HERE IS MY SOA - I AM A BIT STUCK....... Can you please help me

mollygrub

Hello all, I have posted my SOA and now I am rather hopeful that some of you lovely and knowledgable folk can please point me in the right direction......

I have a shared ownership house and this may not show as such on my SOA so I thought I would explain this as it appears that I have a lot of equity in my home (I wish!!!).

I am not in arrears with anything but this is only because I have been living off my credit card and overdraft and now that has all come to a sticky end and I am up to my limits on everything and panicking!!!!!!

Please would you take a look at my SOA and advise if you can see anything I should be doing. I have just sorted a part time job out and will be earning about 85/month after tax (as it is a second job I am really hit on the tax seemingly)

I really don't know what to do. I am desperatly worried and trying to hard to keep my head above water but sinking fast!

I live alone with my little dog and never go out and lead a very frugal and peaceful life really. I have a car which costs 35/year to tax and is so cheap to run (I purchased this on a loan from Toyota in better days and am now struggling but I do need a car as I live in the middle of nowhere and have to drive to work as no public transport - honestly!)

Thanks in advance (hopefully!)

Moll x

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1200

Monthly Expense Details
Mortgage................................ 380
Secured loan repayments................. 0
Rent.................................... 140
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 50
Gas..................................... 0
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 22
Mobile phone............................ 15
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 17
Groceries etc. ......................... 125
Clothing................................ 0
Petrol/diesel........................... 145
Road tax................................ 5
Car Insurance........................... 65
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 13
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 4
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1117

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 139500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 64050....(380)......0
Total secured debts........... 64050.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
overdraft......................3490......50........0
argos store card...............1200......29........29
car loan.......................6000......120.......0
credit union loan..............680.......45........13
halifax 1 card.................2700......50........0
capital 1 cc...................160.......10........0
sygma mastercard...............900.......30........29
Total unsecured debts..........15130.....334.......-

Monthly Budget Summary
Total monthly income.................... 1,200
Expenses (including secured debts)....... 1,117
Available for debt repayments........... 83
Monthly UNsecured debt repayments....... 334
Surplus(deficit if negative)............ -251

Personal Balance Sheet Summary
Total assets (things you own)........... 139,500
Total Secured debt...................... -64,050
Total Unsecured debt.................... -15,130
Net Assets.............................. 60,320

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

debtmuncher

cccs debt remedy

something i have noticed is that you dont have any house insurance so you might be best doing a cccs debt remedy then they do one back for you listing what you should paying out for your priorities and what will be left for creditors.

you can decide at the end whether to carry on going ahead with them or just leaving it and attempting to resolve it all yourself but imo i think you are best going for the dmp so that you have more cash for the main bills.

sparky0107

mollygrub wrote: »

Hello all, I have posted my SOA and now I am rather hopeful that some of you lovely and knowledgable folk can please point me in the right direction......

I have a shared ownership house and this may not show as such on my SOA so I thought I would explain this as it appears that I have a lot of equity in my home (I wish!!!).

I am not in arrears with anything but this is only because I have been living off my credit card and overdraft and now that has all come to a sticky end and I am up to my limits on everything and panicking!!!!!!

Please would you take a look at my SOA and advise if you can see anything I should be doing. I have just sorted a part time job out and will be earning about 85/month after tax (as it is a second job I am really hit on the tax seemingly)

I really don't know what to do. I am desperatly worried and trying to hard to keep my head above water but sinking fast!

I live alone with my little dog and never go out and lead a very frugal and peaceful life really. I have a car which costs 35/year to tax and is so cheap to run (I purchased this on a loan from Toyota in better days and am now struggling but I do need a car as I live in the middle of nowhere and have to drive to work as no public transport - honestly!)

Thanks in advance (hopefully!)

Moll x

Hiya moll,
Well done for coming on here, I've added some comments in red, make sure you go through money back websites like quidco etc. for insurances utilities and the like. Good luck, I'm sure some more people will come along and give you some good advice

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1200

Monthly Expense Details
Mortgage................................ 380
Secured loan repayments................. 0
Rent.................................... 140
Management charge (leasehold property).. 0
Council tax............................. 90 Can you change to 12 months
Electricity............................. 50 See if you can switch to a cheaper tarrif/provider
Gas..................................... 0
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 22 Change to a package so you get phone/internet/mobile for a smaller fixed price
Mobile phone............................ 15 As above
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 17 As above
Groceries etc. ......................... 125 Look on the old style board
Clothing................................ 0
Petrol/diesel........................... 145
Road tax................................ 5
Car Insurance........................... 65 Price comparison web site?
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 13
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 4
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1117

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 139500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 64050....(380)......0
Total secured debts........... 64050.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
overdraft......................3490......50........0
argos store card...............1200......29........29
car loan.......................6000......120.......0
credit union loan..............680.......45........13
halifax 1 card.................2700......50........0
capital 1 cc...................160.......10........0
sygma mastercard...............900.......30........29
Total unsecured debts..........15130.....334.......-

Monthly Budget Summary
Total monthly income.................... 1,200
Expenses (including secured debts)....... 1,117
Available for debt repayments........... 83
Monthly UNsecured debt repayments....... 334
Surplus(deficit if negative)............ -251

Personal Balance Sheet Summary
Total assets (things you own)........... 139,500
Total Secured debt...................... -64,050
Total Unsecured debt.................... -15,130
Net Assets.............................. 60,320

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

Also try www.whatsthecost.com for the snowball calc

HTH

urg123

Hi MollyGrub.

I know it can be hard when things don't quite add up. I thought I'd give you a few tips that I have picked up since I became more active.

Can you look into getting a combined telephone/internet package to reduce your current costs?

Try to shave some money off your grocery bill. I am supposed to be trying to manage on £90 pm. I failed miserably becasue I gave in to take-aways but I would have managed if I had stuck to the plan. Have a look at the old-style board - there are some great ideas there. Meal planning can help you to buy only what you need (as will a shopping list that you don't divert from).

Keep a spending diary and look at where you can shave off some more.

Can you sell a few things? I've made money on Amazon's Marketplace although I have never tried ebay.

Can you take on a part-time job - even if it just for the Christmas period?

Just a few thoughts. Hope they help.

URG x

mollygrub

Oh thank you so much for replying to me. I am so chuffed that someone has taken the trouble to respond.

I don't have any house insurance as it is in with the rent part of the shared ownership house and I paid for my contents insurance in one go as it was not much and at the time I seemed to be quite comfortable - my how things change!

Regarding the shopping - I usually manage on about 25/week but my son comes home soon (he is in the armed forces) so I have been putting things aside for him as he eats me out of house and home when he is here.

I have sold almost everything I can do to be honest - I have virutally no electrical items any longer in the house as I have sold them on ebay!!!! For next to nothing but it all helps.

Really am desperate - I went on to CCCS site and did a debt remedy but they said I didnt have any spare money to repay my debts. So, at the end of my tether and so worried as I have worked so very hard to get my credit rating average and I can see all my hard work (and my house if I am not careful ) slipping away!! I already have a full time (and I work an awful lot of hours) and a part time role so I don't have any more time to do any more jobs! It is pretty dire at the moment...

Oh heck. Moll x

debtmuncher

does your son pay anything for his food/rent when he is staying with you (if not i think you should be asking him because its not fair you are having to struggle if he can easily afford to pay something towards his own costs)

you can do your own dmp plan...somewhere there are letter templates so just write to them all saying you only have so much to pay towards them but hope someone who fully knows all that can tell you more though.
xxx

mollygrub

Unfortunately my son is only earning the bare minimum and he is only home 5 weekends of the year so I can hardly ask him for keep!!! I wish!
Good idea though if it had have been different I would have loved to ask him!
Again, thanks for the time to think about this for me.

I am just so scared of getting even deeper in to trouble and I dont know how i will pay everything next month as I dont have any money left on any of my credit cards!

Just gets worse and worse....

debtmuncher

http://www.payplan.com/

try above or pop into/phone citzens advice bureau.

but hey dont worry!!! somehow you will get it all sorted!!

mollygrub

Council tax............................. 90 Can you change to 12 months - not this LA will not let me - I have checked and they only let you do it over 10 months - a pain in the bum!
Electricity............................. 50 See if you can switch to a cheaper tarrif/provider
Telephone (land line)................... 22 Change to a package so you get phone/internet/mobile for a smaller fixed price - I have a 12 month contract with BT and cannot amend it - I do use 18185 if i use phone for calls outside of the free calls so do try
Mobile phone............................ 15 As above - I am in a contract and I really dont think I can find anything cheaper than 15/month - I have looked at payg but cannot do anything until Feb and I would probably be looking at 10plus for a payg anyway
Internet Services....................... 17 As above - see BT
Groceries etc. ......................... 125 Look on the old style board - I do try and I feel i do quite well really - I do sometimes get lower than 125 but am really careful5
Car Insurance........................... 65 Price comparison web site? - This is normally 35 but as i added my relative for a period of time to help them out I had to increase my premium payments so this is only until Jan then it reduces back to 35/month

tyllwyd

mollygrub wrote: »

...I dont have any money left on any of my credit cards!

But that's the thing, it isn't money, it's credit. If that is all you are surviving on, it is bound to come to an end sometime.

Your SOA shows you are £250 short at the end of the month. Is there any way at all that you can cut back/earn more/sell something to make up the difference? Because if not, you are going to have to do something about it, whether it is trying to remortgage or move to cut down your rent/mortgage payments, or default on some of your debts. I know you are worried about your credit score, but it might have gone too far for that by now.

If you decide to do your own DMP, there are lots of people here on the board who have been through it and will be able to help you.

--Gem--_3

Hi Molly,

It seems to me that your debt payments are £334 of your £1200 salary.

Could you please provide details of the debts so we can help you more.

Ie...MBNA Credit card 4000 owing 21% interest

Gem x