Provisional SOA

dzasterus

well here it is SOA first draft, i know I will have forgotten some things and this may effect the outcome, but it does look like I have some cash to spare to pay off the debts. Oh and BTW have included my bonus in the salary box as we have not missed for the last 6 mths and I have managed to pay off 4 debts totalling £2,600 today after receiving an unexpected gift

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2014
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2014

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 500
Management charge (leasehold flat)...... 0
Council tax............................. 85
Electricity............................. 35
Gas..................................... 30
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 10
Mobile phone............................ 0
TV Licence.............................. 10
Satellite/Cable TV...................... 25
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 20
Car Insurance........................... 20
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 100
Cigarettes.............................. 200
Total monthly expenses.................. 1635

Assets
Cash.................................... 450
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2950

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
mbna...........................7036......0.........0
barclays.......................2050......0.........0
barclays visa..................2416......0.........0
argos..........................466.......0.........0
barclays master................4569......0.........0
Total unsecured debts..........16537.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,014
Expenses (including secure debts)....... 1,635
Available for debt repayments........... 379
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 379

Personal Balance Sheet Summary
Total assets (things you own)........... 2,950
Total Secured debt...................... -0
Total Unsecured debt.................... -16,537
Personal net worth...................... -13,587

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

poorandindenial

dzasterus wrote: »

well here it is SOA first draft, i know I will have forgotten some things and this may effect the outcome, but it does look like I have some cash to spare to pay off the debts. Oh and BTW have included my bonus in the salary box as we have not missed for the last 6 mths and I have managed to pay off 4 debts totalling £2,600 today after receiving an unexpected gift

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2014
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2014

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 500
Management charge (leasehold flat)...... 0
Council tax............................. 85
Electricity............................. 35
Gas..................................... 30
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 10
Mobile phone............................ 0
TV Licence.............................. 10
Satellite/Cable TV...................... 25
Internet Services....................... 0
Groceries etc. ......................... 160 (how many is this for, you can probably trim it bith a bit of planning
Clothing................................ 50 (can you cut this out for a bit??
Petrol/diesel........................... 200 (where are you travelling to and from, could you use public transport ot walk for some of the journeys?)
Road tax................................ 20
Car Insurance........................... 20
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 (this comes to £600 a year, can you reduce this at all?)
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 100 (how much do you have in your emergency fund, if it is a half reasonable amount you would do better to throw this at your debt; if it is the £450 below then you could give yourself a total and then work out whether you only want to put into this until you get there or whether you want to put slightly less aside each month)
Cigarettes.............................. 200 (you know what I am going to say)
Total monthly expenses.................. 1635

Assets
Cash.................................... 450
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2950

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
mbna...........................7036......0.........0
barclays.......................2050......0.........0
barclays visa..................2416......0.........0
argos..........................466.......0.........0
barclays master................4569......0.........0
Total unsecured debts..........16537.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,014
Expenses (including secure debts)....... 1,635
Available for debt repayments........... 379
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 379

Personal Balance Sheet Summary
Total assets (things you own)........... 2,950
Total Secured debt...................... -0
Total Unsecured debt.................... -16,537
Personal net worth...................... -13,587

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

You have a surplus each month so if you don't have this in reality you need to do a spending diary to see where it should go. If not then you can chuck it at your debts, the snowball calculator at https://www.whatsthecost.com is addictive and will let you see what the impact of overpaying is.

You might also want to rerun the SOA without the bonus to see how that leaves you (you never know). Is that what the emergency fund is predominantly for??

dzasterus

Hi and thanks for the advice

To clarify, groceries also includes meals at work - sandwiches aren't practical due to being at different places through the week equates to £3 a day or £60 a month

Clothing is mainly for work clothing including dry cleaning, am trying to see if this can be put on expenses as we speak

Travel costs - mainly petrol and travelling all over the uk - approx £150 will be expenxe claimable at end of July (12 month after starting the job)

Presents may be able to be reduced, as have also included days out for when I see my son

Yes the £450 is emergency fund, I try to put £100 a month away but have recently had to replace the boiler, microwave and other kitchen electricals due to a burst pipe in the boiler (£1765 in total)

Cigs - I know and have an appointment already booked with a stop smoking advisor

have already run without bonus and this gives me a total income of £1764 which would leave £149 to pay off debts with

cassy

just an idea - if you can not stop smoking try rolling your own you can do this for about £15pw

poorandindenial

As you are renting you shouldn't have had to pay for the boiler at all, the landlord should have covered this.

Good luck with sorting stuff on expenses, I hate dry cleaning, it feels like your wardrobe is on hire or something - doesn't stop me buying dry clean only stuff though - I will never learn.

Days out for your son makes the presents part understandable, there may be ways that you can reduce the cost of the days you spend with him but I can totally understand you needing to spend some money on this. It might be worth checking out the board for your area to see if there are and BOGOFs for days out etc and also the freebies board. It might also be worth looking through the families and relationships board to see if there are any ideas on there.

Good luck, I am sure others with better advice than mine will be along in a wee bit.

dzasterus

Thanks again

Just so everyone understands the debts are at 0% apr as they have all defaulted, in the past I tried setting up a IVA but it wsa refused and since getting this new job have not had any time until now to do anything about it (ostrich syndrome)

Reason I had to pay for boiler is I got a cheaper rent by signing to say I would do all internal repairs (£300/month less) and since moving in 18mth ago had no issues so in effect have saved £3600+