Can anyone point me in the right direction! I'm Confused!

bexster1975

http://www.makingsenseofcards.com/soacalc.html

SOA link above. Need to fill this in fully and people will come along and try to help. Good Luck:)

bexster

daftsod11

Honestly, please believe me, I can tell you no more than this, this is all the activity that happens to my account within one month

get paid £1057
pay rent that includes all bills and food and expenses £600
Pay all minimum payments as above.

Thats it, thanks!!

daftsod11

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1057
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1057
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 600

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Loan Unsecured.................12700.....321.......9
Loan Unsecured.................9355......117.......9.95
Credit card....................5000......150.......0
Overdraft......................2100......31........0
Credit card....................616.......20........0
Total unsecured debts..........29771.....639.......-

Monthly Budget Summary
Total monthly income.................... 1,057
Expenses (including HP & secured debts). 600
Available for debt repayments........... 457
Monthly UNsecured debt repayments....... 639
Amount short for making debt repayments. -182
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -29,771
Net Assets.............................. -29,771

pickleiamin

You need to post a correct SOA up.

That doesnt tell us anything. That basically tells us you dont eat, you dont travel, you basically dont live.

We cannot help if you dont post up the correct SOA

daftsod11

I pay my landlord £600 a month who uses this money to put food in my fridge, to pay fuel bills, council tax, tv license, basically everything! He sorts it all out, It's easy for me not to bother, so I just give him that and let him worry bout all the bills!! Which leaves me to sort out my debts, I walkk to work so no need for travel costs. I just pay the very reasonable £600 for all bills, all food, all expenses, for rent!

I know it's a different set up than most people are used to. But thats just the way it is for me. The £600 can not be changed, I just need to sort out the debts bit!!!

bexster1975

based on your unusual set up it is hard to see what to advise.

Increasing income by £200 per month would be ideal. (Earn £10 extra a day thread might help here).

Alternatively, if you can negotiate cheaper repayments for the debt.
It is clear something must be done as based on your SOA you are getting into more debt month on month.

I am sure someone else will come along with more help shortly.

Just to say, I don't know whether absolving yourself of responsibility for budgeting for everyday expenses is ideal in the long term. The best way to learn to handle your money better is to actually do it.:)
Best of luck

bexster

NorthernLas

OP: The point of an SOA is to see what you have left and whether you have covered everything.

From what you have posted it looks like you have £437 to pay back to your debts. For the moment it does not matter that your debts are more. You need to answer the question to yourself, do you have this money spare. If not what else do you do ... do you catch the bus to work, go out, have relatives that you have to go see, do you take food from home to eat etc. etc.. If you occasionally gamble then at least put it in your budget.

More than £100 spare a month would mean that you could do a dmp
You could look at going bankrupt
You can't do a DRO as you owe more than £15k
You can't do an IVA because you don't own anything

You could look at increasing your income by getting a 2nd job to cover the shortfall

Lots of options ... that's why you need to talk to someone or do on-line debt remedy etc.

daftsod11

Any thoughts on debt management, Iva or bankruptcy?? Which Option??

Gemmzie

Okay so we have...£497 to pay the below

Unsecured Debts
Description....................Debt......Monthly.. .APR
Loan Unsecured.................12700.....321.......9
Loan Unsecured.................9355......117.......9.95
Credit card....................5000......150.......0
Overdraft......................2100......31....... .0
Credit card....................616.......20........0
Total unsecured debts..........29771.....639.......-


Are the ones marked 0% actually 0%? Is the overdraft on the account you get paid into?

nat21luv

who is the other adult? are they able to earn an income?