My Personal Statement - Help please

notverygoodtammie

Hi all,

Please find my Personal statement below!

Unfortunately I was made redundant late last year and have found jobs but taken significant pay cut. From 35K to 22.5k. As such, debt I found myself in, is now unmanageable as below.

It's making me feel a little sick with all the options. If anyone can be of help it would be great. My personal statement is below:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1545
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1545

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 0
Car Insurance........................... 45
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 585


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Egg Card.......................4000......125.......26.9
Egg Money......................3100......112.......26.9
Virgin Money...................12700.....350.......18.9
Lloyds.........................14712.....300.......12
Lloyds TSB.....................5000......80........17.9
Smile..........................1200......50........20.9
Egg Loan.......................5000......259.......7.7
Total unsecured debts..........45712.....1276......-


Monthly Budget Summary
Total monthly income.................... 1,545
Expenses (including HP & secured debts). 585
Available for debt repayments........... 960
Monthly UNsecured debt repayments....... 1,276
Amount short for making debt repayments. -316

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -45,712
Net Assets.............................. -41,712

Created using the SOA calculator at Makesenseofcards
Reproduced on Moneysavingexpert with permission, using other browser.

property.advert

Your SOA is short of a number of items, such as food ! Try to fill these in to give an accurate picture.

Even on 35k you are not going to manage and on 22k you are in no position to service your debts. Does your partner not work ?

Others will help with the tinkering but I'm going to be more blunt. You are not going to get out from under this on 22k or even on 35k so open a new basic bank account where you do not owe anyone, even a linked bank and stop the direct debits. Write to them saying you can no longer afford to make payments and make £1 a month each on account. Set up new direct debits for your council tax, electric and rent. The rest can go to pot.

Start squirrelling away money where it cannot be found. You will need this.

Seriously think about bankruptcy. For sure you get a black mark but even if you get on a debt management plan, you will be living hand to mouth for donkey's years. I'd avoid this at all and for certain avoid any time soon as you squirrel money away.

Work out how bankruptcy would affect you and you employment. Work out if you can live with it. It has many down sides to be sure but it wipes the slate clean in a few months and then you are back at the beginning again. The repay your debts option is stretching this out seemingly forever with only peanuts to live on for perhaps 5, 7 or more years. You could even end up BR after all that time and have spent years living on gruel for what ? for nothing.

Hannah_10

So far the picture I see is... You don't tax your car, MOT it, buy food or use electric and gas? You haven't got the internet or a telly, you don't believe in wearing clothing, cutting your hair or sending birthday cards? If your surname's not Flintstone you probably need to do another SOA. If your SOA looks like that because you've split your partners and your finances artificially then you'd be better off showing us a joint SOA.

JohnD76

Hi,

In order for people to help, you will need to post a more accurate SOA since there are quite a few essentials missing from it.

You really need to go through your bank statements and credit card statements to see where your money is going every month, this may explain why you are in the debt you are in.

It is easy to overlook where money goes every month but it is very
important that you take the time to find this information out.

You really need to acount for every penny spent, be that cash, STO/DD's, paypal, or cards.

Are you paying the minimum amounts on all your card repayments or are some being paid more than the 3% or 5%?

notverygoodtammie

Sorry all, because I haven't spent much on those in the past six months, didnt think of putting them in on it. My new SOA is below and a little scary. Sticking my head in the ground not a good idea.

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.................... 1

Monthly Income Details
Monthly income after tax................ 1545
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1545

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 40
Gas..................................... 0
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 10
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 150
Road tax................................ 10
Car Insurance........................... 40
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)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 830


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Egg Card.......................4000......125.......17.9
Egg Money......................3100......110.......18.9
Virgin Money...................12700.....330.......18.9
Egg Loan.......................4912......249.......7.7
Smile..........................1150......30........20.9
Lloyds Gold Mastercar..........5000......130.......17.9
Lloyds TSB Loan................14712.....300.......12
Total unsecured debts..........45574.....1274......-


Monthly Budget Summary
Total monthly income.................... 1,545
Expenses (including HP & secured debts). 830
Available for debt repayments........... 715
Monthly UNsecured debt repayments....... 1,274
Amount short for making debt repayments. -559

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -45,574
Net Assets.............................. -41,574

Created using the SOA calculator at www makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Angyles

notverygoodtammie wrote: »

Sorry all, because I haven't spent much on those in the past six months, didnt think of putting them in on it. My new SOA is below and a little scary. Sticking my head in the ground not a good idea.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1 Your first SOA said 2, which is correct?
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1545
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1545

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 40
Gas..................................... 0
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 0
Mobile phone............................ 40 Can this be reduced?
TV Licence.............................. 10
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 150 Any way to reduce?
Road tax................................ 10
Car Insurance........................... 40
Car maintenance (including MOT)......... 0 Need something here to cover your MOT.
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 Think you should have something for this.
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0 Never have haircuts?
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 Really should have something here.
Total monthly expenses.................. 830


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Egg Card.......................4000......125.......17.9
Egg Money......................3100......110.......18.9
Virgin Money...................12700.....330.......18.9
Egg Loan.......................4912......249.......7.7
Smile..........................1150......30........20.9
Lloyds Gold Mastercar..........5000......130.......17.9
Lloyds TSB Loan................14712.....300.......12
Total unsecured debts..........45574.....1274......-


Monthly Budget Summary
Total monthly income.................... 1,545
Expenses (including HP & secured debts). 830
Available for debt repayments........... 715
Monthly UNsecured debt repayments....... 1,274
Amount short for making debt repayments. -559

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -45,574
Net Assets.............................. -41,574

Created using the SOA calculator at www makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

I've added some comments above, from this it might be worth you looking at a DMP with one of the charities such as CCCS and Payplan.

Gemmzie

Is your rent actually £250 or is that half of it? Is the other adult not contributing anything in the household?

notverygoodtammie

Gemmzie wrote: »

Is your rent actually £250 or is that half of it? Is the other adult not contributing anything in the household?

It's half of £500, my housemate pays the insurance etc.

I changed from 2 to 1 because we aren't partners or ought!! Sorry...

With regards to emergency funds, killed that off earlier in the year cause of work not paying me. Erm, Petrol, that's getting to and from work Mobile phone, looking at options open to me.

Thanks very much for your help

notverygoodtammie

Angyles wrote: »

I've added some comments above, from this it might be worth you looking at a DMP with one of the charities such as CCCS and Payplan.

What is a DMP? Debt Management Plan? Sorry for dumb question

Gemmzie

Okay that makes sense. I think you should seriously consider bankruptcy, a DMP would take you over 5 years then your credit rating would suffer for a further 6 years.
Drop a post over on the Bankruptcy forum and the lovely posters over there will be able to give you a bit more advice. Best of luck.

notverygoodtammie

Gemmzie wrote: »

Okay that makes sense. I think you should seriously consider bankruptcy, a DMP would take you over 5 years then your credit rating would suffer for a further 6 years.
Drop a post over on the Bankruptcy forum and the lovely posters over there will be able to give you a bit more advice. Best of luck.

Thank you... My only worry is that going bankrupt will effect my plans for the future. Would rather struggle for five years and be able to fulfil career ambition and get a house eventually. Bankruptcy really the only option?