Can anyone give me some advice

fossy80

Hi all,
I first posted lasy year about going bankcrupt.But in the end decided against it after taking advice from citizen advice etc,And agreed a managed loan with hsbc.Which resulted in reducing my outgoing form them from 400 to 180 a month.
Since then I have moved in with my gf, and expecting my first child in feb.
I have a had a pay cut at work resluting in clearing less a month than this time last year.

I have been trying to work out soa,but cant find the link.
As i have now missed my managed loan for the last two months.As I have more outgoings ,with the increase of extra living cost,which will go up higher with a new born baby.

I have spoken to the bank about the issue and all they said was to go to someone like ctizen advice .As they would not be reducing my payments.

I wish I could have gone back in time and gone bankrupt.Any help or advice on what I should do
wayne

dojoman

Here is the SOA link,

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



Please contact one of the charities below, they will offer free and impartial advice.

https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/
https://www.cccs.co.uk/



Below is a link you may found helpful about going BR?

https://forums.moneysavingexpert.com/discussion/1056083

fossy80

Hi I think that is right, there was afew I was not sure what to put IE car maitenance etc.The water is what my partner pays as i pay for internet,sky and phone from sky.
I neer put in child stuff,but in 4 months I will have that as well ,so can only see things getting worse.
wayne



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.................... 1
Monthly Income Details
Monthly income after tax................ 1150
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1150
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 40
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 250
Road tax................................ 0
Car Insurance........................... 55
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.................. 992

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 2000
Car(s).................................. 750
Other assets............................ 0
Total Assets............................ 2750

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
hsbc...........................18300.....180.......0
barclays.......................200.......20........0
rent smart.....................0.........22........0
Total unsecured debts..........18500.....222.......-

Monthly Budget Summary
Total monthly income.................... 1,150
Expenses (including HP & secured debts). 992
Available for debt repayments........... 158
Monthly UNsecured debt repayments....... 222
Amount short for making debt repayments. -64
Personal Balance Sheet Summary
Total assets (things you own)........... 2,750
Total HP & Secured debt................. -0
Total Unsecured debt.................... -18,500
Net Assets.............................. -15,750
Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using IE browser.

confused76

fossy80 wrote: »

Hi I think that is right, there was afew I was not sure what to put IE car maitenance etc.The water is what my partner pays as i pay for internet,sky and phone from sky.
I neer put in child stuff,but in 4 months I will have that as well ,so can only see things getting worse.
wayne



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.................... 1
Monthly Income Details
Monthly income after tax................ 1150
Partners monthly income after tax....... 0 include household bills contribution here
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1150
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150 is this the full rent?
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 40
Gas..................................... 0 any gas?
Oil..................................... 0
Water rates............................. 0 include
Telephone (land line)................... 10
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 20not allowed in br but could come from any surplus you have left so leave off here
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 250high - keep receipts in case questioned
Road tax................................ 0anything?
Car Insurance........................... 55
Car maintenance (including MOT)......... 0anything?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0anything?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0£10
Entertainment........................... 0
Holiday................................. 0£30
Emergency fund.......................... 0
Total monthly expenses.................. 992

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 2000
Car(s).................................. 750
Other assets............................ 0
Total Assets............................ 2750

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
hsbc...........................18300.....180.......0
barclays.......................200.......20........0
rent smart.....................0.........22........0
Total unsecured debts..........18500.....222.......-

Monthly Budget Summary
Total monthly income.................... 1,150
Expenses (including HP & secured debts). 992
Available for debt repayments........... 158
Monthly UNsecured debt repayments....... 222
Amount short for making debt repayments. -64
Personal Balance Sheet Summary
Total assets (things you own)........... 2,750
Total HP & Secured debt................. -0
Total Unsecured debt.................... -18,500
Net Assets.............................. -15,750
Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using IE browser.

hi there a few comments above, have a re-jig and see what anyone else says...

fossy80

thanks the rent is my part, it 300 a month,but will soon rise as moving to new home.Water is paid for by partner,no gas at moment,as electric flat.Could change in future.

The fuel is about 200-250 was not sure what to put ,as drive 30 miles round trip for work ,and price of fuel near me is 1.17 a litre.
Car tax is free as I drive for my mum who lives in coventry 10 mile away as she has diablity and gets free car tax for someone who drives for her.
I was not sure what to put in perscriptions and car maitenace ,what is the acceptable average.

And what should I put about my partner,she has her own debts as well but no where near mine,and is helping as much as anyone can.But she will not be going bankrupt

mightyroberto

I'd get in touch with the CCCS, they're great. I suspect that on you're level of income a debt management plan would work well.