Time for change - help needed by numpty!!!

laura2481

HarryStottle wrote: »

Congratulations on completing your SOA. What you need to do now is to highlight, copy and paste everything (yes, I mean everything) below the line into a post on the MSE website. When you have done that, you can type any other relevant information at the end of the post.

<===== Copy and paste EVERYTHING below this line into your MSE post =====>

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1570
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1570

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 0>>
Electricity............................. 0??
Gas..................................... 0??I guess these are
Oil..................................... 0??included in rent?
Water rates............................. 0??
Telephone (land line)................... 0??
Mobile phone............................ 35 When does your contract run out? Look for cheaper deal!
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250 This could be cut down...my average is £160 for 2 people. Time to make friends with supermarkets own brand!
Clothing................................ 25 Cut back if poss!
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 20 Can get cheaper? I have petpaln for £10 but only one cat...poss you have multiple pets!
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 Every month? Poss cut down? Explain to friends/family U are needing to budget
Haircuts................................ 10
Entertainment........................... 100 Needs to be cut down 'til you can afford
Holiday................................. 0
Emergency fund.......................... 0
Money to friends........................ 2000 EEEEKKK!
Total monthly expenses.................. 2930

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
HBOS...........................4000......0.........0
HBOS...........................1504......0.........0
HBOS...........................1174......0.........0
BARCLAY CARD...................1000......0.........0
HBOS...........................3500......0.........0
Total unsecured debts..........11178.....0.........-
If you find out the APR's you can get an idea of what order in which to tackle these eg, highest APR first as it is costing you the most! Also 4 loans/credit cards all with HBOS- could you discuss the situation with them, try to get it all in one big loan with lower APR?
Monthly Budget Summary
Total monthly income.................... 1,570
Expenses (including secured debts)....... 2,930
Available for debt repayments........... -1,360
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ -1,360

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -11,178
Net Assets.............................. -11,178

I did my comments in blue to be a bit different. Oooh, get me. Crazy!

laura2481

Should money to friends be in unsecured debt list rather than monthly repayment? Do you pay them £2000 every month?!

HarryStottle

Just looking at the Co-op accounts, is it generally the consensus that it's the best to go for?

I have only a passport for ID, the only letters I have are those fom the debt collection bods, also my current debt/blacklisting issues may make it harder than it should be?

insider66

HarryStottle,

I don't mean to be rude, but your income is £1570..... how do you plan to pay friends £2000


this needs sorting

friends you say?

HarryStottle

No, I put it in the wrong place....it is one debt of £2000 - I may have to change the sheet (and my eyes)

insider66

HarryStottle wrote: »

No, I put it in the wrong place....it is one debt of £2000 - I may have to change the sheet (and my eyes)

Phew.....

we were all worried here :eek:

laura2481

insider66 wrote: »

Phew.....

we were all worried here :eek:

yep. that is a little less scary. :rotfl:

Not sure how it works once your debts have gone to a collection agency. Perhaps someone else will know of best way to sort 'em out. Possibly CCCS and debt management plan? Good luck.

HarryStottle

Sorry guys, lot's to take in all at once..........

laura2481

Yeah, bet your brain's boggling! My advice, sleep on it tonight- you've made a start so try to rest easy- and start tomorrow with a fresh mind and look at it methodically. Priority- find out who you now owe money to, how much, and best way to sort them.

Sleep tight. Bed bugs and all that

insider66

The ones to go for...

Co-op : Cashminder
Halifax or BoS : Easy cash (not in this case though)
Yorkshire Bank or RBS : Ready Cash
Natwest : Step

ask for the account by name - don't go in and say "I want to open a bank account"

All will give you d/d and standing orders, debit card and internet banking

Barclays, HSBC, LLoyds TSB will do the same but with no debit card