Ive been gone a while but Im back

carkeyz

Hi all!
Dont know if you remember me but I was a mad MSE extramist until the birth of my daughter in April and I kind of lost the plot a bit and couldnt keep track of things.

The last week has been ful of debt collectors, court appearences and red letters. This has led to me realising that I cant run any more. I need to deal with this now cause it will just get worse.

Im off to do my SOA now but now I dont work and my partners wage is all we have plus another little person to support so going to see how this all balances out!

Wish me luck!

carkeyz

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1100
Benefits................................ 310
Other income............................ 0
Total monthly income.................... 1410

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 446
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 17
Mobile phone............................ 40
TV Licence.............................. 12.01
Satellite/Cable TV...................... 15
Internet Services....................... 22.5
Groceries etc. ......................... 300
Clothing................................ 30
Petrol/diesel........................... 100
Road tax................................ 16
Car Insurance........................... 66
Car maintenance (including MOT)......... 10
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1413.51


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Southan Elecric................50........5.........0
Southan Electric Gas...........150.......5.........0
Vanquis........................156.54....5.........0
FPC Debt Collection............347.62....5.........0
BT.............................570.28....5.........0
Black Horse....................1500......5.........0
Welcome Finance................2500......5.........0
Lowell Portfolio...............281.88....5.........0
Westcot........................693.57....5.........0
Red Debt Collection............406.52....5.........0
Westcot........................177.58....5.........0
Iqor...........................158.......5.........0
Capquest ......................600.......79........0
Total unsecured debts..........7591.99...139.......-


Monthly Budget Summary
Total monthly income.................... 1,410
Expenses (including HP & secured debts). 1,413.51
Available for debt repayments........... -3.51
Monthly UNsecured debt repayments....... 139
Amount short for making debt repayments. -142.51

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,591.99
Net Assets.............................. -6,591.99

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

Oh dear. Help people!!

carkeyz

Any advice would be great guys

fatbelly

You're (almost) ideally suited to a Debt Relief Order.

Just need to check that your car value on Parker's guide is less than £1000.

Of course if the car isn't owned by you, there's no problem.

If any of the debts are joint they squeeze over to the other person, so he may have to take advice. Here's a factsheet

Factsheet Debt Relief Orders

not paying for water?

MrsTinks

When are you planning on returning to work? ie how long do we need to try and tide things over for? And when you go back to work what income and childcare arrangements are there?

MrsTinks

Oh and you need to cut the groceries down! £300???
I'm on ML too with a 6 month old and you can eaisly get that down - even with formula you should get that down to About £150 - maybe less if you are BFing I'll trot off and go through the whole SOA now

MrsTinks

carkeyz wrote: »

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 446
Management charge (leasehold property).. 0
Council tax............................. 120 This seems high - are you paying over 10 or 12 months? Might be worth spreading over 12 to reduce the payments
Electricity............................. 50 Seems high... check your usage and see if anyone cheaper is around.
Gas..................................... 50 Ditto
Oil..................................... 0
Water rates............................. 0 ???
Telephone (land line)................... 17
Mobile phone............................ 40 Reduce - can you go PAYG?
TV Licence.............................. 12.01
Satellite/Cable TV...................... 15 Can you combine TV/phone/Internet to save? if not then this needs to go - use the box for freeview if sky
Internet Services....................... 22.5 OUCH!
Groceries etc. ......................... 300 Ouch again - definitely needs to come down.
Clothing................................ 30 Reduce - baby clothes can be picked up all the time from freecycle or ask around - most mum have a tonne of stuff to get rid off. You and OH can manage without for a little while I'm sure...
Petrol/diesel........................... 100
Road tax................................ 16
Car Insurance........................... 66 Pretty high - have you looked for a cheaper deal? Use quidco for cashback
Car maintenance (including MOT)......... 10
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 50 This needs to be reduced...
Holiday................................. 0
Emergency fund.......................... 20 THIS IS AN EMERGENCY!
Total monthly expenses.................. 1413.51



Unsecured Debts
Description....................Debt......Monthly...APR
Southan Elecric................50........5.........0
Southan Electric Gas...........150.......5.........0
Vanquis........................156.54....5.........0
FPC Debt Collection............347.62....5.........0
BT.............................570.28....5.........0
Black Horse....................1500......5.........0
Welcome Finance................2500......5.........0
Lowell Portfolio...............281.88....5.........0
Westcot........................693.57....5.........0
Red Debt Collection............406.52....5.........0
Westcot........................177.58....5.........0
Iqor...........................158.......5.........0
Capquest ......................600.......79........0 You cannot treat one creditor preferentially to another - if all you can afford to pay the other creditors is £5 then £5 is all crapquest get too!
Total unsecured debts..........7591.99...139.......-


Monthly Budget Summary
Total monthly income.................... 1,410
Expenses (including HP & secured debts). 1,413.51
Available for debt repayments........... -3.51
Monthly UNsecured debt repayments....... 139
Amount short for making debt repayments. -142.51

You can easily find the difference - especially if you treat crapquest equally to your other creditors - but in order to make inroads into the debt you need to up your income... can your OH do extra hours? Could you get an evening job?