Hi, newbie (ish) SOA

skaff

I've been beaten to all the ideas i had for you but still had to add to the thread to say well done for actually putting down in wrtiting where you stand. It's tough and it's scary but you have passed a milestone here and i have no doubt you will do well in your efforts.

Best of luck!

msmicawber

Sorry, Kaz, we posted at the same time, so I see you've answered some of my questions.

Penelope_Penguin

msmicawber wrote:

Don't want to worry you, but are you sure you're entitled to Child Tax Credit if you're on Income Support? I don't know about this, but just don't want you to get into the position where you have to pay it back, adding to your burdens.

CTC has now replaced the IS element for children. The IS will be for Kaz herself, and CTC for the kids.

Penny. x

comping_cat

Hi Kaz, well done for doing your SOA.

Have you tried ringing aol, saying that you can get cheaper broadband/internet elsewhere, and see if they will offer to price match? This is what i did with freeserve, and got £2 a month knocked off, and faster broadband as well!!!!

Kazonline

Wow ! thanks for all the swift responses!!!

I've amended the insurance and CHB thing in my SOA, but the overall monthly figures should be the same as I used the spreadsheet on here to get them.

I hang on to the appliance insurance because I've got through so many appliances since living here it's cost me a fortune - each tending to go after 2 years use. Typically since taking it out a year ago all is well!! That said, the w/m is threatening to go again (ongoing problem). I'm scared that if I cancel that and I've gone onto an arrangement with companies then I could end up with no W/M and no cash to replace it...
Thankfully I don't drink or smoke, but I do love my food - hence my shopping bills being so high. In fairness we do all have hefty appetites - as does the dog, lol.
As for the house - the mortgage is currently at £72k, but I think the value is about £140k - so lots of equity that being out of work means I can't touch!
However, being in work means I can't afford to pay a mortgage, lol. My other worry is that the house is leashold. There's a long term on it (about 65 years left), but when I took out the mortgage I borrowed extra to buy the freehold, but ended up living off it when I was on sick and had run out of sick pay and IS didn't pay me anything (I was too ill to sort it out at the time)
Sorry if my posts aren't making much sense, but as you can prob tell I'm getting a wee bit panicky now

CLAPTON

your income does not add up to your total. can you check the figures.

i.e.
CSA £158.09 monthly
Child Tax 108.67 weekly is 434 for 4 weeks or 470 per month
ISupport £39.43 weekly is 157 for 4 weeks or 170 per month
CHB £163.40 weekly is 653 for 4 weeks or 708 per month

which sums to either 1404 for the 4 weekly approach or 1507 monthly
and not 976

dorry_2

hi kaz, :wave:

god! you are braver than me, posting here, after being a student for 7 years, you can imagine how much student loan i have run up!!!! :eek:

i am not a expert in these matters at all, however, i do tend to agree with tootles on this one, if u were to declare yourself bankrupt, i believe they right of your credit card debts, so that would leave u with a decent chance!
looking at the figures you would if u made some cuts be able to manage! (just)

you could then sell on ebay/amazon (see apprentice tycoon's thread) to supplement your income, which would leave u on top!! i had to sell on ebay and amazon and it's got me through my final year at uni!!

i would defo find out other options first, the cab is excellent and would help i am sure.


i am only thinking bankrupt option, as you will not be able to draw of mortgage, which is what i would of done to try and clear the cc, but it is not in your best interests to do this !!


hope this helps, i can pm u with amazon book selling tips or hints of what i sold on ebay??


love dorry xxxxxxxxx

Penelope_Penguin

Hi, all!

Bankruptcy isn't such a good option. Kaz's main asset is the equity in her house, so this will be sold to pay her creditors.

Drawing money out of the house, as remortgage (possible, even though she's not earning), or in terms of an Individual Voluntary Arrangement (IVA) are better options.

There're loads of threads on IVA's for anyone who's interested.

Penny. x

dorry_2

Penelope_Penguin wrote:

Hi, all!

Bankruptcy isn't such a good option. Kaz's main asset is the equity in her house, so this will be sold to pay her creditors.

Drawing money out of the house, as remortgage (possible, even though she's not earning), or in terms of an Individual Voluntary Arrangement (IVA) are better options.

There're loads of threads on IVA's for anyone who's interested.

Penny. x

hi penny, i wasn't sure how its worked?? i didn't realise you could draw on house money, they have always asked me if i was working. but that is a better option and it would clear the cc's

love dorry

msmicawber

Hi Kaz,

I understand what you mean about not drinking, smoking etc., and 4 of you having large appetites, but you can still eat well (and volumes!) more cheaply, I reckon. The Old Style board also gives great tips for saving money on cleaning products and toiletries (freeing up money for food). There's currently a 'what's your best recipe' thread on the go, with some delicious stuff on there, which I'd recommend. If you could get your living costs down a bit from the figures you've posted, then you'd be in a better position to see what your best option is for sorting out your debts.

A propos AOL, I'm not sure what you mean by wanting to keep it because you're not a techie. Do they have better support than anyone else (if so, it's the first I've heard of it, and I work in the IT industry).

Try not to panic. You've made a great first step by setting your SOA out, but seeing it all in black and white - probably for the first time - and having people like me question it is a bit unnerving, but will help you see where you can improve your lot, which will help you calm down. Best wishes.