SOA help please

catandy

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................ 1640
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1640

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 91
Electricity............................. 100
Gas..................................... 0
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 55
Groceries etc. ......................... 320
Clothing................................ 25
Petrol/diesel........................... 160
Road tax................................ 25
Car Insurance........................... 49
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 11.4
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 75
Haircuts................................ 0
Entertainment........................... 6
Holiday................................. 0
Emergency fund.......................... 25
Total monthly expenses.................. 1519.52


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
dmp ...........................27500.....12........0
Total unsecured debts..........27500.....12........-


Monthly Budget Summary
Total monthly income.................... 1,640
Expenses (including HP & secured debts). 1,519.52
Available for debt repayments........... 120.48
Monthly UNsecured debt repayments....... 12
Amount left after debt repayments....... 108.48

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -27,500
Net Assets.............................. -25,500

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

scenario is ive been on a dmp for 5 years and got not very far (come down from 38K to 27500 and a few pennies - I was the sole breadwinner with 2 kids and working in telesales which is really unstable - made redundant 3 times in 5 years... OH used to run his own business which he finally shut down and went employed for just over a year - he's now waiting on surgery and is negotiating a payoff from his job as he got injured at work - that could take up to 2 years to come in as they leave it to assess on long term outlook. in the meantime he is unfit to work.

I've worked out my figures on the job I am due to start on 18th Feb - we plan to cut down our internet connection 37pm including landline and get rid of the TV so license fee saved. The job is 40 miles away and I need to drive as its so 'out in the sticks'.


birthdays and xmas are for 10 kids/ grandkids - they get £50 each for xmas and birthday. SOA is just for 2 adults as both my kids have left home and are making their own way in the world.


suggestions gratefully received as I cant see what else I can cut.

cybertortoise

Hi. I don't see much you could cut. I'd aim to reduce the grocery spend, you're already reducing the internet and licence fee. If you're only paying £12 to the DMP I'm not surprised you feel like you're barely getting anywhere. The SOA says you have just over £100 a month left after paying everything - where is that money going? What is your aim - to pay more to the DMP or something else?

Tigsteroonie

catandy wrote: »

birthdays and xmas are for 10 kids/ grandkids - they get £50 each for xmas and birthday.

I'm not sure with 10 kids/grandkids, you can afford to be that generous (£100 each per year).

catandy

I dont know is the answer - ive been paying this off for 5 years and have cleared 9k in total - at the same rate its going to take me another 15 years to get clear. ive looked at iva's and considered bankruptcy but dont see as they will be a better option.

I need this new job to work out and get a regular income coming in. OH is unlikely to work again - he's a gardener and needing surgery on both shoulders/ arms and is 62 so unlikely to be fit to return to what he was doing and has few other skills.

Recent payments towards dmp are £1 each pm to 12 creditors - with the new job and income I can take that up to £10 per creditor per month and get everything cleared in 19 years (not including any reductions for settlement fees) - that would make me the grand old age of 68. I really cannot see the way forward with all of this tbh.

catandy

Tigsteroonie wrote: »

I'm not sure with 10 kids/grandkids, you can afford to be that generous (£100 each per year).

I agree with you - OH specified the amount when he was in work and helping. now its all down to me to cover it all.

D_M_E

Would suggest cutting down on presents and reducing groceries.

Also look at your water bill - if this is based on the old rateable system then consider getting a water meter, your bill could shoot down, ours did.

If Council Tax is paid over 10 months, ask council if you can pay over 12 instalments from April.

Can you reduce your electricity consumption?

Since your partner is not working, has he looked at claiming anything in his own right, for example Industrial Injuries Benefit, sick pay?

Have a look at https://www.entitledto.co.uk and see what they say.

MovingForwards

Presents and food is the only way you can trim back.

Whose names are the debts in? Joint? Or some yours and some your husband's? How much is owed in each scenario?

tlc678910

catandy wrote: »

I agree with you - OH specified the amount when he was in work and helping. now its all down to me to cover it all.

Hi, I think you need to bite the bullet in this and tell your kids now your husband isn’t working you will be buying only token presents for adult children (choccies/smellies) and £20 budget for grandkids.

If your adult children all buy for each other they might like the suggestion to all only buy for the kids now with just a token gift/card for other adults.

I have 11 nieces and nephews and I was so pleased when we agreed buying for the kids only. I usually put a couple of scratch cards in a card for the adults now. Particularly at Christmas without such a financial burden you can enjoy it more.

Tlc

EssexHebridean

Comments in red as ever:

catandy wrote: »

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................ 1640
Partners monthly income after tax....... 0 Can this be increased at all - I appreciate a job outside the home may not be possible but even things like online surveys can add some pennies to the pot
Benefits................................ 0 Have you checked there is no entitlement here?
Other income............................ 0
Total monthly income.................... 1640

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 91 Is this paid over 10 months or 12? If 10, you have two months now when nothing is paid, then you can ask to have it spread over 12 months from the start of the new financial year.
Electricity............................. 100 Storage heaters by any chance? Make sure you fully understand how they work and remember to check the weather for the following few days and adjust accordingly. If on Economy 7 run everything you possibly can over night - and heating water using the immersion on the night rate will be cheaper than needing to use it during the day
Gas..................................... 0
Oil..................................... 0
Water rates............................. 45 check whether this might be cheaper metered?
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12.12 Sure this amount is correct? Mine's a few pennies more than that these days.
Satellite/Cable TV...................... 0
Internet Services....................... 55
Groceries etc. ......................... 320 Two of you? You can demolish that - I feed 2 of us on £175 a month, pretty much always have some left over and that's free range eggs and meat from farmers market or direct from suppliers. That amount covers cleaning stuff and some toiletries as well.
Clothing................................ 25 Every month? Cut this back to essentials for now perhaps.
Petrol/diesel........................... 160 Read Martin's guide to driving economically and make sure you employ ALL the tricks!
Road tax................................ 25 Are you paying this monthly? If so you're paying a premium to do so.
Car Insurance........................... 49
Car maintenance (including MOT)......... 10 For your mileage this is NOT going to cover your costs - not even close. Think servicing, MoT Test, tyres, wiperblades, screenwash...and on your mileage your car will most likely need servicing every 9 months or so.
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 11.4
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 Please tell me this is just an oversight and you've forgotten to fill it in? If not, please get it sorted as a priority
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 75 Too much. You knew that was going to be said, didn't you?
Haircuts................................ 0 Neither of you ever have a haircut?
Entertainment........................... 6
Holiday................................. 0
Emergency fund.......................... 25
Total monthly expenses.................. 1519.52


Assets
Cash.................................... 0 You're saving money for an emergency fund, and putting aside £75 a month for presents, there should be something in here, no?
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
dmp ...........................27500.....12........0
Total unsecured debts..........27500.....12........-


Monthly Budget Summary
Total monthly income.................... 1,640
Expenses (including HP & secured debts). 1,519.52
Available for debt repayments........... 120.48
Monthly UNsecured debt repayments....... 12
Amount left after debt repayments....... 108.48 Do you have this spare? If not you need to track it down.

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -27,500
Net Assets.............................. -25,500

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

scenario is ive been on a dmp for 5 years and got not very far (come down from 38K to 27500 and a few pennies - I was the sole breadwinner with 2 kids and working in telesales which is really unstable - made redundant 3 times in 5 years... OH used to run his own business which he finally shut down and went employed for just over a year - he's now waiting on surgery and is negotiating a payoff from his job as he got injured at work - that could take up to 2 years to come in as they leave it to assess on long term outlook. in the meantime he is unfit to work.

I've worked out my figures on the job I am due to start on 18th Feb - we plan to cut down our internet connection 37pm including landline and get rid of the TV so license fee saved. The job is 40 miles away and I need to drive as its so 'out in the sticks'.


birthdays and xmas are for 10 kids/ grandkids - they get £50 each for xmas and birthday. SOA is just for 2 adults as both my kids have left home and are making their own way in the world.


suggestions gratefully received as I cant see what else I can cut.

Note my comments on the car maintenance costs - that one needs looking at as a matter of urgency as it's going to come back and bit you on the bum when you start that 40 mile each way commute.

Your sums are wrong on the presents even assuming you continue at the level you are (I'd say you need to reduce that I'm afraid, sorry to say it) but currently you're budgeting £900 a year for £1000 of presents. Either way you need to take a long hard look at that.

Make sure that OH's claim for his injury is being handled by a proper Personal Injury Solicitor not one of those hideous ambulance chasers off the telly! You stand a far better chance of getting a good result that way. You can find decent PI solicitors who will work on a no win/no fee basis.

Not sure what size property you have but there may be scope to trim that electricity spend a bit - I'm presuming you're on economy 7 with storage heaters - and the main thing with those is to make sure you understand how they work.

catandy

agreed with the presents fund and the cost of food shopping both need to be cut back.

Electricity is on economy7 and via meter and I changed suppliers less than 3 months ago to the cheapest - this will come down when the nights start drawing out and it gets a bit warmer.


OH needs to fill in a claim form to register for his claim and until that is put in and it is accepted that he has a valid claim he cannot claim for benefit as he is owed money. He has put off starting the claim for 2 weeks so far and I've blown at him and told him to get his finger out and get on with it.


OH earning in any other way - unlikely as has zero patience/ IT skills and unable to concentrate for any length of time.


council tax is over 12 months and I owe 3 months from this year as they cancelled my payment plan due to bounced payments - £273


rent should be 420pm but I am £300 in arrears so have agreed the £500pm to clear the arrears. I have a suspended eviction notice hanging over my head so I have to make this payment regardless.


water meter can only be put in with agreement of landlord and its unlikely when I'm already in arrears to them.


TV license is going to be cancelled as we are getting rid of the TV - its hardly ever turned on.


contents insurance I havent had for years - not been in work and had a stable enough income to afford it...


Groceries I need to start doing the shop on my own and should be able to get it down to 200/240 for the month with some planning ahead


clothing - cant remember the last time we spent anything and no it wont be every month


haircuts - OH is bald and I look like a wild haired loon - havent had it cut for over 6 months


car maintenance - I agree - car is going to take a battering and is going to cost...


Ok time to do the sums again me thinks - thank you all for your help so far

catandy

MovingForwards wrote: »

Presents and food is the only way you can trim back.

Whose names are the debts in? Joint? Or some yours and some your husband's? How much is owed in each scenario?

all debts in my name - OH has 2 credit cards with 3k free on them and that is how we are living until I pick up my first paycheque at the end of the month - then I will spend however many months paying that debt off as well