Initial SOA - help please?

Feral_Moon

Would anybody be so kind as to look over my SOA please? I'm almost at the point of hitting the bankruptcy button so need to start getting everything organised.

TIA :beer:

Statement!of!Affairs!and!Personal!Balance!Sheet

Household Information
Number!of!adults!in!household...........1
Number!of!children!in!household.........0
Number!of!cars!owned.......................1

Monthly!Income!Details
Monthly!income!after!tax....................0
Partners!monthly!income!after!tax.......0
Benefits......................................829.62 (ESA SG)
Other!income..............................248.30 (PIP)
Total!monthly!income.............1077.92

Monthly!Expense!Details
Mortgage................................................0
Secured/HP!loan!repayments....................0
Rent.....................................................75 (Bedroom Tax)
Management!charge!(leasehold!property)...0
Council!tax............................................11
Electricity..............................................35
Gas......................................................45
Oil.........................................................0
Water!rates...........................................33
Telephone!(land!line)..............................18
Mobile!phone.........................................22
TV!Licence............................................12
Satellite/Cable!TV....................................0
Internet!Services.....................................2
Groceries!etc.!.....................................210
Clothing................................................30
Petrol/diesel..........................................80
Road!tax...............................................23
Car!Insurance........................................22
Car!maintenance!(including!MOT).............25
Car!parking.............................................0
Other!travel............................................0
Childcare/nursery.....................................0
Other!child!related!expenses.....................0
Medical!(prescriptions,!dentist!etc)...........47
Pet!insurance/vet!bills...........................180
Buildings!insurance..................................0
Contents!insurance.................................20
Life!assurance!........................................0
Other!insurance.......................................0
Presents!(birthday,!christmas!etc)............12
Haircuts................................................13
Entertainment.................................. ......6
Holiday...................................................0
Emergency!fund.....................................20
Student!Loan...........................................5
Total!monthly!expenses......................946


Assets
Cash...............................................0
House!value!(Gross).........................0
Shares!and!bonds............................0
Car(s).......................................1800
Other!assets...................................0
Total!Assets............................1800

No!Secured!nor!Hire!Purchase!Debts

Unsecured!Debts
Description.................................Debt......Monthly.....APR
Lloyds!Advance..........................8823.85....135........12.2
Barclaycard!PV..................... .....8852.58....204........15.45
Barclaycard!CB..........................3532.28......90........18.52
Tesco!CCC.................................5582.07......65.............0
Tesco!WM..................................2287.10......45........12.94
MBNA.......................................9440.19.....135..... ....6.9
Argos.......................................2115.75.........0.............0
Halifax.....................................4002.07........75......13.45
Total!unsecured!debts............44635.92......749.....0

Monthly!Budget!Summary
Total!monthly!income.....................................1,077.92
Expenses!(including!HP!&!secured!debts)............946.00
Available!for!debt!repayments............................131.92
Monthly!UNsecured!debt!repayments..................749.00
Amount!short!for!making!debt!repayments......617.08


Personal!Balance!Sheet!Summary
Total!assets!(things!you!own).........1,800
Total!HP!&!Secured!debt.......................0
Total!Unsecured!debt....................44,635.92
Net!Assets................................42,835.92


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

kazwookie

It is not right, you owe £ 44635.92

Yet it has carried over to monthly budget £749 which is wrong.

It needs to be corrected.

Pet ins / vets £180 per month, is this right and if it is what is it for? how many / what type of pets do you have?

Are you able to get a job? or agency work?

elsien

Your rent is only £75 a month?

Feral_Moon

elsien wrote: »

Your rent is only £75 a month?

Yes, that's bedroom tax for the box room.

Feral_Moon

kazwookie wrote: »

It is not right, you owe £ 44635.92

Yet it has carried over to monthly budget £749 which is wrong.

It needs to be corrected.

Pet ins / vets £180 per month, is this right and if it is what is it for? how many / what type of pets do you have?

Are you able to get a job? or agency work?

One large German Shepherd - insurance £60pm and food/supplements £120pm.

I can't work due to ill health.

debt_doctor

Hi,

Put another £300 pm on to your groceries which will get rid of your surplus and lower the pets costs.
It doesn't really matter anyway, you have no earned or pension income, so you cannot get an IPA.

I assume the rest of your rent is paid by Housing Benefit, and you lose 14% for allegedly having a spare room!

DD

Feral_Moon

debt_doctor wrote: »

Hi,

Put another £300 pm on to your groceries which will get rid of your surplus and lower the pets costs.
It doesn't really matter anyway, you have no earned or pension income, so you cannot get an IPA.

I assume the rest of your rent is paid by Housing Benefit, and you lose 14% for allegedly having a spare room!

DD

Yes, I get Housing Benefit for the rest of the rent.

I've just realised the pet section is just vet fees & insurance so I assume the food bill goes in with my groceries? In which case I can reduce that right down and, as you suggest, increase my grocery expenses to cover it. Thank you.

Feral_Moon

What's the maximum I claim for grocery expenses?

Craig1981

you paying £180 a month on one pet? surely this is too high - £120 for food for one dog, and £210 for you?
is it a dietary requirement for your pet to have supplements?

medical seems a bit much as well - why dont you get a prepayment card? if you on benefits though, (based IR ESA) your prescriptions are free anyway. whats the £534 for a year for medical?

is your car a mobility one?

have only said what i think may be questioned, that is all - other than these few, yes, looks fine

System

Feral_Moon wrote: »

One large German Shepherd - insurance £60pm and food/supplements £120pm.

You don't need the pet insurance and what the hell are you feeding him? We have two collies that are competing dogs, one of which is epileptic and we pay in total £25 a month for a sack of dog food that lasts two dogs 6 weeks and £20 for his pills. When we were feeding them raw meat it would only be £45 a month for a GSD.

TheGardener

debt_doctor wrote: »

...It doesn't really matter anyway, you have no earned or pension income, so you cannot get an IPA.
….DD

The 'maximum food allowance' isn't really relevant - It academic as DD says ^^

Once you are BR you need to make sure you have a sustainable budget as there will be no credit to fall back on. Your pet costs are for you to decide - but as you can see from the comments already posted - you are unlikely to get much support as the pet food costs are highly unusual and difficult to explain to those of us who pay less than £20 a month on pet food

Plan your budget with the future in mind - you need to ensure you have enough to manage all your expenses going forward.