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SOA please offer advice.
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kimplus8
Posts: 994 Forumite

Ive not included debts etc as at the moment I'm not paying off any of them and want to get my SOA sorted first and then look at how I'm going to pay them off. I feel sick just looking at it, I know I'm out of control at spending so please don't be too harsh but I need to hear the truth to sort my head out. THANKS IN ADVANCE FOR ALL OF YOURHELP:A.
Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 8
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 702.6
Partners monthly income after tax....... 0
Benefits................................ 2612.96
Other income............................ 0
Total monthly income.................... 3315.56
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 57.28
Electricity............................. 108.33
Gas..................................... 108.33
Oil..................................... 0
Water rates............................. 60
Telephone (land line)................... 11.5
Mobile phone............................ 24.6
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 11.5
Groceries etc. ......................... 1000
Clothing................................ 30
Petrol/diesel........................... 40
Road tax................................ 17
Car Insurance........................... 55.04
Car maintenance (including MOT)......... 50
Car parking............................. 20
Other travel............................ 147.33
Childcare/nursery....................... 257.9
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 19
Life assurance ......................... 26
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100
Haircuts................................ 50
Entertainment........................... 234.3
Holiday................................. 0
Emergency fund.......................... 100
Total monthly expenses.................. 3308.11
Monthly Budget Summary
Total monthly income.................... 3,315.56
Expenses (including HP & secured debts). 3,308.11
Available for debt repayments........... 7.45
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 7.45
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 8
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 702.6
Partners monthly income after tax....... 0
Benefits................................ 2612.96
Other income............................ 0
Total monthly income.................... 3315.56
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 57.28
Electricity............................. 108.33
Gas..................................... 108.33
Oil..................................... 0
Water rates............................. 60
Telephone (land line)................... 11.5
Mobile phone............................ 24.6
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 11.5
Groceries etc. ......................... 1000
Clothing................................ 30
Petrol/diesel........................... 40
Road tax................................ 17
Car Insurance........................... 55.04
Car maintenance (including MOT)......... 50
Car parking............................. 20
Other travel............................ 147.33
Childcare/nursery....................... 257.9
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 19
Life assurance ......................... 26
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100
Haircuts................................ 50
Entertainment........................... 234.3
Holiday................................. 0
Emergency fund.......................... 100
Total monthly expenses.................. 3308.11
Monthly Budget Summary
Total monthly income.................... 3,315.56
Expenses (including HP & secured debts). 3,308.11
Available for debt repayments........... 7.45
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 7.45
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
Just a single mum, working full time, bit of a nutcase, but mostly sensible, wanting to be Mortgage free by 2035 or less!
0
Comments
-
Hi,
Only £7.45 left at months end ?
As you are not a homeowner, if your debt is less than 20k, I would look into a debt relief order.
If it is more than 20k, then consider going bankrupt.
Of course it depends on your level of debt, and other factors.
No amount of "fettling" with the budget will help a great deal, as I suspect your debt will be quite high, but we need to know exactly how much in order to give informed advice.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Hi kimplus8,
Thanks for posting! I'm sure there's plenty of people that can help on this thread but they'll probably need details of the extent of the debt in order to offer any advice. My first thoughts though:
- how come you have so many car-related costs if there's no car in the household?
- £7 is very little to have left. Depending on the extent of your debt it might be worth looking into a debt relief order (DRO) which can be considered if you have less than £50 left at the end of the month once everything else is accounted for, I think.
I'm pretty new to all this though so hopefully someone with a bit more knowledge or experience will chip in soon! XxLBM August 2013 - debt: £27,181
May 2017 - debt: £8,208
DFD - December 2018 :j0 -
Hi
Your gas and electric seem high. Go onto u switch and see of you can get a better tarrif.
You can get cheaper mobile phone.
You don't have anything for to licence -is this right?
Appreciate you have a large family but £1000 for groceries is a lot. By cooking from scratch and meal planning I think you could reduce this by £3-400 per month.
Medical - do you not qualify for free dental/prescriptions due to your benefits?
Haircuts - stretch the time out in between cuts.
Entertainment sounds reasonable with the size of your family but if you have debts you need to look for free entertainment.
Hope some of this helps.
Flower0 -
My debt is £17,670. All non-priority debt, mostly in mine and ex hubbys name as joint debts but £5,000 is just mine from a career development loan and my divorce fees (very messy divorce).
The car costs are because my wee car just got written off but my parents will pay £600 for another and I have to continue with my insurance as I now have a claim from my accident so have to pay till end of policy.
I cant do without the car as busses are hourly and I have to get the kids to 3 different places before I can get to work due to school spaces not all at same school (all on waiting lists).
I am considering a DRO. I wanted to pay it all off myself but as most of the debt was racked up by the ex and not me and he had gone through bankruptcy, I either have to pay it all off while my kids miss out or write it off under a DRO- LEARN FROM IT!!!!! and then start fresh. I have no assets but will have a car up to £600 once my mum get me one.
I am really struggling, I know one of the main things I will need to cut back on is entertainment so ive just cancelled my gym membership, it was a yearly payment andit was just 4 weeks from ending so that's gone but hasn't actually freed up any monthly money.
The kids have trips etc with school which are not subsidised without a parent on DLA or income support and TBH the extra hour they are at school in footy etc I am traveling around collecting littles from nursery and coming home from work. I could reduce this cost only to add to the childcare by using afterschool childcare.Just a single mum, working full time, bit of a nutcase, but mostly sensible, wanting to be Mortgage free by 2035 or less!0 -
Thanks flower, I am going to look at another way for boys to play footy in school and speak to school about their trips, they totalled £350 between my 4 schoolies this term and I just cant afford all of it. I'm thinking if I do packed lunches instead of school dinners (I included the £40 per week for this in groceries) I can reduce that by loads.
Any idea where I can get some low budget meal ideas??? old style board maybe???
I'm looking at Gas and Electricity this week but letting agent wants me to stay with their company for utilities so I need written permission from them before I can switch (its in my contract).
mobile has 6 months left then I'm out of contract but this is all inclusive of mins and internet if that makes it a better deal??
we have no TV and only have laptop Netflix so currently no need for tv licence and once our free month is up we wont have Netflix either.
thanks for everyones advice.Just a single mum, working full time, bit of a nutcase, but mostly sensible, wanting to be Mortgage free by 2035 or less!0 -
sourcrates wrote: »Hi,
Only £7.45 left at months end ?
As you are not a homeowner, if your debt is less than 20k, I would look into a debt relief order.
If it is more than 20k, then consider going bankrupt.
Of course it depends on your level of debt, and other factors.
No amount of "fettling" with the budget will help a great deal, as I suspect your debt will be quite high, but we need to know exactly how much in order to give informed advice.Just a single mum, working full time, bit of a nutcase, but mostly sensible, wanting to be Mortgage free by 2035 or less!0 -
Try netmums for budget meal ideas.
Packed lunches would definitely be cheaper. I read of people making sandwiches for the week and freezing them.0 -
not a homeowner and less than 20k debt, a DRO is certainly something I am considering.
With 8 kids to look after, debt is the last thing you want hanging around your neck, you want it gone as quick as possible, and you don't want the uncertainty of things escalating in the future if one creditor wants to be stroppy.
DRO is your best bet, quick and reasonably easy to set up through an intermediary such as Stepchange, after 12 months your debts are written off, so cant ever come back, your creditors are forbidden from contacting you, or starting legal action, so it will give you piece of mind as well.
I would say its a no brainer !!I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Are you getting 'enough' money from your children's dad ? Might be a silly question sorry as he is bankrupt.
Packed lunches would save a lot of money and would be sufficient if you cook from scratch and provide a good hot dinner.
You definitely need to spend on entertainment for 8 children. have you thought about getting a television, it might be cost-effective in the long run.
To be honest I think you are doing well in the circumstances and are right to put your children's well-being ahead of debt, as long as you aren't racking up more debt as you go along.
Stick with these forums, there are people with tremendous knowledge and ideas that can help.
Best wishes.0 -
Are you getting 'enough' money from your children's dad ? Might be a silly question sorry as he is bankrupt.
You definitely need to spend on entertainment for 8 children. have you thought about getting a television, it might be cost-effective in the long run.
To be honest I think you are doing well in the circumstances and are right to put your children's well-being ahead of debt, as long as you aren't racking up more debt as you go along.
Stick with these forums, there are people with tremendous knowledge and ideas that can help.
Best wishes.
I know I need to just bite the bullet and apply for proper maintenance, even something regularly is better than me having the embarrassment of having to ask him to help me when the kids need stuff.
No TV as the kids are happy to watch youtube, pretty much any programs they like are free on youtube etc.They are happy to watch tv on the lappy or tablet and we really don't miss a big screen.:p
I will check out netmums and the old style boards, this wee ive already meal planned with what we have in the freezer/ cupboards and not bought anything we didn't need. just milk, bread and fruit and loo roll. :-)Just a single mum, working full time, bit of a nutcase, but mostly sensible, wanting to be Mortgage free by 2035 or less!0
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