Help with SOA please

Daffodil2018

Hi everyone,
Finally bit the bullet and faced the music as far as my debts are concerned. I’m in over my head and it’s making me anxious, sick and I can’t sleep. I told OH on Friday and he was super supportive of getting on top of it all. Amazingly so in fact.

I’ve really screwed up and not managed my self control. I know that it’s my MH that’s driven a lot of this since my estranged father passed away. No excuse, but it’s the reason.
I’ve done an SOA. We have a joint mortgage for a shared ownership property, hence the rent and mortgage payments.

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget Summary Amount(£)
Total monthly income 2,882
Monthly expenses (incl. HP & secured loans) 2,523.24
Available for debt repayments 358.76
UNsecured debt repayments 679.9
Amount short for making debt repayments -321.14
Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 325,000
Total Secured & HP Debt -119,500
Total Unsecured Debt -38,790
Net Assets 166,710
Household Information

Number of adults in household 2
Number of children in household 1
Number of cars owned 2
Income, Expense, Debt & Asset Details

Income Amount(£)
Monthly income after tax 1800
Partners monthly income 0
Benefits 82
Other income 1000 MY OH PAYMENT FOR HALF OUR JOINT HOUSEHOLD BILLS
Total monthly income 2882
Expenses Amount(£)
Mortgage 671
Secured/HP loan payments 0
Rent 430
Management charge (leasehold property) 0
Council tax 158
Electricity 35
Gas 35
Oil 0
Water Rates 20
Telephone (land line) 15
Mobile phone 0
TV Licence 12.12
Satellite/Cable TV 0
Internet services 35
Groceries etc. 300. THIS HAS BEEN A LOT MORE HENCE THE DEBT.
Clothing 25. I INTEND ON ONLY REPLACING ESSENTIALS AND BUYING WHAT LO NEEDS
Petrol/diesel 200 I COMMUTE AROUND 60 MILES A DAY FOR WORK
Road tax 13.12
Car Insurance 35
Car maintenance (including MOT) 15
Car Parking 0
Other travel 0
Childcare/nursery 200 THIS ACTUALLY COMES OUT OF MY SALARY BEFORE TAX IN CHILDCARE VOUCHERS
Other child related expenses 12 SONS YOGA CLASS
Medical (prescriptions, dentists, opticians etc.) 15
Pet Insurance/Vet bills 17
Buildings Insurance 0
Contents Insurance 8
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) 40
Haircuts 15
Entertainment 17 APPLE MUSIC
Holiday 0
Emergency Fund 0
Repay family loan 200
Total monthly expenses 2523.24 LESS
CHILDCARE THIS IS 2333.24
Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 119500 (671) 4.59
Secured & HP Debt totals 119500 - -
Unsecured Debt Description Debt(£) Monthly(£) APR(%)
Tesco Loan 15065 246.9 4
Halifax Cc 1958 58 21.2
Barclaycard Cc 2970 68 0
Loan from family 14000 200 0
Sainsburys Cc 4797 107 0
Unsecured Debt totals 38790 679.9 -
Asset Description Value (£)
Cash 0
House Value (Gross) 315000
Shares and bonds 0
Car(s) 10000
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 325000
Comments on the results

We don’t have quite these assets as the mortgage is for a shared ownership property. We own a 40% share and pay rent on the other share.

My credit score on Noddle is 2/5 and Experian ‘fair’.
It makes for terrifying reading. I have been contemplating doing a DMP, as things feel quite unsustainable. But if I can avoid that I’d like to. I’m worried about the impact on our mortgage. The fixed rate ends in November and I don’t think we’ll have any other option than to go on to the SVR which is 4.2% at the moment. My credit is shot so I don’t think they’ll let us remortgage will they? If I did a DMP will I ever be able to remortgage? Will I lose my house? We’ve never missed a payment on any of the mortgage payments or household bills. And I’ve never missed any on my unsecured debt either.

Please help, I know there’s a lot of inspiration and support on here.

Daisypop

Hi Daffodil2018

I changed my mortgage to another fixed rate in 2016 when my deal ended if you stay with same bank you can do it without credit checks and just swap over. We filled in the forms did everything on their website so didn’t even talk to them and I got a good rate. I’ll be doing the same this year and then bythe time the next one ends I’ll hopefully be debt free and be able to shop around. Don’t panic.

[Deleted User]

Daffodil2018 wrote: »

Hi everyone,
Finally bit the bullet and faced the music as far as my debts are concerned. I’m in over my head and it’s making me anxious, sick and I can’t sleep. I told OH on Friday and he was super supportive of getting on top of it all. Amazingly so in fact.

I’ve really screwed up and not managed my self control. I know that it’s my MH that’s driven a lot of this since my estranged father passed away. No excuse, but it’s the reason.
I’ve done an SOA. We have a joint mortgage for a shared ownership property, hence the rent and mortgage payments.

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget Summary Amount(£)
Total monthly income 2,882
Monthly expenses (incl. HP & secured loans) 2,523.24
Available for debt repayments 358.76
UNsecured debt repayments 679.9
Amount short for making debt repayments -321.14
Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 325,000
Total Secured & HP Debt -119,500
Total Unsecured Debt -38,790
Net Assets 166,710
Household Information

Number of adults in household 2
Number of children in household 1
Number of cars owned 2
Income, Expense, Debt & Asset Details

Income Amount(£)
Monthly income after tax 1800
Partners monthly income 0
Benefits 82
Other income 1000 MY OH PAYMENT FOR HALF OUR JOINT HOUSEHOLD BILLS
Total monthly income 2882
Expenses Amount(£)
Mortgage 671
Secured/HP loan payments 0
Rent 430
Management charge (leasehold property) 0
Council tax 158
Electricity 35
Gas 35
Oil 0
Water Rates 20
Telephone (land line) 15
Mobile phone 0
TV Licence 12.12
Satellite/Cable TV 0
Internet services 35
Groceries etc. 300. THIS HAS BEEN A LOT MORE HENCE THE DEBT.
Clothing 25. I INTEND ON ONLY REPLACING ESSENTIALS AND BUYING WHAT LO NEEDS
Petrol/diesel 200 I COMMUTE AROUND 60 MILES A DAY FOR WORK
Road tax 13.12
Car Insurance 35
Car maintenance (including MOT) 15
Car Parking 0
Other travel 0
Childcare/nursery 200 THIS ACTUALLY COMES OUT OF MY SALARY BEFORE TAX IN CHILDCARE VOUCHERS
Other child related expenses 12 SONS YOGA CLASS
Medical (prescriptions, dentists, opticians etc.) 15
Pet Insurance/Vet bills 17
Buildings Insurance 0
Contents Insurance 8
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) 40
Haircuts 15
Entertainment 17 APPLE MUSIC
Holiday 0
Emergency Fund 0
Repay family loan 200
Total monthly expenses 2523.24 LESS
CHILDCARE THIS IS 2333.24
Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 119500 (671) 4.59
Secured & HP Debt totals 119500 - -
Unsecured Debt Description Debt(£) Monthly(£) APR(%)
Tesco Loan 15065 246.9 4
Halifax Cc 1958 58 21.2
Barclaycard Cc 2970 68 0
Loan from family 14000 200 0
Sainsburys Cc 4797 107 0
Unsecured Debt totals 38790 679.9 -
Asset Description Value (£)
Cash 0
House Value (Gross) 315000
Shares and bonds 0
Car(s) 10000
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 325000
Comments on the results

We don’t have quite these assets as the mortgage is for a shared ownership property. We own a 40% share and pay rent on the other share.

My credit score on Noddle is 2/5 and Experian ‘fair’.
It makes for terrifying reading. I have been contemplating doing a DMP, as things feel quite unsustainable. But if I can avoid that I’d like to. I’m worried about the impact on our mortgage. The fixed rate ends in November and I don’t think we’ll have any other option than to go on to the SVR which is 4.2% at the moment. My credit is shot so I don’t think they’ll let us remortgage will they? If I did a DMP will I ever be able to remortgage? Will I lose my house? We’ve never missed a payment on any of the mortgage payments or household bills. And I’ve never missed any on my unsecured debt either.

Please help, I know there’s a lot of inspiration and support on here.

Welcome to the thread, Daffodil:hello:

I'm sorry I haven't the time to answer your questions just now but I just wanted to welcome you aboard. I'm sure someone else will be along soon who can put your mind at ease.

Good luck in your journey to debt freedom:beer:

[Deleted User]

Daffodil2018 wrote: »

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget Summary Amount(£)
Total monthly income 2,882
Monthly expenses (incl. HP & secured loans) 2,523.24
Available for debt repayments 358.76
UNsecured debt repayments 679.9
Amount short for making debt repayments -321.14
Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 325,000
Total Secured & HP Debt -119,500
Total Unsecured Debt -38,790
Net Assets 166,710
Household Information

Number of adults in household 2
Number of children in household 1
Number of cars owned 2 - Do you really need 2 cars?
Income, Expense, Debt & Asset Details

Income Amount(£)
Monthly income after tax 1800
Partners monthly income 0
Benefits 82
Other income 1000 MY OH PAYMENT FOR HALF OUR JOINT HOUSEHOLD BILLS
Total monthly income 2882
Expenses Amount(£)
Mortgage 671
Secured/HP loan payments 0
Rent 430
Management charge (leasehold property) 0
Council tax 158 - If this is over 10 months, changing to 12 months will get it down to £131-66 per month.
Electricity 35
Gas 35
Oil 0
Water Rates 20
Telephone (land line) 15
Mobile phone 0
TV Licence 12.12 - This is now £12-25.
Satellite/Cable TV 0
Internet services 35
Groceries etc. 300 - This is quite high for 3 people. Should be able to trim a bit (say £50) off it.
Clothing 25. I INTEND ON ONLY REPLACING ESSENTIALS AND BUYING WHAT LO NEEDS
Petrol/diesel 200 I COMMUTE AROUND 60 MILES A DAY FOR WORK
Road tax 13.12
Car Insurance 35
Car maintenance (including MOT) 15 - This isn't much for 2 cars. It won't even cover a set of tyres for most cars.
Car Parking 0
Other travel 0
Childcare/nursery 200 THIS ACTUALLY COMES OUT OF MY SALARY BEFORE TAX IN CHILDCARE VOUCHERS
Other child related expenses 12 SONS YOGA CLASS
Medical (prescriptions, dentists, opticians etc.) 15
Pet Insurance/Vet bills 17
Buildings Insurance 0 - Being a homeowner, you really should have this.
Contents Insurance 8
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) 40
Haircuts 15
Entertainment 17 APPLE MUSIC - You can't afford this. Cancel.
Holiday 0
Emergency Fund 0 - You need something in here, especially as a homeowner.
Repay family loan 200
Total monthly expenses 2523.24 LESS
CHILDCARE THIS IS 2333.24
Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 119500 (671) 4.59
Secured & HP Debt totals 119500 - -
Unsecured Debt Description Debt(£) Monthly(£) APR(%)
Tesco Loan 15065 246.9 4
Halifax Cc 1958 58 21.2
Barclaycard Cc 2970 68 0
Loan from family 14000 200 0
Sainsburys Cc 4797 107 0
Unsecured Debt totals 38790 679.9 -
Asset Description Value (£)
Cash 0
House Value (Gross) 315000
Shares and bonds 0
Car(s) 10000
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 325000

My comments in red.

Are all the unsecured debts, bar the Tesco one, actually 0%?

You list your partner's income as zero, yet you say he contributes £1,000 per month :huh:

[Deleted User]

Just a question why does OH only put £1000 into the pot? what do they do with the rest of their income?

datlex

venison wrote: »

Just a question why does OH only put £1000 into the pot? what do they do with the rest of their income?

If you add up the rent etc it comes to just under £2000 including child expenses.