SoF - any advice

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seldom_use
seldom_use Posts: 24 Forumite
in Debt-free wannabe
Hi guys,

I have finally began to face up to my massive debt problems, after burying my head in the sand for years and years. As you can see from my SoF, we currently don't have enough coming in. I have recently applied for housing benefit which would be a big help at the moment. I have just finished maternity leave, so my maternity pay has just stopped. I am not returning to work as I am a full time student now. My partner works part time.

As well as this, we have a huge amount of debt, probably around 15k. Most importantly we have council tax arrears which I have began to sort out. My partner is keen to try and deal with it ourselves, however I am starting to think this may not be possible. Any advice would be much appreciated.

Thanks in advance,

seldom_use



Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 960.00
Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 260.00
Income From Savings & Investments . . . . . . . . . . . . . . . . . . . . . . . 0.00
Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150.00
Student Loan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 520.00

Monthly Expense Details

In Your Home

Mobile phones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120.00
TV licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.33
Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
Home phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
Cleaning products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Garden maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Household maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70.00
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.00
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Council tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00
Overdraft cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Bank account fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.50
Home insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650.00
Plumbing/Boiler cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage payment protection . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Food and household shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 400.00
Drinks for home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
Baby Milk & Nappies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70.00

Motoring & Public Transport

Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.00
Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Car tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.25
Car insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65.00
Car maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Rail/Buses/Taxis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00
Breakdown cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Debt Repayments

Credit card repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
Hire purchase repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Personal loan repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Car loan repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Savings & Investments

Pension payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Buying shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cash ISAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Lump sum saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Regular saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Family

Pet food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.00
School trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.00
Pocket money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.00
Nappies/Baby extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Laundry/Dry cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Children's travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Baby-sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Childcare/Playgroups. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.50
Travel insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Entertainment

Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55.00
Family days out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
Cinema/Theatre trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big days out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Shopping for fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.00
Pet costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00
IT/Computing (antivirus, etc) . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
DVD rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Drinking out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Eating out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.00

Clothes, Health & Beauty

Complementary therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Optical bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Beauty treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Healthcare cash plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Dental insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private medical insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Work clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
New children's clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
New clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00

Education & Courses

University tuition fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Your courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Big One-Offs

Funeral expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Wedding expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
Winter holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Summer holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83.33

Odds & Sods

Newspapers and magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
Regular charity donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 43.33


Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,890.00


Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,491.25
«13

Comments

  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Anniversary Name Dropper First Post I've been Money Tipped!
    Options
    Just 2 quick points, £120 month for mobiles phone? and might be worth a call to one of the debt charities stepchange being as good as any for advice.
  • seldom_use
    seldom_use Posts: 24 Forumite
    Options
    venison wrote: »
    Just 2 quick points, £120 month for mobiles phone? and might be worth a call to one of the debt charities stepchange being as good as any for advice.

    I know, this includes my own, my partners and both of my in laws all on contract.

    I have looked at step2change a couple of times, I might make the leap. Thankyou for taking the time to reply.
  • vickthestick
    vickthestick Posts: 235 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    edited 4 January 2018 at 12:16AM
    Options
    Do the in-laws pay you back for the phones?
    And is your car tax really £1.25?
  • Karonher
    Karonher Posts: 916 Forumite
    First Anniversary First Post
    Options
    I would say there are a few areas where cuts can be made. As mentioned the phones, then groceries and drinks for home.

    Take sandwiches to work and stop spending on snacks, cut back on cable and money for fun and hobbies as well as eating out.

    Reduce adult clothes spends and haircuts.

    Gas and electricity should be able to be cut if you shop around.

    Cut back on Christmas and birthday spending, and can you arrange for the child who has school dinners to take packed lunch as this would save a lot.

    A lot of the things you are spending on are nice to have, but not when you cant pay the bills.
    Aiming to make £7,500 online in 2022
  • sourcrates
    sourcrates Posts: 28,878 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    Options
    Hi,

    You really need to revisit the SOA and format it for MSE.

    Makes it easier to read.
    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-letter
  • seldom_use
    seldom_use Posts: 24 Forumite
    Options
    vickthestick wrote: »
    Do the in-laws pay you back for the phones?
    And is your car tax really £1.25?


    Hi there, no they don’t unfortunately. They are in an even worse situation than us, and have health problems, hence why we pay for their phones to make sure we have clear lines of contact at all times.

    I just double checked my car tax, it’s actually slightly more expensive l, it’s £20 a year.
  • theoretica
    theoretica Posts: 12,306 Forumite
    First Post Name Dropper Photogenic First Anniversary
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    Shopping for fun needs to go in favour of free fun and almost all of eating out, snacks and coffees. How many of you are there for the £400 grocery bill?

    If you are a student and there is only one non-student adult in the house have you signed up for the council tax discount?
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
  • vickthestick
    vickthestick Posts: 235 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Options
    seldom_use wrote: »
    Hi there, no they don’t unfortunately. They are in an even worse situation than us, and have health problems, hence why we pay for their phones to make sure we have clear lines of contact at all times.

    I just double checked my car tax, it’s actually slightly more expensive l, it’s £20 a year.

    That's a great car tax!
    And clearly family need to be taken care of but can anyone else pay their phone bills for them? Can you share it out round siblings?
  • ratrace
    ratrace Posts: 1,009 Forumite
    First Anniversary Name Dropper First Post
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    Giffgaff allows you to top up at a min £5.00,im on giff gaff last month i topped up £5.00 this month i have gone a bit mad as i need extra mins and topped up for £7.50

    you cant clear debt and keep paying out unnecessary expenses
    “People are caught up in an egotistic artificial rat race to display a false image to society. We want the biggest house, fanciest car, and we don't mind paying the sky high mortgage to put up that show. We sacrifice our biggest assets our health and time, We feel happy when we see people look up to us and see how successful we are”

    Rat Race
  • Sharon87
    Sharon87 Posts: 4,011 Forumite
    Name Dropper First Anniversary First Post
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    I agree, the in-laws and yourselves don't have to pay on average £30 a month on a phone bill. Are any of you still in contract? If you are at the end of the contract go on a sim only deal, don't upgrade your phones as this can be costly these days!

    Also - school lunches, do you qualify for free lunches, are you classed as low income family? If not, then stop and pack lunches, I never went wrong with a packed lunch, it can also be healthier too.

    £83 a month on Christmas is too much, reduce the spend for this year at least, children don't need a massive spend on them, and family, well when I'm on a budget I spend between £10-£15 on them (or agree amongst yourself not to buy presents, or do a secret santa if you're all on a budget!). Same for birthdays £50 a month is a LOT.

    Gas and electric is way too high, go to uswitch or another comparison site. It takes minutes to get a price and not much more to switch, there's no point paying more when you don't need to. If you're on a meter ask your landlord if you can switch to a standard meter as it's always cheaper (assuming you rent). Always pay by monthly direct debit as it's cheaper.

    Internet, phone and satellite is WAY too much. Phone your provider and see if you can get it cheaper or remove a package. £45 for phone and internet itself is a lot. Virgin have a deal for £27 a month - but no phone line, but if you have mobile phones who needs a phone line these days! Or Sky have a deal on for £19 a month for unlimited broadband and phone line included. Shop around and if you're with either call your provider up and ask for a better deal or threaten to leave.
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