Faced up to the SOA finally - advice needed please!

onto_a_new_page

[FONT=&quot]Hi there, [/FONT]

[FONT=&quot]I'm a newcomer to the forum and I am so glad I found it! I finally faced up to my SOA and I hope some of you can give me some advice which can hopefully now send me in the right direction. [/FONT]

[FONT=&quot]Two years ago I moved overseas from the UK, I still live abroad and don't intend to return to the UK any time soon. During my move, I spent several thousands of pounds on my credit cards (Virgin credit card and Barclaycard) to pay for the move and also stuff like furniture etc. I was repaying the debt for awhile regularly from overseas with minimum payments or a few pounds more, but this was a bit pointless as my debt was not decreasing at all with the interest they were charging me. Then my partner lost his job and I really didn't have money to spare. [/FONT]

[FONT=&quot]Being out of the UK, I tried to forget about it and didn't make any payments in the last 6 months but I knew I had to eventually sit down and sort it out. Yesterday I got all my 6 old month post that my ex flat mate posted me (still goes to my old UK address) and with a glass of wine I saw the real situation. [/FONT]

- [FONT=&quot]1700 on barclays allowed overdraft – ok for now. [/FONT]
- [FONT=&quot]2100 on virgin mastercard with threats they will take me to court letter [/FONT]
- [FONT=&quot]1900 on barclaycard with threats from mercers, court, default.. [/FONT]

[FONT=&quot]As I didnt pay the last 6 months I was planning to pay in a few days 280 pounds into barclays and 450 into virgin for missed payments in the last 6 months (i have this much) and then send them a letter asking to decrease some of the costs as I won't be able to pay much more after I pay that lump sum. I have a car loan that I took overseas and that is my debt I have settle first as I at least want to have good credit history overseas since my UK one has taken a downturn, plus a car is necessary for my work. [/FONT]

[FONT=&quot]I would also like to give the banks my new address overseas but I am too scared that they will sell my debt to someone that is located here and I really can't take any more stress or have people coming to my door...[/FONT]
[FONT=&quot]Any advice would be helpful and sorry for the long post! [/FONT]

[FONT=&quot]P.S. These costs are all in Euro but I've calculated everything in sterling on the SOA below. [/FONT]

[FONT=&quot]Thanks! [/FONT]

[FONT=&quot][tt]Statement of Affairs and Personal Balance Sheet[/FONT]

[FONT=&quot]Household Information[/FONT]
[FONT=&quot]Number of adults in household........... 2[/FONT]
[FONT=&quot]Number of children in household......... 0[/FONT]
[FONT=&quot]Number of cars owned.................... 1[/FONT]

[FONT=&quot]Monthly Income Details[/FONT]
[FONT=&quot]Monthly income after tax................ 820[/FONT]
[FONT=&quot]Partners monthly income after tax....... 0[/FONT]
[FONT=&quot]Benefits................................ 0[/FONT]
[FONT=&quot]Other income............................ 0[/FONT]
[FONT=&quot]Total monthly income.................... 820[/FONT]

[FONT=&quot]Monthly Expense Details[/FONT]
[FONT=&quot]Mortgage................................ 0[/FONT]
[FONT=&quot]Secured/HP loan repayments.............. 163[/FONT]
[FONT=&quot]Rent.................................... 0[/FONT]
[FONT=&quot]Management charge (leasehold property).. 0[/FONT]
[FONT=&quot]Council tax............................. 0[/FONT]
[FONT=&quot]Electricity............................. 40[/FONT]
[FONT=&quot]Gas..................................... 0[/FONT]
[FONT=&quot]Oil..................................... 0[/FONT]
[FONT=&quot]Water rates............................. 0[/FONT]
[FONT=&quot]Telephone (land line)................... 25[/FONT]
[FONT=&quot]Mobile phone............................ 35[/FONT]
[FONT=&quot]TV Licence.............................. 0[/FONT]
[FONT=&quot]Satellite/Cable TV...................... 15[/FONT]
[FONT=&quot]Internet Services....................... 14[/FONT]
[FONT=&quot]Groceries etc. ......................... 200[/FONT]
[FONT=&quot]Clothing................................ 40[/FONT]
[FONT=&quot]Petrol/diesel........................... 60[/FONT]
[FONT=&quot]Road tax................................ 27[/FONT]
[FONT=&quot]Car Insurance........................... 11[/FONT]
[FONT=&quot]Car maintenance (including MOT)......... 10[/FONT]
[FONT=&quot]Car parking............................. 0[/FONT]
[FONT=&quot]Other travel............................ 0[/FONT]
[FONT=&quot]Childcare/nursery....................... 0[/FONT]
[FONT=&quot]Other child related expenses............ 0[/FONT]
[FONT=&quot]Medical (prescriptions, dentist etc).... 35[/FONT]
[FONT=&quot]Pet insurance/vet bills................. 0[/FONT]
[FONT=&quot]Buildings insurance..................... 0[/FONT]
[FONT=&quot]Contents insurance...................... 0[/FONT]
[FONT=&quot]Life assurance ......................... 0[/FONT]
[FONT=&quot]Other insurance......................... 0[/FONT]
[FONT=&quot]Presents (birthday, christmas etc)...... 10[/FONT]
[FONT=&quot]Haircuts................................ 10[/FONT]
[FONT=&quot]Entertainment........................... 50[/FONT]
[FONT=&quot]Holiday................................. 0[/FONT]
[FONT=&quot]Emergency fund.......................... 0[/FONT]
[FONT=&quot]Total monthly expenses.................. 745[/FONT]


[FONT=&quot]Assets[/FONT]
[FONT=&quot]Cash.................................... 0[/FONT]
[FONT=&quot]House value (Gross)..................... 0[/FONT]
[FONT=&quot]Shares and bonds........................ 0[/FONT]
[FONT=&quot]Car(s).................................. 4000[/FONT]
[FONT=&quot]Other assets............................ 500[/FONT]
[FONT=&quot]Total Assets............................ 4500[/FONT]


[FONT=&quot]Secured & HP Debts[/FONT]
[FONT=&quot]Description....................Debt......Monthly.. .APR[/FONT]
[FONT=&quot]Mortgage...................... 0........(0)........0[/FONT]
[FONT=&quot]Hire Purchase (HP) debt ...... 3200.....(163)......9.9[/FONT]
[FONT=&quot]Total secured & HP debts...... 3200......-.........- [/FONT]

[FONT=&quot]Unsecured Debts[/FONT]
[FONT=&quot]Description....................Debt......Monthly.. .APR[/FONT]
[FONT=&quot]virgin mastercard mbn..........2100......39........23[/FONT]
[FONT=&quot]barclaycard....................1900......33....... .18.5[/FONT]
[FONT=&quot]barclays ......................1700......10........5[/FONT]
[FONT=&quot]Total unsecured debts..........5700......82........- [/FONT]


[FONT=&quot]Monthly Budget Summary[/FONT]
[FONT=&quot]Total monthly income.................... 820[/FONT]
[FONT=&quot]Expenses (including HP & secured debts). 745[/FONT]
[FONT=&quot]Available for debt repayments........... 75[/FONT]
[FONT=&quot]Monthly UNsecured debt repayments....... 82[/FONT]
[FONT=&quot]Amount short for making debt repayments. -7[/FONT]

[FONT=&quot]Personal Balance Sheet Summary[/FONT]
[FONT=&quot]Total assets (things you own)........... 4,500[/FONT]
[FONT=&quot]Total HP & Secured debt................. -3,200[/FONT]
[FONT=&quot]Total Unsecured debt.................... -5,700[/FONT]
[FONT=&quot]Net Assets.............................. -4,400[/FONT]

HappyMJ

You're only £7 short...Cut the entertainment down by £7 and you'll have a balanced budget.

If you have any inclination to ever return to the UK then you'll need to speak to the creditors or ignore them at your peril. Get your ex-flatmate to return all mail to sender and then you'll get a gone away marker on your credit file. They will then do traces on you to find where you are now. How easy it is to find you...I don't know.

onto_a_new_page

I don't plan to return to the UK any time soon but I don't want to ignore them either, I don't want this hanging over my head though realistically since I am in Eastern Europe they probably wouldn't have such an easy time to find me, but still...

Maybe a letter with my SOA to the creditors with a suggested repayment plan would be the way forward after I pay them the lump sum for the missed 6 months payments (I'm sending them the money tomorrow)? Barclays is not such a problem as I am in allowed overdraft and they never hassle me but I should sort out Barclaycard and Virgin MBNA...

415SanFran

I really hate to sound like the voice of doom here, but I lived overseas for over twenty years, like you NEVER thought I would come back.....but you really do not know what is around the corner, my husband died suddenly and I was deported within the year! I went out there in the early 80's when I was 18.
My family were aging and I felt bad not being here, amongst other things.
But as I have really bad health, I am kinda glad I am in the UK as I never could have afforded the health costs in the US, so it all works out, You really do not want to make it so that you Can't come home!
Good luck

Mimi_Arc_en_ciel

onto_a_new_page wrote: »

[FONT=&quot]Hi there, [/FONT]

[FONT=&quot]I'm a newcomer to the forum and I am so glad I found it! I finally faced up to my SOA and I hope some of you can give me some advice which can hopefully now send me in the right direction. [/FONT]

[FONT=&quot]Two years ago I moved overseas from the UK, I still live abroad and don't intend to return to the UK any time soon. During my move, I spent several thousands of pounds on my credit cards (Virgin credit card and Barclaycard) to pay for the move and also stuff like furniture etc. I was repaying the debt for awhile regularly from overseas with minimum payments or a few pounds more, but this was a bit pointless as my debt was not decreasing at all with the interest they were charging me. Then my partner lost his job and I really didn't have money to spare. [/FONT]

[FONT=&quot]Being out of the UK, I tried to forget about it and didn't make any payments in the last 6 months but I knew I had to eventually sit down and sort it out. Yesterday I got all my 6 old month post that my ex flat mate posted me (still goes to my old UK address) and with a glass of wine I saw the real situation. [/FONT]

- [FONT=&quot]1700 on barclays allowed overdraft – ok for now. [/FONT]
- [FONT=&quot]2100 on virgin mastercard with threats they will take me to court letter [/FONT]
- [FONT=&quot]1900 on barclaycard with threats from mercers, court, default.. [/FONT]

[FONT=&quot]As I didnt pay the last 6 months I was planning to pay in a few days 280 pounds into barclays and 450 into virgin for missed payments in the last 6 months (i have this much) and then send them a letter asking to decrease some of the costs as I won't be able to pay much more after I pay that lump sum. I have a car loan that I took overseas and that is my debt I have settle first as I at least want to have good credit history overseas since my UK one has taken a downturn, plus a car is necessary for my work. [/FONT]

[FONT=&quot]I would also like to give the banks my new address overseas but I am too scared that they will sell my debt to someone that is located here and I really can't take any more stress or have people coming to my door...[/FONT]
[FONT=&quot]Any advice would be helpful and sorry for the long post! [/FONT]

[FONT=&quot]P.S. These costs are all in Euro but I've calculated everything in sterling on the SOA below. [/FONT]

[FONT=&quot]Thanks! [/FONT]

[FONT=&quot][tt]Statement of Affairs and Personal Balance Sheet[/FONT]

[FONT=&quot]Household Information[/FONT]
[FONT=&quot]Number of adults in household........... 2[/FONT]
[FONT=&quot]Number of children in household......... 0[/FONT]
[FONT=&quot]Number of cars owned.................... 1[/FONT]

[FONT=&quot]Monthly Income Details[/FONT]
[FONT=&quot]Monthly income after tax................ 820[/FONT]
[FONT=&quot]Partners monthly income after tax....... 0 Can OH not get a job?[/FONT]
[FONT=&quot]Benefits................................ 0[/FONT]
[FONT=&quot]Other income............................ 0[/FONT]
[FONT=&quot]Total monthly income.................... 820[/FONT]

[FONT=&quot]Monthly Expense Details[/FONT]
[FONT=&quot]Mortgage................................ 0[/FONT]
[FONT=&quot]Secured/HP loan repayments.............. 163[/FONT]
[FONT=&quot]Rent.................................... 0 Where are you living?[/FONT]
[FONT=&quot]Management charge (leasehold property).. 0[/FONT]
[FONT=&quot]Council tax............................. 0[/FONT]
[FONT=&quot]Electricity............................. 40 High - this can be lowered[/FONT]
[FONT=&quot]Gas..................................... 0[/FONT]
[FONT=&quot]Oil..................................... 0[/FONT]
[FONT=&quot]Water rates............................. 0[/FONT]
[FONT=&quot]Telephone (land line)................... 25[/FONT]
[FONT=&quot]Mobile phone............................ 35 PAYG only use basic / emergency[/FONT]
[FONT=&quot]TV Licence.............................. 0[/FONT]
[FONT=&quot]Satellite/Cable TV...................... 15[/FONT]
[FONT=&quot]Internet Services....................... 14[/FONT]
[FONT=&quot]Groceries etc. ......................... 200 High - lower - Meal plan, freeze things - see oldstyle boards and lovefoodhatewaste for ideas[/FONT]
[FONT=&quot]Clothing................................ 40[/FONT]
[FONT=&quot]Petrol/diesel........................... 60 [/FONT]
[FONT=&quot]Road tax................................ 27[/FONT]
[FONT=&quot]Car Insurance........................... 11[/FONT]
[FONT=&quot]Car maintenance (including MOT)......... 10[/FONT]
[FONT=&quot]Car parking............................. 0[/FONT]
[FONT=&quot]Other travel............................ 0[/FONT]
[FONT=&quot]Childcare/nursery....................... 0[/FONT]
[FONT=&quot]Other child related expenses............ 0[/FONT]
[FONT=&quot]Medical (prescriptions, dentist etc).... 35 Can you lower this? [/FONT]
[FONT=&quot]Pet insurance/vet bills................. 0[/FONT]
[FONT=&quot]Buildings insurance..................... 0[/FONT]
[FONT=&quot]Contents insurance...................... 0[/FONT]
[FONT=&quot]Life assurance ......................... 0[/FONT]
[FONT=&quot]Other insurance......................... 0[/FONT]
[FONT=&quot]Presents (birthday, christmas etc)...... 10 Scrap for now - Card's ar echeap - homemade ones are cheaper[/FONT]
[FONT=&quot]Haircuts................................ 10[/FONT]
[FONT=&quot]Entertainment........................... 50 Cut this down[/FONT]
[FONT=&quot]Holiday................................. 0[/FONT]
[FONT=&quot]Emergency fund.......................... 0[/FONT]
[FONT=&quot]Total monthly expenses.................. 745[/FONT]


[FONT=&quot]Assets[/FONT]
[FONT=&quot]Cash.................................... 0[/FONT]
[FONT=&quot]House value (Gross)..................... 0[/FONT]
[FONT=&quot]Shares and bonds........................ 0[/FONT]
[FONT=&quot]Car(s).................................. 4000[/FONT]
[FONT=&quot]Other assets............................ 500[/FONT]
[FONT=&quot]Total Assets............................ 4500[/FONT]


[FONT=&quot]Secured & HP Debts[/FONT]
[FONT=&quot]Description....................Debt......Monthly.. .APR[/FONT]
[FONT=&quot]Mortgage...................... 0........(0)........0[/FONT]
[FONT=&quot]Hire Purchase (HP) debt ...... 3200.....(163)......9.9[/FONT]
[FONT=&quot]Total secured & HP debts...... 3200......-.........- [/FONT]

[FONT=&quot]Unsecured Debts[/FONT]
[FONT=&quot]Description....................Debt......Monthly.. .APR[/FONT]
[FONT=&quot]virgin mastercard mbn..........2100......39........23[/FONT]
[FONT=&quot]barclaycard....................1900......33....... .18.5[/FONT]
[FONT=&quot]barclays ......................1700......10........5[/FONT]
[FONT=&quot]Total unsecured debts..........5700......82........- [/FONT]


[FONT=&quot]Monthly Budget Summary[/FONT]
[FONT=&quot]Total monthly income.................... 820[/FONT]
[FONT=&quot]Expenses (including HP & secured debts). 745[/FONT]
[FONT=&quot]Available for debt repayments........... 75[/FONT]
[FONT=&quot]Monthly UNsecured debt repayments....... 82[/FONT]
[FONT=&quot]Amount short for making debt repayments. -7[/FONT]

[FONT=&quot]Personal Balance Sheet Summary[/FONT]
[FONT=&quot]Total assets (things you own)........... 4,500[/FONT]
[FONT=&quot]Total HP & Secured debt................. -3,200[/FONT]
[FONT=&quot]Total Unsecured debt.................... -5,700[/FONT]
[FONT=&quot]Net Assets.............................. -4,400[/FONT]

My comments are in red - HTH x

onto_a_new_page

You are totally right, you never know what can happen around the corner! I'm starting to sort it out though, the lump payments have just been paid this morning, yay!

onto_a_new_page

mommyme wrote: »

My comments are in red - HTH x

Thanks for this. The month has just started to its a good time to check whether the budget is do-able, ill keep you posted. So far I've spent 2 pounds so its good going...

My OH had a great job as an engineer but when the recession started - finito. In the meantime he went to uni and is doing a masters he got a grant for so by the end of the year he can go job hunting again and will have an MA in his pocket too :T hopefully that will make a difference to us!