SOA. Oh My God. How did i get in this Mess

tinatony1

Well here it is, the SOA.:eek::eek::eek:

i am in total shock, how did i get myself in this much debt.

i am in deep deep Sh**

i havent put the APR's yet because i need to look them up

Assistance desperately needed

I have a CAB appointment on tuesday


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1206.6
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1206.60
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 465
Management charge (leasehold property).. 0
Council tax............................. 115 This will change when/if other half leaves
Electricity............................. 40 Prepayment meter
Gas..................................... 40 Prepayment meter
Oil..................................... 0
Water rates............................. 23 Approx
Telephone (land line)................... 15
Mobile phone............................ 5
TV Licence.............................. 11.95
Satellite/Cable TV...................... 19.5
Internet Services....................... 5
Groceries etc. ......................... 100
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0 This will change when other half doesn't take me into work anymore
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5.87
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 895.32
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
Natwest loan...................11515.8...191.7.....8 this is my half of a joint loan
Natwest overdrafts.............4600......65........0
Natwest credit card...........3884.5....87........0
Usdaw Credit card..............5187.96...86.95.....0
Barclays credit card...........4240.63...95.41.....0
store card.....................1758.9....70.34.....0
M & S credit card..............4516.27...112.......0
Marbles credit card............5298.2....132.4.....0
Marks & Spencer loan...........4000......118.......0
Beneficialcredit card..........6916.5....138.......0
Egg credit card................1750......42........0
Natwest Credit card............3476.4....78........0
Total unsecured debts..........57145.16..1216.8....

Monthly Budget Summary
Total monthly income.................... 1,206.6
Expenses (including HP & secured debts). 895.32
Available for debt repayments........... 311.28
Monthly UNsecured debt repayments....... 1,216.80
Amount short for making debt repayments. -905.52
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -57,145.16
Net Assets.............................. -57,145.16
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

lindens

First of all well done for putting together your SOA and posting it here in all its loveliness:)
That's a hard thing to do but hopefully you feel a bit more in control now you have written it all down.
A few queries-
I don't know your story, but it appears you were living with someone who is now about to leave and you are facing the bills on your own?
Are all those debts definitely all yours?
The Gas and electric seem high for 1 person - does that include past debts or are you basing it on 2 people.
I'm sure some others will come along soon and offer more advise.
CAB is a good start or one of the other free debt charities

tinatony1

Thank you

dont actually do know if i feel better for seeing the real state i am in but i suppose its a start

The Gas and electric are both prepayment meters, it is a rented house so dont think i can change them. I basically put £10 a week in each at the moment, (heating is not on yet)

Yes basically all debts listed are in my name, spending for both of us on them all but in my name so my responsibility

Other half says he is leaving but i dont know when, dont actually want him to go, i have a thread on the money saving in marriages forum,

beanielou

Hate to be blunt but that is a lot of debt on your income.
I think you need to think about going bankrupt.

lynzpower

I have read your thread on the other board.

You really have 2 choices here as I see it.

1)Get the ex to take half of the debt into his name. However, qite frankly you have no way of making him do this, its appealing to his sense of responsibility.
He could take out for example a 20k loan to give you this cash and he would pay his share off? Do yo uthink there is any hope for him doing this?

2) Have a good read about bankrupcy, I think lou is right you reallyneed to be prepared for this, that is a very high amoun ton your fairly lowish salary.

What was this spent on? Car? Electricals? Expensive consumer items? Anything you can sell to balance the books.

Honey I feel for you, this is really a hard time for you right now. ((TINA)))

tinatony1

I realise that it is huge, still in shock over it.

the thing is if i go for bankruptcy the joint loan will be transferred over to my husband and if this happens we will never be able to work things out

i am really scared at the moment

gfplux

hello tinatony1,
Well done for doing your SOA.
As others have said you look as if the only route is bankruptcy.
You say if you do this you will not be able to work something out with your husband.
I think you will have no choice.
I have not read your other thread. If that is the thing that comes into your mind and all these debts have been run up in your name while living with your husband I think your attempt to buy his love has already failed.
Sorry if I have misunderstood your problem.

beanielou

Is it likely that you can work things out even leaving aside the debt?

tinatony1

i am hoping we can work things out in time, i really am, but even he doesnt realise i am in this much debt

I have not been trying to buy his love, these debts have been run up together, everything was just put on cards, most of the furniture, clothes, petrol, food

i really fear that this will be the end of my marriage

Mimi_Arc_en_ciel

tinatony1 wrote: »

Well here it is, the SOA.:eek::eek::eek:

i am in total shock, how did i get myself in this much debt.

i am in deep deep Sh**

i havent put the APR's yet because i need to look them up

Assistance desperately needed

I have a CAB appointment on tuesday


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1206.6
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1206.60
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 465 drastic - but can you move to cheaper area? We saved £300 a month by moving a few miles.
Management charge (leasehold property).. 0
Council tax............................. 115 Can this be paid over 12 months instead of 10?
Electricity............................. 40 Can you lower this? This does my family of 3
Gas..................................... 40 again - see above.
Oil..................................... 0
Water rates............................. 23 Can this be changed? mines only £17 a month
Telephone (land line)................... 15 Can you get a bundle?
Mobile phone............................ 5
TV Licence.............................. 11.95
Satellite/Cable TV...................... 19.5 Can you get a bundle / Cancel?
Internet Services....................... 5
Groceries etc. ......................... 100 See OS board for tips to reduce this
Clothing................................ 20
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...................... 5.87
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 895.32
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
Natwest loan...................11515.8...191.7.....8 this is my half of a joint loan
Natwest overdrafts.............4600......65........0
Natwest credit card...........3884.5....87........0
Usdaw Credit card..............5187.96...86.95.....0
Barclays credit card...........4240.63...95.41.....0
store card.....................1758.9....70.34.....0
M & S credit card..............4516.27...112.......0
Marbles credit card............5298.2....132.4.....0
Marks & Spencer loan...........4000......118.......0
Beneficialcredit card..........6916.5....138.......0
Egg credit card................1750......42........0
Natwest Credit card............3476.4....78........0
Total unsecured debts..........57145.16..1216.8....

Monthly Budget Summary
Total monthly income.................... 1,206.6
Expenses (including HP & secured debts). 895.32
Available for debt repayments........... 311.28
Monthly UNsecured debt repayments....... 1,216.80
Amount short for making debt repayments. -905.52
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -57,145.16
Net Assets.............................. -57,145.16
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

My comments are on in red xx hope they help x

beanielou

I think the basic problem is that your debts in relation to income are so big.
Im amazed you were able to borrow this amount on your salary TBH.