HELP SORT MY DEBTS dont know wot to do

RAS

Hi

You need to get you priorities right - food and road tax are more important than phones, satallite TV and clothing. Sorry to be harsh but that is the reality.

As for not wanting to go to the credit union - if Provident are charging you 180% (quite possible) and the credit union are offering you 11-26% Apr, the way to bankruptcy is to remain with the Provident. You will save hundreds of pounds by swapping.

flissy25 wrote: »

font=courier new]Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0 - does he not work either?
Benefits................................ 880 - get this checked
Other income............................ 0
Total monthly income.................... 880

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 55 - this is high, go rounfd and turn stuff off, check with the comparision sites and swap via a cashbakc site like www.quidco.com
Gas..................................... 60 - ditto
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 70 - This is massive. Get a lock to stop the kids us it and learn to use special codes for your own calls in the evening and weekends.
Mobile phone............................ 20 - go PAYG
TV Licence.............................. 15
Satellite/Cable TV...................... 45 - stop this
Internet Services....................... 30 - if you must havce htios, then get a sensibly priced bundle for 20-35 for TV, internet and phone
Groceries etc. ......................... 50 - If this is really what you are spending then I am very worried
Clothing................................ 50 - knickers and shoes only. everything else via freecylce.
Petrol/diesel........................... 25
Road tax................................ 0 - it will cost a lot more if you do not pay this
Car Insurance........................... 20
Car maintenance (including MOT)......... 0 - you need to allow for this
Car parking............................. 0
Other travel............................ 15
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 ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 12
Haircuts................................ 0
Entertainment........................... 15 - cut this out until you have sorted your debts.
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 507

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 100
Other assets............................ 0
Total Assets............................ 100

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
provident......................564.......7.........149.6
nco............................239.49....0.........0
littlewoods....................475.64....0.........0
loan ..........................800.......140.......0
npower.........................356.......0.........0
provident .....................2047......20........124
Total unsecured debts..........4482.13...167.......-

Monthly Budget Summary
Total monthly income.................... 880
Expenses (including secured debts)....... 507
Available for debt repayments........... 373
Monthly UNsecured debt repayments....... 167
Surplus(deficit if negative)............ 206

Personal Balance Sheet Summary
Total assets (things you own)........... 100
Total Secured debt...................... -0
Total Unsecured debt.................... -4,482.13
Net Assets.............................. -4,382.13

You obviuosly do not have £206 surplus on your account each month, or you would be paying you debts back comfortably.

Ypou are spending £225 per month on stuff that is not essential and not enough on either food or car tax/maintence.

Pleas ekeep a spending diary(both of you) and find out exactly where the money is going.

When you have a better idea, revise your SOA.

In the mean-time pay a little to the old utility bills and pay everything you can on the Provident loan to get rid of it.

beanielou

Good advice from RAS.
If you dont want to go bankrupt again then you need to take on board the advice peeps are giving you.When did you last go bankrupt?
Have you applied for for DLA for the kids?
Good advice on the credit union~was what you owed them last time included in your bankrupcy?

minimee_2

flissy25 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 880
Other income............................ 0
Total monthly income.................... 880

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 55
Gas..................................... 60 This is quite high. Can you lower it? Or use a comparison website. Same for electric.
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 70 Is this a MONTH? Thats very very high. Ours is about £36 with BT. Again, use a comparison website.
Mobile phone............................ 20
TV Licence.............................. 15
Satellite/Cable TV...................... 45 Cancel it! Or at least downsize your package. If its Sky, I presume you have the movies and sports too at that price? We have all the Mixes, and its £21 a month. Ring them, tell them you want to cancel, and they'll give it you half price for a few months. After that, change it or cancel. Or go with another provider (eg Virgin) and get a package deal for all TV, internet and broadband.
Internet Services....................... 30 - Change provider. Its too high.
Groceries etc. ......................... 50 A month? With three step children?How?
Clothing................................ 50
Petrol/diesel........................... 25
Road tax................................ 0 How?
Car Insurance........................... 20 This is a good price, although a comparison website wouldnt hurt.
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 15
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 ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 12
Haircuts................................ 0
Entertainment........................... 15 Is this for DVD rental?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 507

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 100
Other assets............................ 0
Total Assets............................ 100

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
provident......................564.......7.........149.6
nco............................239.49....0.........0
littlewoods....................475.64....0.........0
loan ..........................800.......140.......0
npower.........................356.......0.........0
provident .....................2047......20........124
Total unsecured debts..........4482.13...167.......-

Monthly Budget Summary
Total monthly income.................... 880
Expenses (including secured debts)....... 507
Available for debt repayments........... 373
Monthly UNsecured debt repayments....... 167
Surplus(deficit if negative)............ 206

Personal Balance Sheet Summary
Total assets (things you own)........... 100
Total Secured debt...................... -0
Total Unsecured debt.................... -4,482.13
Net Assets.............................. -4,382.13

I have added a few comments above. It sounds harsh, but I dont want it to. Have a look, and a bit of a think. Definately look at some comparison sites (check the cashback sites when you have a quote, you may get some money back).

Obviously your main problem is the debts, but you will have more money to through at them if you save on bits and pieces above.
Are you getting all the benefits you're entitled to?
You're spending loads unneccessarily. Can your partner work?
Are you SERIOUSY getting only 25p a week IS because of a social loan? So the loan costs you £60 a week? (I think Is is £60 aweek, appologies if Im wrong). That cant be right!