Newbie - considering BR

tlc275

Hi all,

I have been lurking here for a week or so while I have been trying to work out my position. I'm not 100% sure but at the mo BR seems to be the way forward.

I have debts of £13,500, the loan was taken out before I had my daughter when I was working full-time, same goes for the cc - although I was on maternity leave at the time I was planning on coming back full-time. But now I only work part-time - 10 hours a week. I have done a SOA which I have posted below. THe debts are in my sole name but I have done the SOA to take into account my partners income for the timebeing as I don't really understand the position as he is the main wage earner. I am hoping to ring either CSCS or National debt line later on today but wanted to post my SOA before I erase it off of the work PC!!

Basically we are not in arrears in anything yet, for the last year or so we have been relying on my partners overtime which, along with some savings, and unfortunately a bit of robbing peter to pay paul.

Thats if for now really - just thought I would take the plunge and introduce myself and see if anyone has any comments about my SOA. I'd be grateful for any feedback.

Thanks in advance

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 380
Partners monthly income after tax....... 1083.33
Benefits................................ 325
Other income............................ 0
Total monthly income.................... 1788.33
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 760
Management charge (leasehold property).. 0
Council tax............................. 140
Electricity............................. 40
Gas..................................... 30
Oil..................................... 0
Water rates............................. 42
Telephone (land line)................... 40
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 39
Internet Services....................... 17.5
Groceries etc. ......................... 370
Clothing................................ 25
Petrol/diesel........................... 108.33
Road tax................................ 9.5
Car Insurance........................... 40
Car maintenance (including MOT)......... 15
Car parking............................. 26
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1803.33

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................8000......200.......0
credit card....................5500......70........0
Total unsecured debts..........13500.....270.......-

Monthly Budget Summary
Total monthly income.................... 1,788.33
Expenses (including HP & secured debts). 1,803.33
Available for debt repayments........... -15
Monthly UNsecured debt repayments....... 270
Amount short for making debt repayments. -285
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -13,500
Net Assets.............................. -13,500

deedee_3

Hi and welcome to the board.

If you can hold on until April there is something called a Debt Relief Order coming into being which might suit you better.Ask about them when you talk to the debt charuties. Will find a link for you.

http://forums.moneysavingexpert.com/showthread.html?t=1385275&highlight=Debt+Relief+Order

When doing your Soa put down your Joint household expenses ie:Mortgage/remt, utilities, council tax. Then your own personal expenses ie:mobile, hair, clothes.

You put your wage/benefits down and then your OH's contribution to the joint household expenses not his full wage and the OR will not be interested in things like your OH's personal expenses and debts.

tlc275

Hi,

Thanks a lot for your reply - my original post was a bit garbled as I was in a rush and didn't know where to start!! The DRO does look like it might be good for us, tho April seems a long way off now..!

I think I get it now re OH's wages etc so could I put the expenses for our DD down too or would it have to be for me only? Sorry to be thick!!

Thanks again for your reply!