SOA/ budget

kimplus8

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 8
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1666
Child Support........................... 131.1
Total monthly income.................... 1797.1
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 795
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 65
Gas..................................... 80 (small amount of arrears loaded to pp card)
Oil..................................... 0
Water rates............................. 90 (inc arrears)
Telephone (land line)................... 0
Mobile phone............................ 15(me and daughter)
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 32.25
Groceries etc. ......................... 400
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 19.25
Car Insurance........................... 72.08
Car maintenance (including MOT)......... 20
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6.86
Life assurance ......................... 30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 96.9 (6 kids swimming lessons)
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1777.34

I have 19.76 left per month for presents/Christmas/haircuts/anything else.

comeandgo

Is the vehicle insurance correct? I would imagine with all the children it's not a car you have but a mini bus, have you looked at taxis? On £50 a month fuel you are not going long distances.

kimplus8

comeandgo wrote: »

Is the vehicle insurance correct? I would imagine with all the children it's not a car you have but a mini bus, have you looked at taxis? On £50 a month fuel you are not going long distances.

yes that's all correct, unfortunately my children are at 3 different schools so if I were to book taxis it would have to be an 8 seater and then 2 additional taxis as they are going in completely different directions, doing that 5 days per week would cost well over what im paying for the vehicle.

ReadingTim

If you can't reduce what goes out, then you need to increase what comes in, for example by getting a job, getting a better paid job, or even a 2nd job.

Shouldn't there also be some child maintenance coming in from the father(s) of the 8 kids?

Niv

You look like you are pretty much to the bone, there does not look like there is much fat there. The only thing I can think of is to ask what sort of pay-out does your life insurance give? I know for instance some have life insurance to pay off the mortgage upon a sudden death, but as you rent it cant be that, so is it a pay-out that is worth it etc?

Grumpelstiltskin

Kim Have you actually gone bankrupt?

I'm not an expert but surely your gas and water arrears should be included in the bankruptcy and you should just be paying current bills. Check this out.

ethranes

Your internet can come down at least £10 a month, check websites like uswitch.com

nannytone_2

im not convinced your benefits are correct.

how many children do you claim child tax credits for?
how many children to you claim child benefit for?
how much housing benefit do you receive?
how much council tax do you receive?
what benefit are you claiming for yourself?

EssexHebridean

How old are your children? Are you far off having all 8 at school so you can get back out to work? Are the older ones approaching an age where they can make their own way to school to save you the drop off?

Is the "other income" you show a contribution from the children's father? And have you checked that you're claiming everything you can possibly be entitled to - Housing Benefit etc?

Bottom line is that there isn't a great deal there for cutting back, so you have to increase income by some means. Have you thought about an Avon round or similar? It won't make your fortune but to be honest anything would help.

National_Debtline

Hi Kim,


I agree with nannytone that your income/benefits don't look quite right. If you are claiming child benefit for all 8 children that would be £116.60 per week (or £505pcm). Child tax credits would also normally be quite high because of the children and I would expect you to have either JSA, ESA or Income Support for yourself, if you are not working, which would be approximately another £73 per week (or £316pcm), so something is not quite adding up.

You can do a benefit check online at www.turn2us.org.uk (but there are lots of sites to choose from). If you post a few more details (like the children's ages) then there may be more information other posters can offer.


Laura
@natdebtline

kimplus8

ReadingTim wrote: »

If you can't reduce what goes out, then you need to increase what comes in, for example by getting a job, getting a better paid job, or even a 2nd job.

Shouldn't there also be some child maintenance coming in from the father(s) of the 8 kids?

That is the 'other income' however its about to go to the appeals court as he is hiding income.