I know I'm in trouble - what to do?

debtsrus

GeorgeUk,

It doesn't seem to want to work for me. I did what you suggested but still get the same error message.

"Sorry as a new user you are not allowed to post with links. This is done to stop spammers clogging up the site. Please edit your message below to continue."

MrsTinks

Have you checked there are no links accidently included in what you are about to post?

MrsTinks

Failing that I think it's 10 or 20 posts to get the embargo removed... post some words of encouragement on other threads and you'll be there in no time at all

GeorgeUK

Found it. take out the bit at the bottom before pressing submit.

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

RAS

debtsrus wrote: »

GeorgeUk,

It doesn't seem to want to work for me. I did what you suggested but still get the same error message.

"Sorry as a new user you are not allowed to post with links. This is done to stop spammers clogging up the site. Please edit your message below to continue."

At the bottom of the SOA is a little acknowledgement saying it is courtesy of www.senseofcards. com.

Delete the link and it will allow you to post the rest of the SOA.

debtsrus

Thanks again

Here we go!

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 549.16
Partners monthly income after tax....... 0
Benefits................................ 500
Other income............................ 0
Total monthly income.................... 1049.16

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 60
Gas..................................... 0
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 17
Mobile phone............................ 15
TV Licence.............................. 11.99
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 100
Clothing................................ 5
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).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 820.99


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 200
Total Assets............................ 200

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................11500.....172.......0
COOP...........................11800.....228.......0
American Express...............3300......86.49.....0
HSBC...........................15000.....72.41.....0
RBS Loan.......................5232.5....149.5.....0
RBS Card.......................1814.17...34........0
Total unsecured debts..........48646.67..742.4.....-


Monthly Budget Summary
Total monthly income.................... 1,049.16
Expenses (including HP & secured debts). 820.99
Available for debt repayments........... 228.17
Monthly UNsecured debt repayments....... 742.4
Amount short for making debt repayments. -514.23

Personal Balance Sheet Summary
Total assets (things you own)........... 200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -48,646.67
Net Assets.............................. -48,446.67

MrsTinks

Unless you are likely to get a well paid job and soon then I would strongly suggest you speak to one of the debt chairities and discuss the possibility of going Bankrupt... Sorry but there is not much chance of working with debts that high unless you have a good potential income and preferably 2 incomes...

dancingfairy

I think perhaps bankruptcy is perhaps the best answer as said by Mrs Tine - it would give you a fresh chance and a clean slate.
In theory you should have about 200 pounds a month spare according to your SOA which should mean you are o.k if you are not repaying debts.
Are you sure your groceries are 100 a month for 2 adults - that's very low - if so congratulations.
Why not pop over to the bankruptcy board as they are very knowledgeable on there - they can help with forms, how to actually go bankrupt and tons of moral support and they seem to know the answer to almost every question between them
Getting independent advice is also a wise thing to do as well.
df
Link to the bankruptcy board:
http://forums.moneysavingexpert.com/forumdisplay.html?f=136
Every so often you get an idiot who thinks badly of bankrupts but generally they get given short shrift over there if they start winding people up so if you do come across any idiots just ingnore them.

RAS

Hi

Your monthly expenditure is less than your income, which is good. if you went BR, your allowances would be higher for things like clothes (say £40) and you would not get a IPA to pay.

You would never get consumer credit again, but frankly, you would not need it.

So i would bite the bullet and go BR, but please do speak to a debt charity first. Also watch out for things like inheritance etc.

Nargleblast

Probably not the news you wanted to hear but don't despair! There are a number of debt solutions, all with their pros and cons, and whatever you have to do to get out of debt you have to do. If the debt charity advises bankruptcy then go for it. It's not like Dickensian times when people were chucked in a debtor's prison - that's not to say it will be a cushy number, but it is a manageable solution, and there are lots of people on the Bankruptcy forum who can support you in this, people who are or have been bankrupt themselves. Don't worry about any social stigma, or what the neighbours say - unless they go through the local paper with a magnifying glass they need never know, and it is none of their business anyway. It is up to you and your other half who you tell about your personal financial problems, and I am sure your daughter will be supportive. There will be light at the end of the tunnel, and you will be free of debt one day soon.