Urgent Advice on SOA please

hackenbush

Hi,

I've filled in my SOA on makesenseofcards and the details are below.
I've also added rent arrears and other debts below that. These obviously aren't included in the total as there was no space to add these on the form. However, rent arrears alone are now £1100.

After living with my head in the sand out of sheer panic I've started to work it out this week and already feel a lot better.

My main question is... WHAT DO I DO?! I clearly don't care about having a bad credit rating (obviuously!) and I want to eradicate this debt as soon as possible.

The questions I have are:
I've just started a new job and will be paid in mid Feb. Till then I can't pay any of the cards or bank charges.
So, I urgently need advice in terms of what to do next with my bank account and all of my credit cards... at least till mid Feb. - but this wouldn't be ideal as I have a new month's rent and rent arrears and could be on the verge of eviction.

So, short term - how do I deal with CC's and Bank and Rent?

Long-term - What options are available in regards to payment plans?

Thanks in advance for any help.

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget Summary Amount(£)
Total monthly income 1,800
Monthly expenses (incl. HP & secured loans) 1,199
Available for debt repayments 601
UNsecured debt repayments 652.15
Amount short for making debt repayments -51.15

Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 0
Total Secured & HP Debt -0
Total Unsecured Debt -30,944.62
Net Assets -30,944.62

Household Information
Number of adults in household 1
Number of children in household 0
Number of cars owned 1
Income, Expense, Debt & Asset Details
Income Amount(£)
Monthly income after tax 1800
Partners monthly income 0
Benefits 0
Other income 0

Total monthly income 1800

Expenses Amount(£)
Mortgage 0
Secured/HP loan payments 0
Rent 400
Management charge (leasehold property) 0
Council tax 70
Electricity 50
Gas 70
Oil 0
Water Rates 50
Telephone (land line) 30
Mobile phone 40
TV Licence 0
Satellite/Cable TV 0
Internet services 0
Groceries etc. 160
Clothing 50
Petrol/diesel 0
Road tax 0
Car Insurance 0
Car maintenance (including MOT) 0
Car Parking 0
Travel to work 104
Travel to parents 38
Childcare/nursery 0
Other child related expenses 0

Medical (prescriptions, dentists, opticians 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 35
Entertainment 100
Holiday 0
Emergency Fund 0
(Unnamed monthly expense) 0
Total monthly expenses 1199

Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 0 (0) 0
Secured & HP Debt totals 0 - -

Unsecured Debt Description Debt(£) Monthly(£) APR(%)
Gold Mestercard 5895.19 132.4 14.9
Gold Visa 3792.46 84.03 15.9
Halifax 8643.45 86.43 8.94
HFC 210 10.47 26.16
Egg 9426.13 273.3 26.9
HSBC 1477.39 36.93 29.9
Barclays overdraft 1500 28.59

Unsecured Debt totals 30944.62 652.15 -

Asset Description Value (£)
Cash 0
House Value (Gross) 0
Shares and bonds 0
Car(s) 0
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 0


Arrears
Rent £1100
La Redoute £20
Council Tax £190
Companies House Penalty £60
Business Account Overdraft £238.85
Barclays overdraft penalties £350
NI Payments £124.50
Mobile phone £40.53
Water Rates £450
Egg Card £476.13
Housing Benefit overpayment £276.76
HSBC £36.93
Southern Electric (old address) £76.07


Personal Debt
Family £500
Friends £2000

iamana1ias

Can you do something with this so that it follows the normal format? This is impossible to make sense of.

savingmummy

rent arrears alone are now £1100. This is priority, you need to contact landlord and discuss this

After living with my head in the sand out of sheer panic I've started to work it out this week and already feel a lot better.:T

So, short term - how do I deal with CC's and Bank and Rent? Contact and discuss it. Dont ignore or leave it. Others can advise you with more experience


Monthly Budget Summary Amount(£)
Total monthly income 1,800
Monthly expenses (incl. HP & secured loans) 1,199
Available for debt repayments 601
UNsecured debt repayments 652.15
Amount short for making debt repayments -51.15

Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 0
Total Secured & HP Debt -0
Total Unsecured Debt -30,944.62
Net Assets -30,944.62

Household Information
Number of adults in household 1
Number of children in household 0
Number of cars owned 1 DO you need this??
Income, Expense, Debt & Asset Details
Income Amount(£)
Monthly income after tax 1800
Partners monthly income 0
Benefits 0
Other income 0

Total monthly income 1800

Expenses Amount(£)
Mortgage 0
Secured/HP loan payments 0
Rent 400
Mobile phone 40
Management charge (leasehold property) 0
Council tax 70
Electricity 50 this is alot for just lil you in a flat/house you need to ring round elec/gas
Gas 70
Oil 0
Water Rates 50 is this right??
Telephone (land line) 30 - i would get rid and use mobile
TV Licence 0 ?????
Satellite/Cable TV 0
Internet services 0
Groceries etc. 160 too much reduce this
Clothing 50 :mad: use what you have!!
Petrol/diesel 0 ????
Road tax 0 ?????????
Car Insurance 0 ??????????
Car maintenance (including MOT) 0 ????
Car Parking 0
Travel to work 104 is this car/train/bus?
Travel to parents 38
Childcare/nursery 0
Other child related expenses 0

Medical (prescriptions, dentists, opticians 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 35 do without or get a friend to help you out here for a while not nessesary when you have debts to pay
Entertainment 100 what is this??? cut down
Holiday 0
Emergency Fund 0
(Unnamed monthly expense) 0
Total monthly expenses 1199

Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 0 (0) 0
Secured & HP Debt totals 0 - -

Unsecured Debt Description Debt(£) Monthly(£) APR(%)
Gold Mestercard 5895.19 132.4 14.9
Gold Visa 3792.46 84.03 15.9
Halifax 8643.45 86.43 8.94
HFC 210 10.47 26.16
Egg 9426.13 273.3 26.9
HSBC 1477.39 36.93 29.9
Barclays overdraft 1500 28.59

Unsecured Debt totals 30944.62 652.15 -

Asset Description Value (£)
Cash 0
House Value (Gross) 0
Shares and bonds 0
Car(s) 0
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 0


Arrears
Rent £1100
La Redoute £20
Council Tax £190
Companies House Penalty £60
Business Account Overdraft £238.85
Barclays overdraft penalties £350
NI Payments £124.50
Mobile phone £40.53
Water Rates £450
Egg Card £476.13
Housing Benefit overpayment £276.76
HSBC £36.93
Southern Electric (old address) £76.07


Personal Debt
Family £500
Friends £2000[/QUOTE]

I have highlighted things i would change. With these changes alone you could pay towards rent.
Hope others help you re your repayment options.
Sell stuff on ebay or bootsales, you spend lots on clothes so you must have stuff you dont use or dont want x

Oneday77

Hi Hackenbush, your on the right track coming here. As ^ said can you do your SoA again on www.makesenseofcards.co.uk/soacalc.html and then use the link button at the bottom to put it into a format that is easier to follow.
After a brief scan over what is there your haircuts and entertainment are far too high. They need to be cut back.
Gas and electric are astonomical, are they including arrears?
Travel wise can you get a monthly travel pass? Surely it would be cheaper.

It may be worth contacting payplan or CCCS to get advice. Rent arrears come first so I am pretty sure you will be advised to stop credit repayments and pay it off first. Fill in the wizard on www.CCCS.co.uk and look at the advice as you go through it and the booklet at the end.
With cuts you will have enough to service your debts but you will need to prioritise accordingly.

MrsTinks

As said do the SOA again

But a few things GLARE out... entertainment at £100? Haircuts at £35? Clothes at £50? Mobile at £40? Food for one at £160 a month? You can easily afford your debts at the moment if you stop wasting money... short term - contact your creditors and explain the situation to them and tell them when you will be able to pay and how much and how soon you will return to full payments and can address any arrears.

hackenbush

Thanks for your responses and sorry for the format. I will try and repost now in better format.

I noticed a couple of errors - sorry!
1) I don't own a car and must have ticked that by mistake.
2) "Haircut" is wrong. I have a health issue that I have to pay for every mont which comes to £35.

In terms of travel - that is for travel into work and as soon as I get paid I can get a monthly travel card but that still comes to £100.

Gas and Electricity are bills that include arrears at this address. My arrears with the Gas will be paid off after 9 months and that bill will reduce by £40 at that point.

I don't have a TV and watch all my TV online. My landline is my lifeline to the world as this includes my internet and therefore TV and my ability to get on this site!

Thanks for you initial responses and reformatted soa coming as soon as I can work it out.

savingmummy

ahh ok!
£35 for health issue can you not get this on nhs or is it cost for meds etc?
Do you go out? drink? take outs/meals? your entertainment is high so i`m guessing yes Maybe cut down on this and reduce it quite a bit until your straight.

hackenbush

iamana1ias wrote: »

Can you do something with this so that it follows the normal format? This is impossible to make sense of.

on makesenseofcards I use "printer-friendly" button and then copy-and-paste from the output and the format is terrible when I paste into forum.

Is this becuase I'm working on a Mac here? Any advice?

I really need some advice on what to do with my debts and this obviously isn't helping!

thanks

iamana1ias

hackenbush wrote: »

on makesenseofcards I use "printer-friendly" button and then copy-and-paste from the output and the format is terrible when I paste into forum.

Is this becuase I'm working on a Mac here? Any advice?

I really need some advice on what to do with my debts and this obviously isn't helping!

thanks

I think there's an MSE button rather than a printer friendly button. Can you try that?

milliemonster

Please someone correct me if I am wrong but I believe you still need a TV licence to watch TV online???

As others have said the biggest areas you need to address at the moment are mobile, entertainment, haircuts etc, you are frittering money on these things and getting into arrears on the important stuff, like the roof over your head!

You NEED to address your arrears urgently, that means, cancelling the entertainment, finding a much cheaper hairdresser, getting rid of your mobile for now of going PAYG and spending a max of £10 a month on it and easily cutting your groceries by half, get your parents to come and see you instead saving £38 a month, if you can make all these changes, you can have those arrears paid off in a few months

hackenbush

savingmummy wrote: »

ahh ok!
£35 for health issue can you not get this on nhs or is it cost for meds etc?
Do you go out? drink? take outs/meals? your entertainment is high so i`m guessing yes Maybe cut down on this and reduce it quite a bit until your straight.

One of the problems is that the SOA form doesn't have a place for all my arrears:
Rent £1100
Barclays charges £350
Council Tax £190
Housing Ben overpayment £276

the list goes on. So, once these are added up I can't see how I can pay them and cards.

I've managed to get a pretty good job and my wardrobe is empty and threadbare - I actually need to dress well for this job. My budget, which I've just revised to £25 a month is as low as I can go and that is still trying to get pieces from charity stores and primark (if I'm lucky!). Without the job then my situation gets back to where I was without the job - I was out of work for a while which is how I got into this mess.

My "entertainment" budget was just a number plucked from my "that would be nice" list. up until now I've been going out on credit cards so didn't have a budget for that. (Just for the record - i was spending as little as possible when I went out because of the terror of the spiralling debt.)