Urgent advise needed - Please

damo2k

OK - been reading loads of threads and now more confused the more i think about everything.
I have just realised how much in the proverbial i am, i have done my SOA as below, please can anyone offer advise - do i need an IVA or DMP or even something else???


Thanks a lot



Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1530
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1530

Monthly Expense Details
Mortgage................................ 332
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 55
Electricity............................. 49
Gas..................................... 33
Oil..................................... 0
Water rates............................. 13
Telephone (land line)................... 20
Mobile phone............................ 45
TV Licence.............................. 11.61
Satellite/Cable TV...................... 10
Internet Services....................... 25
Groceries etc. ......................... 250
Clothing................................ 35
Petrol/diesel........................... 90
Road tax................................ 19
Car Insurance........................... 48
Car maintenance (including MOT)......... 30
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 50
Buildings insurance..................... 20
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 35
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1279.61

Assets
Cash.................................... 0
House value (Gross)..................... 70000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 71500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 47700....(332)......0
Total secured debts........... 47700.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
First Direct...................3000......0.........0
Barclaycard....................2500......0.........0
Virgin.........................4000......0.........0
First Direct Loan..............9000......0.........0
Egg Loan.......................5500......0.........0
Egg............................5250......0.........0
MBNA...........................3000......0.........0
CAP1...........................500.......0.........0
Total unsecured debts..........32750.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,530
Expenses (including secured debts)....... 1,279.61
Available for debt repayments........... 250.39
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 250.39

Personal Balance Sheet Summary
Total assets (things you own)........... 71,500
Total Secured debt...................... -47,700
Total Unsecured debt.................... -32,750
Net Assets.............................. -8,950

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

SuzySu

Hi and welcome. Just wanted to say that maybe nearly 11pm is not the busiest time on here, so be patient - you will get a lot of helpful replies soon.

Horace

Hi and welcome

Your grocery bill is a little high at £250 - so nip over to the moneysaving oldstyle forum and look at meal planning. Shop in places like Lidl, Aldi and Netto. When you go shopping make a list (look in your cupboards and the fridge and freezer to see what you have and what you need). Stick to the list when you go shopping. Don't buy lunch - take your own as its cheaper.

£50 on entertainment and £35 on presents - you cannot really afford these so cut down for a while and use the money to pay off your credit card debts.

Looking at your SOA - there appear to be no monthly payments against credit card debts or the various loans. If you can stop spending on the cards as this will only rack up more debt.

Keep a spending diary write down everything in it - including the odd coffee you may have when you are at the shops, newspapers, magazines - everything adds us.

I am sure that someone more knowledgeable than myself will come along - although it is rather late so some will be off doing something.

damo2k

Sorry - still trying to get used to the site...

I now realise i have not put payment details on the SOA - crrently am paying minimum payments plus Loans - (Not sure how) but overall monthly payments is £869 a month and rising. Managed not to defaulkt

Entertainment and presents i put on because it was listied on the SOA blank form - i did think it was a wish list and sure - these are not priority at all, thanks for your reply

Horace

Could you take in a lodger? Their rental payments will go some way to clearing the debt as well?

Try not to fret about the debt as you will be able to clear it, it may take a long time but you will clear it with the help of the nice folks on here.

SouthernSoftie

Is there just you at home? If so then yes your groceries are too high, as are the entertainment and birthdays for the mo.
Your mobile phone also is high, could you swap or change to a pay as you go.
If you do swap make sure you buy it through www.quidco.com. You'll find a thread about that on here, as they give your most of their commission back and it costs nothing.
Internet services is also high, can you not combine this with your satellite and get it free if on sky? Not sure if others do this.
Would say however, you may well be better off just going via freeview and ditching the satelite altogether.
Clothing could be lowered if just you.
Are you paying off vets bills or is that all insurance, as again is high, though having dogs myself I know it can get like that. Some dog owners scrap the insurance and just put some away each month, it depends on age/health of dog if wise to do that.

Your building and content insurance seems high together too. I have a big house (buildings insurance is for over 1/2 mill) and mine combined is only £23 a month with £50 cashback..... again if you look round to swap and save go through quidco.

As said, you haven't put any of the minimum payments for your cards on, but from the amount unsecured I can see it would be a lot.

Your best bet could well be to speak to CCCS http://www.cccs.co.uk/
They are free. Fill in the online form and see what it comes up with.
DO NOT speak to any company who says they can guarantee to get your debts cleared with lower repayments by taking a fee. CCCS do the same for free.
I would not recommend an IVA, but CCCS will be able to give advice about the best plan, probably a DMP.

damo2k

Tanks for your reply, the Vet bill is for my 16 year cat who is slowly petering out but requires montly tratment so can't really do anything with that bill,

Already looking into freeview and internet charges.

I have a 1 bed property so cant take in a lodger - my partner just recently left me who contributed towards everything - which i suppose has increased the debt over the last 4 months.

Will look into the insurance suggestion - thank you.

As far as groceries - i have not really been calculating since being on my own - but sure will do

Tanks again

tealady

Hi. I find a spending diary is a great help as you soon realise what is need and what is just want.
Your electricity and gas are huge for someone living on their own. Check you are with the cheapest company and switch via a cashback website.

damo2k

So - woke up this morning (Not that i slept much) and went through my SOA again and put in pament info that was missing (unsure offhand what some of the APR works out at)

Thank you for the feedback so far...........i kow i got a lot to thin about, and i apreciate the direction.

My revised SOA is as follows



Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1530
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1530

Monthly Expense Details
Mortgage................................ 332
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 55
Electricity............................. 49
Gas..................................... 33
Oil..................................... 0
Water rates............................. 13
Telephone (land line)................... 20
Mobile phone............................ 45
TV Licence.............................. 11.61
Satellite/Cable TV...................... 10
Internet Services....................... 25
Groceries etc. ......................... 250
Clothing................................ 35
Petrol/diesel........................... 90
Road tax................................ 19
Car Insurance........................... 48
Car maintenance (including MOT)......... 30
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 50
Buildings insurance..................... 20
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 35
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1279.61

Assets
Cash.................................... 0
House value (Gross)..................... 70000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 71500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 47700....(332)......0
Total secured debts........... 47700.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
First Direct...................3000......90........17.9 Limit 3000
Barclaycard....................2500......52........14.9 Limit 4220
Virgin.........................4000......110.......0 Limit 4800
First Direct Loan..............9000......212.......0
Egg Loan.......................5500......166.......0
Egg............................5250......130.......0 Limit 5250
MBNA...........................3000......55........0 Limit 3000
CAP1...........................500.......12........0 Limit 800
Total unsecured debts..........32750.....827.......-

Monthly Budget Summary
Total monthly income.................... 1,530
Expenses (including secured debts)....... 1,279.61
Available for debt repayments........... 250.39
Monthly UNsecured debt repayments....... 827
Surplus(deficit if negative)............ -576.61

Personal Balance Sheet Summary
Total assets (things you own)........... 71,500
Total Secured debt...................... -47,700
Total Unsecured debt.................... -32,750
Net Assets.............................. -8,950

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

nekosuki

Hi damo2k, are any of your credit card providers offering 0% or low life-of-balance transfer deals? If you could switch some of your card balances over you'll be repaying it quicker. Not an instant fix I know, but always a thought!

Anyhooo, the experts'll be along soon, the advice and support on this forum is awesome.:D

Bismarck

hi...well done for posting.

A good thing you have in your favour is a low mortgage cost compared to your income.

Can you help by showing the credit limits you have available on your cards - one possibility is some shuffling of the debts to favorable terms and, combined with a brutal cut on your groceries, there could be an easier way out that way...

take care