Help Me please - SOA attached - advise req'd

suzannet_2

Can't your ex pay some maintenance?
Can you negotiate with your landlord for a reduction in rent? Explain your circumstances?
Ask for a pay rise?
Is there anyway you can car share to work?
Do you have family who might be able to help with child care?

Nargleblast

Desperate+determined - sit down and try and revamp your budget taking on board some of the suggestions you have received. Look on the old style moneysaving board for tips on how to save money on everyday living costs. Plan meals and shop accordingly, if you don't already. You say you have 2 years to go on the IVA - I am surprised you had an IVA when you don't own a house, as you are expected to look into releasing some equity in the last year of the IVA. However, your IVA company should have gone into things in detail with you at the time you took it out. At least if you have 2 years to go that means you are over half way there and on the home run so stick with it if you can. Go back to the company with your revised budget and see if there is any room for adjusting your payments. Certainly, if unexpected expenses occur (car breakdown etc) then they can reduce your payment for a while to help with that. If you look on the Bankruptcy board there is a subsection for IVAs you can look at and post questions on. In the meantime, hang in there, it will be a tough two years but you can with help ride it out and emerge debt free at the end of it.

Nargleblast

Incidentally, if your "friends" think you are boring for not going out it sounds like you are well shot of them, superficial gits! Real friends would not treat you like that, they would pitch in and help you with moral support if nothing else.

desperate+determined

suzannet wrote: »

Can't your ex pay some maintenance?
Can you negotiate with your landlord for a reduction in rent? Explain your circumstances?
Ask for a pay rise?
Is there anyway you can car share to work?
Do you have family who might be able to help with child care?

Maintenance is currently with CSA - very long story and one not willing to puslish. (might jerperdise things)
Landlord won't reduce, got the house at a reduced rate orginally 695 down to 500.
Can't car share no one works near me.
Family all work, my grand parents are old but they are going to do a few hours a week once my little one starts school.

Katie-Kat-Kins

Ok I'll do my best!

desperate+determined wrote: »

Hi

On an IVA with 2 years togo, but needing help as that deep never ending black hole is rearing its ugly head. I'm not living any more just holding on with a very thin thread waiting for someone to cut it and let me drop.

Don't know where else to turn. I've cut back so much but the over spend is creating more debt as each month having to pay nearly £200 in over drawn bank fees.

Help me please,

desperate single parent :-(

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1195.37 Look around for a better job, also see whether there are any possible payrises at work or whether you can up your income through overtime or cutting your holiday entitlement etc.
Partners monthly income after tax....... 0
Benefits................................ 608.12 Check you aren't entitled to anything else.
Other income............................ 0 I know it is tough but can you get any extra money? Even delivering free papers with little one in tow would help a bit!
Total monthly income.................... 1803.49
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 205
Rent.................................... 500 Worth asking whether you can reduce this, rents have gone down over the last year so your landlord might accept a reduction if you are a good tennant.
Management charge (leasehold property).. 0
Council tax............................. 86.83 Are you getting all the help with this you are entitled to?
Electricity............................. 30 Wow if that is based upon actual usage that is amazing!!! Do check that you aren't running up arears through estimated readings though.
Gas..................................... 0
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 50.5 That is really excessive! You may have to get a bit tough with BT, I pay less that £15 inc broadband with tiscali!
Mobile phone............................ 37 That is waaaayyy too high, I appreciate your mobile is essential to you but you need to cut the bill, tell your provider you are in difficulty and ask them to drop you to their lowest tarrif, which should be about £15.
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 180 You can probably cut this further, ask the Old style board for help.
Clothing................................ 20 If you aren't spending this every month put the surplus on your bills.
Petrol/diesel........................... 140 Can you cut this? Arrange a car share, drive more efficiently etc..
Road tax................................ 10.33
Car Insurance........................... 27.5 Goes without saying that you need to compare prices to get the best deals.
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 600 Ok this is a huge chunk of cash, is there anything you can do to reduce this? Can you get any extra funding? Switch to a cheaper form of childcare, change your hours slightly or make use of family and friends a bit?
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7.6
Life assurance ......................... 0
Other insurance......................... 11.99 What is this??
Presents (birthday, christmas etc)...... 20 While you are struggling try to make this spend free by earnings loyalty points and vouchers that you can save for presents. Consider levelling with close family and telling them that it will be home made cards only for adults and gifts for children.
Haircuts................................ 7.5 Pretty good, you could maybe try going a little longer between cuts to stretch this further or see about trainees etc.
Entertainment........................... 3.99 We'll let you have that!
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1975.19

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0<
IVA Repay......................0........(205)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........- Is it just the £205? Is there anyway you can renegotiate this to a lower figure? Would be worth seeking advice. Check out Martin's advice on IVAs I wonder if you might have been misadvised.....

Monthly Budget Summary
Total monthly income.................... 1,803.49
Expenses (including HP & secured debts). 1,975.19
Available for debt repayments........... -171.7 You are going to struggle to find this without major changes, either an additional income or cutting one of your big expenses.
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -171.7
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 1,500

You really need to seek advice about getting maintenance from your ex for your child, he should be contributing something, if he just paid the childcare you would be soooooo much better off, in fact you'd have a significant surplus! Have you spoken to the CSA? Were you Married? You would probably be entitled to back payments for the period where he has paid nothing too......

Best of luck it is tough being a single parent.

Katie-Kat-Kins

Oh and what job do you do???

desperate+determined

Nargleblast wrote: »

Desperate+determined - sit down and try and revamp your budget taking on board some of the suggestions you have received. Look on the old style moneysaving board for tips on how to save money on everyday living costs. Plan meals and shop accordingly, if you don't already. You say you have 2 years to go on the IVA - I am surprised you had an IVA when you don't own a house, as you are expected to look into releasing some equity in the last year of the IVA. However, your IVA company should have gone into things in detail with you at the time you took it out. At least if you have 2 years to go that means you are over half way there and on the home run so stick with it if you can. Go back to the company with your revised budget and see if there is any room for adjusting your payments. Certainly, if unexpected expenses occur (car breakdown etc) then they can reduce your payment for a while to help with that. If you look on the Bankruptcy board there is a subsection for IVAs you can look at and post questions on. In the meantime, hang in there, it will be a tough two years but you can with help ride it out and emerge debt free at the end of it.

I wasn't aware i had to realease equity at the time of signing i owned a car worth approx 5k, but then the ex took that back. so dont own anything. :-(

desperate+determined

KatP wrote: »

Oh and what job do you do???

I work in an office - doing admin, but want to get bak to marketing as did 6 yrs in this.

Verbatim

Hi D & D,

I'm sorry you feel in a dark place right now.

On the positive side though:
Your son starts school next month so you'll have a good portion of £600 freed up
Some forecasters think we're through the worst of the recession now so perhaps that marketing job will be easier to find soon.
Your IVA will be finished in 2 years
You have learned how to live on very little and will be in a good position financially in 2 years while you are still young.

As you rent and live so far from work would there be any point in moving closer to work? Are the jobs easier to find in that area as there wouldn't be much point if it's further away from where you'd be likely to find your next job.

desperate+determined

Verbatim wrote: »

Hi D & D,

I'm sorry you feel in a dark place right now.

On the positive side though:
Your son starts school next month so you'll have a good portion of £600 freed up
Some forecasters think we're through the worst of the recession now so perhaps that marketing job will be easier to find soon.
Your IVA will be finished in 2 years
You have learned how to live on very little and will be in a good position financially in 2 years while you are still young.

As you rent and live so far from work would there be any point in moving closer to work? Are the jobs easier to find in that area as there wouldn't be much point if it's further away from where you'd be likely to find your next job.

I have considered moving but i've moved so many times that I want my next move to be from rented to owning a property. I've met someone and he thinks we should buy but i know getting a mortgage with an IVA is impossible. He knows about my debt, but can't help financially, between the 2 of us (as we live sep) we spend just short of 1500 quid a month on rentals + utility bills. Theoretically would be cheaper if we had a mortgage and shared everything. (he has no debt)
He can't move in where i am now as no room.

The area i'm in now is lovely we have fields and farms and countryside, thats how i grew up and i want my child to have that too. I probably sound selfish ans arrogant i don't mean to be. I'm close to family here too. If i did move i'd be closer to work, but the house prices are considerably more than i'm paying now.

You all must think i'm so negative, but i don't mean to be.