newbie soa. think i need help.

aimingforadebtfreelife

Hi,

Have you explored all posibilities on benefits for having a disabled son.

First of all there is DLA, then if you get DLA you can get carers allowance. Plus if you get Child Tax Credits and get middle or higher rate care DLA you qualify for substantially more payments from CTC. Try also www.familyfund.org.uk to assist with holidays and major purchases - ie a large fridge freezer if your son has food issues.

tyllwyd

On the figures you have given, at the moment every month you are getting £600 more into debt. Even if all of your creditors accept £5 per month, you are still falling behind by about £100 (unless you can squeeze that much out of your SOA). What have CCCS advised you to do? Do you think you will be able to increase your income in the near future? Why are you against going bankrupt?

Supreme_2

debtfreenewbie wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1200
Benefits................................ 400
Other income............................ 200
Total monthly income.................... 1800

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 160
Electricity............................. 80 <- this is high
Gas..................................... 0
Oil..................................... 40
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 30
TV Licence.............................. 24 <- ??
Satellite/Cable TV...................... 50 <- I hope this is a mistake as you cant even remotely afford this
Internet Services....................... 20
Groceries etc. ......................... 400 <- WAY too high
Clothing................................ 50 <- needs to go
Petrol/diesel........................... 160 <- too high
Road tax................................ 20
Car Insurance........................... 50
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 60
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 40 <- you are massively in debt and cant afford the payments. in what way do you think you can afford this?
Emergency fund.......................... 0
Total monthly expenses.................. 1854


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................32000.....170.......0
credit card....................7800......75........0
loan...........................4695......75........0
shelford oil...................200.......50........0
catalogue......................200.......20........0
mfi............................400.......10........0
hfc............................400.......20........0
loan carpet....................200.......20........0
old hp.........................1500......30........0
store card.....................200.......15........0
store card.....................1400......75........0
catalogue......................240.......40........0
bt.............................300.......11........0
Total unsecured debts..........49535.....611.......-


Monthly Budget Summary
Total monthly income.................... 1,800
Expenses (including HP & secured debts). 1,854
Available for debt repayments........... -54
Monthly UNsecured debt repayments....... 611
Amount short for making debt repayments. -665

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -49,535
Net Assets.............................. -49,035

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

You really need to cut back. You are living the life of someone who isn't in debt, though you are £50k in debt. At this rate you have no chance of paying it off, so things need to drastically change.

You certainly can't afford the luxury items you have on the SOA, so start by getting rid of them. Put together a basic spreadsheet with budgets and monthly spends on, then you can more easily keep track of whats coming and going.

It might seem like i am being harsh, but you are £50k in debt and really need to get with it a bit and stop ignoring it all and spending like someone who has no debt!

TotallyBroke

debtfreenewbie wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1200
Benefits................................ 400
Other income............................ 200
Total monthly income.................... 1800

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 160 Spread this over 12months instead of 10
Electricity............................. 80 This is high. You really need to cut back on usage. Turn everything off at the plug
Gas..................................... 0
Oil..................................... 40 I'm not sure if this is high or not. But with careful usage you maybe able to cut this back
Water rates............................. 0
Telephone (land line)................... 20 Only use landline for freephone numbers or see if you can get free calls
Mobile phone............................ 30 Reduce the tariffs down on these even £5 per month would help
TV Licence.............................. 24 This should only be £11 per month
Satellite/Cable TV...................... 50 You have to get rid. Just have the freeview channels.
Internet Services....................... 20 Way too high, lump in with landline and or Sky
Groceries etc. ......................... 400 Careful meal planning will bring this down by £100 maybe half.
Clothing................................ 50 Will have to stop, use free cycle, charity shops and only buy new as a present
Petrol/diesel........................... 160
Road tax................................ 20
Car Insurance........................... 50
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 60
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20 Can this be got any cheaper
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 Only buy for your 2 children and start looking for money off voucher now
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 40 This needs to be put on hold for a while
Emergency fund.......................... 0
Total monthly expenses.................. 1854


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................32000.....170.......0
credit card....................7800......75........0
loan...........................4695......75........0
shelford oil...................200.......50........0
catalogue......................200.......20........0Interest rate will be high. Throw it out.
mfi............................400.......10........0
hfc............................400.......20........0
loan carpet....................200.......20........0
old hp.........................1500......30........0
store card.....................200.......15........0Cut it up and do not get another one
store card.....................1400......75........0Cut it up and do not get another one
catalogue......................240.......40........0Interest rate will be high. Throw it out.
bt.............................300.......11........0
Total unsecured debts..........49535.....611.......-


Monthly Budget Summary
Total monthly income.................... 1,800
Expenses (including HP & secured debts). 1,854
Available for debt repayments........... -54
Monthly UNsecured debt repayments....... 611
Amount short for making debt repayments. -665

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -49,535
Net Assets.............................. -49,035

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

You need to stop spending on store cards and catalogues. You need to clear these debts as soon as you can to get rid of them quicker.
Have a look at your credit reports and see what they are live. Maybe you can get some 0% deals that will help for a while. If it stops the debts getting any bigger then that's a good thing.

Primula

Hello and welcome
You have been given some good advice on previous posts. You say you need good food for your son but you can definitely cut your grocery bill down and still have a very healthy diet. Go to the Oldstyle Board and spend some time in there. There is LOADS of fab advice/recipes and encouragement there.
By getting rid of SKY (move to freeview instead) you could pay off one of your smaller loans in 10 months, do without clothes for another 10 months and that's another £400 to another loan. Reducing your shopping bill by £100 per month, another £1,200 in a year. I'm no expert but I think you could be saving thousands in a year by taking some of the advice offered by the lovely people on this site and probably more still to come.
Good luck............will be watching with interest.
P

McKneff

Give Sky a ring, cut out the movies, sports etc.
If you dont want to give it up altogether ask them for the basic package,
Internet, Broadband, Skytalk (with free evening and weekend calls) is £16.50 a month, They are normally very helpful if you explain your circumstances.

Good luck, we are rooting for you.

Changingme

Sorry to hear of your troubles if you go to the old style savings board and try grocrey challenge I spend about £250 a monthfor 4 of us.I batch bake and this has helped with budget there is also the freebie board and there's a site for vouchers and with better weather coming your could grow a few veg,it may sound alot but has helped us no end. All the best.

debtfreenewbie

Thanks for all the replies guys:
My husband does 30 miles per day.
Need two cars as school too far and I have loads of appts with son.
I do get c.a. which I have included.C.B I forgot to add.
I do get dla for son but told not to add by ccccs.

Food bill reduced this week to 50 as stocked up.
My food bill is high too as ds in pull ups and washing bed clothes everyday.

Car insurance is for 2 cars and Ive got points on my licence.Soon to be gone.

We have got holiday costs covered . We need to get away and inlaws own caravan so we get it free.

Thanks again guys.

debtfreenewbie

We also have problems with utilities as we live in the country and cant always get the cheapest providers.

debtfreenewbie

All credit cards/ catalogues etc are gone a long time ago and we have 0% on all our debts.
We have arrears on our council tax so have to be careful.