SOA - trying to get head out of the sand.....

Pippilongstocking

Hello
Trying to get myself out of the mess I seem to be in. Deep breathes all round. I have started with a statement of Affairs and Personal Balance Sheet for me, I haven't got all the rates etc put down as to be honest I am in denial about most of them and don't know what they are at the moment.

About me - I am a single parent have been for 10 years now, little or no support from ex apart from the times he takes the kids for the holidays. We get no help with money as his arguement is that they could live with him!

Sorry this sounds like a soap story. To continue, single parent, no family support etc I went back to college, then to uni and now have gone through a 'costly' MSc to get me to the stage of doing a PhD. My motivation isnt great glory and grandness, I just find books easier to cope with than a 'real job' its more flexible if you are a single parent I think, but it does come at a cost. I didn't have the choice of childcare so I opted for studying.

I live remotely and have two kids, two dogs (one I am minding for £40 a month which covers food etc). I am about to move from my rural location inot town to cut petrol, the house is more expensive:eek: but its got two spare rooms that I can perhaps rent?? My brother recenty moved in with us and is giving me some board money, but the foods also gone up!

Any advice, butt kicking etc please do have a look.

A friend has just applied for an IVA - which I looked at but having read so much about them I really am not sure its the route I want to take.

Started doing some ebay/amazon (this week 17.00 ebay, 14.50 amazon.)

SOA below......Fay ps sorry this post seems v long!!! I might have done it wrong?

Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 0
Benefits................................ 630
Other income............................ 240
Total monthly income.................... 1870

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 50
Gas..................................... 0
Oil..................................... 120
Water rates............................. 0
Telephone (land line)................... 16
Mobile phone............................ 25
TV Licence.............................. 10
Satellite/Cable TV...................... 40
Internet Services....................... 20
Groceries etc. ......................... 300
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 20
Car Insurance........................... 35
Car maintenance (including MOT)......... 100
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 80
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1776

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 3500

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
egg............................3200......100.......0
rbs loan.......................3480......160.......0
lloyds loan....................2400......100.......0
lloyds tsb overdraft...........1000......0.........0
rbs overdraft..................1000......0.........0
student loan...................14200.....0.........0
Barclay card...................3500......50........0
llyods cc......................998.......50........0
capital one cc.................475.......25........0
Total unsecured debts..........30253.....485.......-

Monthly Budget Summary
Total monthly income.................... 1,870
Expenses (including secured debts)....... 1,776
Available for debt repayments........... 94
Monthly UNsecured debt repayments....... 485
Surplus(deficit if negative)............ -391

Personal Balance Sheet Summary
Total assets (things you own)........... 3,500
Total Secured debt...................... -0
Total Unsecured debt.................... -30,253
Net Assets.............................. -26,753

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.[/font]

======== Enter any other useful information below ========
me and two kids in home, brother now staying and giving us some board money included in the extra income

Have a car (which I am thinking of selling when i move into town) and a VW camper van which was a pressie for my birthday tax and insurance paid, considering keeping this on the road and getting rid of car when in town.
Its a luxury I know, and heavy on petrol, but its an indulgent bit of rusty escape to the beach with kids and mutts.

Merlot

fayjmck wrote: »

Hello
Trying to get myself out of the mess I seem to be in. Deep breathes all round. I have started with a statement of Affairs and Personal Balance Sheet for me, I haven't got all the rates etc put down as to be honest I am in denial about most of them and don't know what they are at the moment.

About me - I am a single parent have been for 10 years now, little or no support from ex apart from the times he takes the kids for the holidays. We get no help with money as his arguement is that they could live with him!

Sorry this sounds like a soap story. To continue, single parent, no family support etc I went back to college, then to uni and now have gone through a 'costly' MSc to get me to the stage of doing a PhD. My motivation isnt great glory and grandness, I just find books easier to cope with than a 'real job' its more flexible if you are a single parent I think, but it does come at a cost. I didn't have the choice of childcare so I opted for studying.

I live remotely and have two kids, two dogs (one I am minding for £40 a month which covers food etc). I am about to move from my rural location inot town to cut petrol, the house is more expensive:eek: but its got two spare rooms that I can perhaps rent?? My brother recenty moved in with us and is giving me some board money, but the foods also gone up!

Any advice, butt kicking etc please do have a look.

A friend has just applied for an IVA - which I looked at but having read so much about them I really am not sure its the route I want to take.

Started doing some ebay/amazon (this week 17.00 ebay, 14.50 amazon.)

SOA below......Fay ps sorry this post seems v long!!! I might have done it wrong?

Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 0
Benefits................................ 630
Other income............................ 240
Total monthly income.................... 1870

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 50
Gas..................................... 0
Oil..................................... 120
Water rates............................. 0
Telephone (land line)................... 16
Mobile phone............................ 25 - Get rid of this
TV Licence.............................. 10
Satellite/Cable TV...................... 40 = get rid of this to, freeview etc
Internet Services....................... 20
Groceries etc. ......................... 300
Clothing................................ 0
Petrol/diesel........................... 200 - ouch
Road tax................................ 20
Car Insurance........................... 35
Car maintenance (including MOT)......... 100 - gosh thats alot
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 80 - what are these?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 - too much
Haircuts................................ 0
Entertainment........................... 100 - too much based on your level of debt
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1776

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 3500

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
egg............................3200......100.......0
rbs loan.......................3480......160.......0
lloyds loan....................2400......100.......0
lloyds tsb overdraft...........1000......0.........0
rbs overdraft..................1000......0.........0
student loan...................14200.....0.........0
Barclay card...................3500......50........0
llyods cc......................998.......50........0
capital one cc.................475.......25........0
Total unsecured debts..........30253.....485.......-

Monthly Budget Summary
Total monthly income.................... 1,870
Expenses (including secured debts)....... 1,776
Available for debt repayments........... 94
Monthly UNsecured debt repayments....... 485
Surplus(deficit if negative)............ -391

Personal Balance Sheet Summary
Total assets (things you own)........... 3,500
Total Secured debt...................... -0
Total Unsecured debt.................... -30,253
Net Assets.............................. -26,753

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.[/font]

======== Enter any other useful information below ========
me and two kids in home, brother now staying and giving us some board money included in the extra income

Have a car (which I am thinking of selling when i move into town) and a VW camper van which was a pressie for my birthday tax and insurance paid, considering keeping this on the road and getting rid of car when in town.
Its a luxury I know, and heavy on petrol, but its an indulgent bit of rusty escape to the beach with kids and mutts.

Welcome to the board.

You have taken the first step to becoming Debt Free.

I have added comments in above. You need to find almost £300 per month to make up the shortfall on your outgoings, you need to consider getting rid of the mobile phone, sky or cable, the car, and you may just balance the books. Have you included the rent in this SOA from your brother?

How much is the extra rent on the house in town?

Merlot.x.

Merlot

Are you paying back your student loan at the moment, you are not earning enough are you?

Pippilongstocking

hi and ta so much for having a look, off to bed after this with the promise to myself to dig out interest rates tomorrow.

THE rent is the new house rent sept 1st - 600 pm looking after it for a friend who is moving away, big house, reduced rent - they are happy for me to rent a couple rooms out (which is almost practical I think) also has a large garden and greenhouse etc, one thing i can do is grow plants so was hopign to make something from this?!
Its also only a walk from the uni - so petrol will go down to about £50 a month I hope

Not paying student loan I havent ever earned enough (Currently I have a 12k stipend tax free for doing PhD, with that and no council tax etc and other student benefits its as much as I got when I did get a job) and brother gives me 50 a week for board and grub, which in the new house will need to be upped to include bills.

Mobile I have cos of kids - I mainly work in field, have no family here but its free evening weekends etc with free texts? she said justifying it but maybe i ccan get rid of house phone, if i have htis one free in the evenings etc?

Sky, yeah just took this for the phone bit (unlimited calls £5 month) kids dad lives in france, all our pals live hundreds of miles away so it virtually wiped out the bill, but still wondering if the sky is needed.

Thought of ditching broadband, and the car (not vdub)

Kid expenses are school lunches, (15 a week) guides and swimming couple times a month

Entertainment is cinema, dvd or a takeaway etc - I know it should go....but rather cut some ofther stuff to keep the younglings at bay and some semblence of normal family life, we set a food budget about six months ago and they are awesome at that -
many thanks for having a look, i feel liek such a failure but now its time to shake that off and do something!
big hugs and night night - will check in tomorrow
Fay

Pippilongstocking

oops yeah brothers rent is already in my income statement!

angelflower_2

fayjmck wrote: »

Monthly Income Details
Monthly income after tax................ 1000 what is this from?
Partners monthly income after tax....... 0
Benefits................................ 630
Other income............................ 240 - is this affected by your benefits and do they know? Sory, for being nosy, not being judgemental but you dont want to add to worries
Total monthly income.................... 1870

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 600 - is this current property or the new one?
Management charge (leasehold property).. 0
Council tax............................. 0 why no council tax
Electricity............................. 50
Gas..................................... 0
Oil..................................... 120 extremely high!!!! Can you cut down?
Water rates............................. 0
Telephone (land line)................... 16
Mobile phone............................ 25 -payg or contract? when is it up for renewal?
TV Licence.............................. 10 - should be 11
Satellite/Cable TV...................... 40 you need to get rid of this
Internet Services....................... 20 - can you bundle this into your line rental? I have a payg internet dongle thing which doesnt need a phone line for £15 total a month (approx)
Groceries etc. ......................... 300 way too high. check out the old style boards for ways to cut down, consider joining a grocery challenge with us
Clothing................................ 0
Petrol/diesel........................... 200 -ouch - this will be reduced when you move?
Road tax................................ 20
Car Insurance........................... 35 -when is this up for renewal - check here for ways to cut it down and also qualify for cashback
Car maintenance (including MOT)......... 100
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 80 -what are these?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 0
Entertainment........................... 100 to high every month
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1776

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 3500

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
egg............................3200......100.......0
rbs loan.......................3480......160.......0
lloyds loan....................2400......100.......0
lloyds tsb overdraft...........1000......0.........0
rbs overdraft..................1000......0.........0
student loan...................14200.....0.........0
Barclay card...................3500......50........0
llyods cc......................998.......50........0
capital one cc.................475.......25........0
Total unsecured debts..........30253.....485.......-

Monthly Budget Summary
Total monthly income.................... 1,870
Expenses (including secured debts)....... 1,776
Available for debt repayments........... 94
Monthly UNsecured debt repayments....... 485
Surplus(deficit if negative)............ -391

Personal Balance Sheet Summary
Total assets (things you own)........... 3,500
Total Secured debt...................... -0
Total Unsecured debt.................... -30,253
Net Assets.............................. -26,753

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.[/font]

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

Have a car (which I am thinking of selling when i move into town) and a VW camper van which was a pressie for my birthday tax and insurance paid, considering keeping this on the road and getting rid of car when in town.
Its a luxury I know, and heavy on petrol, but its an indulgent bit of rusty escape to the beach with kids and mutts.

as you can see yourself, you have a big negative balance at the end of every month and cannot afford to make your minimum debt repayments. I have made some savings on your SOA but I think the biggest consideration will have to be getting rid of the car when you move into town. Quite simply you cannot afford it.

Sorry if its straight to the point but hopefully you understand why i am saying this. I admire your courage in coming on and posting all and you have come to the right place, lots of people on here will help you on your way!! :T

Merlot

When you took out the loans, did you purchase PPI with them as well?

How is your credit rating?

I see light at the end of the tunnel on this, but you are not going to like it alot, sorry the entertainment has got to be reduced by half at least. I can see you balancing the books if you get rid of SKY, Car, mobile and balance transfering (if you can) to low apr cards and reclaim PPI if you have bought it.

Merlot.x.

Pippilongstocking

Ok in way of response......

1000 a month student grant - tax free for 3 years - my way of having employment of sorts here for 3 years. No council tax etc

240 = 200 brother housekeeping 40 dog sitting - both cash


Petrol/oil expense is one of biggest reasons to move in to town for at least a couple years.

phone/bb etc limited providers here so its the best deal i could get having shopped around tied into contract for 1 year from Jan 08

Mobile 18 month contract 02 - started Dec 07

Oil - yeah a killer up 450% since we arrived and the oil-rayburn is only means of cooking/water etc one of reasons for moving house, new house bigger so the oil expense is prob similar but its got potential to rent a room/or two out.

Food yeah we aim for 50 a week - 4 of us - but often its about 300 - just got a tesco's which helps and a lidl here too so need a fool proof way of not going over my 50. Already do use it up weeks and stuff - need more focus! Grocery challenge......will try and do that - its the first tomorrow isnt it?

Um otherwise, can shed sky? Only signed up in Dec 07?

PPI's not claimed those back - will look into that started printing of the bank charges forms and then its been stalled hasnt it?

Credit rating i think is rubbish, so no balance transfers available I think.....will have a look tho , never thought of this as an option.

Can sell car for about 2000? Friend/partner (lives 300 miles away and we have no financial atonomy) has offered to 'lease it from me' to pay one of my bank loans - which might give me 160 a month but unsure if its better to bag the cash? might turn sour?? His arguement is I won't get what its worth and at least if he 'borrows it' its still an asset.

Another pal working abroad has offered an interest free loan to pay off worst credit card - but is this a good thing to do.?? any one any experience of such offers from friends, just seems like its a recipe for disaster

I am such a pessimist!
yeah the entertainment bit has to go - she thinks god its daughters birthday present next! argh.

Happy not to be pain free, happier to have choices in a couple of years rather than the mess I am in now - but at least family is good.

Seems its just me who is the delinquent! And noseyness i think is good - a healthy interest never hurt, I love it when people pick things apart - nitty gritty rocks! x

Sold another book on Amazon, day starts with sunshine!

Thanks for the support and the ideas! Back to the flowers!!

Pippilongstocking

Ok - so thanks for lots of advice, thus far I have:

Reduced sky to minimum (£16) and negotiated take over of broadband when my contract ends - saves a bit (will save £ 20 pm)

Got a wee part time job in am before work (well studies) so before 9am I will have worked for an hour and half. 7 days a week walking around some stock (cattle) for an hour - exercise too.....

Sold some stuff on ebay (£59.00) - listing more tomorrow

Printed the PPI stuff and will tackle that tonight - ta for that!

Cut budget for food down to £200 a month (save £100)

Registered at college as in new house I will have two spare rooms - what kind of rates do folk get?

Trying to re-negotiate with egg, but they seem to be difficult!

Agreed to lease car to partner (save £160 month as he will pay that loan and I save on tax, insurance and petrol)

Joined the make 10 quid a day in August - so far this seems to be on track!

Can't do balance transfers as have moved recently and credit scoring isnt great any ideas??

Thought of selling children is that legal?? (JOKE!!!!)

Managed to get siblings to 'help' with daughters birthday pressie so she gets one good pressie instead of lots of bits, Mum got me discount (ta mum) so all in all a Wii has cost me personally £50 - which I shall take from the Ebay sales!!! Yippee

On a more serious note, ahem - good friend has offered me an interest free loan to clear my egg card - good idea of completely bad idea?????

savingholmes

I just wanted to say thank you for your honesty. I haven't posted my full SOA yet... not been quite brave enough. I published a cut down version. It is really hard to repay debt, but it will be a fantastic feeling once its gone.

Realistically no-one can tell you whether to go for an interest free loan with a friend - it really depends how quickly they need the money back and what would happen to them if for any reason you couldn't pay. We have had loans off family in the past - even though we paid them back it caused tension so personally I wouldn't recommend it...

Pippilongstocking

Yeah - well SOA posted mainly out of my need to actually deal with things, i am in denail about so much!

Anyway - yeah dodgy ground loans and folk you know. Here's the offer, pal is working overseas remotely with full board etc, for 2 years.

Has just after 11 years of lot debt, low income, finally paid of all debts.

Has no living expenses etc for next two years so has offered whole of worst credit card (egg) as an interest free loan. I can easily do a dd and have been assured even if the money ends up being a gift then it won't matter - but am still cautious as its an amazing offer but I want to set up an arrangement to pay it over next couple years - I just respect enough to be cautious.

Can you set up an easy 'binding' agreement between friends?