FINALLY my SOA! Pleeease look. Really could do with using it today!

Eupho

roswell wrote: »

Am i right in thinking you have £34 K of debts and only £450 cash income a month ?

Now.. yes.. because my circumstances have changed.

Why?

Kazipoo

Eupho wrote: »

Okay guys.. what do you suggest I change?

Please be kind..

I am a single parent (hubby legged it with the local barmaid some years ago) ..
I have 3 teens.. 14..15..17 (in a few weeks)
They eat like adults.. not 'kids small portions'
My youngest child has 'Emotional problems' .. and is Statemented (Is also under CAMH ~ child and adolescent mental health) He has had problems for 7yrs now.. expelled from FOUR schools.. (2 by the age of 9!) and he goes to a Pupil Referral Unit (part time out of schools education.. but he is VERY bright. ~ has counselling therapies etc etc) ..

My other two are 'A' students. one in school.. one in a college he travels to daily (40 miles away ~ hence his big bus fare)

Because of my other sons problems.. I can now only work part-time. (because he gets out at 12pm.. and cant be left to his own devices) .. soo I am unable to work more than part time for the foreseeable future.

Payplan.. says that they worked out I had £28 surplus to pay off my debts.. (??) and that its not enough (less than £100) for them to help me. So I think I am going to just get on with it and do it on my own. (I THINK~ depends what you guys think)

I have already moved accounts.. good direct debits.. and cancelled the 'bad/debt' ones. I need to move this situation FAST! because my creditors are about to realise I have cancelled the DDs.


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 450
Partners monthly income after tax....... 0
Benefits................................ 1334 (Rent help £360. WFTC £800. ChB. £184)
Other income............................ 120 (This is 'approx' what I get paid back from my employer 'towards' my fuel each month ~ sorry about the bold font)
Total monthly income.................... 1904

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 480
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 140 (winter) ~ £60 in summertime. (not sure waht to put for that)
Gas..................................... 0
Oil..................................... 0
Water rates............................. 62.8
Telephone (land line)................... 25
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 27
Internet Services....................... 17
Groceries etc. ......................... 360
Clothing................................ 10
Petrol/diesel........................... 160 <--- get some of that back each month ~ 25p per mile. (which is LOW compared to most)
Road tax................................ 11.5
Car Insurance........................... 35
Car maintenance (including MOT)......... 15
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 10
Pocket money? 3 teens. ................. 60
My sons college bus fare................ 25
Total monthly expenses.................. 1630.3


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1 (worth about £2000)
Other assets............................ 0
Total Assets............................ 1

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclays Overdraft.............2200......12........0
Halifax .......................5400......92........0
HSBC Card......................2250......54........0
Cahoot Overdraft...............478.......10........0
Capital One....................800.......42........0
Morg Stanley Card..............800.......13........0
DFS Sofa.......................1500......44........0
Cahoot Loan ...................6499......160.......23.3
Egg card.......................2500......58........0
Barclaycard....................3700......83........0
HSBC Loan......................3488......176.......14.9
RBOS...........................4200......91........0
B'clays Cashback Card..........402.......8.2.......0
Total unsecured debts..........34217.....843.2.....-


Monthly Budget Summary
Total monthly income.................... 1,904
Expenses (including HP & secured debts). 1,630.3
Available for debt repayments........... 273.7
Monthly UNsecured debt repayments....... 843.2
Amount short for making debt repayments. -569.5

Personal Balance Sheet Summary
Total assets (things you own)........... 1
Total HP & Secured debt................. -0
Total Unsecured debt.................... -34,217
Net Assets.............................. -34,216

Sooo.. what do you think?

:: cringes :::

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

I'd like to put my two pennorth worth in, if I may....?

Around 10 years ago, when the hubby came out of the army, we had masses of debt.... I didn't know where to start, and actually cried quite a lot. But, luckily for us, we had a fairy godmother come and give us a hand, in the form of the pay sergeant. She was a great young lady, around the same age as me, and had obviously dealt with soldiers debt for a few years, and was able to give us a very welcome helping hand.

Now the first thing she helped me do was an expenditure sheet, which you obviously have done, she said that by law there are certain things that are allowed on the sheet, for example, if you smoke, you are entitled to allow yourself an amount to buy cigarettes, and despite the fact you are in debt, you are entitled to have a life, so perhaps go out on the town once a month, but you'll have to check because I'm going back ten years.

Once we had done this, she told me the most important debts are CCJs or any payments via court. Since secured loans weren't a problem for us, we never went into them.... the next step was to find out exactly how much you owed, and to be realistic about it.... for example, we wanted to keep our car, but she said she would not allow us to keep it as it was a finance arrangement, and therefore must be treated along with the rest of the debt, so instead she contacted the finance company and after some initial grunting, managed to get them to agree to taking the car back as full and final payment.

She then gave me a standard letter, told me to photocopy it or copy it onto my computer, that I would use to contact every creditor to make them aware that I was temporarily experiencing financial difficulty, and to request that all interest be frozen for a certain period of time.... obviously this would only be suitable for some of your payments. She then gave me another letter, to which I would attach a copy of my expenditure sheet and a copy of my list of creditors and the amount I owed to each.

She then told me to work out what percentage of the debt I owed to each creditor, and in the second letter, offer to pay each company the same percentage of the left over money, therefore everyone had their equal share, dependent on the amount we owed them.

So I quickly worked yours out.... but please double check because it was a very quick calculation.... in the order as mentioned above....

£2200 - 6.42% - £17.57/month
£5400 - 15.78% - £43.10/month
£2250 - 6.58% - £18.01/month
£478 - 1.40% - £3.83/month
£800 - 2.34% - £6.40/month
£800 - 2.34% - £6.40/month
£1500 - 4.38% - £11.99/month
£6499 - 19% - £52.00/month
£2500 - 7.31% £20.01/month
£3700 - 10.81% - £29.59/month
£3488 - 10.19% £27.89/month
£4200 - 12.27% £33.58/month
£402 - 1.17% - £3.20/month

Sit back and await the replies....

Some will say that they don't agree with it, and that you must pay more, you entered into an agreement blah blah blah, but stick to your guns, explain that you would appreciate it if they would agree to the payments on a temporary basis, say 6 months, then you will submit another expenditure sheet etc etc. They may threaten you with court, but any judge worth their salt would throw out their claim if they saw the trouble you went to to make sure they got at least some of their money. And.... hopefully, some will even write some of the debt off.... that did happen with a few of ours :T

Now, I know I have babbled, but like others, I can also see where you can make real reductions in your expenditure, but don't scrape the barrel, you have to live, so you need to make it as true as possible.

Hope it helps, and good luck!!

Eupho

Kazipoo wrote: »

I'd like to put my two pennorth worth in, if I may....?
Hope it helps, and good luck!!

Thank you thankyou thankyou!.. what a kind lady you are! :T
Thank you for taking the time to say all that.. and to work that out!
I'd buy you a bunch of flowers (if I had any money)

haha! :rotfl:

Thankyou!! :kisses:

Kazipoo

Eupho wrote: »

Thank you thankyou thankyou!.. what a kind lady you are! :T
Thank you for taking the time to say all that.. and to work that out!
I'd buy you a bunch of flowers (if I had any money)

haha! :rotfl:

Thankyou!! :kisses:

:D:o

Do please check the figures though, I did that just after I got the kids from school and 4 girls were flying around the living room behind me, screaming at each other.... but it gives you an idea of how to tackle it head on.

Eupho

Kazipoo wrote: »

:D:o

Do please check the figures though, I did that just after I got the kids from school and 4 girls were flying around the living room behind me, screaming at each other.... but it gives you an idea of how to tackle it head on.

haha well done!

and yes it does! :beer::T Thankyou.

mummytofour

Not read all this but have you tried to get DLA for you son?

katiepoppycat

http://www.hmrc.gov.uk/mileage/index.htm

noticed you were being paid 25p per mile by your employer - is this cash in hand, or are they putting it through their books? if it's going through the books, you can make a claim to the inland revenue for tax relief on on the 15p a mile they aren't paying you(ir says that the going rate is 40p per mile, but it isn't a law). May sound like nothing, but based on the miles you think you do, it's about £8 per month -if it goes back a while they'll send you a cheque, otherwise they add it to your tax allowance so you pay that amount less every month. It's the form P87 bit you want. I used to fill one in every year at my old job, pm me if you want some help with it but it's fairly easy.

angelicmary85

You spoke to your son yet??

Eupho

mummytofour wrote: »

Not read all this but have you tried to get DLA for you son?

I asked the Social Services about it last year.. they said no.. because he has nothing really specific. :wall:

Eupho

katiepoppycat wrote: »

http://www.hmrc.gov.uk/mileage/index.htm

noticed you were being paid 25p per mile by your employer - is this cash in hand, or are they putting it through their books? if it's going through the books, you can make a claim to the inland revenue for tax relief on on the 15p a mile they aren't paying you(ir says that the going rate is 40p per mile, but it isn't a law). May sound like nothing, but based on the miles you think you do, it's about £8 per month -if it goes back a while they'll send you a cheque, otherwise they add it to your tax allowance so you pay that amount less every month. It's the form P87 bit you want. I used to fill one in every year at my old job, pm me if you want some help with it but it's fairly easy.

Yesss!.. someone told me this last week. I phoned the tax office.. and they have sent me the forms.. for me to claim back as far as six years!.. (I think I have ALL my wage slips.. which shows the mileage on there too.. if not I will get letters/dates/amounts from my work office)

Thankyou for looking into it for me!.. I had no idea how much it was.
Also.. I did A LOTTTTTTT more mileage until this last year.. so that might be good to get back for those years.

Thankyou .. :beer: