my soa

paybacktime2008

Go to the up your income board. Loads of ideas on there. Good luck.

mbs1

just a quick one.

If your income is £1468 and eseential outgoings £1060 that leaves £408

And your debts are £600+ per month so you are spending more than you earn...

Is this right or have i read it wrong?

Thanks

haleygrey

hi to mbs1, paybacktime2008 and uncertain, thanks for the advice, am still trying to get myself motivated to get it all sorted.
mbs1 you have read it right, i am paying out more than i bring in, no wonder im in such a state.

RAS

haleygrey wrote: »

Have just been reading some of the posts regarding debts and have been feeling disheartened at the prospect of having to cancel christmas because i cant afford it. So I have prepared my SOA and have also made a start by contacting both the National Debt Line and CCCS, Hopefully one of them will be able to help me
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1069
Partners monthly income after tax....... N/A Benefits................................ 389.40
Other income............................ 0
Total monthly income.................... 1458.40
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 422.18
Management charge (leasehold property).. 0
Council tax............................. 132
Electricity............................. 80
Gas..................................... 25
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 13.45
Mobile phone............................ 35
TV Licence.............................. 15.50
Satellite/Cable TV...................... 11.5
Internet Services....................... 18
Groceries etc. ......................... 240
Clothing................................ 5
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 12
Buildings insurance..................... 0
Contents insurance...................... 12.18
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1060.31

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 600

No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds TSB Loan 5291......191.4.....12.2
John Lewis Credit Card.........2750......86........16.9
Tesco Credit Card..............1900......106.......14.0
nationwide (overdraft).........1300......75 12.2
Lloyds Bank overdraft 2 a/cs.. 820.......0.........0
store card - Next Directory....600.......49........0
Barclaycard....................1000......48........14.9
Halifax Credit Card............1800......79........22.95
Total unsecured debts..........15461.....606.4.....-

Monthly Budget Summary
Total monthly income.................... 1,458.4
Expenses (including secured debts)...... 1,060.31
Available for debt repayments........... 398.09
Monthly UNsecured debt repayments....... 606.4
Surplus(deficit if negative)............ (£202.31)
Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total Secured debt...................... -0
Total Unsecured debt.................... -15,461
Net Assets.............................. -14,861
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

have re-worked you figures so it reflects the real situation.

The two things you need to do whilst you wait for the debt charities to help you are.

See if you can cut back that mobile cost.

Check all you accounts and do the following

1. Reclaim any late payment fees for bank accounts, catalogues, loans or credit cards, for the last 6 years.
2. see if you have PPI on any of these and reclaim that.

This could cut a fair bit off your debt.

Other than that, it looks like a DMP might be appropriate.

What worries me longer term is that when your oldest leaves school/college, your benefit entitlements will reduce and they will assume he is contributing to the household. I would advise concentrating the money you now have on getting the rent and the council tax sorted out ASAP and then the utilities, even if this means not paying the full whack on you other debts.

mummy2mygirls

here is a link to the up yor income board (hopefully)....... http://forums.moneysavingexpert.com/forumdisplay.html?f=145

there is lots of ideas on making a little extra money! i would recommend mystery shopping, using quidco etc for anything you do buy. Do ing the daily clicks etc. Have a read im sure you will find something to help a little. Also try and sell things on ebay etc. Your kids probally have lots they no longer need, maybe you could list them and agree to a split so they get some money for selling them and you get some for the debts??

hope it helps a little
x

haleygrey

thanks to both RAS and mummy2mygirls. Have just come off the phone to the National Debtline. They pretty much worked things out as I have. Cant do a DMP as I dont actually have any surplus yet, but will wait until they send me all the info until I take my next course of action. If I pay everything off at a token payment, it will take me 17 years! woohoo!
Did the bank charges reclaiming last year and didnt do what I should have done which was pay off a couple of the credit cards
The next option is to declare myself Bankrupt which will give me a fresh start but not making any decisions until ive looked at all the options and worked out payments.