I am cursing my self each day to be in a such a mess!

RAS

There's a huge difference between doing an SOA to look at your overall finances, and maybe think about budgeting and emergency funds as a family, and what you might need to provide to your creditors. Early on, it'll just be "got £x debt, £y surplus and your share is £s little bit. Hope yo increase that over time."

So you'll get more use out of MSE if you do a household SOA. And re-do it later as a personal statement to work out what your surplus is for the creditors.

chullbulla

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]

Number of adults in household........... 2

Number of children in household......... 1

Number of cars owned.................... 2[b]

Monthly Income Details[/b]

Monthly income after tax................ 2327.04

Partners monthly income after tax....... 1185.2

Benefits................................ 94.46

Other income............................ 0[b]

Total monthly income.................... 3606.7[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 1307

Secured/HP loan repayments.............. 0

Rent.................................... 0

Management charge (leasehold property).. 0

Council tax............................. 155.75

Electricity............................. 100

Gas..................................... 100

Oil..................................... 0

Water rates............................. 34

Telephone (land line)................... 0

Mobile phone............................ 14.07

TV Licence.............................. 0

Satellite/Cable TV...................... 0

Internet Services....................... 27.44

Groceries etc. ......................... 500

Clothing................................ 50

Petrol/diesel........................... 200

Road tax................................ 28

Car Insurance........................... 100

Car maintenance (including MOT)......... 50

Car parking............................. 0

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 70

Medical (prescriptions, dentist etc).... 0

Pet insurance/vet bills................. 0

Buildings insurance..................... 8

Contents insurance...................... 0

Life assurance ......................... 43

Other insurance......................... 0

Presents (birthday, christmas etc)...... 30

Haircuts................................ 10

Entertainment........................... 50

Holiday................................. 100

Emergency fund.......................... 100[b]

Total monthly expenses.................. 3077.26[/b]

[b]

Assets[/b]

Cash.................................... 1000

House value (Gross)..................... 450000

Shares and bonds........................ 0

Car(s).................................. 5000

Other assets............................ 0[b]

Total Assets............................ 456000[/b]

[b]

Secured & HP Debts[/b]

Description....................Debt......Monthly...APR

Mortgage...................... 329000...(1307).....2.79[b]

Total secured & HP debts...... 329000....-.........-   [/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Tesco Loan ( myself)...........9076.78...0.........10.39

MBNA ( Myself )................20974.....0.........25.66

Vanquis ( Myself)..............3900......0.........39

CapitalonTap ( Buss............19000.....0.........0

MBNA (.........................9124......300.......3.99

Tesco ( Wife ).................2200......100.......0

Virgin ( Myself )..............8400......0.........25[b]

Total unsecured debts..........72674.78..400.......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 3,606.7

Expenses (including HP & secured debts). 3,077.26

Available for debt repayments........... 529.44

Monthly UNsecured debt repayments....... 400[b]

Amount left after debt repayments....... 129.44[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 456,000

Total HP & Secured debt................. -329,000

Total Unsecured debt.................... -72,674.78[b]

Net Assets.............................. 54,325.22[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

chullbulla

Few important points to mention which I have seen on other threads members ask or questions to give a full overview.

Petrol is high since I have around 50m traveling daily to work plus school runs and other trips.
Insurance is high due to a fault accident. for another car not sure why still above £600 tried lots of comparison sites.
Life insurance is high due to my BMI and health issues.
Clothing, Presents, Entertainment & Holiday I have estimated as hard to get exact.
Wife credit card payments seem high because we are paying more than the minimum to clear these by the time the promotion period ends.
Sorry house and content insurance is £18 a month by mistake I put £8
MBNA (.........................9124......300.......3.99 ( that's wife card )
It shows I can pay £129.44 after adjusting for house insurance it is £119.44

sourcrates

chullbulla said:

Few important points to mention which I have seen on other threads members ask or questions to give a full overview.

Petrol is high since I have around 50m traveling daily to work plus school runs and other trips.
Insurance is high due to a fault accident. for another car not sure why still above £600 tried lots of comparison sites.
Life insurance is high due to my BMI and health issues.
Clothing, Presents, Entertainment & Holiday I have estimated as hard to get exact.
Wife credit card payments seem high because we are paying more than the minimum to clear these by the time the promotion period ends.
It shows I can pay £129.44 to creditors.

The SOA you produce on here, or for your own purposes, does not need to be the SOA you present to your creditors, also you can just be Mr chullbulla to them, not Mr & Mrs chullbulla, do you understand what I mean, you only need disclose what you want to disclose, just you, just your debts, that is fine, as its no ones business but your own, how you conduct your debt management.

chullbulla

sourcrates said:

chullbulla said:

Few important points to mention which I have seen on other threads members ask or questions to give a full overview.

Petrol is high since I have around 50m traveling daily to work plus school runs and other trips.
Insurance is high due to a fault accident. for another car not sure why still above £600 tried lots of comparison sites.
Life insurance is high due to my BMI and health issues.
Clothing, Presents, Entertainment & Holiday I have estimated as hard to get exact.
Wife credit card payments seem high because we are paying more than the minimum to clear these by the time the promotion period ends.
It shows I can pay £129.44 to creditors.

The SOA you produce on here, or for your own purposes, does not need to be the SOA you present to your creditors, also you can just be Mr chullbulla to them, not Mr & Mrs chullbulla, do you understand what I mean, you only need disclose what you want to disclose, just you, just your debts, that is fine, as its no ones business but your own, how you conduct your debt management.

Yes I understand thankyou, above SOA is our overall financial affairs as a family.

Flugelhorn

re holidays - yes it is good to take kids on holiday but TBH I think mine enjoyed UK based fairly simple holidays as much as going abroad etc - it was just being able to spend time with the parents and doing something different. Helped that they loved picnics and National Trust jaunts

RAS

One other thing. I noted you said your wife pays the holiday?

When you do your DMP SOA remember that even bankrupts are allowed "a modest holiday", and one funded activity per child. So putting the full cost on your wife's "account" may not be helpful. If you are asked to disclose the details, it's the sort of thing that gives you less flexibility.

Re your existing SOA, do check your utility usage and ensure that you've allowed enough.

You need contents insurance, sort it.

Not sure that the car maintenance is high enough.

Put something in medical. You only need one dentist filling to wreck havoc otherwise.

And you will park occasionally, even if it's only at the seaside, or visit to friends.

TheAble

Are you really only paying back £400/month on 72k of unsecured debt? Sorry if I've missed something but I'd have thought it would be way more.

Your annual interest on the MBNA is £5k for example so it's barely even covering that. Seems like there's a miscalculation somewhere.

chullbulla

RAS said:

One other thing. I noted you said your wife pays the holiday?

When you do your DMP SOA remember that even bankrupts are allowed "a modest holiday", and one funded activity per child. So putting the full cost on your wife's "account" may not be helpful. If you are asked to disclose the details, it's the sort of thing that gives you less flexibility.

Re your existing SOA, do check your utility usage and ensure that you've allowed enough.

You need contents insurance, sort it.

Not sure that the car maintenance is high enough.

Put something in medical. You only need one dentist filling to wreck havoc otherwise.

And you will park occasionally, even if it's only at the seaside, or visit to friends.

Ok so when doing DMP should I put like £50 towards holidays on SOA to creditors?

Content insurance is with home insurance so £18 a month.

Utilities are ok for now since a bit of credit and fixed which ends in April so I will have the true picture.

If I put for medical and parking then it will be even lower to creditors from £119, will they accept it?

I have a plan to switch some cost so I have some amount in every essential box, like I can put groceries £300 on mine ( usually wife salary covers it ) and reduce some fuel and other from my SOA.

Rob5342

Holidays and days out are all about creating a sensible budget and sticking to it really. A modest amount on holidays and days out is fine as long as overall you are making some serious changes to address the debts. Children will still enjoy cheap holidays, and you can get free tickets to Legoland etc with the Sun.

I'll re-iterate that you should tell your wife about everything including the full amount, it will be hard but you need her to support you as much as possible to make it work. If you don't tell her now then at some point she is going to find out how much it is.