Can my bank really do that?

Zofo

I did a S.O.A. and it reads as follows

TOTAL MONTHLY INDCOME 1,103.61

TOTAL MONTHLY OUTGOINGS 1,720.00
NET MONTHLY SURPLUS -616.39

TOTAL DEBT 36968.32

Doesnt look good does it?

Dolly_Smith

I definitely think you should contact your bank - it's easy to ignore them and hope they'll go away but they won't! I'm not pretending it won't be hard to face up to them but it will be much better in the long run (for your own peace of mind certainly)

Zofo

I still dont understand how my bank can do all of this without informing me of what there intentions are?

It doesnt seem right to me?

Maybe its do unto others as others do unto you?

I will be ringing my bank as i have no choice at this stage. Im more worrid now about the fact that i cant pay my bills, no money over the weekend for food.

GOD THIS SUCKS!!!!!

If i knew then what i know now i wouldnt be in such a mess

Dolly_Smith

the thing is, they may have been trying to inform you but you didn't contact them when they asked you to...ok, they could have written - did you get any letters from them?

This is what I mean about staying in contact, it really is the best thing for all concerned. But I hope you'll do that now and I wish you luck, hopefully you'll get a human being on the end of the phone who will be able to help you!

Zofo

Your right

I dont know if ive missed any letters although i did recieve one asking me to contact them a while ago, that was propably the nail that i should of responded to.

Ive been such a fool.

Dolly_Smith

no point in beating yourself up about it now - we've all done it at one point, that's how you learn not to! You've resolved to do something about it and that's what you need to focus on now

CLAPTON

a SoA means a detailed list of income , spending ( itemised, everything you will spend over the next 12 months expressed as monthly amounts) and debts (i.e each debt amount, monthly minimum payment and APRs)
plus some information about your general situation, OH, children, rent or own if own how much the house worth and how much the mortgage, do you have PPI on the loans? anything else thats material)

homersimpson_3

Ive not spoken to my bank, ignored phone calls and letters.

Not judging in any way- not a good move. have you spoken to one of the debt counselling agencies- cccs, payplan, cab etc ?

Im anoid but obviously they can do what they damn well like when you try and hide.

Sorry to say this- but you can't hide- you have to face it but this is support availaible.

What a mess! Where do i start! Ive turned into coward! Im running scared!

Stop running and face up to it. open bank account with another bank which has no connection directly or indirectly with the bank you owe money to. ensure partner's wages paid into this so at least you have something to live on. provide full and complete statement of affairs- look at ways in which you can cut back- target priority debts- things necessary to your existence (rent, food, gas, electricity, council tax and tv licence because criminal offence not to pay them etc)- contact debt counselling services immediately.
contacting some body like cccs etc has the advantage that you don't have to deal with bank- you just tell bank they're dealing with matter and to contact cccs. if you get any letters just send them onto cccs etc. if bank call just tell them to put it in writing etc. read other threads on mse- no reason to hide any more!

moozie_2

Zofo wrote:

I did a S.O.A. and it reads as follows

TOTAL MONTHLY INDCOME 1,103.61

TOTAL MONTHLY OUTGOINGS 1,720.00
NET MONTHLY SURPLUS -616.39

TOTAL DEBT 36968.32

Doesnt look good does it?

Hello Zofo and welcome!

Hope you find all the help and support you need on here to get you through the rough patch you are in.

Although you posted the totals of your SOA, it would be good to get the breakdown on all your outgoings, as well as debts so we can advise you properly. Look at southernscouser's sticky at the top of he forum for guidance.

Good luck and keep posting

Zofo

Hi there

Firstly i would like to say thankyou to moozie for your warmth, it feels so much better when you can talk about it to people who are understanding and sympathetic rather than that big old finger wagging at you.

OK hear it goes, my SOA:

Monthly Income
My salary Nil
Partners 1,103.61
Benefits Nil (still waiting on Dissability Allowance)
Total Monthly Income1.103.61

Essential Monthly Outgoings
Rent 330.00
Council Tax 99.68
Electricity 108.00
Water Rates 30.00
Telephone 30.00
Mobile phone 50.00
TV Licence 10.99
Internet 13.99
Groceries 260.00
Clothing 20.00
Petrol 50.00
Car Tax 16.00
Car Insurance 24.98
Car MOT 2.91
Car maintenance 10.00
Car parking 3.00 (Until i get my blue badge)
Other Travel 15.00 (hospital)
Child maintenance 260.00
Birthdays/Christmas 50.00
Total Monthly Outgoings 1,384.55
NET MONTHLY SURPLUS-280.94

Monthly Debts Total Debt Min Payment Rate
Overdraft 8,057.00 12%
Car Loan 3,059.82 185.50 19.90
Credit card 1 982.35 29.00 2.207 per mnth
Credit card 2 580.00 16.00 2.248 per mnth
Credit card 3 1487.00 32.00 1.771 per mnth
Customs & Excise 1,100.00 100.00
Cabalt finance 1,200.00 30.00
Paragon Finance 2,300.00 30.00
TOTAL DEBT 18,766.17.00