S.o.a

Graciefields

Hello, its been some years since my last soa and my circumstances have changed.
I have now been forced to take early retirement due to ill health (not ill health pension)
My income has been drastically reduced. I really have cut back but would like people on here to see where I can cut back any further or offer any advice.

Thank you in advance

Gracie


Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 13000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 13000

Monthly Expense Details
Mortgage................................ 497
Secured/HP loan repayments.............. 134
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 87
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 22.32
Telephone (land line)................... 0
Mobile phone............................ 5
TV Licence.............................. 12.12
Satellite/Cable TV...................... 27
Internet Services....................... 44
Groceries etc. ......................... 250
Clothing................................ 0
Petrol/diesel........................... 25
Road tax................................ 0
Car Insurance........................... 23
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 13
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 41
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1255.44


Assets
Cash.................................... 40000
House value (Gross)..................... 250000
Shares and bonds........................ 65000
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 355000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 132000...(497)......4
Hire Purchase (HP) debt ...... 6000.....(134)......6
Total secured & HP debts...... 138000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................3413......40........0
Credit card....................3895......40........0
Credit card....................6965......136.......0
Total unsecured debts..........14273.....216.......-


Monthly Budget Summary
Total monthly income.................... 13,000
Expenses (including HP & secured debts). 1,255.44
Available for debt repayments........... 11,744.56
Monthly UNsecured debt repayments....... 216
Amount left after debt repayments....... 11,528.56

Personal Balance Sheet Summary
Total assets (things you own)........... 355,000
Total HP & Secured debt................. -138,000
Total Unsecured debt.................... -14,273
Net Assets.............................. 202,727

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

KxMx

Cable TV & Internet are high, we have TalkTalk £30pm that includes unlimited broadband and Anytime UK calls, price fixed for 24 months.

Plus Now TV Entertainment Pass £7 per month. In reality I shop around for pass deals, especially when the box+ pass are in offer in the sales, or offers like my current £1 per month for 3 months.

I'd also think a little could be cut off the grocery budget.

A child is mentioned but no spends on child expenses, presents entry 0, is that correct?

Clothes are 0 again is this correct for you & child?

Car expenses seem incomplete and petrol is a very low amount.

Have you kept a spending diary to see where every penny is going? Often there is alot going out that is never really acknowledged. A spending diary not only illuminates matters it makes you think twice about spending in the first place.

Have creditors been approached to see if repayments can be made at a more affordable level?

Graciefields

Hi, my child is now at uni and doesn't live at home. I don't know how much to put in for clothes because I haven't bought any for ages I am trying to make do.
Now that I'm no longer in work I don't use a lot of petrol. I pay 134 per month for my car and servicing and road side assistance is included. At present the car does not have road tax due to low emissions.
The grocery budget does include everything, cat food, cleaning products, washing powder and alcohol.
No I've not approached creditors I want to pay off the debt myself. No I haven't kept a spending diary but I will start one.
Thank you so far for your comments.

tlc678910

Hi, to ask a silly question but have you put your annual income down as your monthly income? - or an extra zero on your monthly income?

Tlc

KxMx

Glad you found my comments helpful.

Approaching creditors for a more affordable level of repayment doesn't excuse you from paying it all back yourself, just at a more manageable level month to month. It'll take longer to pay off but day to day financially it will be easier. Your SOA says credit cards are at 0% so you will absolutely still pay off what you owe, just on more favourable terms.

I tried to help a friend recently with debt, they admitted it was keeping them awake at night so I suggested approaching one of the debt charities. They seemed to think that would mean never using credit again, not ever, which they feel would be impossible in their situation. I explained it's not about giving up credit, it's about finding the most affordable way (for their budget) to pay back what they owe.

enthusiasticsaver

First of all is the income figure correct? If £13k per annum you have an annual deficit and if it is monthly you have no problem.

Secondly why do you have £105k cash/stocks and yet you have debt? If you are on 0% deals are you stoozing (ie cash earmarked to repay debt). Personally I would not do that if you are on a drastically reduced income but would clear as much debt as possible but then in these days of low interest rates I cannot get excited over stoozing anyway.

Graciefields

Oh dear yes, my monthly income is 1300 after tax. Sorry.

enthusiasticsaver

Outgoings which could be reduced are internet services, cable tv and groceries. Entertainment seems ok as does utilities. Nothing else on there apart from debt really.

Graciefields

KxMx thank you for clarifying the approaching creditors comment. I will do this.

The debt all came from my divorce. I have paid off a ton by switching it to 0% interest.
I am loath to touch my investments as they continue to grow.

enthusiasticsaver

What is the cash and shares earmarked for?

Why does your car not appear in the assets column? Is it a lease car and is that what the secured debt is for?

enthusiasticsaver

Graciefields wrote: »

KxMx thank you for clarifying the approaching creditors comment. I will do this.

The debt all came from my divorce. I have paid off a ton by switching it to 0% interest.
I am loath to touch my investments as they continue to grow.

I understand that but it makes no sense to have that amount of debt and £40k in cash. Are you paying interest on the credit cards?