Seriously considering the IVA path

ste_coxy

I have also posted in the IVA group but thought I'd try here too:

Hi guys, I am in a bit of a pickle at the moment. Your advice would be greatly appreciated.

Short story is that I have debts totalling around £18k.

Comprising of an Egg Loan which I defaulted on about 2 1/2 years ago and which they have frozen the interest on - there's about £6500 left to pay and they reducing the payment to £127.

A Smile Loan which I took out to pay off 4 credit cards and 2 student accounts I had - there's about 2 years left approx £6700 left on that paying £294 a month.

There are said students accounts which I racked back up again stupidly - one if £960 overdrawn and is now being charged interest on as it's a graduate account and the other is £1970 overdrawn, thankfully no interest has been charged on this yet.

I also have a Marks and Spencers Credit Card which I totted back up to its current balance of about £1600.

Finally, I have my current account overdraft which is £300 and I seem to be constantly in this although it is interest free.

I just about manage to make payments to all of my outgoings however, I do not seem to be getting anywhere with paying my debts off - just seem to be in the same position I was in last year. I just feel like I'm going to be 30 and still be debt riddled.

I've tried using the SOA and snowball thing too but I am finding it very hard to follow.

I am going to contact Payplan tomorrow for some advice as I think I really need to do something soon with it coming closer to Xmas. Sick of worrying over money. I am trying to get a 2nd job to fit around my day job but so far it has been fruitless.

I'm really considering an IVA and was just wondering if anyone knows is it likely to be accepted by my creditors as to them I probably seem a good payer - always paying on time, not missing payments but I am barely getting by - my accounts don't seem to getting paid off coz of the interest and the poltry sums I am paying towards them.

Any tips would be most appreciated!

Here is my SOA:

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1250
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1250
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 337.5
Management charge (leasehold property).. 0
Council tax............................. 59
Electricity............................. 16
Gas..................................... 0
Oil..................................... 0
Water rates............................. 17.53
Telephone (land line)................... 8.99
Mobile phone............................ 22
TV Licence.............................. 6.06
Satellite/Cable TV...................... 0
Internet Services....................... 7.5
Groceries etc. ......................... 60
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 0
Car Insurance........................... 60
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 83.12
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 827.7

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
Natwest Graduate...............1975......30........17.81
HSBC Graduate..................960.31....20........18.9
M&S Credit Card................1577......39........19.9
Coop Bank Loan.................7029.6....294.......9.9
Egg Loan.......................6435.52...127.2.....0
Total unsecured debts..........17977.43..510.2.....-

Monthly Budget Summary
Total monthly income.................... 1,250
Expenses (including HP & secured debts). 827.7
Available for debt repayments........... 422.3
Monthly UNsecured debt repayments....... 510.2
Amount short for making debt repayments. -87.9
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -17,977.43
Net Assets.............................. -17,977.43
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

As you can see I'm falling short at the moment however, my £300 overdraft with my bank has been helping - just feels like I'm borrowing off peter to pay back paul each month and I want to get out of this rut badly.

RAS

I assume you are sharign with one other person?

ste_coxy wrote: »

Here is my SOA:

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1250
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1250
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 337.5
Management charge (leasehold property).. 0
Council tax............................. 59
Electricity............................. 16
Gas..................................... 0
Oil..................................... 0
Water rates............................. 17.53
Telephone (land line)................... 8.99
Mobile phone............................ 22
TV Licence.............................. 6.06
Satellite/Cable TV...................... 0
Internet Services....................... 7.5
Groceries etc. ......................... 60 - good
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 0 - you need something in here
Car Insurance........................... 60
Car maintenance (including MOT)......... 0 and in here
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 83.12 - this is very very high. There are prescription deals available
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 100 - this has to go
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 827.7

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
Natwest Graduate...............1975......30........17.81
HSBC Graduate..................960.31....20........18.9
M&S Credit Card................1577......39........19.9 - this is the priority
Coop Bank Loan.................7029.6....294.......9.9
Egg Loan.......................6435.52...127.2.....0
Total unsecured debts..........17977.43..510.2.....-

Monthly Budget Summary
Total monthly income.................... 1,250
Expenses (including HP & secured debts). 827.7
Available for debt repayments........... 422.3
Monthly UNsecured debt repayments....... 510.2
Amount short for making debt repayments. -87.9
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -17,977.43
Net Assets.............................. -17,977.43
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Do you absolutley have to have a car? How much is it worth

What do you have that you no longer use and can sell?

Deep_In_Debt

Can't really add to RAS' comments but i did notice that your TV licence is cheap? Is that correct as they are normally about £12pm. Probably makes little difference in the scheme of things, but just curious.

ste_coxy

I am sharing with someone that's why the TV licence is only £6.

I have considered not having my car - only thing is though, I have paid the insurance for the year already - won't I loose out if I were to cancel it? It's my dad's old car so I couldn't sell it.

I was thinking of selling some clothes I no longer wear actually.

as for the medical being £83.12 - that is a payment i am making for having laser eye surgery - last payment is in july 2011.

thanks for those tips