The walls are closing in.....

defaultworry

I haven't been around for a while - been looking for a job and eventually got one.

First of all a SOA:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1350
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1350

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 10
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 33
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50
Gym..................................... 43
Savings (child)......................... 20
Total monthly expenses.................. 576


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
Egg Loan.......................3381......102.......7.08
Egg Credit.....................832.......40........26
Virgin Credit..................2350......60........26
Barclay Card...................855.......30........0
Shop Direct....................1841......66........0
A+L O'draft....................2817......0.........0
BOS O'draft....................2800......35........19
BOS Card.......................1013......60........26
Total unsecured debts..........15889.....393.......-


Monthly Budget Summary
Total monthly income.................... 1,350
Expenses (including HP & secured debts). 576
Available for debt repayments........... 774
Monthly UNsecured debt repayments....... 393
Amount left after debt repayments....... 381

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,889
Net Assets.............................. -15,889

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

As you can see, I'm in deep trouble financially. Totally my fault for being a financial idiot in the past (and recently). I'm using 87% of my credit and cannot secure any 0% deals as I've already applied for 3 in the last two months and been rejected.

Main problem is the BOS overdraft expires in November and I'm afraid they will ask for the money back.

I'm out of options for trying to a) get £2,800 by November and b) a plan to get this debt down. I'm limiting everything (as demonstrated above) and luxuries are a thing of the past for me.

Does anyone have any sound advice to help me achieve points a and b on my list?

Thanks

Tixy

Is the BOS overdraft the current account you are using (having your wages paid in etc?) If it is and providing you stay within the overdraft limit and generally handle the account well then there is no particular reason to think they will take the overdraft off you.

If however this is not your current account then they may close your account - if that does happen you could offer a repayment plan (you may need to show them an income & expenditure account) that you can afford. This will be easier than trying to get new credit.

What are you spending the surplus £380 on? Do you have this left over each month? If not you need to start a spending diary to work out where this is going. If you do have you this you need to pay this off your higher rate cards.

Good luck

tallyhoh

Any chance of cancelling your gym & mobile phone? I'm on PAYG & spend about £30 a year. I managed for 40 years without a mobile & fail to see them as a necessity.
Do you have a pot for the £50 emergency fund because I think this is pretty urgent. Do you have anything to sell, clothers or stuff?

defaultworry

It is not but I tend to make regular payments into it (<300). The terms and conditions of the account just state you need to put regular payments into the account and no minimum. I'm not hopeful that will satisfy them however. Is it best to wait for them to get in touch or take pre-emptive action and call them?

£380 will be the surplus for next month (I've just started budgeting) but is a total overestimation. I'm going to try and have that amount a month but I'm running a thin line as it is. Essentially it's not £380 though, it's minus whatever into my overdraft - i.e not my money.

defaultworry

tallyhoh wrote: »

Any chance of cancelling your gym & mobile phone? I'm on PAYG & spend about £30 a year. I managed for 40 years without a mobile & fail to see them as a necessity.
Do you have a pot for the £50 emergency fund because I think this is pretty urgent. Do you have anything to sell, clothers or stuff?

I'm locked into contracts for the gym and phone until next year.

I'm living in a room in a shared flat so hardly have anything - I could sell my computer but that isn't really going to help (and I need it). I had to move for my job and will only get back home to see my child (hence the savings account for him) when I can afford to. Which isn't just now unfortunately.

Tixy

Sorry meant to say well done on your job.

Its difficult to know whether to contact them or wait for them to contact you - if the amount you are paying in is sufficent for your account not to have been flagged you would probably be best keeping quiet. If however they decide to take your OD away they should still give you one-months notice which will give you time to formulate an offer of a repayment plan.

Mimi_Arc_en_ciel

defaultworry wrote: »

I haven't been around for a while - been looking for a job and eventually got one.

First of all a SOA:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1350
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1350

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 10
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 33
Mobile phone............................ 50 Can this change to PAYG or lower contract?
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120 Can you try and lower this?
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50 Emergency funds are great but could you not lower it slightly?
Gym..................................... 43 You REALLY can not afford this. See if theres a way out of the contract.
Savings (child)......................... 20
Total monthly expenses.................. 576


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
Egg Loan.......................3381......102.......7.08 see if they can lower this
Egg Credit.....................832.......40........26
Virgin Credit..................2350......60........26
Barclay Card...................855.......30........0
Shop Direct....................1841......66........0
A+L O'draft....................2817......0.........0
BOS O'draft....................2800......35........19
BOS Card.......................1013......60........26
Total unsecured debts..........15889.....393.......-


Monthly Budget Summary
Total monthly income.................... 1,350
Expenses (including HP & secured debts). 576
Available for debt repayments........... 774
Monthly UNsecured debt repayments....... 393
Amount left after debt repayments....... 381

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,889
Net Assets.............................. -15,889

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

As you can see, I'm in deep trouble financially. Totally my fault for being a financial idiot in the past (and recently). I'm using 87% of my credit and cannot secure any 0% deals as I've already applied for 3 in the last two months and been rejected.

Main problem is the BOS overdraft expires in November and I'm afraid they will ask for the money back.

I'm out of options for trying to a) get £2,800 by November and b) a plan to get this debt down. I'm limiting everything (as demonstrated above) and luxuries are a thing of the past for me.

Does anyone have any sound advice to help me achieve points a and b on my list?

Thanks

My comments are above - hope they help x Well done so far though!

Comstock

The 33 a month you are spending on a landline sounds highside, especially if you are in a shared flat. Does that include broadband?

On the other hand, it isn't going to be realistic to spend zero on clothing forever.

defaultworry

mommyme wrote: »

My comments are above - hope they help x Well done so far though!

Groceries - I plan to take £30 out on a Friday, buy food off of that and use the rest for leisure.

The emergency fund is there because nothing ever goes 100% to plan.

The other points I have tried and have had a no or am locked into a contract that requires a lump sum to get out of.

Additional info - I'm at the limit of every unsecured account.

defaultworry

Comstock wrote: »

The 33 a month you are spending on a landline sounds highside, especially if you are in a shared flat. Does that include broadband?

On the other hand, it isn't going to be realistic to spend zero on clothing forever.

Yes, broadband cost is high and I am locked into a contract.

Sorry - it is shared but I get money off my rent for paying it.

getmore4less

Check if you can suspend the gym