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  • FIRST POST
    • lh1234
    • By lh1234 15th May 17, 7:42 PM
    • 3Posts
    • 0Thanks
    lh1234
    Help needed and SOA figures
    • #1
    • 15th May 17, 7:42 PM
    Help needed and SOA figures 15th May 17 at 7:42 PM
    Im really struggling with debt. I have spoken to Stepchange who have recommended Bankruptcy however I have a telephone conversation booked for the end of the week regarding an IVA and whether it would be suitable.

    My debts started 7 years ago when me and my partner was reckless with money, spending in excess of our earnings (we were young and foolish!). Ever since has been a spiraling circle with them getting higher and higher in order to allow us to live and service payments required.

    I have been on a couple of Reduced Payment plans with various creditors but it hasn't made it any easier.

    I have around 25k of debt in my name. I currently earn 21k and my now wife gets 850 a month in CTC and Child Benefit.
Page 1
    • lh1234
    • By lh1234 15th May 17, 7:44 PM
    • 3 Posts
    • 0 Thanks
    lh1234
    • #2
    • 15th May 17, 7:44 PM
    Soa
    • #2
    • 15th May 17, 7:44 PM
    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 4
    Number of cars owned.................... 2

    Monthly Income Details

    Monthly income after tax................ 1483
    Partners monthly income after tax....... 0
    Benefits................................ 850
    Other income............................ 0
    Total monthly income.................... 2333


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 369
    Management charge (leasehold property).. 0
    Council tax............................. 92
    Electricity............................. 50
    Gas..................................... 50
    Oil..................................... 0
    Water rates............................. 30
    Telephone (land line)................... 0
    Mobile phone............................ 54.5
    TV Licence.............................. 13
    Satellite/Cable TV...................... 0
    Internet Services....................... 27
    Groceries etc. ......................... 460
    Clothing................................ 140
    Petrol/diesel........................... 310
    Road tax................................ 18
    Car Insurance........................... 180
    Car maintenance (including MOT)......... 55
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 38
    Pet insurance/vet bills................. 26
    Buildings insurance..................... 0
    Contents insurance...................... 15
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 30
    Entertainment........................... 50
    Holiday................................. 0
    Emergency fund.......................... 0
    Kids Pocket Money....................... 20
    Clothing / Footwear..................... 120
    School Trips / Activities............... 5
    Meals / Drinks at work.................. 20
    School Meals............................ 20
    Total monthly expenses.................. 2212.5



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1000
    Other assets............................ 0
    Total Assets............................ 1000


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Credit Card....................4907......150.......16.9
    Credit Card....................1200......34........21.6
    Credit Card....................3700......92........15.9
    Overdraft......................2900......45....... .0
    Overdraft......................500.......12....... .0
    Mail Order.....................256.06....10........19.9
    Mail Order.....................853.......50........19.9
    Utility Debt...................450.......10........0
    Loan...........................492.......40....... .0
    Loan...........................8087......158...... .11.8
    Credit Card....................200.......12........31.9
    Credit Card....................800.......31.7......26.9
    Total unsecured debts..........24345.06..644.7.....-



    Monthly Budget Summary

    Total monthly income.................... 2,333
    Expenses (including HP & secured debts). 2,212.5
    Available for debt repayments........... 120.5
    Monthly UNsecured debt repayments....... 644.7
    Amount short for making debt repayments. -524.2


    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -24,345.06
    Net Assets.............................. -23,345.06


    • TheGardener
    • By TheGardener 15th May 17, 8:42 PM
    • 1,893 Posts
    • 1,750 Thanks
    TheGardener
    • #3
    • 15th May 17, 8:42 PM
    • #3
    • 15th May 17, 8:42 PM
    Hi,
    The OR can not take benefits for an IPA
    Is the car insurance really 180 per month!?
    Do you need - or want 2 cars? This is what the OR will ask. If both cars are worth about 500 each I doubt the OR will want them but whether they allow for the running costs of 2 cars is another matter - you will need to evidence the that 2 cars are necessary.
    Pocket money and entertainment are unlikely to be approved but you are allowed a modest holiday amount and an emergency fund so move those figures around.
    • lh1234
    • By lh1234 15th May 17, 9:08 PM
    • 3 Posts
    • 0 Thanks
    lh1234
    • #4
    • 15th May 17, 9:08 PM
    • #4
    • 15th May 17, 9:08 PM
    Thanks for the quick response. Thats good to know about Benefits not counting although Im not trying to avoid my debts. I have set up a payment plan previously but its eased the situation but not helped enough. Ive still been using Overdrafts and CC to fund living costs.

    Car Insurance is high for me due to high mileage (commute is a 60 mile round trip) and also a fault claim from last year.

    I work long hours Mon-Fri and occasional Saturday Mornings. Public Transport would take me 2.5 hours vs a 45 min drive. It also couldn't get me to work on time so I need my own form.

    My wife suffers with a leg condition and would struggle doing the school run walking so she does need a car. She does pay for this herself out of the money she gets (she used to work until recently)

    I could reduce my motoring costs with a motorbike for commuting but haven't got the funds to buy a decent enough bike. Approx 1k

    Thank you for those pointers - will amend the budget
    • LMG1305
    • By LMG1305 17th May 17, 12:08 PM
    • 57 Posts
    • 443 Thanks
    LMG1305
    • #5
    • 17th May 17, 12:08 PM
    • #5
    • 17th May 17, 12:08 PM
    Clothing................................ 140
    Clothing / Footwear..................... 120
    Not sure if this is right, you've got clothing down twice?
    • Ebe Scrooge
    • By Ebe Scrooge 17th May 17, 12:44 PM
    • 3,604 Posts
    • 2,977 Thanks
    Ebe Scrooge
    • #6
    • 17th May 17, 12:44 PM
    • #6
    • 17th May 17, 12:44 PM
    Clothing................................ 140
    Clothing / Footwear..................... 120
    Not sure if this is right, you've got clothing down twice?
    Originally posted by LMG1305

    And even if it's only one of those figures, that's a lot to be spending every month. You should be able to cut this down substantially.


    Haircuts................................ 30
    Entertainment........................... 50



    Again, this seems a lot to be spending every month.
    I may not know much about art, but I know what I like.
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