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SOA and advice
DMc92
Posts: 11 Forumite
I’m new to the forums and have input below a Statement of Affairs for my current financial situation
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1515
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1515
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 311
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 16
Petrol/diesel........................... 100
Road tax................................ 4.16
Car Insurance........................... 33
Car maintenance (including MOT)......... 1.66
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 91
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 12.5
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Overdraft interest ..................... 70
Personal Trainer........................ 80
Gym..................................... 16
Total monthly expenses.................. 1205.32
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1
Other assets............................ 0
Total Assets............................ 1
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 1394.....(124)......6.5
Hire Purchase (HP) debt ...... 7106.....(187)......0
Total secured & HP debts...... 8500......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit card ...................495.......337.......0
Total unsecured debts..........495.......337.......-
Monthly Budget Summary
Total monthly income.................... 1,515
Expenses (including HP & secured debts). 1,205.32
Available for debt repayments........... 309.68
Monthly UNsecured debt repayments....... 337
Amount short for making debt repayments. -27.32
Personal Balance Sheet Summary
Total assets (things you own)........... 1
Total HP & Secured debt................. -8,500
Total Unsecured debt.................... -495
Net Assets.............................. -8,994
I currently have an overdraft of £4500 which is my ultimate priority to pay off in order to apply for a mortgage for me and my partner next year. Any advice/constructive criticisms are welcome! Also see my new diary in the sub thread for better details of the overall picture. For clarity, I live with family and only pay rent plus food bills - occasionally cover electricity, council tax if required.
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1515
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1515
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 311
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 16
Petrol/diesel........................... 100
Road tax................................ 4.16
Car Insurance........................... 33
Car maintenance (including MOT)......... 1.66
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 91
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 12.5
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Overdraft interest ..................... 70
Personal Trainer........................ 80
Gym..................................... 16
Total monthly expenses.................. 1205.32
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1
Other assets............................ 0
Total Assets............................ 1
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 1394.....(124)......6.5
Hire Purchase (HP) debt ...... 7106.....(187)......0
Total secured & HP debts...... 8500......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit card ...................495.......337.......0
Total unsecured debts..........495.......337.......-
Monthly Budget Summary
Total monthly income.................... 1,515
Expenses (including HP & secured debts). 1,205.32
Available for debt repayments........... 309.68
Monthly UNsecured debt repayments....... 337
Amount short for making debt repayments. -27.32
Personal Balance Sheet Summary
Total assets (things you own)........... 1
Total HP & Secured debt................. -8,500
Total Unsecured debt.................... -495
Net Assets.............................. -8,994
I currently have an overdraft of £4500 which is my ultimate priority to pay off in order to apply for a mortgage for me and my partner next year. Any advice/constructive criticisms are welcome! Also see my new diary in the sub thread for better details of the overall picture. For clarity, I live with family and only pay rent plus food bills - occasionally cover electricity, council tax if required.
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Comments
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Is your rent really £220 / month (£200 / week ??)
Also Medical seems high, have you got a pre payment certTotally Debt Free & Mortgage Free Semi retired and happy0 -
No, that’s £200 a month.
I pay for contact lenses which is £14 a month and hearing aids which cost £77 a month. I wasn’t really sure what else to put these under and medical seemed the best match.0 -
The overdraft needs to be listed under 'unsecured debts' and the £70 interest needs to be entered under the debt monthly payment.
Do you really need a Personal Trainer as that makes the Gym an unaffordable £96/month?
£60/month is way high for your mobile. For example, I pay £8/month on a SIM-only contract.I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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Are the hearing aids for you? Is there any help available towards the cost of that?
Also, what are the 2 secured debts for - are they both for the car?0 -
Thank you, I will adjust SOA as per.
I’m unsure as to how to approach my network provider and explain I would like a cheaper deal. I had previously enquired about downgrading my phone package but they told me I couldn’t do that as it was a contract.
As for the trainer, I know this is a massive luxury. It has been a huge help as I was very overweight and unfit previously but am doing better now. He is very good so I feel pretty awkward saying I no longer want to continue the sessions. My friend and I both do training with him so it would be losing two sources of support unless I go to the gym with my friend on other days.0 -
Yes, I have a significant hearing impairment so need these on a daily basis to get by. I get these through Boots. I have researched for help with these but could not find anything.
The two secured debts - one is Hire Purchase for a car, the other is a Postgraduate Loan where payments are due to finish July next year.0 -
Ia a car really necessary? you only use £100 petrol a monthTallyhoh! Stopped Smoking October 2000. Saved £29382.50 so far!0
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Why doesn't your partner work ?0
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I’m stunned the NHS don’t provide hearing aids or financial help...sorry to hear that.
August 2019: £28.8k
November 2020: £0 (0% interest)
My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320
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