Any advice welcome

niteowl.888

Hi to anybody reading this...

I am in so much debt ( £47,000) I just cant see any light at the end of the tunnel..

I have been in touch with the CCCS and have an appointment ..I know they will help me I suppose Im just plain worried about the whole thing and where it will all end..IVA's..bankrupcy..omg

Suppose I would appreciate hearing from anybody whos already been there and can offer any advice.

Have attached my SOA.so you can see how bad it is.

Hope to hear from anyone !

Thanks for listening and letting me ramble on.


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1763
Partners monthly income after tax....... 0
Benefits................................ 167.12
Other income............................ 0
Total monthly income.................... 1930.12

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 320
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 57
Gas..................................... 39
Oil..................................... 0
Water rates............................. 43.8
Telephone (land line)................... 20
Mobile phone............................ 10
TV Licence.............................. 12.04
Satellite/Cable TV...................... 36.99
Internet Services....................... 21
Groceries etc. ......................... 600
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 13.33
Car Insurance........................... 18.21
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30.55
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 10.57
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 80
Emergency fund.......................... 20
Total monthly expenses.................. 1838.49

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1800
Other assets............................ 0
Total Assets............................ 1800

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Personal Loan..................16000.....322.2.....0
Personal Loan..................16500.....296.8.....0
Personal Loan..................1800......108.3.....0
NatWest credit card............3462.62...77........0
Barclaycard....................6013.57...135.......0
Tesco credit card..............2650.69...79........0
Next store card................649.04....61.23.....0
Total unsecured debts..........47075.92..1079.53...-

Monthly Budget Summary
Total monthly income.................... 1,930.12
Expenses (including secured debts)....... 1,838.49
Available for debt repayments........... 91.63
Monthly UNsecured debt repayments....... 1,079.53
Surplus(deficit if negative)............ -987.9

Personal Balance Sheet Summary
Total assets (things you own)........... 1,800
Total Secured debt...................... -0
Total Unsecured debt.................... -47,075.92
Net Assets.............................. -45,275.92

Created using the SOA calculator at https://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.

cady

Groceries etc. ......................... 600
This seems very high? how many is there in the house, maybe check out the old school board to see if you can reduce it
Electricity............................. 57
Gas..................................... 39
This also seems high specially the elec have you tried switching to a better deal?
Satellite/Cable TV...................... 36.99
could you cut this down or get rid of it altogether maybe buy a didgi box instead?
Entertainment........................... 50
Holiday................................. 80
can you cut the entertainment down is this hobbies or going out?
is your holiday booked already can you cancel?
Telephone (land line)................... 20
Internet Services....................... 21
These seem high too can you maybe downgrade the BB or even switch to a company which gives you free BB?

HTH im sure there will be loads of support just remember your not alone and it seems bad now but this is a good first step

Cady

Barny1979

Get rid of sky straight away

bauctu

Either the sky needs to go or the entertainment amount needs cutting, you can't afford both. (but both preferably to be honest). Also that grocery amount seems massive, I'm sure you can make savings there.

Don't despair though they'll be a way out of this.

IWantToBeFree_2

On the Sky front, obviously its something that people will recommend that you get rid of straight away, but don't jump straight into it. Since we have started on our debt free journey, our Sky has been a god send, now there are so many programmes we can watch etc, we don't spend hardly anything on going out through the week, whereas when we used to have just basic freeview, we used to go out because there wasn't a lot to come home for...

You may find that it will save you lots in the long run, however, take a step back and see whether you need all the packages you may have, we only pay for 3 mixes meaning its just £19 a month, nearly half the price of yours.

Barny1979

I'd avoid saving for a holiday too to be honest. Sorry to sound harsh

tealady

Hi and welcome. Have you anything you can ebay, car boot, Amazon or Green Metropolis. I would also keep a spending diary to see where the money goes exactly. Also check out www.petrolprices.com to ensure you are getting the cheapest petrol locally to you.

JES_F1

Hi there :j

I've had a debt management plan with the CCCS since earlier in the year. It's been a huge relief - and the CCCS has been brilliant, as has the advice on here.

I started with roughly £45,000 of debt :eek: so am in a similar position to you - and should be debt free within five years, though I'm hoping to make it sooner thanks to the great hints and ideas for making money on these forums.

I've not got rid of Sky as I consider it alternative to going out. Like IWantToBeFree suggests, it might be worth holding on to this, at least for the time being, and cut back in other areas, such as the huge amount on groceries.

Good luck and very best wishes :j

savingholmes

Perhaps you could look at the finished baskets thread for ideas on how to cut down your present budget without looking like a miser.

Also could you reduce your clothes spend?

I think your groceries is probably your biggest potential saving area... I don't think you've told us how many people you are feeding on that....

All the best - on this board we are all in a very similar situation so try not to feel alone.

bauctu

You could look to combine your sky, landline and internet services into one with Virgin. That could half what you are already paying without having to give any of it up.

http://allyours.virginmedia.com/websales/product.do?id=15157&buspart=search

amyandjon

Hello if you like sky if it is sky reduce it down.... if you have a bt landline and bt package ask sky to take over 5 pounds per month plus 10 phone line.... get broadbrand internt free via sky you can have the free package our bundle 33 quid includes, sky, broadband, phone i think its great keep positive the light will soon come.... if it makes you feel better look at the debts you can over pay on ie credit cards loans are a fixed rate and will end at a term payments include a standard apr whereas credit cards are just robbing things hehe dont dishearten Amy