Percy's SOA

PercyPig

Hi everyone - I would be grateful for any comments anyone can offer. I feel at the end of my tether today with being in debt. I have nothing to show for it except photos from many many holidays to exotic locations and a wardrobe of clothes that no longer fit me because I have been comfort eating so much to try and make myself feel better. Today I walked to work (can't afford £1 for bus fare) in tears as I feel such a failure. I remember in Eastenders when Frank Butcher just disappeared and I have been thinking could I do that? (showing my age now!).

My SOA looks a little strange but I am lucky enough to live with my partner who owns a property outright so I give him £165 per month to cover my share of bills such as Council Tax, utilities, water rates, contents insurance, etc.

Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1651
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1651

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 165 (see explanation above for this)
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 29
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 280
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 35 (Oyster card for travel to supermarket and for when I finish work late to get the bus home, I know I need to reduce this, sorry this is London specific)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 7.63
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 40 (I have overestimated this)
Holiday................................. 0
Emergency fund.......................... 75 (this is an attempt to save up a fund for things such as new glasses or dental treatments)
Total monthly expenses.................. 661.63

Assets
Cash.................................... 100
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 100

Unsecured Debts
Description....................Debt......Monthly...APR
Nationwide CC...............10563.....315.......17
AmEx ..........................2856......68........5.9
MBNA - yuk...................4955......135.......34
Citi Bank...................... 8653......194 ... 4.9
Barclaycard CC..............1920...... 38 .......5.9
Egg CC.........................1587......39........17
Total unsecured debts.....30534.....568.8.....

Monthly Budget Summary
Total monthly income.................... 1,651
Expenses (including HP & secured debts). 661.63
Available for debt repayments........... 989.37
Monthly UNsecured debt repayments....... 568.8
Amount left after debt repayments....... 420.57
Personal Balance Sheet Summary
Total assets (things you own)........... 100
Total HP & Secured debt................. -0
Total Unsecured debt.................... -30,534
Net Assets.............................. -30,434


Thanks very much for taking the time to read and look at my SOA.

I really want to repay the debts on my own rather than go down the bankruptcy route or even a DMP, just as a matter of pride. I do struggle with cash flow most months though, if something unexpected comes along. For example earlier this year my cat was ill and it cost me £800 over 2 months in vets' fees, hence the £7.63 insurance now.

Do you think I can get out of this mess on my own?

Percy

PercyPig

Forgot to say - I am overpaying MBNA. The minimum payment is £135 which I have put in my SOA but I pay a minimum of £250 a month to try and get this one down as quickly as possible.

Percy

Katie-Kat-Kins

Hi percy,

The thing that sticks out here is that according to your SoA you have a surplus each month which you could use to overpay your debts but if you haven't even got enough for the bus to work you are clearly spending on things that aren't one your SoA.

Therefore the first and most urgent thing to do is start a spending diary and record every penny you spend on anything so you can work out where you money is going. Then you can update the SoA with accurate figures.

Kat

Katie-Kat-Kins

Oh and I'd say from your SoA that the mobile could come down, switch to PAYG or transfer to a cheaper contract and make sure you don't exceed your minutes.

Your groceries are also on the high side for one.

TonyMMM

According to your SOA you should have over £400 left each month, so should be able to get out of trouble - if that isn't the case (and from your post I'm sure it isn't) you need to be realistic about where your money is going. Keep a spending diary and write down every penny you spend to see what your SOA should really say.

Katy83

Hi Percy,

Didn't want to just read and run, I'm sure others will be along soon with some more in depth help. My initial thoughts on your SOA are £280 on groceries seems like an awful lot - You should at least be able to half this with a bit of work and planning.

What are you doing with all of the money you have left over £400 is a significant amount you could be putting towards your debts. Have you thought about keeping a spending diary - it's amazing how much less you will spend when you have to become accountable!

Life is never as bad as you think it is, there are plenty of people here in similar and worse situations. You obviously have a very supportive partner for which you are fortunate. You will get through this with a bit of work, effort and patience.

Good luck xx

P.S. As someone who has seriously struggled with thier weight in the past - why not vow to walk to work more often, good exercise and money saving!

PercyPig

Thank you so much to everyone for such quick replies. I feel overwhelmed by the kindness shown on this board.

I am going to start a spending diary today as you have all quickly realised what I suspected is that I can't account for the surplus.

Thank you so much everyone.

Percy

Katie-Kat-Kins

Good Luck and keep posting here for support

Little_Mis-spent

Hi!

Just wanted to say well done on taking the step of posting your SOA on here. Things will start looking up now that you're taking back control. There are some fab people on here who give out excellent advice and support. Definitely work on a spending diary. I started one and it opens your eyes!

Good luck xx