SOA help!

TotallyBroke

hapheidi wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1000
Benefits................................ 458Other 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 Needs to be cut back
Gas.....................................
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 18 BT line rental is £11 per month. So cutbacks can be made here
Mobile phone............................ 25 Is this contract if so reduce the tariff. If payg then you need to cut down on texts and calls
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15 Can you not get this with landline provider it could be cheaper
Groceries etc. ......................... 100 For one adult and 1 child this could be cut slightly. Careful meal planning and only buying what you need
Clothing................................
Petrol/diesel........................... 136 Could you car share with someone else in work. We have a lot of people that do that saves everyone money
Road tax................................ 10
Car Insurance........................... 39
Car maintenance (including MOT)......... 0 You need to be saving something here
Car parking............................. 0
Other travel............................
Childcare/nursery....................... 0
Other child related expenses............ 10 What is this for? You cannot afford pocket money, if your son is of an age to receive pocket money then he is of an age to earn it himself.
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 You need to budget something here. You will be buying son birthday and christmas presents
Haircuts................................ 10 You could stop this and ask for a family member to buy this as your birthday/christmas present. Or get to your local college every couple of months, they can be alot cheaper
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 Do you have to pay this every month. I live in my overdraft but at the moment I do not pay anything off it.
visa card.....................2500......70....... Work out the apr rates
Barclay card..................280.......40...... .0 I would suggest you pay minimum payment on this and use the rest of the money to pay off the catalogues
catalogue.....................1500......70.......0 These will be costing you a fortune in interest they need to be paid off and never used again. It is so much cheaper to save up and buy in a shop than get on credit
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?

I've posted a few bits in blue

hapheidi

Electricity: I have egotiated a reduced rate and have looked around for cheaper, I use all energy saving light bulbs, every thig gets turned off at night and during the day nothing is left on standby i have had it all checked as i know it too high but they say its fine and just an old house.

Phones: i will look in to reducing this

Groceries: the reality is that it in an ideal time at the moment i am spending around £12 per week on groceries, I cook cheap meals

Car: my job requires my to travel from location to location throughout the working day so car share is difficult. saving for maintenence of the car i have nothing left to save.

Other child costs: this is not pocket money this is school trips lunches etc

Xmas and brithday presents: I dont buy them i didnt buy xmas presents my son had gifts thanks to my sisters kindness

Haircuts: I dont have my hair cut this is for my son and your right i could cut this out

Overdarft: I lived on my overdraft my bank approx 6 monthsago insisted it was cleared and they would be reducing it by 100 per month non negotiable

Catalogues i agree and wont ever be using again a lot of this was left from my previous marriage

Cards: the reality is i dont have the cash to meet minimum payments at the moment