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SOA - Advice please
happy2017
Posts: 93 Forumite
Hi, I've been on this forum for years and have plucked up the courage to add an SOA for people to review and provide advice. I mange my own debt management plan, but since have taken out additional credit cards which I'm really annoyed I've done so.
In 2 months time my employee will be introducing a salary sacrifice car scheme which I'm going to take up.
I do have a car on HP which is £455 per month, which im going to voluntary surrender and make arrangement to pay.
Car Finance
£20,000 balance
£6,000 to pay until 50% paid off
The school fees include about £10k debt, the mum had not paid for a while so I agreed to take on half of this so helping to get the debt down to £0 in 12 months.
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In 2 months time my employee will be introducing a salary sacrifice car scheme which I'm going to take up.
I do have a car on HP which is £455 per month, which im going to voluntary surrender and make arrangement to pay.
Car Finance
£20,000 balance
£12,600 settlement amount
£5,300 Value - webuyanycar£6,000 to pay until 50% paid off
The school fees include about £10k debt, the mum had not paid for a while so I agreed to take on half of this so helping to get the debt down to £0 in 12 months.
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Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1[b]
Monthly Income Details[/b]
Monthly income after tax................ 3895 - TAX CODE IS 891L TO RECOVER CHILD BENEFIT HIGH INCOME
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0[b]
Total monthly income.................... 3895[/b][b]
Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 455
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 97
Electricity............................. 80
Gas..................................... 100
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 136 - 3 mobile contract and an ipad contract
TV Licence.............................. 13.25
Satellite/Cable TV...................... 0
Internet Services....................... 37
Groceries etc. ......................... 250
Clothing................................ 50
Petrol/diesel........................... 220
Road tax................................ 0
Car Insurance........................... 55
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 11.16
Pet insurance/vet bills................. 23.82
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 18.93
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
KIDS FOOTBALL MEMBERSHIP................ 22
SCHOOL FEES............................. 1200 - I KNOW THIS IS A LOT
XBOX ULTIMATE........................... 12.99
AMAZON MUSIC............................ 8.99
MS 365.................................. 7.99
APPLE ICLOUD SPACE...................... 8.99
PET FOOD................................ 28[b]
Total monthly expenses.................. 3236.12[/b]
[b]
Assets[/b]
Cash.................................... 900
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0[b]
Total Assets............................ 900[/b]
[b]
Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 20000....(455)......0[b]
Total secured & HP debts...... 20000.....-.........- [/b]
[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
CreditSpring...................280.......93........0
LendingStream..................276.......43........0
Salad Money....................1220......104.......0
Shop Direct LITTLEWOO..........557.......39........0
EOS Solutions UK Plc...........1200......5.........0
Aquacard - Caboot..............660.......5.........0
PRA CREDIT CARD................2100......5.........0
Lloyds Bank - WESCOTT..........8400......7.5.......0
Capital One - Lowell...........800.......5.........0
HSBC Bank - Credit Ca..........5300......12........0
PRA CREDIT CARD................3100......5.........0
Credit Union...................900.......5.........0
HMRC...........................5300......30........0
Vanquis Credit Card -..........300.......5.........0
Creation Consumer Fin..........10........10........0
V12 FINANCE - Intrum ..........5.........5.........0
HSBC Bank - Current A..........1.4.......1.4.......0
Octopus Energy.................2000......30........0
Capital One (Ocean)............500.......25........0
118 118 Credit Card............500.......25........0
Zable Credit Card..............500.......25........0
Onmo Credit Card...............500.......25........0[b]
Total unsecured debts..........34409.4...509.9.....- [/b]
[b]
Monthly Budget Summary[/b]
Total monthly income.................... 3,895
Expenses (including HP & secured debts). 3,306.12
Available for debt repayments........... 608.88
Monthly UNsecured debt repayments....... 509.9[b]
Amount left after debt repayments....... 78.98[/b]
[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 0
Total HP & Secured debt................. -20,000
Total Unsecured debt.................... -34,409.4[b]
Net Assets.............................. -54,409.4[/b]
[i]Created using the SOA calculator at www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
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Comments
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Mobile phones £136 a month? are you buying shares in Apple? TV licence went up from 1/4/2024
Amazon music? I Cloud ? XBox ? MS365? I think you have your priorities wrong.If you go down to the woods today you better not go alone.0 -
You need to include an amount for the things where you have put that you put them in credit cards as this is the only way to have a balanced budget and get out of debt moving forwards.1200 bonus saver
200 regular saver
35 NS&I
88 credit union0 -
Shares.....no, its for 3 mobiles contracts and an ipad contractGrumpelstiltskin said:Mobile phones £136 a month? are you buying shares in Apple? TV licence went up from 1/4/2024
Amazon music? I Cloud ? XBox ? MS365? I think you have your priorities wrong.
Those subscriptions are mainly used by the children.0 -
thanks for the advice, I've updated the above SOA to reflect what is spent on CCitsthelittlethings said:You need to include an amount for the things where you have put that you put them in credit cards as this is the only way to have a balanced budget and get out of debt moving forwards.
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It would be useful (and potentially very scary) to see the APRs on some of those debts.
In the meantime, I'd engage with HMRC, as I suspect they may not be happy at accepting 30 per month on a debt of 5,300. Speak to them, make sure they're OK with your plans, as they are one creditor that you don't want to get on the wrong side of. Is there any more history that you can add to all of this? The picture feels incomplete, given that you've quite a huge roster of creditors1 -
All the values above for the min payment are whats been agreed with the creditors.
A mixture of going through divorce, redundancy, keeping on top of school fees has certainly lead to this.0 -
It looks like the school fees are unaffordable for you. How old is your child?
You are in a precarious position so surrendering the car is a good move. As said above the debt to worry about should be HMRC. Have you defaulted on al the other debts? Are they charging interest?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£72.60
Save £12k in 2025 #1 £12000/£40001 -
Defaulted on all other debts which drop off credit file next year.
school fees will be affordable end of this year when the school fees debt is clear and just paying usual monthly amount.0 -
HMRC agreed to the payment plan.
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I think the advice is probably just to look at each of your spends and consider if you could spend less in that area.Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.0
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