I need advice on debt. SOA included.

sharlotte

Hi. I need some help and advice on my debts please. I am on DLA, IB and IS. My DH is disabled and my 17 year old son is on JSA and is on a 13 week course with them.
I am paying out more than I have coming in and have been living on credit cards including buying food. The Halifax have just reduced my credit card limit and I have £127 credit left on the card. I have a Halifax bank account with a £1000 overdraft which is now -£888.
All my payments are up to date so far but I don't know how I can keep on going like this.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 785.2
Other income............................ 0
Total monthly income.................... 785.2
Monthly Expense Details
Mortgage................................ 100
Secured loan repayments................. 85
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 30
Mobile phone............................ 3
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 20
Road tax................................ 0
Car Insurance........................... 23
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 2
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 389

Assets
Cash.................................... 0
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 81000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 9000.....(100)......5
Secured Debt.................. 8000.....(85).......7
Total secured & HP debts...... 17000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................14000.....202.......5
Barclaycard....................4000......36........19
Barclaycard....................3000......105.......19
Catalogue......................150.......15........8
Hfc card ......................4000......82........19
Total unsecured debts..........25150.....440.......-

Monthly Budget Summary
Total monthly income.................... 785.2
Expenses (including HP & secured debts). 389
Available for debt repayments........... 396.2
Monthly UNsecured debt repayments....... 440
Amount short for making debt repayments. -43.8
Personal Balance Sheet Summary
Total assets (things you own)........... 81,000
Total HP & Secured debt................. -17,000
Total Unsecured debt.................... -25,150
Net Assets.............................. 38,850
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

fatbelly

Groceries etc. ......................... 0
Clothing................................ 0

You don't eat or wear clothes?

urg123

Hi Sharlotte,

Are yiou getting all of the benefits you are entitled to? Is DS contributing to the household - he may need to given the circumstances.

You need to budget for the groceries too - this isn't on your SOA.

I'm not sure what else to suggest - your SOA is tight and there doesn't seem much room for manouvre.

Have you contacted one of the debt management charities i.e. CCCS?

urg x x

sharlotte

fatbelly wrote: »

Groceries etc. ......................... 0
Clothing................................ 0

You don't eat or wear clothes?

I have been using a credit card to buy food so I didn't include it in the calculation. I spend about £40 a week on food.
Clothes are only bought out of birthday or christmas money.

sharlotte

urg123 wrote: »

Hi Sharlotte,

Are yiou getting all of the benefits you are entitled to? Is DS contributing to the household - he may need to given the circumstances.

You need to budget for the groceries too - this isn't on your SOA.

I'm not sure what else to suggest - your SOA is tight and there doesn't seem much room for manouvre.

Have you contacted one of the debt management charities i.e. CCCS?

urg x x

As far as I know I am getting the right amount of benefits, I have checked on the entitled to web site.
My DS is giving me £10 a week at the moment as he doesn't have a lot left after travelling and food.
I haven't contacted anyone yet as I'm not sure what to do for the best at the moment.

RAS

You need to speak to one of the debt charities http://www.moneysavingexpert.com/loans/debt-help-plan#help

They are very busy at the moment, so it will take time to get through.

There is new legislation coming through in April. it depends if the debt is all your, all OH, joint or split between you.

fatbelly

sharlotte wrote: »

I have been using a credit card to buy food so I didn't include it in the calculation. I spend about £40 a week on food.
Clothes are only bought out of birthday or christmas money.

So your income/expenditure part looks like this (I've allowed £3 per person per week for clothes as that's National Debtline guidance)

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 785.2
Other income............................ 0
Total monthly income.................... 785.2
Monthly Expense Details
Mortgage................................ 100
Secured loan repayments................. 85
Electricity............................. 30
Gas..................................... 30
Water rates............................. 34
Telephone (land line)................... 30
Mobile phone............................ 3
TV Licence.............................. 12
Groceries etc. ......................... 173
Clothing................................ 39
Petrol/diesel........................... 20
Car Insurance........................... 23
Car maintenance (including MOT)......... 10
Presents (birthday, christmas etc)...... 10
Haircuts................................ 2
Total monthly expenses.................. 601

If this is true it gives you £180 per month to throw at your non-priority debts and by using a fee-free debt management organisation you should at least start to reduce your debts.

They will also be able to check whether these figures are realistic and advise on any other long-term strategy.

Unfortunately the new Debt Relief Orders are not available to homeowners.