SOA - Eyelash

eyelash410

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1791
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1791

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50
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)...... 30
Haircuts................................ 0
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 995


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest LPC loan...............25000.....345.......7.4
Student Loans..................10000.....200.......6
HSBC Credit card...............5000......60........0
Overdraft .....................2000......0.........12
Natwest Credit Card............350.......10........18
Natwest Personal Loan..........1500......115.......6.4
Total unsecured debts..........43850.....730.......-


Monthly Budget Summary
Total monthly income.................... 1,791
Expenses (including HP & secured debts). 995
Available for debt repayments........... 796
Monthly UNsecured debt repayments....... 730
Amount left after debt repayments....... 66

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -43,850
Net Assets.............................. -43,850

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

Ok so, debts ranging from 1997 up until now.

You guys probably need as much information as possible So here it goes.

My bills are included in my rent and so is council tax.
I have £50 for a bus pass to get to work.
I pay mobile £35 Orange
Food £150 a month.

I have no other bills. All the rest of my salary goes on debts.

The 25,000 Natwest BPP Loan was for a postgraduate course, there is 23, 000 left.
The £10,000 are old undergraduate loans from the Student Loan company. Now I am over the deferrment threshold these payments will start this year.

£5000 - HSBC credit card, was a credit I had, but I was unemployed in Sep-Dec 2007 after finishing my education and has now gone to a third party credit agency. Can not get any credit now whatsoever.

£2000 - overdraft still from student days, haven't paid anything off as the debts are taking the majority of my money.

£1,500 - personal loan now £500 left, £115 a month. - finishes this year.

£350 Natwest - £10 a month.

Haircuts - I have my own clippers.
I gave up smoking in November.
Entertainment - £40

Thanks

Eyelash

Sharon87

Student Loan isn't a priority debt, this comes out of your wages. Are you sure it's £200 a month?

I would advise chucking everything at Natwest credit card first, the interest on that is high.

Have you tried ways to up your income? selling on ebay/cashback site/surveys?

earplugs

Hiya Eyelash

I've just been looking through your SOA and before I go through it I wondered i I could just ask a few questions so I've got it right in my mind, if thats ok?

First, do you have any buildings and contents insurance?
Second, is the TV license included in the household bills?
Third - do you pay for meals at work or do you take your own in to work.
Fourth - if you do send an income and expenditure sheet to creditors, you will need to put in an amount for clothing even if it is just a nominal amount, say £10 per month.

In relation to the debts, you say that there are some from 1997, have any of the debtors not contacted you in the last 6 years?

And the last question! (sorry), do you have your current bank account with Natwest or HSBC?

Sorry for being a nosy parker but if you could answer the above, we'll be able to help you out better.

redsquirrel80

Well the good news is that you have got everything covered! Couple of things that occurred to me - have you got single person council tax discount (if appropriate)? And do you really need to spend £30 on presents per month? You could probably cut a bit off your grocery bill too, try buying a few basic brands etc if you don't already. If you play about with the snowball calculator at http://www.whatsthecost.com/snowball.aspx?country=uk this will show you how much difference paying a bit more towards debts could make.

Good luck!

ramblingtree

Hello,
I agree with Sharon87, if your student loan is through the student loan company, the repayment with your income won't be that large. If you don't know what its going to be, then call and ask them, they should be able to tell you.
Your mobile phone is quite high. I notice you don't have a landline, so I guess you need it. But, I was paying £25 for my contract and called to reduce it to a £20 tariff and they had a special offer on whereby I now pay £20 but still have the same minutes/texts etc as before! So maybe try calling your provider and asking if they can get you a better deal.
Hope that helps and good luck!

eyelash410

Answers to questions that were asked:

Buildings insurance yes, contents insurance no.
Tv Licence has already been paid for.
Meals at work, I tend to rbing stuff in.
Clothing - I haven't bought clothes for ages. might be about £20 a month.

My current account is Natwest.

£30 presents was a bit of a guess, could reduce that.

the 1997 debts are the Student Loans debts, they won't come out of my wages. They are the old student loans system. I started my undergraduate in 1997. I haven't earnt enough over the years they have been deferred over the years.

RAS

Hi

You are paying the minimums, so you cannot really do a DMP.

is the HSBC card really o%

If so can you clear the Natwest card as that is your most expensive debt.

Then turn to the next most expensive.

Do you have any penalty charges on any accounts?

Is there PPI on any account?

if you looked out stuff for amazon, e-bay or a car-boot, how much could yo raise?

Merlinexcalibur

I'd be immensely careful on that score. Where inclusive CTX with rent is concerned. Particularly if it's through a private landlord not an agent. Just mentioning that to you BTW for future reference. I don't need to explain why.

earplugs

Hi eyelash

with the student loan, if they haven't asked for it back yet, wait until the deferment date comes up and start paying from them, no need to pay them too early - heres a link from martin on student loans if you havent seen it already:

http://www.moneysavingexpert.com/loans/student-loans-repay

Also I'd get a basic bank account with a bank you don't have any connection with at the moment. here is the FSA factsheet on basic bank accounts:

http://www.moneymadeclear.fsa.gov.uk/pdfs/bank_accounts.pdf

If you want to pay them in order of their size you'll need to write to them asking for them to accept pro rata payments. Ive found a sample letter you could use:

The Loan Company
Company House,
Church Street,
Newtown,
Kent,
R1 7HG

Dear Sir/Madam

Re Account No/Reference No:- 4563210025897412

Since making that above agreement with you, our circumstances have changed.

We cannot now afford to agreed monthly payments because ... [your paragraph added here]
We enclose a Personal Budget sheet which shows our total income from all sources, and our outgoings. As you can see we have only £123 per month left for our creditors.

The offers we have made to our creditors have worked out on a pro-rata basis, and we have written to all our creditors asking them to accept reduced payments.

In view of our circumstances, please would you agree to accept a reduced offer of £27 per month. If interest or other charges are being added to the account we would be grateful if you would freeze these so that all
payments made will reduce what I owe you.

Should our circumstances improve we will contact you again.

We would be grateful if you would send a paying-in book to make it easier to pay you.

Thank you for your assistance. We look forward to hearing from you as soon as possible.

Yours faithfully

Mr A N Other

On a pro rata basis, and with you having £776 surplus after expenditure has been taken away from income you can pay them back on this basis (this doesnt include student loans)

Natwest £25k loan: £573
HSBC Credit Card: £114
Natwest O/D: £45.85
Natwest Loan £1500: £34
Natwest CC: £8

Hope thats been some use.

Good luck.

urg123

eyelash410 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1791
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1791

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600 This is quite high - can you think about moving somewhere cheaper or even negotiating your rent down. It is a renter's market right now.
Management charge (leasehold property).. 0
Council tax............................. 90 Is this double counted? Below you say your CT is covered by rent. If you are paying it - are you enttitled to single person discount and are you paying over 12 months?
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35 This is quite high - see if orange will let you go down a package or two! If you are out of your contract go PAYG
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150 If this is just for you - then try to cut it down. There are some who manage on £50 per month. I get by on £80-100. This includes taking lunches in etc. Go and have a look at the Old Style Board for lots of good ideas.
Clothing................................ 0 You should allow something for this - even £10 per month
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50
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)...... 30 This is quite a lot given your finances. Why not try and set aside a bit less and aim to plan your gifts eg. buy stuff in the sale etc. There are also threads on present ideas somewhere on this site!
Haircuts................................ 0
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 995


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest LPC loan...............25000.....345.......7.4
Student Loans..................10000.....200.......6
HSBC Credit card...............5000......60........0
Overdraft .....................2000......0.........12
Natwest Credit Card............350.......10........18
Natwest Personal Loan..........1500......115.......6.4
Total unsecured debts..........43850.....730.......-


Monthly Budget Summary
Total monthly income.................... 1,791
Expenses (including HP & secured debts). 995
Available for debt repayments........... 796
Monthly UNsecured debt repayments....... 730
Amount left after debt repayments....... 66

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -43,850
Net Assets.............................. -43,850

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

Ok so, debts ranging from 1997 up until now.

You guys probably need as much information as possible So here it goes.

My bills are included in my rent and so is council tax.
I have £50 for a bus pass to get to work.
I pay mobile £35 Orange
Food £150 a month.

I have no other bills. All the rest of my salary goes on debts.

The 25,000 Natwest BPP Loan was for a postgraduate course, there is 23, 000 left.
The £10,000 are old undergraduate loans from the Student Loan company. Now I am over the deferrment threshold these payments will start this year.

£5000 - HSBC credit card, was a credit I had, but I was unemployed in Sep-Dec 2007 after finishing my education and has now gone to a third party credit agency. Can not get any credit now whatsoever.

£2000 - overdraft still from student days, haven't paid anything off as the debts are taking the majority of my money.

£1,500 - personal loan now £500 left, £115 a month. - finishes this year.

£350 Natwest - £10 a month.

Haircuts - I have my own clippers.
I gave up smoking in November.Great!
Entertainment - £40

Thanks

Eyelash

Hi Eyelash

I've made a few comments on your budget - there are afew places where you can shave a bit off here and there. Hope you find the information useful!

Now - think about other ways to make money

• Sell texts books etc on Amazon
• Sell stuff on ebay
• Can you do some freelance work?
• Join the challenges on this site: No Spend Day; Payment a Day; Grocery challenge etc; make £10 per day
• have you had charges or paid PPI? If so, reclaim these.

You'll get lots of good advice here. It can be very daunting but those who succeed do dedicate a lot of time and effort.

Hope this helps

urg x x

Deep_In_Debt

Rent does look expensive but then it depends where you live. I live in an expensive area and that rent looks quite cheap even though it is a renter's market and as OC lives in North London, that doesn't sound so bad.