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totallyoutofmoney
Posts: 4 Newbie
Hi,
I'm looking for some help/advice. I'm new here first time posting, I've filled in a s.o.a. as best that i can. I've seen that's what other threads have suggested but didnt want to hijack someone else's thread if anyone can have a look and offer advice would be greatly appreciated. Also not sure if I posted in the right section sorry if I haven't. Here's my s.o.a.
I'm looking for some help/advice. I'm new here first time posting, I've filled in a s.o.a. as best that i can. I've seen that's what other threads have suggested but didnt want to hijack someone else's thread if anyone can have a look and offer advice would be greatly appreciated. Also not sure if I posted in the right section sorry if I haven't. Here's my s.o.a.
[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................ 2937
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0[b]
Total monthly income.................... 2937[/b][b]
Monthly Expense Details[/b]
Mortgage................................ 1209
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 166
Electricity............................. 70
Gas..................................... 70
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 0
Mobile phone............................ 73
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 30
Groceries etc. ......................... 100
Clothing................................ 30
Petrol/diesel........................... 100
Road tax................................ 17
Car Insurance........................... 66
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 55
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 37
Buildings insurance..................... 26
Contents insurance...................... 0
Life assurance ......................... 33
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0[b]
Total monthly expenses.................. 2200[/b]
[b]
Assets[/b]
Cash.................................... 0
House value (Gross)..................... 350000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0[b]
Total Assets............................ 350500[/b]
[b]
Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 136273...(1209).....0[b]
Total secured & HP debts...... 136273....-.........- [/b]
[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
Credit card barclayca..........155.......5.63......0
Vanquis........................3285......32........0
Fluid..........................2180......55........0
Lloyds overdraft...............3500......60........0
Novuna.........................9100......228.......0
Zopa...........................8520......254.......0
Admiral........................4572......165.......0
Mbna loan .....................4421......150.......0
Virgin.........................4502......71........0
Sainsburys.....................9905......282.......0
Mbna...........................3849......103.......0
Tesco..........................1549......40........0[b]
Total unsecured debts..........55538.....1445.63...- [/b]
[b]
Monthly Budget Summary[/b]
Total monthly income.................... 2,937
Expenses (including HP & secured debts). 2,200
Available for debt repayments........... 737
Monthly UNsecured debt repayments....... 1,445.63[b]
Amount short for making debt repayments. -708.63[/b]
[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 350,500
Total HP & Secured debt................. -136,273
Total Unsecured debt.................... -55,538[b]
Net Assets.............................. 158,689[/b]
[i]Created using the SOA calculator at www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
0
Comments
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You've said you've got a partner/spouse but they have no income?
Are you claiming child benefit or other benefits if your partner isn't working?
Do you know how the £55k of unsecured debt has arisen?0 -
Trying to keep her separate she's aware of my debt but paying her own off0
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The £55k is just cost of living/overspending, didn't realise how fast it can accumulate, I realise now that I've been living far beyond my means and need to change it and get it sorted.0
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Is there a reason your partner does not work, could they? Also you list a child, but no benefits, you should be getting Child Benefit which is £26.05 per week / £112.88 per month, do you claim that?totallyoutofmoney said:Hi,
I'm looking for some help/advice. I'm new here first time posting, I've filled in a s.o.a. as best that i can. I've seen that's what other threads have suggested but didnt want to hijack someone else's thread if anyone can have a look and offer advice would be greatly appreciated. Also not sure if I posted in the right section sorry if I haven't. Here's my s.o.a.[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]Household Information[/b]Number of adults in household........... 2Number of children in household......... 1Number of cars owned.................... 2[b]Monthly Income Details[/b]Monthly income after tax................ 2937Partners monthly income after tax....... 0Benefits................................ 0Other income............................ 0[b]Total monthly income.................... 2937[/b][b]
Do you have a job that depends on not defaulting and/or being in "financial distress", these are often banking or financial services, but include a few other sectors as well?totallyoutofmoney said:Monthly Expense Details[/b]Mortgage................................ 1209Secured/HP loan repayments.............. 0Rent.................................... 0Management charge (leasehold property).. 0Council tax............................. 166Electricity............................. 70Gas..................................... 70Oil..................................... 0Water rates............................. 33Telephone (land line)................... 0Mobile phone............................ 73 - Two SIM only deals (you and your partner) could bring this down to £10-15 per monthTV Licence.............................. 15Satellite/Cable TV...................... 0Internet Services....................... 30Groceries etc. ......................... 100 - Unrealistic per month for two adults and a child, you are probably looking around £400
Clothing................................ 30 - Probably unrealistic for two adults and a child, especially if they are at school, probably £50Petrol/diesel........................... 100Road tax................................ 17Car Insurance........................... 66 - This seems high, is this for two cars?Car maintenance (including MOT)......... 20Car parking............................. 0Other travel............................ 0Childcare/nursery....................... 0Other child related expenses............ 55 - What is this for? Is it something that can be paid for via Tax Free Childcare Vouchers? A lot of clubs are Ofsted registered for that reason.Medical (prescriptions, dentist etc).... 0Pet insurance/vet bills................. 37 - This seems highBuildings insurance..................... 26Contents insurance...................... 0 - You really need contents insurance, or is this included with the above?Life assurance ......................... 33Other insurance......................... 0Presents (birthday, christmas etc)...... 0 - Unrealistic with a child, you probably need to add in at least £10 pcm for birthday and Christmas if they are very young.Haircuts................................ 0Entertainment........................... 50Holiday................................. 0Emergency fund.......................... 0[b]Total monthly expenses.................. 2200[/b][b]Assets[/b]Cash.................................... 0House value (Gross)..................... 350000Shares and bonds........................ 0Car(s).................................. 500Other assets............................ 0[b]Total Assets............................ 350500[/b][b]Secured & HP Debts[/b]Description....................Debt......Monthly...APRMortgage...................... 136273...(1209).....0[b]Total secured & HP debts...... 136273....-.........- [/b][b]Unsecured Debts[/b]Description....................Debt......Monthly...APRCredit card barclayca..........155.......5.63......0Vanquis........................3285......32........0Fluid..........................2180......55........0Lloyds overdraft...............3500......60........0Novuna.........................9100......228.......0Zopa...........................8520......254.......0Admiral........................4572......165.......0Mbna loan .....................4421......150.......0Virgin.........................4502......71........0Sainsburys.....................9905......282.......0Mbna...........................3849......103.......0Tesco..........................1549......40........0[b]Total unsecured debts..........55538.....1445.63...- [/b][b]Monthly Budget Summary[/b]Total monthly income.................... 2,937Expenses (including HP & secured debts). 2,200Available for debt repayments........... 737Monthly UNsecured debt repayments....... 1,445.63[b]Amount short for making debt repayments. -708.63[/b][b]Personal Balance Sheet Summary[/b]Total assets (things you own)........... 350,500Total HP & Secured debt................. -136,273Total Unsecured debt.................... -55,538[b]Net Assets.............................. 158,689[/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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Partner does work but she's paying off her own debt she claims the child benefit. Job does not depend on me not defaultingMattMattMattUK said:
Is there a reason your partner does not work, could they? Also you list a child, but no benefits, you should be getting Child Benefit which is £26.05 per week / £112.88 per month, do you claim that?totallyoutofmoney said:Hi,
I'm looking for some help/advice. I'm new here first time posting, I've filled in a s.o.a. as best that i can. I've seen that's what other threads have suggested but didnt want to hijack someone else's thread if anyone can have a look and offer advice would be greatly appreciated. Also not sure if I posted in the right section sorry if I haven't. Here's my s.o.a.[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]Household Information[/b]Number of adults in household........... 2Number of children in household......... 1Number of cars owned.................... 2[b]Monthly Income Details[/b]Monthly income after tax................ 2937Partners monthly income after tax....... 0Benefits................................ 0Other income............................ 0[b]Total monthly income.................... 2937[/b][b]
Do you have a job that depends on not defaulting and/or being in "financial distress", these are often banking or financial services, but include a few other sectors as well?totallyoutofmoney said:Monthly Expense Details[/b]Mortgage................................ 1209Secured/HP loan repayments.............. 0Rent.................................... 0Management charge (leasehold property).. 0Council tax............................. 166Electricity............................. 70Gas..................................... 70Oil..................................... 0Water rates............................. 33Telephone (land line)................... 0Mobile phone............................ 73 - Two SIM only deals (you and your partner) could bring this down to £10-15 per monthTV Licence.............................. 15Satellite/Cable TV...................... 0Internet Services....................... 30Groceries etc. ......................... 100 - Unrealistic per month for two adults and a child, you are probably looking around £400
Clothing................................ 30 - Probably unrealistic for two adults and a child, especially if they are at school, probably £50Petrol/diesel........................... 100Road tax................................ 17Car Insurance........................... 66 - This seems high, is this for two cars?Car maintenance (including MOT)......... 20Car parking............................. 0Other travel............................ 0Childcare/nursery....................... 0Other child related expenses............ 55 - What is this for? Is it something that can be paid for via Tax Free Childcare Vouchers? A lot of clubs are Ofsted registered for that reason.Medical (prescriptions, dentist etc).... 0Pet insurance/vet bills................. 37 - This seems highBuildings insurance..................... 26Contents insurance...................... 0 - You really need contents insurance, or is this included with the above?Life assurance ......................... 33Other insurance......................... 0Presents (birthday, christmas etc)...... 0 - Unrealistic with a child, you probably need to add in at least £10 pcm for birthday and Christmas if they are very young.Haircuts................................ 0Entertainment........................... 50Holiday................................. 0Emergency fund.......................... 0[b]Total monthly expenses.................. 2200[/b][b]Assets[/b]Cash.................................... 0House value (Gross)..................... 350000Shares and bonds........................ 0Car(s).................................. 500Other assets............................ 0[b]Total Assets............................ 350500[/b][b]Secured & HP Debts[/b]Description....................Debt......Monthly...APRMortgage...................... 136273...(1209).....0[b]Total secured & HP debts...... 136273....-.........- [/b][b]Unsecured Debts[/b]Description....................Debt......Monthly...APRCredit card barclayca..........155.......5.63......0Vanquis........................3285......32........0Fluid..........................2180......55........0Lloyds overdraft...............3500......60........0Novuna.........................9100......228.......0Zopa...........................8520......254.......0Admiral........................4572......165.......0Mbna loan .....................4421......150.......0Virgin.........................4502......71........0Sainsburys.....................9905......282.......0Mbna...........................3849......103.......0Tesco..........................1549......40........0[b]Total unsecured debts..........55538.....1445.63...- [/b][b]Monthly Budget Summary[/b]Total monthly income.................... 2,937Expenses (including HP & secured debts). 2,200Available for debt repayments........... 737Monthly UNsecured debt repayments....... 1,445.63[b]Amount short for making debt repayments. -708.63[/b][b]Personal Balance Sheet Summary[/b]Total assets (things you own)........... 350,500Total HP & Secured debt................. -136,273Total Unsecured debt.................... -55,538[b]Net Assets.............................. 158,689[/b][i]Created using the SOA calculator at www.LemonFool.co.uk.Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]0 -
Yikes! That's almost as much as I used to have!! But now I don't so I'm hoping you'll consider that as a possibility that things can get sorted out. I did it, lots of others have done it, so can you. And well done for getting this started and not ignoring it anymore (as all of us do at first).
OK so as to the SOA......some of the figures look like guesses. Have you based this on your bank &/or credit card statements? If not please have a look through the last couple of months to ensure you're painting an accurate picture.
£100 for groceries per month? for 2 adults and a child?? I can't imagine that's possible unless you're relying heavily on food banks, community fridges etc.
Nothing for haircuts? I know that's possible but it's unusual for many households.
Glad to see that you recognise that a bit of entertainment is allowed.
£73 a month for mobiles? Any chance of switching to sim only - you might get that down to £20 total for you both. Obviously you have to pick your time if you're mid contract. And you have to realise you can't upgrade your phone frequently.
As for the debt (mortgage aside) are they all at 0% APR? If not can you redo and add in the interest rates as that might be relevant for how you deal with things.
Overall I'd say that you need a break from paying your debts and build up an emergency fund. This will mean contacting every creditor and telling them you need to suspend payments for a couple of months while you get things sorted. Then tell them what you can afford to pay - generally they will accept what's possible if it's done on a pro rata basis.
It's at this point that many people go to one of the debt advice agencies because they will write to everyone on your behalf and become the main point of contact. Stepchange and NationalDebtline will likely push to get you into a debt management plan (DMP) asap (don't until all the debts have defaulted). Christians Against Poverty (CAP), Community Money Advice (CMA) and Citizens Advice generally will help you organise a DMP but then let you manage it yourself which suits some people better than others.
Well that might be enough for the moment as I don't want to overwhelm you but I do suggest you have a read of the DebtCamel website for more info on debt solutions. Debt solutions - what is your best option?I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions 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.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇🏅2 -
Hiya, given that you are separating out some of the finances between you and your partner, you'll need to be more detailed about what each of the categories cover to get advice on whether they are reasonable. Eg are those 50% of the actual bills or is that 100%? Is that for just your phone or three phones?
And the numbers need to accurately represent your actual spending, so they need to be calculated using the numbers from your bank statements.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.2 -
Could you try to do a joint SOA with all your partner's income (e.g., child benefit), debts, and expenses? Because it looks as though she must be paying for a lot, as per @Brie's list of things missing.
You could list the debts as Mine - Novuna, Hers - MBNA etc. We will do our best to try to protect her credit score if possible, but seeing the full picture is a good idea for your both and if she has quite a bit of debt its usually best for you both to tackle the debts at the same time, getting all the pain out of the way.
0 -
Hi,
I`m assuming the figures you have put down are your share of the bills, and your partner covers the rest, is that about right?
Others will ask you to account for every penny you spend, but I don`t see the point in going that far, you don`t have to be too specific about your spending as long as you know roughly how much you will have available for debt repayment.
As a homeowner, you only have two realistic choices when it comes to repaying unaffordable debt, the informal way via debt management, and the formal route, which is an IVA, full blown insolvency.
I think a DMP is the way forward for you, you`re probably looking at a 5/6 year DMP at around £600 a month, plus another £100 a month going into a settlement/emergency fund.
Most of your lenders are mainstream banks, they all pretty much follow the same collection process, you should be able to take settlement offers on some of the lesser debts further on in the process, so yes, this is quite doable.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it 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.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1 -
First things first, you need a new basic bank account not attached to any of the groups to whom you owe money. And avoid any joint accounts.
It's impossible for us to advise whether your utilities, phone, food, clothing, insurance, holidays etc are reasonable unless it's clear what the total household is spending, not just your part.
Even if you don't want to do a joint SOA with your partner to share on MSE, you absolutely need to have one with which you work together. You've presumably both benefited from the money that's been spent and are both going to feel your belts pulled in for the next few years?
The thing about keeping things separate is that some stuff gets missed off the budget and needs paying, by whom? Other stuff you both make allowances but the amount you are jointly spending may be low or excessive.
So do the SOA together, then sit down and work out whether anything is missing and whether there is anything you can reduce by shopping around at renewal etc. Keep tabs on the spends over the next month and ensure you review at intervals.
If you have annual spends, then get an account with pots, or a separate instant access ISA and make sure that the amount that you've put aside goes straight into that account when you get your salary. That way there is money there when the MOT, birthdays or Christmas comes round.If you've have not made a mistake, you've made nothing2
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