Depressed and down.....

Demonmeister

Hi All,

Been a frequent viewer of this site, but thought I'd post to see if anyone can help me.

I'm not being chased by anyone for any debts and I'm managing to make my payments (even if they are the rock bottom minimum), but I don't like living on this knife edge..

I'm very new to all this, so any help anyone can give me to getting myself to a position to having a little extra free cash each month would be a huge bonus.

I keep hearing about an SOA before anyone can really help, is this a statement of some kind?

If so, where do I get it from and then I can post up and you can tell me if the situation is as bad as I feel it is or if if there is a light at the end of the tunnel.

I'm just so fed up of everything and it's beginning to affect my job at the bank...I work for HBOS which as you know isn't doing too well... I work in the I.T sector so I'm not to blame for all the bad stuff going on...honest!

As as result, they have scaled down overtime (which I used to get occasionally but not often) to zero.

At a rough estimate I own £25,000 on a 10yr personal loan and about £10,000 split between x2 credit cards. Both are interest free, but the Virgin one is due to run out in May I think... then the payments will go up a bump (current debt is about £8000 on that).

So all in, I owe approx £35,000 on a wage of £22500.

Please, can anyone help me as I'm so, so down...

:-(

Thankyou...

SuzySu

Hi there and welcome

www.makesenseofcards.com/soacalc
Follow this link to enter your income and expenditure, then follow the instrucions for formatting for this site.

Good luck

sheba

Hi here is the full link;

http://www.makesenseofcards.com/soacalc.html

as SuzySu says above, and then you (and others) can see your full financial situation

xx

penguin83

Hi Demon and welcome.

As others have said a statement of affairs is the best place to start to see what the situation is and then you can take it from there.

x x x

Merlinexcalibur

Now, others have given you some good advice so now I am going to give you some from your thread title. I would really take a visit to your GP, explain to him what is going on - I did with mine last year, because then he had a better understanding of why I felt like I did; and I could tell he wasn't prepared for it by his facial expression but he was genuinely sorry, really felt for me those things had happened, which was a big plus because only one GP (at my old village practice years ago) ever took that level of interest in a patient before, so he had a good bedside manner and could see you as a human being not just 'a patient' - and go from there. Yes, you have the debt troubles. But you must also remember that it affects your health. So you really have to fight debt on two fronts: health and financially. They are hand in hand.

I live with these feelings daily, but then I've done so for many years now so have got used to them, accept them now for what they are so I am just relating to you what you should now sensibly do. Because if you don't, and many kid themselves they can handle it but I have seen even the hardest men break down and cry. Anyway, just some things for you to consider aside from the debt things.

Demonmeister

Ok guys,
Here is my SOA.

I've put my partners monthly wage as £400 as this is what she pays to me to cover the mortgage. I've put the groceries @ £0.00 as my girlfriend pays for all this.

What you see below are the things I pay out for. One of my biggest expenses is £160+ on petrol a month travelling from Sheffield to Halifax each day. I bought a 2000 year car that runs on LPG which hopefully should save me some money).

Looking at the figures it looks like I'm left with loads of money, but I don't go out, don't buy extravagent things, don't drink and I don't smoke (nor does my girlfriend).

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1369
Partners monthly income after tax....... 400
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1769
Monthly Expense Details
Mortgage................................ 400
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 98
Electricity............................. 95
Gas..................................... 35
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 14
Mobile phone............................ 35
TV Licence.............................. 10
Satellite/Cable TV...................... 35
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 160
Road tax................................ 0
Car Insurance........................... 45
Car maintenance (including MOT)......... 0
Car parking............................. 24
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 200
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 25
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1266

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 5500
Other assets............................ 0
Total Assets............................ 105500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 91268....(400)......1.6
Total secured & HP debts...... 91268.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Personal Loan..................25000.....342.......7.9
Credit Card (Virgin)...........8100......25........0
Credit Card (MBNA).............2100......25........0
Total unsecured debts..........35200.....392.......-

Monthly Budget Summary
Total monthly income.................... 1,769
Expenses (including HP & secured debts). 1,266
Available for debt repayments........... 503
Monthly UNsecured debt repayments....... 392
Amount left after debt repayments....... 111
Personal Balance Sheet Summary
Total assets (things you own)........... 105,500
Total HP & Secured debt................. -91,268
Total Unsecured debt.................... -35,200
Net Assets.............................. -20,968
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

firesidemaid

your water rates are dear - are you on rates or a meter?

your contents and buildings insurances are also expensive - you should be able to get these jointly for less than £20 a month plus cashback through quidco.

Tixy

Hi Demon and well done for posting your SOA, its not easy.

My first thoughts are your Electricity is huge- does this include arrears? are you turning things off when not in use, using low energy bulbs? Is this based on estimated readings? If so make sure you give them actual readings regularly.

Water also seems high. Are you on a meter? If not look at getting one installed it usually works out cheaper.

Look to reduce your tv package to a lower one, or sometimes they will reduce the cost for 6months if you threaten to leave.

Is the £160 petrol cost just yours, or for both of you? Are all journeys essential?

Check all your insurances are as low as you can get. Get alternative quotes and if you change go through a cashback site.

Just my thoughts, I'm sure others will have more ideas. Good luck

beanielou

Hi
I think you need to start keeping a spending diary to see what happens to the money you should have left over each month.HTH.

fatbelly

beanielou wrote: »

Hi
I think you need to start keeping a spending diary to see what happens to the money you should have left over each month.HTH.

This is good advice - I suspect some expenditure does not appear on your soa. I notice there is nothing for clothing, road tax or car maintenance/MoT.

And if

Satellite/Cable TV...................... 35

is sky, take a look at their website - you may be paying for channel packages that you never watch.

urg123

Demonmeister wrote: »

Ok guys,
Here is my SOA.

I've put my partners monthly wage as £400 as this is what she pays to me to cover the mortgage. I've put the groceries @ £0.00 as my girlfriend pays for all this.

What you see below are the things I pay out for. One of my biggest expenses is £160+ on petrol a month travelling from Sheffield to Halifax each day. I bought a 2000 year car that runs on LPG which hopefully should save me some money).

Looking at the figures it looks like I'm left with loads of money, but I don't go out, don't buy extravagent things, don't drink and I don't smoke (nor does my girlfriend).

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1369
Partners monthly income after tax....... 400
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1769
Monthly Expense Details
Mortgage................................ 400
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 98 Is this over 10 or 12 months - you may be able to ask for this to spread over 12 months.
Electricity............................. 95 Very high - are you in arrears. Look at what you are using and cut right back to make sure you aren't wasting energy.
Gas..................................... 35
Oil..................................... 0
Water rates............................. 50 Seems high - a meter may be better
Telephone (land line)................... 14
Mobile phone............................ 35 High - do you use the tariff you are on? Can you go PAYG?
TV Licence.............................. 10
Satellite/Cable TV...................... 35 Reduce this if you can
Internet Services....................... 0 Is this covered elsewhere?
Groceries etc. ......................... 0
Clothing................................ 0 You should have something here - even if it is £10 per month
Petrol/diesel........................... 160
Road tax................................ 0
Car Insurance........................... 45
Car maintenance (including MOT)......... 0 You should budget something here for emergencies
Car parking............................. 24
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 200
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 25
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 I'm sure you do buy a few presents - putting money aside everymonth helps you to avoid paying it all in one go.
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 Try to put a little aside for emergenices.
Total monthly expenses.................. 1266

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 5500
Other assets............................ 0
Total Assets............................ 105500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 91268....(400)......1.6
Total secured & HP debts...... 91268.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Personal Loan..................25000.....342.......7.9
Credit Card (Virgin)...........8100......25........0
Credit Card (MBNA).............2100......25........0
Total unsecured debts..........35200.....392.......-

Monthly Budget Summary
Total monthly income.................... 1,769
Expenses (including HP & secured debts). 1,266
Available for debt repayments........... 503
Monthly UNsecured debt repayments....... 392
Amount left after debt repayments....... 111
Personal Balance Sheet Summary
Total assets (things you own)........... 105,500
Total HP & Secured debt................. -91,268
Total Unsecured debt.................... -35,200
Net Assets.............................. -20,968
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi

My comments are above. There are a few other questions:
Do you and you GF share the bills and is this reflected above?
Do you really have £111 left at the end of the month?
Is your debt yours or is some of it shared with your GF? If so, you really need to review both of your spending and work out how to pay this debt together.

Okay here are some others ideas for you

• keep a spending diary and write down every single penny that you spend
• take your lunches and snacks into work
• use cash only
• look at ways to make money - sell stuff on ebay, amazon and other such sites.
• look at the 'up your income board'
• take on a part-time job
• take part in the challenges on this board and the old-style board
• use the snowball calculator to motivate you to pay your debt.
• set yourself realistic targets

remember that this is going to be hard - but you have taken the biggest step.

Hope this helps

urg x x