Table for One

Princesssparkle

Here's the SOA

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1055.33
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1055.33

Monthly Expense Details
Mortgage................................ 337.2
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 113
Electricity............................. 43
Gas..................................... 43
Oil..................................... 0
Water rates............................. 12
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 8
Internet Services....................... 32
Groceries etc. ......................... 200
Clothing................................ 15
Petrol/diesel........................... 70
Road tax................................ 0
Car Insurance........................... 35
Car maintenance (including MOT)......... 34
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 14.16
Buildings insurance..................... 5
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Horse................................... 175
Total monthly expenses.................. 1193.36


Assets
Cash.................................... 10
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 120010


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 82030....(337.2)....2.4
Total secured & HP debts...... 82030.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard ...................695.......40........17.5
barclaycard 0%.................670.......0.........0
virgin.........................2731......35........0
Bank of mum....................7903......0.........0
Boiler.........................2838......64.5......0
Total unsecured debts..........14837.....139.5.....-


Monthly Budget Summary
Total monthly income.................... 1,055.33
Expenses (including HP & secured debts). 1,193.36
Available for debt repayments........... -138.03
Monthly UNsecured debt repayments....... 139.5
Amount short for making debt repayments. -277.53

Personal Balance Sheet Summary
Total assets (things you own)........... 120,010
Total HP & Secured debt................. -82,030
Total Unsecured debt.................... -14,837
Net Assets.............................. 23,143

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

Princesssparkle

Aaaah oh gosh that SOA is literally horrendous to look at!!!!

It basically says until you're back at work you're going to keep wracking up debts.

To be fair though some of the monthly things I have estimated a years worth and /12. So for my horse, I have already bought all of her bedding in bulk which should probably last me 2 years. So it's just livery, feed, hay and shoes. :rotfl: JUST! She's worth it though.

Any advice guys? Or just keep trying to be frugal until my pay goes back to normal?

GlendaSugarbean

I think it would be useful to get some advice from CAB or National Debtline - you may find you can ask your creditors to freeze interest due to your health issues. It's worth a try anyway!

Moneywhizz

Good that you have come back to your diary and maybe just what you need to start addressing the debt problem. As you have a shortfall of £277 you need to look at either increasing your income or cutting back on your expenses. If you are not well enough to work more then cutting back is your only choice. There are some areas that you can cut back. Groceries is definitely high, as is your monthly cost for your horse, but you say there may be some room for wiggle there. As Glenda says you could ask your creditors for breathing space until you get something sorted out. They are obligated to do that but at the end of the agreed period you do need to have some kind of payment plan to offer them. It may affect your credit rating, but that is not always a bad thing. The good thing is that you know your income will be increasing again in the future and then you can work at paying down your debts as quickly as you want. Good luck with your journey.

Princesssparkle

Thank you for popping by Glenda and moneywhizz.

That’s a good idea about freezing. I hadn’t thought of it.

TBF my groceries fluctuate. I’ve just had a food delivery last night which was £75 which I’m hoping will last me into the new year.

Horse is already cheap in livery for round here as I’m at a small private yard and do all jobs as well as helping maintain the fields. She just eats a lot at this time of year as is fussy with hay and she’s a veteran now and struggles to maintain her weight over winter so I have to try and bulk her up with feed.

Started a plan when I first started my diary of keeping her a savings pot to build over the year as she costs pretty much nothing in summer. But I’ve had to use it as a fund for living.

Won’t be able to do any extra work until I’m back at work full time.

Feels good to know I’m not alone in this.

Will keep ploughing away.

P x

Princesssparkle

P.s. forgot to add my isa to the SOA I have 86p :rofl: it’s better than 0 right?

Princesssparkle

Good morning everyone

I hope you have all had a lovely Christmas.

My liver and stomach may be slightly suffering but it’s Christmas

Now that Christmas is out of the way, I feel really inspired to get rid of my debts and had a bit of a rad idea.....

A no-buy for 2019!

Very MSE. Going to do a bit of research in to what rules other people have set.

I don’t think it will be too hard as I have been living on a limited income most of my adult life but at the end of the day I’m a debt free wannabe!

This might be just the thing I need to get on track.

enthusiasticsaver

The groceries is high for one person and obviously your horse is costing you almost 20% of your current income. Your income is not even enough to cover your essential expenses let alone the debt repayments. If you already have everything bought for your horse and reduce the groceries you might just be able to meet the £140 minimums until you go back to work. Long term though you may need to make some tough choices. In the meantime you could ask if you can just make nominal payments but they will count as defaults.

Not sure what you mean by no buy as your soa shows essentially no disposable income anyway beyond food and your horse.

Aaleigha

I too think your grocery budget is high for one person

There are two of us and I withdraw 300 a month put that in my shopping purse when it's gone it's gone
Have casseroles spagbols homemade soup etc and pad them out with lentils pulses etc

I would abandon the clothing fund for now as well
If you are not working at present fo you need as much fuel, I now try to combine journeys eg shop when I have other appointments even if it's nit shopping day
Next time you are grocery shopping ask what time if day us best for mark downs meal plan around them

I do know what it is like to finally get a mental health diagnosis
I did similar to you hibernated because I could no longer food with the world

When do you start your phase back to work

I will subscribe I hope the support and knowing we are there for you will help in sone small way

Princesssparkle

Feeling pretty stuck at the moment. My SSP has ended and I’ve only been paid £840!!!

Was making plans to return to work and it kept being pushed back and I have now been told my driving license has been revoked for a year which dramatically affects my return to work as it’s 20 miles away and in a different county so transport is none existent.

Positives though:

* I’ve moved some of the Barclaycard debt to my virgin 0% so everything is on 0% now.
* I won’t be spending any fuel money in 2019!!!! 😢
* no council tax in feb and March
* I have a council tax refund due
* it was my birthday this month and the pennies I received paid for the pony’s hay, feed, shoes, vaccinations and saddle check. Some stuff is annual so glad to have it out the way.
* I have a back massage voucher and Nando’s voucher to give myself a much needed treat!

I have applied for universal credit to help top my income up. I had been putting it off because I thought I’d be back at work by now.

Posting for some positivity and hugs really.