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

Pollycat

Hi Tina
I posted on your other thread, I've only just seen this.

I don't have any advice for you, I just wanted to wish you luck at the CAB today.

Denis_UK

If your still living with your husband wouldn't it be better if you posted his details on your SOA,it could give a better indication of your overall situation

DJStock

Hi Tinatony1, I read through your post and am sorry to hear that you are shocked by all this debt. But just remember that there is always a way out, even if you can't quite see it yet. The only thing I would advise as someone who has racked up debt for loved ones in the past is do not feel like you have to take the debt burden all the time; I know you discounted the bankruptcy option because of your partner's feelings about it but just remember its your name on those debts, not the other way around. If bankruptcy is the most sound financial move for you (and I suggest going to see an advisor) then bite the bullet and go for it. I've learnt myself that you won't get anywhere by hoping things work out... this is the problem today and the solution must be based on today's problem, not what could / could not happen in the future relationship-wise. Sorry if that sounds harsh but I learnt the hard way!

As for your monthly bills they do seem high, I am a rented property person myself and I think you would be better off looking for another place to rent that has cheaper rent and is not metered. Yes you'll have the initial cost of deposit for the new place etc but if you make a sensible house move and stay there a while your monthly outgoings will really drop. Trying the bundles on tv/phone/internet is a good idea too, although there are those out there who would say cut out those kinds of luxuries and put that money towards the debt.

I hope it all works out for you, just stand tall take a deep breath and go for it!

culpepper

Why is the OH not contributing to the bills which are utilities I assume you both use or is this a theoretical if you have to go it alone situation?
You could easily ditch the satelite TV thing and that would leave money towards getting to work if you need to .Is it far? could you cycle or lift share?
Definitely have a look on the old style board for grocery ,cleaning and clothing tips.
Gas sounds very expensive and have you let it run right down on the meter before paying more on top? My son has prepayment for electricity and it is a case of taking the key/card to the postoffice, adding a tenner and using it till it is depleted again,Im assuming yours is the same and you put the money on it yourself rather than handing the cash to the landlord to do it?

kissjenn

Hi,

I've read this and your other thread about the issues you've been having with OH. If things look calmer now I would suggest posting a joint SOA so you can see properly what your household income and expenditure looks like. You'll need to put all the debts in full, including OH's and if possible show if they're yours, his or joint. The CAB will have asked you for all of this. Then include his income so you can see the full picture. A good example is the Natwest Loan of £11515.8 £191.7 per month 8% apr this is my half of a joint loan - does that mean the loan is really £23k and you repay £380 per month?

That'll show people here more clearly what the total position looks like and what a sensible course of action might be.

Did the CAB suggest anything or have they set you up with a follow on appointment?

TotallyBroke

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 Check out entitledto and see if you would be eligable for WTC, I doubt it but you never know

Total monthly income.................... 1206.60
Monthly Expense Details
Rent.................................... 465 entitleto may get you some LHA again doubt but you never know
Council tax............................. 115 Spread over the 12 months,
Electricity............................. 40 Turn everything off at the plug unless needed. Check also if you are paying off a previous debt from another tenant
[/COLOR]Gas..................................... 40 See above
Water rates............................. 23 Approx
Telephone (land line)................... 15 Get rid or bundle with Tv
Mobile phone............................ 5
TV Licence.............................. 11.95
Satellite/Cable TV...................... 19.5 Get rid of channels not needed or just use the free ones
Internet Services....................... 5 Bundle
Groceries etc. ......................... 100 Drastically cut down, meal plan and buy cheap
Clothing................................ 20 Stop
Other travel............................ 0 Look to see at work if anyone lives near that you pick you up and drop you off for free or very cheaply
Contents insurance...................... 5.87
Presents (birthday, christmas etc)...... 20 Put on hold for a while
Haircuts................................ 10 Stop
Total monthly expenses.................. 895.32
Assets
Cash.................................... 0
House value (Gross)..................... 0 Start selling what you do not need, vases, half the bedroom furniture etc etc
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 Do you have to pay this each month
Natwest credit card...........3884.5....87........0 Is this min payment
Usdaw Credit card..............5187.96...86.95.....0 Is this min payment
Barclays credit card...........4240.63...95.41.....0 Is this min payment
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.... I don't see any way of paying these, even paying each one £1 per month I doubt you can equal your income/outgoings.

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]

I think you need to speak to your OH and tell him what is going on and see what he is willing to do about it.

tinatony1

CAB appointment went ok today, i had already printed of a SOA and offers to creditors plan which make sense of cards helped with and the CAB man said it looked like a good plan, he gave me a template letter to send to creditors to make these offers which i will be doing ASAP.

Also talked in detail about the Hubby situation, (hubby was with me for support)

The CAB man was really good with everything and has made me a follow up appointment next month with a specialist debt person

He went through the SOA and said that it all looked ok and that the amounts looked quite typical so not to change anything apart from the Sky when the minimum terms allow

Feeling a little bit more postiive, only a little mind, this is going to be a long hard slog i know

He did say that he didnt think bankruptcy was the way forward at the moment so relieved at that.

All i can do now is open up another bank account and send of my letters and prepare for the onslaught of hassle that will probably come my way

Thank you all for the support

drpellypo

Tina my love, first of all I need to tell you that this does not make you a bad person, and you are in no way in deep anything. Please please think about the fact you have life, fresh air to breath, food in your tummy, and that this is a wonderful thing and doesn't stop because you owe some people some money. Two weeks ago I did the exact same thing as you (SOA) and didn't sleep for days, felt a total failure, felt like I had let my partner and her little boy down and had three or four days of very acute suicidal thoughts. And when I say acute, I mean to the point that I was standing on the edge of a road with lorries going past and edging out further and further.

I realise now how stupid of me that was. I realise as I am sat here, with a shed load of debt, but with a tummy full of shepherds pie that cost £2.50 and will feed us tomorrow too, and tomorrow I will wake up and still have loads of debt but still be able to see the fields outside and breath the fresh air.

I guess why I am telling you all this is that I have a decent idea of how you must be feeling right now, and I just want to reassure you that things will be OK! Creditors can't make you pay money you don't have, and your priority bills (house, food etc) will always come first.

Hang in there, and take in all the help that's offered (and there's a lot!) and you will feel better every day.
x

tinatony1

Thanks drpellypo, these forums have been a godsend in many ways, just to know that i am not the only one out there facing this.

i know it will be very hard for a long while but with hope and help it will get better

good luck to you also xx

tinatony1

Just wondered if any one had any experience in whether my creditors are likely to freeze the interest on my accounts

also when i send off my letters am i likely to get horrible letters and calls, if ths happens how should i respond

many thanks