Deep in Debt

OneTrickPony2008

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1160
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1160
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 160
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25
Mobile phone............................ 2
TV Licence.............................. 0
Satellite/Cable TV...................... 21
Internet Services....................... 25
Groceries etc. ......................... 80
Clothing................................ 12
Petrol/diesel........................... 10
Road tax................................ 12
Car Insurance........................... 19
Car maintenance (including MOT)......... 10
Car parking............................. 8
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 13
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 41
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 5
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 478

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 300

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Argos..........................887.42....30........27.9
Barclaycard....................211.65....10........15.9
Barclaycard....................1481.27...33.32.....13.9
Beneficial Finance.............10204.1...396.......15.9
Capital One....................1419.9....42........24.09
HSBC...........................8561.28...219.5.....15.9
HSBC...........................500.......25........15.9
Virgin MBNA....................2845.86...73........15.9

Hi, first time I've posted on here, although I've been lurking for a while. Anyway as you can see above, I've completed my SOA and it doesn't make for pretty reading. But I've known about my situation for a while now and as it is getting worse, I know that I have to act now. I've already visited the CCCS website and have obtained a Debt Remedy from them. They recommend that I go on a Debt Management Plan, but before I commit I just want to get the views of some of you on here as to your experiences taking this path. Obviously I'm worried about things like phone calls from creditors demanding payment and the possibility of court action, which is why I'm somewhat apprehensive about taking this path. Any feedback would be much appreciated.

Numpty_Monkey

:hello:Hi

I doubt that SOA would have got passed the debt remedy
to many not budgeted for, under budgeting for :eek:

Post your true SOA on the Debt remedy :A
and your really true one on here:cool::A:D

OneTrickPony2008

I don't understand. Not helpful at all. Fact is, I still live at home and therefore I don't have a mortgage. I walk to work, so I only use the car at the weekends, thus I don't have to buy that much petrol. I'm not one who spends loads on clothes, only buying when I really need to, not because I want to. I only have my hair cut once every three months and it's dirt cheap where I get it done because I go on a Saturday and it's just a simple case of shaving most of it off. I take sandwiches to work, only eating at work once a week. Probably eat out once a week if that and it usually only comes to £10. And I don't really go out a huge deal either.

beanielou

So what did you spend your money on then?

Numpty_Monkey

I'm sorry:A if what I said was a bit wrong
:A

Honest I'm one of the good guys:o

that explanation has helped a lot:T

gfplux

Hello onetrickpony2008.

That shows you the value of giving as much background that you can when you post your SOA.

So you appear to have debts of around £26100.
Have you been meeting the minimum payments. if you missed some or all who and how many.
have you told your parents of this debt. if not do it today.
If they will allow you to live with them rent free you have a chance of sorting this
next you have to cancel or freeze the life insurance.
No more presents for a couple of years.
Stop the emergency fund

Those 4 things will give you another £221 to pay your debt.
You will also have to cancel the Sky.
Do you need your car for work or can you walk or get a bus/tube.
You say your car is worth £500 but you are spending £492 a year to run it!!

Good Luck

Ames

OneTrickPony2008 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3 So from your explanation this is just 1, you're not financially responsible/linked with the other two, presumably your parents?
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1160
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1160
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 160
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25 Is this your share or do you pay for the whole house? If it's just your share then it's pretty steep.
Mobile phone............................ 2
TV Licence.............................. 0
Satellite/Cable TV...................... 21 Any chance you could drop a package? Depends how much your parents watch it though I suppose.
Internet Services....................... 25 Wow this is really high, you should be able to get it for a third of this.
Groceries etc. ......................... 80 Is this your share of groceries for everyone, or is it just what you spend on 'extras' for yourself?
Clothing................................ 12 You should be able to go without for a few months at least.
Petrol/diesel........................... 10 If you're using it so little do you really need a car?
Road tax................................ 12
Car Insurance........................... 19
Car maintenance (including MOT)......... 10
Car parking............................. 8
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 13 what's this for? If it's a regular prescription you should look into whether a pre pay certificate would be cheaper. If it's for contact lenses or something you might be able to get them cheaper online.
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 41 Why do you have this? It's usually only necessary for people with a mortgage or kids. and it seems really high.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 5
Entertainment........................... 15 Is this really so low? If it is well done.
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 478

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 300

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Argos..........................887.42....30........27.9
Barclaycard....................211.65....10........15.9
Barclaycard....................1481.27...33.32.....13.9
Beneficial Finance.............10204.1...396.......15.9
Capital One....................1419.9....42........24.09
HSBC...........................8561.28...219.5.....15.9
HSBC...........................500.......25........15.9
Virgin MBNA....................2845.86...73........15.9

Hi, first time I've posted on here, although I've been lurking for a while. Anyway as you can see above, I've completed my SOA and it doesn't make for pretty reading. But I've known about my situation for a while now and as it is getting worse, I know that I have to act now. I've already visited the CCCS website and have obtained a Debt Remedy from them. They recommend that I go on a Debt Management Plan, but before I commit I just want to get the views of some of you on here as to your experiences taking this path. Obviously I'm worried about things like phone calls from creditors demanding payment and the possibility of court action, which is why I'm somewhat apprehensive about taking this path. Any feedback would be much appreciated.

Hi, I've put a few comments in, luckily I read your explanation first! Your outgoings are really good, just a couple of areas to cut back, but your debts are the problem. You've got a shortfall of a couple of hundred a month, would you be able to get a second job at all? You can't really cut your outgoings much, so you either have to up your income, or do something to lower the debt repayments.

Numpty_Monkey

OneTrickPony2008 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3 Base this on 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1160
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1160
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 160
Management charge (leasehold property).. 0
Council tax............................. 0 any contributions to these
Electricity............................. 0any contributions to these
Gas..................................... 0any contributions to these
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25 You can get a package for landline and internet for less than this
Mobile phone............................ 2:T
TV Licence.............................. 0
Satellite/Cable TV...................... 21:rolleyes:;)
Internet Services....................... 25 as landline
Groceries etc. ......................... 80
Clothing................................ 12
Petrol/diesel........................... 10
Road tax................................ 12
Car Insurance........................... 19
Car maintenance (including MOT)......... 10
Car parking............................. 8 is it worth keeping the car??
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 13
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 41 Expensive :eek:is thatpension aswell
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 5
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 478

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 300

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Argos..........................887.42....30........27.9
Barclaycard....................211.65....10........15.9
Barclaycard....................1481.27...33.32.....13.9
Beneficial Finance.............10204.1...396.......15.9
Capital One....................1419.9....42........24.09
HSBC...........................8561.28...219.5.....15.9
HSBC...........................500.......25........15.9
Virgin MBNA....................2845.86...73........15.9

Hi, first time I've posted on here, although I've been lurking for a while. Anyway as you can see above, I've completed my SOA and it doesn't make for pretty reading. But I've known about my situation for a while now and as it is getting worse, I know that I have to act now. I've already visited the CCCS website and have obtained a Debt Remedy from them. They recommend that I go on a Debt Management Plan, but before I commit I just want to get the views of some of you on here as to your experiences taking this path. Obviously I'm worried about things like phone calls from creditors demanding payment and the possibility of court action, which is why I'm somewhat apprehensive about taking this path. Any feedback would be much appreciated.

I've left a few comments
hope they are more helpfull:A

OneTrickPony2008

I'm sorry if I came over somewhat tetchy, guess it's the result of being in debt and facing the daunting prospect of taking out a DMP in order to get myself back on the straight and narrow. I'm usually an easy going guy, but this debt issue has been weighing heavily on me and I haven't even told any of my family about it.

I've been asked what I spend my money on. Well most of it goes towards paying the eight main creditors I have. I'm only paying the minimum each month, so the balances on the credit cards aren't really changing much. The rest of it goes towards things like rent, telephone and internet, cable television, weekly grocery shopping/eating out, car insurance, life assurance, dental fees (every six months), opticians fees (every two years, so not every month), car parking and petrol. All this means that I normally find myself eating well into the £500 overdraft that I have with my bank, in fact I've already gone over that limit this month and I still have just over two weeks to go before I'm paid again, so I'm really struggling to stay above water this month. I was expecting a cheque for £200 this week, but due to regional postal strikes it hasn't arrived and therefore I've had to arrange for it to be sent again, this time by Recorded Delivery. Still it won't cover what I am expected to spend over these next two weeks, so I will be back to where I am now again, if not worse.

I think I will need to revisit my SOA though, probably did go through it a little too quickly and need to up a few of the things on there.

OneTrickPony2008

I've taken a look at some of your comments, but I'll have to come back to this tomorrow. I've been on here for too long today really and it aint good for the eyes. I also have a case of information overload, so need to take it all in and re-think my SOA. Thanks for the comments and once again I apologise if I was somewhat tetchy in my first reply.

Numpty_Monkey

When we all start we are a bit tetchy:o
I'm truelly sorry if I came over as a ogre,
the great people on here know me
that is not what I intended :A

the explanations you given have made a hell of a lot difference:T