Ok I've finally done my SOA...

allieH

after lurking for a bit! :rolleyes:....and it's not looking good. I live alone and have no kids but have been off sick for a while now. I was able to pay my debt min payments by ebaying stuff and other funds but that has dried up now. Think unless I can get back into work asap I may need to go over to the bankruptcy board instead .
Anyway here it is, any advice/comments are appreciated:Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 409
Other income............................ 0
Total monthly income.................... 409

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 45
Management charge (leasehold property).. 0
Council tax............................. 30
Electricity............................. 18
Gas..................................... 18
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 30
Mobile phone............................ 0
TV Licence.............................. 12.5
Satellite/Cable TV...................... 0
Internet Services....................... 15.98
Groceries etc. ......................... 80
Clothing................................ 5
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 1.99
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 286.47

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 2000
Total Assets............................ 2000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Egg Card.......................393.......7.86......17.9
Barclaycard....................3526......79........27.9
Barclay Loan...................12000.....263.......11.9
Total unsecured debts..........15919.....349.86....-

Monthly Budget Summary
Total monthly income.................... 409
Expenses (including secured debts)....... 286.47
Available for debt repayments........... 122.53
Monthly UNsecured debt repayments....... 349.86
Surplus(deficit if negative)............ -227.33

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total Secured debt...................... -0
Total Unsecured debt.................... -15,919
Net Assets.............................. -13,919

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

Gemmzie

£45 a month for rent? Is that right?
Scrap clothing and presents for now
£80 food - is that just for you?
What are the "other assets" - could these be used to pay the debts?

littlemissmoney

£30 on council tax? Do you live with other people? If so, can you not share your internet costs with them?

allieH

Thanks for replying....no there is just me in the house.
The £45 is my contribution to rent as I get Incapacity Benefit and don't get full rent rebate, same reason that I have to pay the Council Tax contribution.
The £80 food is including toiletries, cleaning items etc and I don't always spend the whole lot.
I could scrap clothing yes, and presents...well yes that too I guess, people will just have to understand.

allieH

The 'other assets' part was jewellery but as it's my engagement ring I probably shouldn't count it.

Gemmzie

Okay, so if you're on IB then you aren't expected to pay more than £1 on your debts. So that's probably the best course of action
Otherwise you could use the £122.53 and work out pro-rata payments for now.

allieH

Ok thanks a lot for your help :beer:

Toto

hi allie,

I suppose the key here is how likely are you to come off IB and go back into work? If you are likely to return to work then a good plan is to pay your creditors £1 token payments until you are earning again. It would be best to speak to payplan CCCS or CAB to set that up.

If you are never going to be fit enough to work then in your position, not owning a house or anything of value and living on benefits I would seriously consider bankruptcy.It isn't as scary as it sounds and it would be a solution to your current debt problems. Again your best bet would be to speak to one of the charities listed above.

littlemissmoney

If you are engaged can you not move in with you husband-to-be to save money?

allieH

Thanks, I'm hoping to get back to work in the next few months so I will do the £1 token payments until my circs improve.

Moving in with my fiance is not an option, no.