Soa

Spoonhead88

Hello,

I was just wanting some help with my SOA. I'm currently on ESA support group and living with parents and they only want £50 a month to cover my share of bills which includes some food but if want anything over that i have to pay for it myself. I do have a car but my parents have taken over the running costs as we now share the car.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household.........
Number of cars owned.................... 3

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 541.88
Other income............................ 0
Total monthly income.................... 541.88

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 50
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 5
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 20
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 125


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Santander Loan.................2206......71.88.....24
Santander Overdraft............815.14....52.02.....0
Total unsecured debts..........3021.14...123.9.....-


Monthly Budget Summary
Total monthly income.................... 541.88
Expenses (including HP & secured debts). 125
Available for debt repayments........... 416.88
Monthly UNsecured debt repayments....... 123.9
Amount left after debt repayments....... 292.98

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,021.14
Net Assets.............................. -3,021.14

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

National_Debtline

Hi Spoonhead88


My initial observations are as follows:


Your budget is a very basic one. That is fine if you are comfortable with it, can sustain it and are confident that your parents are happy to plug the relevant gaps. At the moment, assuming no interest or charges are accruing on your two debts, you could envisage clearing them altogether in eight months or so based on these figures. If you think you can stick to the above budget for that length of time, then by all means do. Just make sure you are being realistic and that you are prepared for any emergency expenses that may arise during that time.


Once you have sent this budget to your creditor(s), I would begin making whatever payments you have offered straight away.


EDIT - OP - as I understand it these debts are already with debt collectors, but it may be worth you clarifying this for the benefit of other posters.

Dennis
@natdebtline

enthusiasticsaver

It looks ok to me. What do you need help with? Are you trying to repay your debts? If that soa is accurate and actually matches your expenditure I would use advantage of the low rent you are having to pay and use most of your spare money to pay down the debt except for £50 per month(or £10 a week if you get your benefits weekly) which I would put into a savings account for an emergency fund. Are you not putting something down for travel for job interviews etc?

Do you really pay 0% on your overdraft? That is what I would focus on first unless you have no interest or charges on that. Otherwise pay extra payments off the loan.

Spoonhead88

National_Debtline wrote: »

Hi Spoonhead88


My initial observations are as follows:


Your budget is a very basic one. That is fine if you are comfortable with it, can sustain it and are confident that your parents are happy to plug the relevant gaps. At the moment, assuming no interest or charges are accruing on your two debts, you could envisage clearing them altogether in eight months or so based on these figures. If you think you can stick to the above budget for that length of time, then by all means do. Just make sure you are being realistic and that you are prepared for any emergency expenses that may arise during that time.


Once you have sent this budget to your creditor(s), I would begin making whatever payments you have offered straight away.


EDIT - OP - as I understand it these debts are already with debt collectors, but it may be worth you clarifying this for the benefit of other posters.

Dennis
@natdebtline

The Debts are currently still with the orignal lender.
They is no interest or fees being charged on the over draft
The loan had all the interest front loaded.

enthusiasticsaver wrote: »

It looks ok to me. What do you need help with? Are you trying to repay your debts? If that soa is accurate and actually matches your expenditure I would use advantage of the low rent you are having to pay and use most of your spare money to pay down the debt except for £50 per month(or £10 a week if you get your benefits weekly) which I would put into a savings account for an emergency fund. Are you not putting something down for travel for job interviewsI I a etc?

Do you really pay 0% on your overdraft? That is what I would focus on first unless you have no interest or charges on that. Otherwise pay extra payments off the loan.

I am trying to repay my debts
I am reciving ESA support group as I am not well enough to work so they will be no job interviews.
I will add the £50 a month for an emergency fund to my SOA
The overdraft has no interest of fees but it has been defaulted, though it is still with the original lender they have asked Westcot to manage the account.
They have asked for an up to date budget so i want some other people to look over it before i submitted to them.

Thank you


I haven't worked for 10 months and in the last 8 Months, I have been spending all money on paying on debts. I started with £5030 and it is now down to £3021

MyLastFiver

So do you actually have £292.98 left over every month? If so, pay it off your debts and you're doing great.

If not, re-do your SOA to take account of whatever you spend it on :-)

andyfromotley

You are reducing your debts - well done.

Ease back slightly and build an emergency fund as previously mentioned and perhaps just a little more for entertainment or a cheap weekend away perhaps. This is a going to be a longish haul and you are entitled to some life.

Then crack on with getting it paid off. You are doing a great job.