New member and desperate for help

vaper

Have managed to do my SOA at last. It doesn't make for pleasant reading so please don't judge me.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1033
Partners monthly income after tax....... 1280
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2313

Monthly Expense Details
Mortgage................................ 322
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 43.72
Telephone (land line)................... 18
Mobile phone............................ 15
TV Licence.............................. 12.12
Satellite/Cable TV...................... 33
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 20
Petrol/diesel........................... 200
Road tax................................ 12.83
Car Insurance........................... 12.83
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 11
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 19
Pet insurance/vet bills................. 5
Buildings insurance..................... 11.3
Contents insurance...................... 0
Life assurance ......................... 40
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 5
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1378.8


Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 120800


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 10920....(322)......0
Total secured & HP debts...... 10920.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................15000.....481.......0
Barclaycard....................8000......211.......0
Capital 1......................9350......205.......0
Co-op..........................5900......158.......0
Co-op..........................7030......184.......0
Mint...........................1570......35........0
Mint...........................2080......47........0
MBNA...........................3650......72........0
Santander......................3800......98........0
Total unsecured debts..........56380.....1491......-


Monthly Budget Summary
Total monthly income.................... 2,313
Expenses (including HP & secured debts). 1,378.8
Available for debt repayments........... 934.2
Monthly UNsecured debt repayments....... 1,491
Amount short for making debt repayments. -556.8

Personal Balance Sheet Summary
Total assets (things you own)........... 120,800
Total HP & Secured debt................. -10920
Total Unsecured debt.................... -56,380
Net Assets.............................. 53.500.08

motivated

Hi vaper

Sorry I am unable to comment on your SOA as I am a newbie ish myself and still getting to grips with it all.

I would post and ask for advice on the DMP support thread. I think you will get lots more advice and guidance on there. you could copy and paste your SOA on there too
M

redpete

Nothing stands out in the SOA apart from maybe groceries. There must have been sustained overspending in the past to get to that level of debt so, if the SOA is complete, well done on getting that under control.

fatbelly

A DMP definitely looks to be the way forward, and I agree with redpete - it's pretty much OK except that for 2 adults I'd be looking at £60 per week groceries, or £260 per calendar month.

All the other areas could be trimmed a bit, but not much. Is council tax over 12 months? Is your water on a meter?

vaper

sorry, it was an overestimate due to kids who come home from university at times so I based it on that as not able to work it out for each week.
Also what I haven't put in is the enormous amount each week we spend on cigarettes as it didn't ask for it specifically I just forgot.
Yes the council tax is taken out monthly and no we don't have a water meter. I would worry about having one as when the kids are home they seem to live in the shower.

fatbelly

It might still be worth looking at a water meter, as you have the option to remove it if it is not working out

Meters installed under the Free Meter Option scheme, and fitted from 1st April 2015 onwards, can now revert back to Rateable Value within 24 months of installation or 30 days after receipt of a fourth bill (whether based on an actual or an estimated meter reading

Yes, what you are actually spending on cigarettes needs to be in there. It is important to be accurate, and this will help you to focus.

sourcrates

vaper wrote: »

Also what I haven't put in is the enormous amount each week we spend on cigarettes as it didn't ask for it specifically I just forgot.
.

There`s an instant saving for you there.

Not only financially, but health and well being wise as well.

Stopping smoking will give you your life back !!

cyclura

smoking is a luxury, ditch it and you will save loads. Its not an essential it really needs to go (yes I am an ex smoker, I just stopped cold turkey so I am not being unreasonable when I say this x)

Shopping wise, I have a family of 4 and I spend no more than £60 per week, this includes allowing the OH 4 bottles of beer. As you are only 2 adults I think £40-50 is more than enough on groceries and the like, if you are struggling start a shopping diary to see what little things you buy that you forget about and really do not need.

Your leccy and gas could be a little cheaper, again for a family of 4 I spend the same, so maybe you could look at things like turning the heating down 1-2 degrees if its on, making sure lights are off as you leave the room, not leaving the TV on when you are not watching it (its surprising how many people use it for background noise) making sure things are not left on standby etc.

Clothing, this is a luxury and unless its essential you need to scrap it for now.

It wont be enough for you to cover the repayments but it will help you get into the habit of watching every penny. We on here have all been where you are now, good on you for trying to get it back on track x

vaper

So...... I'm back to square one.
I don't think the Lloyd's bank account will be any good as we have credit cards with MBNA who are owned by Lloyds!!!!
We have so many card I think it will be a struggle to find a bank not affiliated with us already.
Off I go on another search

zippygeorgeandben

Quit smoking. What a waste of money. Write down exactly what you spend in the month of May on cigarettes. Then work out what that could have been spent on instead.