Re: Lizzy D update
Posted: June 19th, 2017, 8:16 pm
Hi All
I am posting a new SOA for advice please. OH has been made redundant and we are to be down to one wage, luckily I had just had a good wage rise but it sill does not cover expenses as they stand. OH is looking for work and there obviously will be a redundancy payment. We have been told verbally that we can stay in our home and that the rent will be £300.00 now eventually rising to £800.00 ( a similar property would cost about £1000.00 or maybe a bit more but the house does have a few problems which maybe slightly reduces its value on the open market, such as difficult access and drains that need rodding through every other week) but we do not yet know the time scale on this. One of the questions we need to address is the possibility that OH might get a job in a different area meaning we would need to move and I would need to give up my job. It is working out how much OH would need to earn to make this a better option. I would obviously prefer to stay in my job as I enjoy it and would hate to have to look for a new one, I am a bit interview phobic! OH is probably going to need a car and a phone. I have two sons at Uni both doing work at the moment to pay off overdrafts built up during their courses one still has two years to go the other is just finishing and starting a PHD mid July, he is trying to get the £1800.00 OD payed off before he comes home at the end of July. He will also need a car and will be moving home until September when he plans on renting a house with his girlfriend. I realise the phone contracts are high but they are locked in at the moment.
Any advice would be appreciated as always.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1536
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1536
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 56.66
Gas..................................... 0
Oil..................................... 138
Water rates............................. 0
Telephone (land line)................... 18.45
Mobile phone............................ 77
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 35.5
Groceries etc. ......................... 600
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 12.68
Car Insurance........................... 62.16
Car maintenance (including MOT)......... 40.35
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 42
Buildings insurance..................... 0
Contents insurance...................... 16.11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 25
Emergency fund.......................... 0
petfood ................................ 60
lottery................................. 20
Total monthly expenses.................. 1813.91
Assets
Cash.................................... 1400
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 4400
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
(Unnamed debt).................1765.16...28........15.45
Total unsecured debts..........1765.16...28........-
Monthly Budget Summary
Total monthly income.................... 1,536
Expenses (including HP & secured debts). 1,813.91
Available for debt repayments........... -277.91
Monthly UNsecured debt repayments....... 28
Amount short for making debt repayments. -305.91
Personal Balance Sheet Summary
Total assets (things you own)........... 4,400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,765.16
Net Assets.............................. 2,634.84
Created using the SOA calculator at http://www.stoozing.com.
Reproduced on The Motley Fool DWD Board with permission, using other browser.
I am posting a new SOA for advice please. OH has been made redundant and we are to be down to one wage, luckily I had just had a good wage rise but it sill does not cover expenses as they stand. OH is looking for work and there obviously will be a redundancy payment. We have been told verbally that we can stay in our home and that the rent will be £300.00 now eventually rising to £800.00 ( a similar property would cost about £1000.00 or maybe a bit more but the house does have a few problems which maybe slightly reduces its value on the open market, such as difficult access and drains that need rodding through every other week) but we do not yet know the time scale on this. One of the questions we need to address is the possibility that OH might get a job in a different area meaning we would need to move and I would need to give up my job. It is working out how much OH would need to earn to make this a better option. I would obviously prefer to stay in my job as I enjoy it and would hate to have to look for a new one, I am a bit interview phobic! OH is probably going to need a car and a phone. I have two sons at Uni both doing work at the moment to pay off overdrafts built up during their courses one still has two years to go the other is just finishing and starting a PHD mid July, he is trying to get the £1800.00 OD payed off before he comes home at the end of July. He will also need a car and will be moving home until September when he plans on renting a house with his girlfriend. I realise the phone contracts are high but they are locked in at the moment.
Any advice would be appreciated as always.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1536
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1536
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 56.66
Gas..................................... 0
Oil..................................... 138
Water rates............................. 0
Telephone (land line)................... 18.45
Mobile phone............................ 77
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 35.5
Groceries etc. ......................... 600
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 12.68
Car Insurance........................... 62.16
Car maintenance (including MOT)......... 40.35
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 42
Buildings insurance..................... 0
Contents insurance...................... 16.11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 25
Emergency fund.......................... 0
petfood ................................ 60
lottery................................. 20
Total monthly expenses.................. 1813.91
Assets
Cash.................................... 1400
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 4400
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
(Unnamed debt).................1765.16...28........15.45
Total unsecured debts..........1765.16...28........-
Monthly Budget Summary
Total monthly income.................... 1,536
Expenses (including HP & secured debts). 1,813.91
Available for debt repayments........... -277.91
Monthly UNsecured debt repayments....... 28
Amount short for making debt repayments. -305.91
Personal Balance Sheet Summary
Total assets (things you own)........... 4,400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,765.16
Net Assets.............................. 2,634.84
Created using the SOA calculator at http://www.stoozing.com.
Reproduced on The Motley Fool DWD Board with permission, using other browser.