.................1700......30........0
barclaycard....................3434......83.8......0
tesco..........................2706......67........0
lloyds.........................3073......30.73.....0
argos..........................950.......50........0
Total unsecured debts..........32459.....692.03....-

Monthly Budget Summary
Total monthly income.................... 2,645.16
Expenses (including HP & secured debts). 1,899.27
Available for debt repayments........... 745.89
Monthly UNsecured debt repayments....... 692.03
Amount left after debt repayments....... 53.86
Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -11,000
Total Unsecured debt.................... -32,459
Net Assets.............................. -42,659

Tjh1412

How many phones are you paying for?as £80 a month is quite high; am assuming the amount you have put for landline includes some calls?
Presents and haircuts are definitely 2 figures you can look at reducing; I'd also be considering if you really need 2 cars as these are taking up a significant chunk of your outgoings just as a start point

fishfinger1

Tjh1412 wrote: »

How many phones are you paying for?as £80 a month is quite high; am assuming the amount you have put for landline includes some calls?
Presents and haircuts are definitely 2 figures you can look at reducing; I'd also be considering if you really need 2 cars as these are taking up a significant chunk of your outgoings just as a start point

Hi thanks for your reply, im paying for 2 phones unfortunately the contracts don't expire until oct this year, at which point I will use pay as you go, we do need 2 cars as my partner needs it for her job as a care worker and I need 1 for running the kids around to various things, at the moment I don't put anything away each month for presents, but the situation as come to a point where I really need help and start budgeting properly

matchboxfull

Hate to be upping your expenses, but you should have some kind of contents insurance.

enthusiasticsaver

What is the Hp secured on? The only thing I can see which could be reduced is presents. Is all the debt on 0%?

fishfinger1

The hp is car finance it's not secured on anything it has 3 years left to run

HappyMJ

fishfinger1 wrote: »

The hp is car finance it's not secured on anything it has 3 years left to run

The car has a value. You've put £11,000 as a debt against the car but you've given it no value. If you were to hand it back today you would not be expected to pay £11,000 to the finance company.

£167.60 times 36 is £6,033 outstanding. Are you sure your figures are correct? You don't put the amount you originally borrowed you need to put the outstanding balances as they today.

Personally with more than £40,000 of debt and £745 of available income to service your debts I would consider more formal debt management like Bankruptcy. You don't own a house so won't lose that, you have no savings and you've not budgeted for everything so I think your surplus is less than you say it is. You can also stop paying for your contract mobiles and they can be included in your debts.

[Deleted User]

fishfinger1 wrote: »

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1362.83
Partners monthly income after tax....... 1135
Benefits................................ 147.33
Other income............................ 0
Total monthly income.................... 2645.16[/B]
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 167.6
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 136 - If this is over 10 months, switching to 12 months will reduce it to £113-33.
Electricity............................. 35 - This seems high. Have you checked for a cheaper deal? Also, do you turn off appliances, when not using them?
Gas..................................... 37 - This seems high. Have you checked for a cheaper deal?
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 17.99
Mobile phone............................ 80 - This is a lot. Even if for 4 phones, you could get cheaper.
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10 - On top of the Land-line? Search for a better deal.
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 220
Road tax................................ 30.68
Car Insurance........................... 60
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 25
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70 - That's a lot. Give token gifts to friends and family.
Haircuts................................ 35 - Can you cut back? Maybe go less often?
Entertainment........................... 50 - £600pa is a lot. Cut back.
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1899.27

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 11000....(167.6)....5
Total secured & HP debts...... 11000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................5674......117.5.....0
barclaycard....................6809......150.......0
natwest........................2337......48........0
virgin.........................3776......85........0
nationwide.....................2000......30........0
yorkshire bank.................1700......30........0
barclaycard....................3434......83.8......0
tesco..........................2706......67........0
lloyds.........................3073......30.73.....0
argos..........................950.......50........0
Total unsecured debts..........32459.....692.03....-

Monthly Budget Summary
Total monthly income.................... 2,645.16
Expenses (including HP & secured debts). 1,899.27
Available for debt repayments........... 745.89
Monthly UNsecured debt repayments....... 692.03
Amount left after debt repayments....... 53.86
Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -11,000
Total Unsecured debt.................... -32,459
Net Assets.............................. -42,659

You have a lot of HP debt, yet you have virtually nothing listed under assets. What is the HP for?

fishfinger1

HappyMJ wrote: »

The car has a value. You've put £11,000 as a debt against the car but you've given it no value. If you were to hand it back today you would not be expected to pay £11,000 to the finance company.

£167.60 times 36 is £6,033 outstanding. Are you sure your figures are correct? You don't put the amount you originally borrowed you need to put the outstanding balances as they today.

Personally with more than £40,000 of debt and £745 of available income to service your debts I would consider more formal debt management like Bankruptcy. You don't own a house so won't lose that, you have no savings and you've not budgeted for everything so I think your surplus is less than you say it is. You can also stop paying for your contract mobiles and they can be included in your debts.

its the 1st time ive done anything like this, I thought I had to put the original amount we borrowed for the car, but like you say the current amount is approx. £6000........ £10163 of the debt is in my partners name which is still under control, the rest of it is in my name, and 3 of those are 3 months in arrears, I really need to get all this mess sorted as im getting so stressed with it all

fishfinger1

Bedsit_Bob wrote: »

You have a lot of HP debt, yet you have virtually nothing listed under assets. What is the HP for?

the hp is car finance theres 3 years left to go, but the current amount outstanding is £6000 I thought I had to put the amount we borrowed on the soa

tallyhoh

Others may disagree but I think having a car to run children to various places is a real luxury. Unless if course the school is miles away & no other transport.