Think I should be on another board tbh!!

Takingcontrol_2

Have been on here for a while but not a regular poster, have been really trying to get things sorted out, all my figures straight etc so that 2011 can be our year to sort our mess out!! I've copied my SOA below, but should explain a few things, as may be confusing.....We have rent arrears on our previous house which is in the process of being repossessed (Santander take possession on 14th January) It is a shared ownership property, so that is where rent arrears comes from...we also had a secured loan on the property as you'll see. Obviously as house has not been sold etc, there is more than likely to be further monies owed to Santander following sale of property, which I will add as and when we know what it is...........

I have spoken to CCCS and NDL who have both been great and so helpful! But basically, DMP and IVA are not possible as we have a negative amount left at the end of the month.....they say our only option is........Bankruptcy!!! I would just like you to have a look through our SOA and give your opinions pls...My husband has resigned himself the fact we will go BR, but its hard for me as I am suppose to be training to work in Law!! and if I go BR.........I cant!!

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1200
Benefits................................ 650
Other income............................ 0
Total monthly income.................... 1850

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 745
Management charge (leasehold property).. 0
Council tax............................. 131
Electricity............................. 50
Gas..................................... 49
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 24
Satellite/Cable TV...................... 21
Internet Services....................... 0
Groceries etc. ......................... 280
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 17.5
Car Insurance........................... 23
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 25
Total monthly expenses.................. 1610.5


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 10000....(0)........0
Total secured & HP debts...... 10000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................228.......10........27.9
Capital One....................246.......10........22.9
Next...........................140.......10........39.9
Rent Arrears...................3000......0.........0
Utilities (Various)............1050......0.........0
Bt.............................243.......0.........0
Council Tax....................1800......0.........0
Parents........................23500.....250.......0
Three Mobile...................299.......0.........0
Argos..........................222.......10........27.9
Capital One....................266.87....0.........29.9
Mothercare.....................415.......0.........22.4
Lloyds.........................4872......0.........0
HSBC...........................4892......90........0
Natwest........................745.......0.........0
Vanquis........................803.......0.........39.9
Simply Be......................630.......50........39.9
Very.co.uk.....................191.......10........39.9
Total unsecured debts..........43542.87..440.......-


Monthly Budget Summary
Total monthly income.................... 1,850
Expenses (including HP & secured debts). 1,610.5
Available for debt repayments........... 239.5
Monthly UNsecured debt repayments....... 440
Amount short for making debt repayments. -200.5

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -10,000
Total Unsecured debt.................... -43,542.87
Net Assets.............................. -52,542.87

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Keeping_Positive

TBH I cant see much in the way of possible savings that would cover the £200 shortfall. May be grocery challange and cut the birthday/xmas savings for token presents for your kids only, cut sky and emergency fund.

The other way is the increase income I see from your sig you are looking at the £10 a day so if you can make monies that way then there is some light at the tunnel.

I would give your selves six months of the new moneysaving income growing and then reassess,

Good luck xx

RonniesMummy

Hiya
I hope i can maybe give you some assurance - you can PM me if you do need to talk i do understand how stressful money worries can be.
With regards to a debt management plan - your unsecured creditors can accept reduced monthly payments the company i used to work for gave guidelines of reducing to 20% of the full monthly payment - work this out for each of your creditors and see if this saves any money? If not offer them all £1 p.m and if they want to go to dca then so be it. Or are you maybe able to offer full and final reduced settlements on any?
If you showed that to a creditor (the soa) (ill look at it as if i am a creditor cos i used to be!) they would say to cancel the sky tv and not spend any money on birthdays. harsh i know.
Are you eligible for a debt relief order? check insolvency service and see.

Sorry if this doesnt make sense? just a few ideas for you
This will get better eventually i promise xx

dancingfairy

According to your SOA you appear to have 239 a month to pay into a dmp per month. I guess CCCS said you can't do a dmp because they don't think you are spending enough on say food and you've got nothing budgetted for clothes either. You could always self manage your own dmp - but do make sure you allow money for things like clothes!
Also what is the split between you and your OH in terms of debts? he could perhaps go bankrupt and you could do a dmp perhaps? this would wipe out his debts but leave you to make payments/token paments to any joint debts.
Good Luck
df

MFWannabe

Takingcontrol wrote: »

Have been on here for a while but not a regular poster, have been really trying to get things sorted out, all my figures straight etc so that 2011 can be our year to sort our mess out!! I've copied my SOA below, but should explain a few things, as may be confusing.....We have rent arrears on our previous house which is in the process of being repossessed (Santander take possession on 14th January) It is a shared ownership property, so that is where rent arrears comes from...we also had a secured loan on the property as you'll see. Obviously as house has not been sold etc, there is more than likely to be further monies owed to Santander following sale of property, which I will add as and when we know what it is...........

I have spoken to CCCS and NDL who have both been great and so helpful! But basically, DMP and IVA are not possible as we have a negative amount left at the end of the month.....they say our only option is........Bankruptcy!!! I would just like you to have a look through our SOA and give your opinions pls...My husband has resigned himself the fact we will go BR, but its hard for me as I am suppose to be training to work in Law!! and if I go BR.........I cant!!

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1200
Benefits................................ 650
Other income............................ 0
Total monthly income.................... 1850

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 745
Management charge (leasehold property).. 0
Council tax............................. 131
Electricity............................. 50
Gas..................................... 49
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 35 - can you go payg?
TV Licence.............................. 24 - this is high; does it include arrears?
Satellite/Cable TV...................... 21 - Does this include landline and internet; as you have nothing entered in those categories. If it does then it's very cheap
Internet Services....................... 0
Groceries etc. ......................... 280 - You could maybe cut this by £50
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 17.5
Car Insurance........................... 23
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 - You need to drastically reduce this; to say £10 per month. Just buy for your children for now
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 25 - You cannot afford this at the moment; every penny needs to go towards debts
Total monthly expenses.................. 1610.5


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 10000....(0)........0
Total secured & HP debts...... 10000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................228.......10........27.9
Capital One....................246.......10........22.9
Next...........................140.......10........39.9
Rent Arrears...................3000......0.........0
Utilities (Various)............1050......0.........0
Bt.............................243.......0.........0
Council Tax....................1800......0.........0
Parents........................23500.....250.......0 - Would your parents postpone being paid back until you had paid all other debts? You could pay off very first; with it's high apr
Three Mobile...................299.......0.........0
Argos..........................222.......10........27.9
Capital One....................266.87....0.........29.9
Mothercare.....................415.......0.........22.4
Lloyds.........................4872......0.........0
HSBC...........................4892......90........0
Natwest........................745.......0.........0
Vanquis........................803.......0.........39.9
Simply Be......................630.......50........39.9
Very.co.uk.....................191.......10........39.9
Total unsecured debts..........43542.87..440.......-


Monthly Budget Summary
Total monthly income.................... 1,850
Expenses (including HP & secured debts). 1,610.5
Available for debt repayments........... 239.5
Monthly UNsecured debt repayments....... 440
Amount short for making debt repayments. -200.5

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -10,000
Total Unsecured debt.................... -43,542.87
Net Assets.............................. -52,542.87

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

Hi
I've made some comments above; although there's not much movement in your soa. Would you be able to postpone paying parents back until all other debts have been paid? This would claw back the shortfall in your current soa and will allow you to concentrate paying the high APR debts first; especially if you manage to make some cutbacks.
I would try this; as someone else said for maybe 6 months and then see how you are doing?
As Dancing fairy said maybe just your husband could go bankrupt?

tiddly_widdly

Hi
I dont know much about DMP/bancruptcy etc but can you not talk to CAP - christians against poverty? They dont charge a fee, they sort out your best way forward and do all the talking to creditors etc. Which may be an option if you dont want to go bancrupt so you can study law..
Good luck

boo80

CCCS and NDL were super helpful to me too but wouldn't organise my DMP and pushed for bankruptcy. I didn't want that hanging over my head for the rest of my life so I started organising my own DMP and it's been going well for about 2 years now. You do have some money to pay your debts, so I really don't see why you can't do it. Is there anything else you can do to up your income a bit? Maybe one of you could get a part time job? Good luck with it, don't lose sleep, they can't have what you haven't got!! x x

katsu

Hi, this must be very difficult for you.

Takingcontrol wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2 how old?
Number of cars owned.................... 1 do you need this for DH to get to work?

Monthly Income Details
Monthly income after tax................ 0 can you take a part time job - cleaning in the local area or ironing at home, bar work in the evening when DH is home, tutoring students on lower law courses depending on your current qualifications?
Partners monthly income after tax....... 1200 can he work extra hours or take a p/t job too?
Benefits................................ 650 checked you are getting everything you are entitled to?
Other income............................ 0
Total monthly income.................... 1850

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 745
Management charge (leasehold property).. 0
Council tax............................. 131
Electricity............................. 50 this seems high to me. Are you on estimated bills? Have you checked if you can get a cheaper tariff - I see you are in debt but wondered if that was to a different supplier at the old house? See if you can borrow an OWL meter from the library to measure consumption in real time and turn everything off when you are not in the room, only charge mobiles for 1hr, energy saving bulbs etc.
Gas..................................... 49 seems a bit high for all year round, see advice above. Block all draughts, line curtains, don't have heating on when you are out, use blankets and hot water bottles to snuggle up with kids of an evening.
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 35 do you both have to have a phone? Can one of you have a PAYG and see if you can cut this.
TV Licence.............................. 24 how much longer at this rate? Are your kids small enough to cancel this for now, watch catchup TV on the internet only? This is not something many people do, but if you really want to avoid going BR you need to get every penny that you can.
Satellite/Cable TV...................... 21 if this is satellite, cancel and go freeview or freesat.
Internet Services....................... 0
Groceries etc. ......................... 280 check theold style boards for links to the cheap family food website and great cheap recipes.
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 17.5
Car Insurance........................... 23
Car maintenance (including MOT)......... 0 this is worrying - you need at least the MOT fee and ideally should be servicing car at least once a year - even if a friend does the service you need the cost of the parts. How do you pay for new tyres etc?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20 what is this?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 This is unrealistic in your current circumstances. Drop to £10pm and cover your kids only for now.
Haircuts................................ 5 this is good.
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 25 avoiding bankrupcy is your emergency so if you get to the stage where you have this much money left, pay it off your debts.
Total monthly expenses.................. 1610.5


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 10000....(0)........0
Total secured & HP debts...... 10000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................228.......10........27.9
Capital One....................246.......10........22.9
Next...........................140.......10........39.9
Rent Arrears...................3000......0.........0
Utilities (Various)............1050......0.........0
Bt.............................243.......0.........0
Council Tax....................1800......0.........0 I think this has to be a priority or baliffs get involved - get advice from someone like CCCS or CAB on this.
Parents........................23500.....250.......0
Three Mobile...................299.......0.........0
Argos..........................222.......10........27.9
Capital One....................266.87....0.........29.9
Mothercare.....................415.......0.........22.4
Lloyds.........................4872......0.........0
HSBC...........................4892......90........0
Natwest........................745.......0.........0
Vanquis........................803.......0.........39.9
Simply Be......................630.......50........39.9
Very.co.uk.....................191.......10........39.9
Total unsecured debts..........43542.87..440.......-


Monthly Budget Summary
Total monthly income.................... 1,850
Expenses (including HP & secured debts). 1,610.5
Available for debt repayments........... 239.5
Monthly UNsecured debt repayments....... 440
Amount short for making debt repayments. -200.5

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -10,000
Total Unsecured debt.................... -43,542.87
Net Assets.............................. -52,542.87

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

Where are the costs of your studying? I can't see them anywhere above.

I really hope it works out for you.

Takingcontrol_2

I started training to be a Legal Executive a year before I fell pregnant with my son. I decided to not go onto the second year but return after he was born, I am due to return in September. The course is approx £500 a year, which I need to find by then

Thanks for all your replies, you have given me some very good ideas! I think I am going to keep going for 6 mths and see how things go, and then look at the possibility of DH going BR and myself trying to stay solvent Once I can get a job in a law firm and we have an extra income, things will be a lot better Its just getting the job that is the hard part for so many of us at the moment! I live in the Cotswolds and there are a lot of wealthy people around here, so I may look into putting my son into playschool and couple of mornings a week and trying to get some work cleaning! (I'm weird....I actually love cleaning! lol!) My DD is at school so will have no childcare costs for her if I do that..................

glittermonster

Have you thought about doing some babysitting?

There are websites like childcare.co.uk, netmums that you can advertise on - or speak to local agenies/spread the word at school.

Good luck!

Takingcontrol_2

glittermonster wrote: »

Have you thought about doing some babysitting?

There are websites like childcare.co.uk, netmums that you can advertise on - or speak to local agenies/spread the word at school.

Good luck!

Very good idea! Thank you