SOA help!

hapheidi

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1000
Benefits................................ 458
Other income............................ 0
Total monthly income.................... 1458

Monthly Expense Details
Mortgage................................ 585 (negotiated reduced payment for 6 months)
Secured loan repayments................. 189
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 89
Electricity............................. 92
Gas.....................................
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 18
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 100
Clothing................................
Petrol/diesel........................... 136
Road tax................................ 10
Car Insurance........................... 39
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................
Childcare/nursery....................... 0
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 4
Buildings insurance..................... 44
Contents insurance...................... inc above
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1438

Assets
Cash.................................... 0
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 116000

Secured Debts
Description....................Debt......Monthly.. .APR
Mortgage......................111000...(585 temp interest only)......5.6
Loan..........................8000.......189.......
Total secured debts...........119000 ....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
bank overdraft................550......100.......0
visa card.....................2500......70.......
Barclay card..................280.......40...... .0
catalogue.....................1500......70.......0
catalogue.....................500.......20........
catalogue.....................300....... 15.......0
catalogue.....................250........20........
car...........................7000.......198.......

Total unsecured debts.........12880......533.......-

Monthly Budget Summary
Total monthly income.................... 1458
Expenses (including secured debts)....... 1627
Available for debt repayments........... -169
Monthly UNsecured debt repayments....... 533
Surplus(deficit if negative)............ -702

Car: I still have finance on a car but am in a position of not being able to replace it with a cheap car as i have no spare cash would value any advice on how to deal with car finance company

I have sought advice from the cccs whom basically stated beg! which i have, I feel i have scaled down my outgoings as much as possible any more advice welcome

My situation occured due to a sudden loss of maintainence which has just had a knock on effect every month i am in arrears with everything.

I am thinking that bankrupcy is my only option but am worried about not having a roof over my head and should i be moving in to a rented property as soon as possible? before filing for bankrupcy please help?

tealady

Hi you appear to have missed things out. For instance how many people are in your house, if you have more bedrooms than people you might find a water meter helps.
Your electricity is high, make sure you leave nothing on standby, try not to use the tumble drier if you have one.
What did CCCS recommend? bankruptcy may be just one option but it is not a decision to be made lightly.

hapheidi

thanks for your response, there is only myself and my son in the home and i live in a very small 2 bed home which has lots of problems, I have negotiated a reduced payment for my gas and electric this was previously 145 per month I have had it all checked for leaks etc as it is so high but have been told its because it is an old house.

The cccs did reccommend me just begging companies to allow me to reduce payments which i have done so and most have already done that, after my drop in income in nov after filling in all there assessment forms they said there was not a lot else to reccommend and bankruptcy could be an option.

I feel that i have eshausted all options but am anxious about the prosess, keeping a roof over our heads how i will recover and if i have missed anything.

luees

This sounds similar to my sister's situation, you making any progress? Have you decided to go bankrupt? My sister's been advised to go down the IVA route.

Best wishes

TMoose

145pm for Gas and Electric still seems quite high - I live with one other in a 3 bed semi, and we average 50pm... Can you switch providers?

hapheidi

any advice greatly appreciated

sarahs999

I live in a three-bed house, with three of us, and we pay £70 a month for combined gas and electric. Have you looked at switching suppliers?

luees

Guess the bottom line is even after switching gas/electric suppliers how else can you make this work? The sister I mentioned earlier has tried her hardest to re-negotiate everything but the distance between making ends meet and going under just dont seem to get close enough to make it work.

She hasn't given up yet but it is soooo scary and stressful. Wish had the funds to help

TMoose

Also, looking at your debts, are those figures the absolute minimum payments?

Description....................Debt......Monthly.. .APR
bank overdraft................550......100.......0 -is this an arranged payment off, most OD's have no repayment terms (as they are revolving credit facilities)
visa card.....................2500......70.......
Barclay card..................280.......40...... .0 -this sounds like alot as a min payment, my HBOS Visa is @ 400 and the min payment this month is £5.
catalogue.....................1500......70.......0
catalogue.....................500.......20........
catalogue.....................300....... 15.......0
catalogue.....................250........20....... .
car...........................7000.......198...... .

Lastly, I think you may have to do something about the car - if you can get 6K for it, I think you really have to investigate public transport or anything you can to cut down the cost of travel given that your current cost is approx £350pm when you take into account Loan+Petrol+Insurance.

savingholmes

HI the three areas I think you could cut down:

buildings and contents insurance - I used to pay £54 now I pay £24 with the same insurer - I just took off cover for the things I wouldn't claim for in practice and they gave me a loyalty discount. I had already found out I could get cheaper insurance elsewhere.

home phone and internet - look to combine this eg thro talk talk to cut your bill. Get paid to switch thro a cash back site like quidco

Other than that I think you have done a good job at slimming down your expenses and would like to wish you look. You may also want to look at the make £10 a day challenge on this board for simple ideas on upping your income...

hapheidi

I agree i would love to get rid of the car but the value of the car would not now cover what is left of the loan so i would end up with still paying off the remainder of the loan no car and no money still to replace it with an older car. I have a contractual obligation in by job to have a car unfortunatly