SOA.....We are in trouble!!

Takingcontrol_2

I've attached my SOA, it is an up to date one, as circumstances changed or rather got worse!!! (and I didnt think they actually could!!) I have spoken to CCCS and National Debtline who have all been absolutely wonderful and soo kind! But it is seeming like our only option is ...........bankruptcy!:eek: which I just DO NOT want to do! Do you think we can get back from this mess?

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.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1000
Benefits................................ 535
Other income............................ 0
Total monthly income.................... 1535

Monthly Expense Details
Mortgage................................ 390
Secured/HP loan repayments.............. 172
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 149
Electricity............................. 90
Gas..................................... 90
Oil..................................... 0
Water rates............................. 49
Telephone (land line)................... 15
Mobile phone............................ 35
TV Licence.............................. 25
Satellite/Cable TV...................... 22
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 30
Car Insurance........................... 50
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1821


Assets
Cash.................................... 0
House value (Gross)..................... 72500
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 74000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 74000....(390)......6.6
Secured Debt.................. 9320.....(172)......22
Total secured & HP debts...... 83320.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Mum............................13000.....176.......6
Natwest........................865.......20........0
HSBC...........................5465......90........0
Mothercard.....................389.94....15........22.4
Capital One....................200.......10........29
Simply Be......................780.......30........39.9
Vanquis........................773.......50........39
Argos..........................277.......10........27.9
Barclaycard....................418.......10........27.9
Total unsecured debts..........22167.94..411.......-


Monthly Budget Summary
Total monthly income.................... 1,535
Expenses (including HP & secured debts). 1,821
Available for debt repayments........... -286
Monthly UNsecured debt repayments....... 411
Amount short for making debt repayments. -697

Personal Balance Sheet Summary
Total assets (things you own)........... 74,000
Total HP & Secured debt................. -83,320
Total Unsecured debt.................... -22,167.94
Net Assets.............................. -31,487.94

downnotout

Takingcontrol wrote: »

I've attached my SOA, it is an up to date one, as circumstances changed or rather got worse!!! (and I didnt think they actually could!!) I have spoken to CCCS and National Debtline who have all been absolutely wonderful and soo kind! But it is seeming like our only option is ...........bankruptcy!:eek: which I just DO NOT want to do! Do you think we can get back from this mess?

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.................... 2

Monthly Income Details
Monthly income after tax................ 0 <

---

Can you not take on some part time work?
Partners monthly income after tax....... 1000
Benefits................................ 535
Other income............................ 0
Total monthly income.................... 1535

Monthly Expense Details
Mortgage................................ 390
Secured/HP loan repayments.............. 172
Rent.................................... 250 <

---

Why rent and mortgage?
Management charge (leasehold property).. 0
Council tax............................. 149 <

---

This seems high? is it over 12 months?
Electricity............................. 90 <

---

Again this is high arrears?
Gas..................................... 90 <

---

As above
Oil..................................... 0
Water rates............................. 49
Telephone (land line)................... 15
Mobile phone............................ 35 <

---

Do you need a mobile phone? contract? can you reduce it?
TV Licence.............................. 25 <

---

This should be half this
Satellite/Cable TV...................... 22 <

---

you can not afford this
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 0
Petrol/diesel........................... 100 <---- Can you not reduce this?
Road tax................................ 30
Car Insurance........................... 50
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 <--- Are you sure?
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40 <---- you can not afford this
Haircuts................................ 15 <--- local college?
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1821


Assets
Cash.................................... 0
House value (Gross)..................... 72500
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 74000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 74000....(390)......6.6
Secured Debt.................. 9320.....(172)......22
Total secured & HP debts...... 83320.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Mum............................13000.....176.......6
Natwest........................865.......20........0
HSBC...........................5465......90........0
Mothercard.....................389.94....15........22.4
Capital One....................200.......10........29
Simply Be......................780.......30........39.9
Vanquis........................773.......50........39
Argos..........................277.......10........27.9
Barclaycard....................418.......10........27.9
Total unsecured debts..........22167.94..411.......-


Monthly Budget Summary
Total monthly income.................... 1,535
Expenses (including HP & secured debts). 1,821
Available for debt repayments........... -286
Monthly UNsecured debt repayments....... 411
Amount short for making debt repayments. -697

Personal Balance Sheet Summary
Total assets (things you own)........... 74,000
Total HP & Secured debt................. -83,320
Total Unsecured debt.................... -22,167.94
Net Assets.............................. -31,487.94

Some suggestions, but your SOA seems to indicate you are paying out one two properties?

Takingcontrol_2

Our home is a shared ownership, we own 50% Housing own the other 50%
Gas and electric are high as we had prepayment meters put in and there is approx £900 worth of debt being taken off them as well as what we are using
TV Licence is in the first 6mths of payment, will half in January
Our council tax is disgustingly high!! But we also have arrears in that field too!
Am currently looking for part time work which will fit in around my 4 year old and baby. I make Jewellery and have just got myself a stall at local farmers market, so thats a start
The fuel bill is my husbands (Builder) and hes all over the place, old van, gas guzzler!!
Mobile phone is tied in to a contract which was taken out before husband was made redundant...going to call them tomorrow to see about bringing down package.

downnotout

You still have a 700 deficit to make up, making jewelry is a nice hobby but I can not see that making any money any time soon - not 700 pounds worth. I used to run a craft shop and know a lot about the industry.
I wish you luck and I am sure someone else will come on and make other suggestions.

Takingcontrol_2

Thank you, no its no way near £700 (I wish it was!! )

NorthernLas

Rather than think about the £700 deficit, start with the £300 as covering your outgoings will help considerably.
Is there anything like council tax benefit or housing benefit that you could claim - can you check https://www.entitledto.co.uk?
Could you re-negotiate your arrears to pay over a slightly longer time?
Is there other part-time work that you could do?
Is there anything that you can ebay or car boot?

weehev

Takingcontrol wrote: »

I've attached my SOA, it is an up to date one, as circumstances changed or rather got worse!!! (and I didnt think they actually could!!) I have spoken to CCCS and National Debtline who have all been absolutely wonderful and soo kind! But it is seeming like our only option is ...........bankruptcy!:eek: which I just DO NOT want to do! Do you think we can get back from this mess?

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.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1000
Benefits................................ 535
Other income............................ 0
Total monthly income.................... 1535

Monthly Expense Details
Mortgage................................ 390
Secured/HP loan repayments.............. 172
Rent.................................... 250 - this is very high when combined with ur mortgage payment, anyway to reduce?
Management charge (leasehold property).. 0
Council tax............................. 149 -is this spread over 12 months?
Electricity............................. 90 - could try contacting them and seeing if there was anyway of reducing
Gas..................................... 90
Oil..................................... 0
Water rates............................. 49
Telephone (land line)................... 15
Mobile phone............................ 35
TV Licence.............................. 25
Satellite/Cable TV...................... 22 - perhaps do without this til ur on ur feet again
Internet Services....................... 0
Groceries etc. ......................... 250 -try a weekly budget to stick to, hard with young ones tho
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 30 - this cant be every month??
Car Insurance........................... 50
Car maintenance (including MOT)......... 30 same as above
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40 - might have to reduce this for a while, ebay/car boot sales etc are great for bargains!
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1821


Assets
Cash.................................... 0
House value (Gross)..................... 72500
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 74000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 74000....(390)......6.6
Secured Debt.................. 9320.....(172)......22
Total secured & HP debts...... 83320.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Mum............................13000.....176.......6 - is this money ur paying family or a loan company iv not heard of (plz excuse ignorance)
Natwest........................865.......20........0
HSBC...........................5465......90........0
Mothercard.....................389.94....15........22.4
Capital One....................200.......10........29 - could try pay this off first
Simply Be......................780.......30........39.9
Vanquis........................773.......50........39
Argos..........................277.......10........27.9
Barclaycard....................418.......10........27.9
Total unsecured debts..........22167.94..411.......-


Monthly Budget Summary
Total monthly income.................... 1,535
Expenses (including HP & secured debts). 1,821
Available for debt repayments........... -286
Monthly UNsecured debt repayments....... 411
Amount short for making debt repayments. -697

Personal Balance Sheet Summary
Total assets (things you own)........... 74,000
Total HP & Secured debt................. -83,320
Total Unsecured debt.................... -22,167.94
Net Assets.............................. -31,487.94

Hi there, sorry to hear ur current problems. iv made some suggestions. appologies if you have already addressed these.

this forum is great - ul find lots of help and advice.

stick in, ul get there xxxx

podperson

Hi Takingcontrol,

I would definately double check on what benefits you are entitled to, before OH applied for student loan we were on a similar income and getting about £450 and have no kids so think you should be on more then that. Have you checked working tax credits, child tax credits, child benefit, housing benefit (was surprised we got that but we did off low income) council tax benefit etc.

Are you currently applying for part-time work? If the kids are quite young could you do a few nights bar work a week while hubby is home, kids will probably be in bed by then anyway. Is your hubby self employed or is he working for someone at the moment? If the later could he advertise round your local area to do a few odd jobs at weekend for a bit of extra money? As someone posted earlier think your priority at the moment needs to be covering the £300 shortfall for the day to day bills. You say gas, electric and council tax are in arrears which is why the payments are so high. Ring up and speak to them, say that you are struggling at the moment and ask if you can pay back at a lower rate - always worth trying. Same with the mobile, ring and ask them if they can reduce the payments.

Good luck with it x

RAS

Takingcontrol wrote: »

The fuel bill is my husbands (Builder) and hes all over the place, old van, gas guzzler!!

In which case it is NOT a household expense. He should be paying this out of the business account and charging it as a expense there.
Anythign esle car wise that should be on the business account?