Student in serious need of help!

cbsoton87

Thanks to all the replies, and sorry that I didn't use proper format etc.. but I've done it now thanks to all your advice.

Ok, here is my SOA:

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................ 701
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 701
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 260
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 11.5
Mobile phone............................ 21.5
TV Licence.............................. 10.99
Satellite/Cable TV...................... 43.5
Internet Services....................... 0
Groceries etc. ......................... 60
Clothing................................ 40
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).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 652.49

Assets
Cash.................................... 300
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 300

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds Overdraft...............1785......35........12.69
Natwest Overdraft..............2400......100.......12.69
Barclaycard....................1090......50........0
Water Bill ....................600.......40........0
Southern Electric..............765.......40........0
Total unsecured debts..........6640......265.......-

Monthly Budget Summary
Total monthly income.................... 701
Expenses (including HP & secured debts). 652.49
Available for debt repayments........... 48.51
Monthly UNsecured debt repayments....... 265
Amount short for making debt repayments. -216.49
Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,640
Net Assets.............................. -6,340

So does this make things clearer for people?? It's quite depressing really, seeing all those figures. But like I said, I'm ready to face up, and own up to my responsibility. I have had a rather large (belated) wake up call!

Nargleblast

Emergency fund - well, this is your emergency so knock that off for a start. Clothing - only buy absolute essentials, you probabky like most people have more than enough stuff in your wardrobe. Satellite/cable TV - cancel and get a Freeview box instead. There's a few quid knocked off your bills, but you are still a bit short. I think you need to speak to a debt counsellor from a company like CCCS or Payplan, to sort out a debt repayment scheme. What does anyone else think?

tealady

Landline and mobile, can you just make do with one or the other.
Gas and electric seem high just for one person. Switch things off when they are not in use, wash up once a day, shower rather than bath.
Oh and keep your chin up, you will get there

NorthernLas

You are missing a natwest CC and Quickquid from your SOA

sara86pink

I would get rid of satelitte / cable and get freeview, and cut back on the clothes shopping. I used to go clothes shopping every month and when my debt became clear I had to desperately change and now I havent been clothes shopping since New Year sales - although I cant wait to have some spare cash and go nuts as I want new clothes!!!

Do you know when you will be getting your next monthly loan installment? It might be worth getting some advice from your uni as I'm sure they have had students in similar situations.

All the best and dont worry, it WILL get easier, these first couple of weeks when your getting your head round it all are always the scariest but lucky you have found an awesome forum filled with support and well wishes

debrag

cbsoton87 wrote: »

Thanks to all the replies, and sorry that I didn't use proper format etc.. but I've done it now thanks to all your advice.

Ok, here is my SOA:

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................ 701
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 701
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 260
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 30 (you pay all this, how many people live with you?)
Gas..................................... 30 (same as above)
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 11.5 (do you each have a ladline?)
Mobile phone............................ 21.5
TV Licence.............................. 10.99
Satellite/Cable TV...................... 43.5 (isn't this split with housemates)
Internet Services....................... 0
Groceries etc. ......................... 60
Clothing................................ 40
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).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 652.49

Assets
Cash.................................... 300
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 300

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds Overdraft...............1785......35........12.69
Natwest Overdraft..............2400......100.......12.69
Barclaycard....................1090......50........0
Water Bill ....................600.......40........0
Southern Electric..............765.......40........0
Total unsecured debts..........6640......265.......-

Monthly Budget Summary
Total monthly income.................... 701
Expenses (including HP & secured debts). 652.49
Available for debt repayments........... 48.51
Monthly UNsecured debt repayments....... 265
Amount short for making debt repayments. -216.49
Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,640
Net Assets.............................. -6,340

So does this make things clearer for people?? It's quite depressing really, seeing all those figures. But like I said, I'm ready to face up, and own up to my responsibility. I have had a rather large (belated) wake up call!

You mention in your first post about housemates but make no allowances for them in you SOA

DVardysShadow

debrag wrote: »

You mention in your first post about housemates but make no allowances for them in you SOA

This is a shared house, not the usual household. OP does not share finances with other housemates, so this is probably done correctly

debrag

DVardysShadow wrote: »

This is a shared house, not the usual household. OP does not share finances with other housemates, so this is probably done correctly

I was just thinking that he said they shared the sky cost in first post.

They have an expensive household if they all pay the same amounts (depending on amount of housemates).

Thrifty_Pixie

cbsoton87 wrote: »

Thanks to all the replies, and sorry that I didn't use proper format etc.. but I've done it now thanks to all your advice.

Ok, here is my SOA:

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1 --- SHOULD BE 2?
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 701
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 701
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 260
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 30 --- IF YOU'RE BOTH PAYING THIS, THEN THIS IS VERY HIGH AT £180 PER QUARTER - YOU NEED TO CUT BACK ON USAGE
Gas..................................... 30 --- SAME HERE
Oil..................................... 0
Water rates............................. 35 --- AND HERE
Telephone (land line)................... 11.5 --- IS THIS EACH? AS THAT IS EXPENSIVE
Mobile phone............................ 21.5 --- CHANGE TO PAYG
TV Licence.............................. 10.99 --- I ASSUME THIS IS ACTUALLY AROUND £6 EACH PER MONTH?
Satellite/Cable TV...................... 43.5 --- GET RID AND USE FREEVIEW
Internet Services....................... 0
Groceries etc. ......................... 60
Clothing................................ 40 --- USE WHAT YOU HAVE FOR A WHILE OR TRY CHARITY SHOPS
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).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 --- £360 PER YEAR. MAYBE CUT BACK ON WHO YOU BUY FOR...MAKE SOME GIFTS...ETC
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 50 --- THIS IS YOUR EMERGENCY, AS SOMEONE ELSE HAS SAID, SO SPEND THIS ON DEBT
Total monthly expenses.................. 652.49

Assets
Cash.................................... 300 --- PUT TOWARDS DEBT
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 300

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds Overdraft...............1785......35........12.69
Natwest Overdraft..............2400......100.......12.69
Barclaycard....................1090......50........0
Water Bill ....................600.......40........0
Southern Electric..............765.......40........0
Total unsecured debts..........6640......265.......-

Monthly Budget Summary
Total monthly income.................... 701
Expenses (including HP & secured debts). 652.49
Available for debt repayments........... 48.51
Monthly UNsecured debt repayments....... 265
Amount short for making debt repayments. -216.49
Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,640
Net Assets.............................. -6,340

So does this make things clearer for people?? It's quite depressing really, seeing all those figures. But like I said, I'm ready to face up, and own up to my responsibility. I have had a rather large (belated) wake up call!

I think you've left off some debts as others have said, but here are my initial ideas. If your housemate wants Sky or whatever, then let them pay for it! Unfortunately you need to get rid of some luxuries if you're going to make some headway.

However, welcome and good luck

cbsoton87

Hi Everyone,

Yes it does seem I left off a couple of debts from the SOA... must be habit from all the avoiding of it...

Give me a few mins to redo the SOA.

In terms of what I have budgeted for things like emergency fund, clothes and sky... well I over budgeted slightly as I have lived previously denying my debts... so I was trying to factor every cost in.

Sky TV - it is split between my housemates and I, yet they never pay./. and foolishly everything is in my name. Because believe it or not, I'm very organised and thus I get lumbered with bills stuff.

Landline and a mobile - I have the landline purely to get internet. Most of you will know that every student needs internet as pretty much all of our submission is online. and unfortunately, there aren't enough computers for every student in the library.. so its safer to have internet at home. I shopped around for internet, and the only provider which allows you to not need a landline is Virgin Media Fibre Optic... however my area does not receive this service

Like I said guys, give me a few mins and we'll be there with a proper SOA. I appreciate your patience.

A quick question while you await my SOA.

I checked my credit report and I have two defaulted accounts with Scottish Power... This is odd as I've never been with them. I showed an interest in them in my second year.. shortly before I moved out. I have a very bad feeling that the tenants who moved in after me took this service on in my name. Am i able to get Scottish Power to remove defaults on account if I send them copies of contracts to prove I did not live there when service was provided? And once they remove these defaults.. will my credit score get a little boost??

Thanks everyone

Student who is beginning to see the light at the end.... xxx