Sinking Fast And Dont Know What To Do

Bismarck

and a Happy Birthday from me......good luck

Sue-UU

:bdaycake: A VERY HAPPY BIRTHDAY, blackclouds! :bdaycake:

Have as good a day as is possible and try and treat yourself to a pint at least, you deserve a treat and should let yourself enjoy it.

Let's hope today is the beginning of a wonderful year ahead and the start of a great life again.

Very best wishes.

Sue

Kandipandi

:beer: HAPPY BIRTHDAY :beer:

X

blackclouds

Hello again, not sure of the etiquette on here and didnt want to open multiple threads so I am adding on to this one if thats OK. Below is my updated SOA as the one I done the other night was done in the middle of the night and off the cuff without my full details to hand, additionally I have signed on today :eek: after realising that pride aint going to get me anywhere. Below the SOA are my questions :

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 262 Income Based JSA
Other income............................ 0
Total monthly income.................... 262

Monthly Expense Details
Mortgage................................ 394
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0 Claim submitted for council tax relief
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 13 12 month contract taken out May 08
Mobile phone............................ 58 10 months into 24 month contract
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 17
Groceries etc. ......................... 60 This will be reduced
Clothing................................ 0
Petrol/diesel........................... 40 This will go
Road tax................................ 15 This will go
Car Insurance........................... 50 This will go
Car maintenance (including MOT)......... 10 This will go
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 175 Need to get legal advise here
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 14
Contents insurance...................... 13
Life assurance ......................... 53 This will need to go
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 6 Any hairdressers out there ?
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 975

Assets
Cash.................................... 0
House value (Gross)..................... 85000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 85000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 64000....(394)......5.75
Total secured debts........... 64000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card 1..................6045......155.......17.9
Credit Card 2..................7641......175.......24.9
Overdraft 1....................1000......0.........12.9
HP Agreement..................9667.......255.......NaN
Overdraft 2....................450.......0.........12.9
Total unsecured debts..........24813.....585.......-

Monthly Budget Summary
Total monthly income.................... 262
Expenses (including secured debts)....... 975
Available for debt repayments........... -713
Monthly UNsecured debt repayments....... 585
Surplus(deficit if negative)............ -1,298

Personal Balance Sheet Summary
Total assets (things you own)........... 85,000
Total Secured debt...................... -64,000
Total Unsecured debt.................... -24,813
Net Assets.............................. -3,813

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

1 person, 1 bed house, 1 cat

OK questions ...........

Unless I get a job in next few weeks this is not going to improve and whilst I am trying all I can to get a job I cannot guarantee this so :

What happens if I cancel Mobile Phone D/D and stop paying

With HP agreement less than 1 year into 4 year term can I just tell them I want to hand the keys back ?

Any point in paying for Life Assurance based on the fact that I will lose the house unless I get a job soon anyway ?

I have an appointment with a local Debt Counsellor that is part of a community project that I have sourced through Money Advice Scotland and is approved by the Scottish Executive as a charitable debt advisory organisation.

Only problem is my meeting is not until the day all the direct debits are due - do I let everything just bounce this month as I have no income.

Sorry for all the q's just got so much buzzing about my head ..........

Buffythedebtslayer

I think you might have to let them bounce for a month. I don't really see what else you can do. I wonder if you could ring them all(!) and explain? or write to them and do the 1 pound good faith payment. that is probably what your debt counsellor would advise?

Sorry hon, not much help!
hope you managed something of a nice birthday at some point today.
xxx

blackclouds

Yep had a good bday despite this thanks, just trying to remove emotion and look at this logically now, been reading these boards for hours

Buffythedebtslayer

I know what you mean, you read and read and read then your brain explodes.

well mine does any how. do you think you could sell the Hp purchase(is it your car?) and have some money to pay off stuff for, mind you that won't happen quickly and you might need the car for work.

you have already done the e bay thing. any stock from your business you could car boot??

I think the pound payments are the way to go there is a template letter some where will go look xx

Buffythedebtslayer

I found this, not exactly sure if it is what you need tho,

hopefully some one with a clue will come a long!
_______________________________________________________________
Your address

Date








Dear Sirs

Account/Agreement Number

I am currently experiencing financial difficulties due to................
and I am therefore unable to maintain the full payment on my account. I am
trying to resolve my situation and will send you a financial statement as soon
as possible with the best payment offer I can manage.

Please let me have the following information so that I can draw up a
schedule of all my debts and make appropriate offers to my creditors:

Type of agreement (secured/unsecured)
Balance owing
Terms of repayment and interest/penalties accruing
Arrears
Any insurance policy attached to the agreement

I will write to you again as soon as I have received replies from all
my creditors.

Yours faithfully



___________________

blackclouds

Thanks Buffy that looks like a possible plan and thanks for the template

Buffythedebtslayer

I think from what I have read since I joined that type of letter shows you are trying to solve the problem not just sod off and hang the consequences. that way if your creditors are an unreasonable night mare you have proof you tried every step of the way to explain the situation.

xxxx