Memorygirl's SOA - do your magic!!

Memory_Girl · 22 October 2009 at 3:05PM

Hi Guys

Can you help me get this to balance so that I can get organised for cccs interview next Tuesday.

I know that I spend more than is coming in - but I had a small "float" of money saved from my benefits that the bank has frozen and I no longer have access to dip into. All the money in that float was saved out of our grocery budget by pennies here and there.

Please feel free to rip apart - I can't be any more humiliated than I have been this week by the bank when they froze my account and announced the fact to the world in the middle of the bank. Incidently they have taken the few pounds I had saved from my benefit against a personal guarantee from a business now in Adminstration. Literally left with 71p and three nappies and two kids in tears.

Currently fighting to get benefits paid elsewhere but C Tax people can't recall this weeks payment (asked them on Tuesday for a Friday payment) and can't promise that next weeks won't also be paid into the Clydesdale.

The bank froze my account after taking receipt of IS on Tuesday so I have in my possession a £50 emergency social fund payment - well slightly less because I have bought nappies - LOL. This is a loan and has to be repayed from future benefits.

Please help me get a griip on this

Many thanks in advance

Memorygirl

Household Information
Number of adults in household........... 1
Number of children in household......... 2 (DS 9 yrs DS 18 mths)
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 815.65
Other income............................ 0
Total monthly income.................... 815.65

Monthly Expense Details
Mortgage................................ 250
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100 (Paying last yr bill too. Property was derelict when we moved in so took ages to get bill actually calculated)
Electricity............................. 40
Gas..................................... 25 (First gas bill as C Heating only been in for 8 weeks)
Oil..................................... 0
Water rates............................. 0 (included in C Tax here in Scotland)
Telephone (land line)................... 0 (can't afford £120 to get BT Line)
Mobile phone............................ 15
TV Licence.............................. 12 (had saved the full amount for this in my float but it hasnow been taken - due in Feb)
Satellite/Cable TV...................... 0
Internet Services....................... 15 (Dongle on laptop)
Groceries etc. ......................... 150 (incl nappies and everything for house)
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 12 (Again half of this had been saved as due in April - but bank has taken this too)
Car Insurance........................... 21
Car maintenance (including MOT)......... 12 (I had £120 to get my timing belt changed but this has been taken too)
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 82 (£15 per week for school lunches plus one gym class and one dance class to help DS with his co-ordination)
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 25 (combined building and contents)
Contents insurance...................... 0
Life assurance ......................... 7
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25 (had £78 set aside for kiddies xmas and food but this too is gone)
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 THIS IS MY EMERGENCY lol
Total monthly expenses.................. 831

Assets
Cash.................................... 121
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 140721

Secured & HP Debt
Description....................Debt......Monthly...APR
Mortgage...................... 125500...(250)......4
Total secured & HP debts...... 125500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Personal Guarantee.............10000.....1.........0
Total unsecured debts..........10000.....1.........

Monthly Budget Summary[/b]
Total monthly income.................... 815.65
Expenses (including HP & secured debts). 831
Available for debt repayments........... -15.35
Monthly UNsecured debt repayments....... 1
Amount short for making debt repayments. -16.35

Personal Balance Sheet Summary
Total assets (things you own)........... 140,721
Total HP & Secured debt................. -125,500
Total Unsecured debt.................... -10,000
Net Assets.............................. 5,221
[iCreated using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission,

WASHER · 22 October 2009 at 3:14PM

Welcome to MSE, can I ask why your bank froze your account without any notice? I'll post after I've looked at your SOA.

Tixy · 22 October 2009 at 3:17PM

Firstly you need to look into the 'first right of appropriation' this is where you write a letter to the bank telling them that you need the money about to be paid in in benefits for your essential priority living costs - you may need to break down how much you need and what for I'm not sure -, they should let you draw it out in cash on the day it goes in. I see if I can find you a link - will look at you SoA in a min.

WASHER · 22 October 2009 at 3:18PM

Your benefits seem low? Check Entitled.com and see if you are getting everything you are entitled too.

Why do you pay for school lunches if you are in receipt of benefits.

Who/what is personal guarantee? Is it a loan? I've never heard of them.

Your Soa seems ok, but in my opinion you cannot really afford the car.

Does the benefits shown above include your child allowance and tax credits?

WASHER.x.

frosty · 22 October 2009 at 3:19PM

Hi,have you checked if your entitled to free school dinners?this would save you £60 a month,if you have a read of the old style board you will find lots of help on how to cut back.

Tixy · 22 October 2009 at 3:20PM

Here are some links that might help
http://forums.moneysavingexpert.com/showthread.html?t=518593
http://www.legalbeagles.info/forums/showthread.php?t=17324#
http://www.cheshireeast.gov.uk/pdf/BENEFITS-Right-of-appropriation.pdf

Even though they say the account is closed you still have a right to this money as it is benefits.

Edit - This is a CAB guide - last bullet point on first page http://www.adviceguide.org.uk/c_banks_and_building_societies.pdf - therefore if the bank are difficult or you need more advice CAB should be able to help.

WASHER · 22 October 2009 at 3:23PM

Excellent links Tixy, Memorygirl make sure you look at these links and contact your bank asap...

Memory_Girl · 22 October 2009 at 3:25PM

WASHER wrote: »

Welcome to MSE, can I ask why your bank froze your account without any notice? I'll post after I've looked at your SOA.

Apparently there is a letter in the post!! Of course with the postal strikes it may be a wee while until it appears. A good half dozen phone calls and it appears that it is in relation to a personal guarantee for a Ltd Company that is in Adminstration. (I was told they wouldn't come looking for this until the adminstrative process was through)

First I knew about it was standing in the bank trying to get a tenner for nappies and food having been up all night with my DS and an ear infection.

Soooooo humiliating - having everyone there looking at me as I couldn't even buy nappies for the wee one. Even worse my older boy made the connection that

No money = not paying the mortgage = homeless = being taken into care.

Trust me - he no longer believes that. They will take my kids over MY DEAD BODY!!

Can you tell I'm getting over the shock and am ready to do battle - :rotfl:

Memorygirl

WASHER · 22 October 2009 at 3:31PM

Thats seem to be truly shocking behaviour from the bank. They could have at least taken you aside to say this to you.

Do as Tixy stated and look at those links, in the meantime, speak to National Debt Line (its free, and I think they have a business side of things too, they will advise you) Also contact the CAB and if neccessary email your MP, you need that money back to feed your children.

How you paid your mortgage this month? Are you in arrears at this moment in time with either the mortgage/council tax/gas or elec? If not, excellent news, if so, post and let us know.

Memory_Girl · 22 October 2009 at 3:38PM

Responses added below thanks

WASHER wrote: »

Your benefits seem low? Check Entitled.com and see if you are getting everything you are entitled too.

I will make that my next job - thanks

Why do you pay for school lunches if you are in receipt of benefits.

My son goes to a Charity School - they have been brilliant and said that I don't need to contribute to the running costs this year (the parents keep it running) but have asked that I pay for the lunch that my son has (veggie school and the kids all eat together). It's not a state school so apparently I con't claim any help here. DS is Borderline aspergers hence the choice of school.

Who/what is personal guarantee? Is it a loan? I've never heard of them.

It means that if a business goes belly up the bank can come and demand a certain amount of money back against their lending. In my case this is £10000.

Your Soa seems ok, but in my opinion you cannot really afford the car.

Agreed. Unfortunately my sons school is 4 miles away, in a really rural area, on top of a hill, not on a bus route, no school bus, and no-one to car share with as the rest of the kids come from the other direction. I would have to push the buggy there and back twice a day along rural roads with no pavements once you are outside town. It may come to it though.

Does the benefits shown above include your child allowance and tax credits?

Yes i get IS of £128.60 per fortnight. Child Benefit of £33.20 per week and Child Tax Credit of £90.73 per week.

WASHER.x.

WASHER · 22 October 2009 at 3:42PM

Does your son get any DLA/or any other benefit for being Aspergers,I'm sorry I don't much about the disorder, or the benefits system, but it seems far far too low to me.

Ok, I agree with the car, I wouldn't want to you walking up some dark hill in the winter months.

Have you thought of bankruptcy, as regards to this debt? I don't know much above business debts either I'm afraid but someone will.

WASHER.x.

Memorygirl's SOA - do your magic!!

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