My SOA - what do I do now?

happymoneysaver79

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 0
Benefits................................ 213.68
Other income............................ 420
Total monthly income.................... 2633.68
Monthly Expense Details
Mortgage................................ 316.3
Secured/HP loan repayments.............. 240.60000000000008
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 56
Gas..................................... 91
Oil..................................... 0
Water rates............................. 25.4
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12.12
Satellite/Cable TV...................... 50 (this is tv, phone and internet)
Internet Services....................... 0
Groceries etc. ......................... 300 (includes pet food)
Clothing................................ 30
Petrol/diesel........................... 140 (partner works a long way from home)
Road tax................................ 14
Car Insurance........................... 41.16
Car maintenance (including MOT)......... 22
Car parking............................. 0
Other travel............................ 5 (occasional bus fare)
Childcare/nursery....................... 0
Other child related expenses............ 10 (rare days out)
Medical (prescriptions, dentist etc).... 15.4
Pet insurance/vet bills................. 10
Buildings insurance..................... 11.01
Contents insurance...................... 22.93
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 10 (days out with the kids)
Holiday................................. 0
Emergency fund.......................... 0
water rates (rented property)........... 21.4
boiler cover & certif (rented property). 24.88
buildings insurance (rented property)... 11.34
child maintenance....................... 100
mobile phone............................ 15
boiler cover............................ 14.99
tax repayment........................... 50 (250.00 left to pay)
Total monthly expenses.................. 1765.53

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 93000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 76283.2..(316.3)....0
Secured Debt.................. 24695.2..(102.3)....0<
secured debt (rented)..........4157.....(38.3).....0<
Mortgage (rented)..............57737.1..(100)......0
Total secured & HP debts...... 162872.5..-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Natwest credit card............4003.36...90........0
Citi bank credit card..........3878.88...116.5.....0
Barclaycard credit ca..........4628.76...104.1.....0
family loan....................8000......200.......0
Tesco credit card..............3689......100.......0
Barclays o/d...................350.......10........0
Bank of scotland o/d...........2300......0.........0
Marbles credit card............930.......22.07.....0
r b s credit card..............2217.14...50........0
Capital one credit ca..........4090.68...122.7.....0
Halifax credit card............2689......47.14.....0

I have an appointment with cccs in the morning. Is it do-able without a DMP? We have been struggling for ages, all of our 0% deals have now got high apr's - stupidly we haven't tried to shift them onto cards with better deals, tried to negotiate with the current lenders and they wont budge. Been sticking our heads in the sand thinking that we are ok when clearly we are not. We would like to move house in the near future as the area we live in is awful and the schools are bad, we know we can't afford to at the moment but I am worried to death about ruining our credit rating with a DMP and being stuck here forever.
Just don't know what to do. I used to be so positive - now I am worried sick for our children and worried that we could loose our home.
Any advice would be really appreciated x

happymoneysaver79

Just to clarify..
I am not sure of the apr's on the credit cards and the mortgage as they are in my partners name - they are very high though. I will get him to ring them and find out. We have two mortgages, one for the property we live in an another for one that we rent out, evrything listed as (rented) are related expenses.

firestronaut

happymoneysaver79 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 0
Benefits................................ 213.68
Other income............................ 420
Total monthly income.................... 2633.68
Monthly Expense Details
Mortgage................................ 316.3
Secured/HP loan repayments.............. 240.60000000000008
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 56
Gas..................................... 91 there are ways to reduce this. are you on the cheapest tariff for your area?
Oil..................................... 0
Water rates............................. 25.4
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12.12
Satellite/Cable TV...................... 50 This can but cut to a basic package.
Internet Services....................... 0
Groceries etc. ......................... 300 Meal plan in advance and drop a couple of brands, this will very easily be cut down.
Clothing................................ 30 Do you really need new clothes every month?
Petrol/diesel........................... 140 combine errands, walk when possible and use public transport at least once a week
Road tax................................ 14
Car Insurance........................... 41.16
Car maintenance (including MOT)......... 22
Car parking............................. 0
Other travel............................ 5
Childcare/nursery....................... 0
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 15.4
Pet insurance/vet bills................. 10 this eems high, shop round
Buildings insurance..................... 11.01
Contents insurance...................... 22.93
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
water rates (rented property)........... 21.4
boiler cover & certif (rented property). 24.88
buildings insurance (rented property)... 11.34
child maintenance....................... 100
mobile phone............................ 15
boiler cover............................ 14.99
tax repayment........................... 50
Total monthly expenses.................. 1765.53

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 93000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 76283.2..(316.3)....0
Secured Debt.................. 24695.2..(102.3)....0<
secured debt (rented)..........4157.....(38.3).....0<
Mortgage (rented)..............57737.1..(100)......0
Total secured & HP debts...... 162872.5..-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Natwest credit card............4003.36...90........0
Citi bank credit card..........3878.88...116.5.....0
Barclaycard credit ca..........4628.76...104.1.....0
family loan....................8000......200.......0
Tesco credit card..............3689......100.......0
Barclays o/d...................350.......10........0
Bank of scotland o/d...........2300......0.........0
Marbles credit card............930.......22.07.....0
r b s credit card..............2217.14...50........0
Capital one credit ca..........4090.68...122.7.....0
Halifax credit card............2689......47.14.....0

I have an appointment with cccs in the morning. Is it do-able without a DMP? We have been struggling for ages, all of our 0% deals have now got high apr's - stupidly we haven't tried to shift them onto cards with better deals, tried to negotiate with the current lenders and they wont budge. Been sticking our heads in the sand thinking that we are ok when clearly we are not. We would like to move house in the near future as the area we live in is awful and the schools are bad, we know we can't afford to at the moment but I am worried to death about ruining our credit rating with a DMP and being stuck here forever.
Just don't know what to do. I used to be so positive - now I am worried sick for our children and worried that we could loose our home.
Any advice would be really appreciated x

Start a spending diary as money easily disappears during the month.
Use cashbck sites on the renewal of your insurances and always make sure you're getting the best deal.

Gemmadilem34

Hi there,
I'm a bit of a whippersnapper myself and have not been on the board very long.
However, have you thought about your rented property and selling/releasing equity in that?
I have seen some people say that it's a bad idea as you are effectively losing an asset for the long term. However, I know I'd much rather sell up and have the one house and less debt.
I know that selling that property will then result in loss of monthly earnings - which I take it are the 420 as stated in 'other'. But at least it might clear up some debts?

Otherwise, is there any chance of a pay rise/changing job/working extra hours?
Believe it or not, just lately I have been working two jobs - one from 8.30am-4.30pm and then from 6-10pm. This meant I did not have a social life but in order to save up for a house deposit I was willing to do that! It was bringing in an extra 600 per month which is not to be sniffed at.
Could you do the same?

Verbatim

hi happyms,
It's abit late for a good response right now, you'll probably get a better reaction tomorrow evening around 6ish. post aagain on this thread then to get it back to the first page.

Can you get the amounts of the secured debt and the unsecured to add up so that we can see the totals? In the meantime can you still meet all your minimum payments after the secured debts have come out?

If necessary could you sell the rented house? could you get a better deal on the TV/BB/phone bundle? i think that's what the £50 is?

i see there's only one income, anychance of the other working? And/or increasing income through letting a room to a lodger or student from a foreign language school or a second job? perhaps now is the time to try for a balance transfer to a 0% cc. What have the aprs become?

Please try not to worry.

Verbatim

Well I've been proved wrong 2 others got in before me!
Will try to catch up tomorrow. must go to sleep soon.

happymoneysaver79

wow. thankyou for the quick responses. If we sold the rented house which is doubtful as it needs a fair amount of work we would probably walk away with nothing. There wold be capital gains tax to pay and I bet we would struggle to get £75 K for it at the moment.
The virgin cable package is the minimum at around £23.00 but the phone calls always seem to bump this up. It is mainly calls to credit card companies and businesses. I am going to make an effort to reduce this.
I have just bought a log log burning stove and we have taken our gas fire out which cost a bomb to run so hopefully I can reduce the gas bill as we wont need the central heating on so high either, also taking much more care not to leave lights on and not use tumble dryer etc to bring electric bill down.
Petrol costs are very high as my partner works a long way from home on an industrial estate, not accessable by public transport and the hours he works would make public transport impossible anyway.
I worked for 10 years prior to having my children who are 3 and 11 months. My employer would not let me return on a flexi basis so decided not to return as the cost of childcare would outweigh my earnings. I have no available childcare available to me in the form of parents, friends etc and my partner works very mixed shifts and long hours so I could never commit to anything on a regular basis.
I do some mystery shopping and ebaying but its never enough.
I just don't know wether to keep plodding on or enter into a dmp. I feel so anxious all the time it is making me ill.
Hope this explains the situation better - why is it never straightforward?

happymoneysaver79

bump:(
for the morning x

Arwen

happymoneysaver79 wrote: »

wow. thankyou for the quick responses. If we sold the rented house which is doubtful as it needs a fair amount of work we would probably walk away with nothing. There wold be capital gains tax to pay and I bet we would struggle to get £75 K for it at the moment.
The virgin cable package is the minimum at around £23.00 but the phone calls always seem to bump this up. It is mainly calls to credit card companies and businesses. I am going to make an effort to reduce this.
I have just bought a log log burning stove and we have taken our gas fire out which cost a bomb to run so hopefully I can reduce the gas bill as we wont need the central heating on so high either, also taking much more care not to leave lights on and not use tumble dryer etc to bring electric bill down.
Petrol costs are very high as my partner works a long way from home on an industrial estate, not accessable by public transport and the hours he works would make public transport impossible anyway.
I worked for 10 years prior to having my children who are 3 and 11 months. My employer would not let me return on a flexi basis so decided not to return as the cost of childcare would outweigh my earnings. I have no available childcare available to me in the form of parents, friends etc and my partner works very mixed shifts and long hours so I could never commit to anything on a regular basis.
I do some mystery shopping and ebaying but its never enough.
I just don't know wether to keep plodding on or enter into a dmp. I feel so anxious all the time it is making me ill.
Hope this explains the situation better - why is it never straightforward?

If you can't commit to anything on a regular basis, have you thought about being a carer/support worker for old people or people with special needs? This is my 2nd job, cos I can't do regular hours, but you can do it on a part time/sessional basis around your husbands shifts.

You get training to do it,if you can drive or have use of a car it does give you more flexibility. I have been doing it a couple of years now, and I love it (after thinking I would never last the morning.:rotfl:). Ok it's not fabby pay,but could bring you in maybe £400-£500 a month.

tallyhoh

There may not br capital gains. Did you inherit the house? I had my parents & as the price I sold it as was less than value at probate I did not pay any tax.

That was 5 years ago so things may have changed but its worth checking out. The booklet I recieved about capital gains was so confusing I consulted an expert in the end.

Verbatim

Hi Again, Good Morning!
I have the virgin bundle and average around £36 a month but really notice that if I make many calls it racks up the costs quickly. I've seen ads for Virgin at £18 so might investigate that further then try to get them to put us on that by threatening to leave. We should be out of contract now.

Good luck with the CCCS appointment. Let us know how you get on.