SOA - please help me someone

woody24

Iv been back to this board time and time again and keep considering bankruptcy then i go away thinking I can make it better, and I end up back here with more debt than what I had the last time because as you all know, it's just a vicious cycle.

Its the 7th January and I have NO money for the month. The same happened last month and I cant keep doing this.

iv cancelled my gym membership which was my pride and joy because I play badminton 4 times a week so I wont be able to do that anymore, iv cancelled any luxuries such as lovefilm and my magazine subscriptions.

Please could someone look at my SAO and tell me if it looks like bankrupcy is an option for me, and what if anything extra could I put down on the form.

I havent taken this option lightly, i have spoken to CAB and other debt agencies - I just keep ignoring it thinking it will go away but im at wits end and cannot cope anymore.

Any advice is appreciated. I have just racked up ANOTHER £400 on one of my catalogue bills because iv bought an item on BNPL so that i can sell it and have the cash because i dont have any money and due to bank charges, il be in the same boat next month.

my partner isnt included on this because she is on a low wage and struggling herself and cannot help me in anyway.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1900
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1900
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 40
Gas..................................... 60
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 5
Satellite/Cable TV...................... 25
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 0
Petrol/diesel........................... 250
Road tax................................ 16
Car Insurance........................... 60
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1236

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................250.......10........29.9
Capital One ...................1600......90........29.9
Barclays Loan..................14500.....400.......27.7
Personal Friend Debt ..........2000......100.......0
Very Catalogue ................700.......30........29.9
Additions Catalogue ...........1500......40........29.9
NHS Car Loan ..................4000......150.......3
Total unsecured debts..........24550.....820.......-

Monthly Budget Summary
Total monthly income.................... 1,900
Expenses (including HP & secured debts). 1,236
Available for debt repayments........... 664
Monthly UNsecured debt repayments....... 820
Amount short for making debt repayments. -156
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -24,550
Net Assets.............................. -24,050
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Iris_Blue

I saw your post and didn't want just to read and run. I really feel for you and I felt quite upset reading that you bought on BNPL just to get by. No one should have to do that.

I'm sorry that I don't know anything about bankrupcy so can't advise there. Personally I wouldn't go down that route for myself but I understand it's the only option for some.

Can I ask about your gas and electricity bill as it looks a little high , is because it's metered? Can you get this down a little ? - hard I know as it's so cold at the moment

mobile phone - this is also high..do you really need it? If so can you cut the bill down

Your petrol is also high - is this for work? Do you need to travel by car or would a bus be cheaper or even walking sometimes an option? Price of fuel now is unbelievable.

Is there long left to run on your loans?

Sorry I'm not much help but little changes here and there really do help. Im very strict with myself now and count every penny

Your short about £150 pm ..can you make cook from scratch and maybe pay your friend a little less a month plus cancel the holiday money and put that towards debts?

Iris

elliesmemory1

I know how you feel. I was in a simalar situation last year. I went br in aug and although it was a very hard choice to make it was the only one in the end for me.
I would advise talking to cccs or cab or national debtline. more experienced people will be able to advise you but you can put clothing, haircuts and contents insurance down on soa.
Good luck.

woody24

iv replied in red below/above ... looks like im still none the wiser ... but thank you so much for trying and for replying :-) x xx

Iris_Blue wrote: »

I saw your post and didn't want just to read and run. I really feel for you and I felt quite upset reading that you bought on BNPL just to get by. No one should have to do that.

I'm sorry that I don't know anything about bankrupcy so can't advise there. Personally I wouldn't go down that route for myself but I understand it's the only option for some.

Can I ask about your gas and electricity bill as it looks a little high , is because it's metered? Can you get this down a little ? - hard I know as it's so cold at the moment - yes it is metered and that price is only half of what its actually costing because me and partner obviously go halves. my gas has shot up from 50 a month to over £100 and we dont even have it on in the day but our house is so so freezing in the evenings that we have to. id love to use less, and i even phoned british gas saying there was a problem with my meter because my gas bill had doubled ... looks like so had the rest of the countries!

mobile phone - this is also high..do you really need it? If so can you cut the bill down. i dont have a home phone to save money so this is my only form of telephone line. i cant change it as i am in a contract unfortuntely :-(

Your petrol is also high - is this for work? Do you need to travel by car or would a bus be cheaper or even walking sometimes an option? Price of fuel now is unbelievable. i drive from hertfordshire to north london for work and sometimes further afield. im in the process of selling my car as it's a 1.4 and downgrading to a 1L to try and save on fuel costs but as it stands this is how i get to work. i cant use bus or public transport as my job involves driving around to get to meetings and clietns houses all day (which is reimbursed - this cost iv quoted is just my travel to and from work and the odd social trip at weekends) and yes the cost of fuel is really stressing me out especially as it's about to rise even more!

Is there long left to run on your loans? yes ... too long ... my 15k loan is only about 6 months into 6 years :-( i got that to pay off other debts at the time and didnt read the small print of 27.7% APR because i was so excited to be offered a loan to clear some debt and assumed i was getting it at the price quoted on teh website so in fact it hasnt helped me financially at all

Sorry I'm not much help but little changes here and there really do help. Im very strict with myself now and count every penny

Your short about £150 pm ..can you make cook from scratch and maybe pay your friend a little less a month plus cancel the holiday money and put that towards debts? i cant pay my friend less because actually it's my partner who i owe the money too and it's on her credit card and she has no money left over at all to pay it so i have to pay that - it's not fair to not pay it and leave her in the cr*p as well with a dodgy credit rating like mine. I dont actually put aside any holiday money - thats just a dream and something which i know can be allocated for in BR orders.

Iris

woody24

Hardupandfedup wrote: »

I know how you feel. I was in a simalar situation last year. I went br in aug and although it was a very hard choice to make it was the only one in the end for me.
I would advise talking to cccs or cab or national debtline. more experienced people will be able to advise you but you can put clothing, haircuts and contents insurance down on soa.
Good luck.

Thanks for this - i have spoken to CAB and CCCS a number of times over the last few months, it's just one of those things i think "no im not going to go BR and im going to sort myself out" and i just end up spirralling deeper and deeper when I try to sort myself out

Iris_Blue

Maybe BR is the only option for you. You can't live like this, you'll make yourself ill. You need to live your life.

I wish you the best of luck

dojoman

woody24 wrote: »

Iv been back to this board time and time again and keep considering bankruptcy then i go away thinking I can make it better, and I end up back here with more debt than what I had the last time because as you all know, it's just a vicious cycle.

Its the 7th January and I have NO money for the month. The same happened last month and I cant keep doing this.

iv cancelled my gym membership which was my pride and joy because I play badminton 4 times a week so I wont be able to do that anymore, iv cancelled any luxuries such as lovefilm and my magazine subscriptions.

Please could someone look at my SAO and tell me if it looks like bankrupcy is an option for me, and what if anything extra could I put down on the form.

I havent taken this option lightly, i have spoken to CAB and other debt agencies - I just keep ignoring it thinking it will go away but im at wits end and cannot cope anymore.

Any advice is appreciated. I have just racked up ANOTHER £400 on one of my catalogue bills because iv bought an item on BNPL so that i can sell it and have the cash because i dont have any money and due to bank charges, il be in the same boat next month.

my partner isnt included on this because she is on a low wage and struggling herself and cannot help me in anyway.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1900
Partners monthly income after tax....... 0 They would be expected to contribute to the Household expenses
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1900
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 40
Gas..................................... 60
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 5 £12
Satellite/Cable TV...................... 25 NOT ALLOWED
Internet Services....................... 0
Groceries etc. ......................... 160 £400
Clothing................................ 0 £50
Petrol/diesel........................... 250
Road tax................................ 16
Car Insurance........................... 60
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 0 NO CONTENTS INS.?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1236

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................250.......10........29.9
Capital One ...................1600......90........29.9
Barclays Loan..................14500.....400.......27.7
Personal Friend Debt ..........2000......100.......0
Very Catalogue ................700.......30........29.9
Additions Catalogue ...........1500......40........29.9
NHS Car Loan ..................4000......150.......3
Total unsecured debts..........24550.....820.......-

Monthly Budget Summary
Total monthly income.................... 1,900
Expenses (including HP & secured debts). 1,236
Available for debt repayments........... 664
Monthly UNsecured debt repayments....... 820
Amount short for making debt repayments. -156
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -24,550
Net Assets.............................. -24,050
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hope this helps? Don`t forget your SOA for BR should reflect your circumstances post BR and not pre BR, therefore all your unsecured debts would have gone. That is why I have jiggled your figures a little. Also you will not be able to include your payment to your friend on your SOA, this debt like all your others would be included in your BR, you are not allowed to give preferential treatment to one creditor over another. Also have you included the costs for both cars or just yours?

woody24

Thanks IRIS, yes I am making myself ill. :-(

I think BR might be the only option for me unforunately, it's not a route i ever wanted to go down because i feel like it's just a bar from developing my life like starting a family or buying a house. All my friends around me are doing it and I feel if i go BR it just means I never will

Thanks for your kind words though

Iris_Blue wrote: »

Maybe BR is the only option for you. You can't live like this, you'll make yourself ill. You need to live your life.

I wish you the best of luck

Katie-Kat-Kins

I don't know much about bankruptcy I'm afraid. Have you looked at a DMP instead? It might be an option for you and is worth considering before you make a final decision.

It would help if your SoA included full expenses and your partner's wage too, I know you don't want to burden her but I'm sure she would want to help and save you some stress if she can. Is your partner fully in the picture? You need her help to get through this.

Your gas and electric do look high especially if this isn't the full amount, do you have debts on your account or are you using this amount? Have you checked alternate suppliers? Have you asked whether you can repay any debt over a longer period to reduce your DD? Can you reduce your usage at all? Sit under a duvet if necessary!

I know you are under contract with your mobile but most providers will let you drop to a lower tariff if you are having financial problems - speak to them. Same with Sky, if you can drop to freesat, if not drop to the cheapest possible package and cancel at the end of the contract.

Your car insurance looks very very high - why? Your car is worth less than a year's insurance - that is mad! Could you drop to third party cover to save money? Or increase your excess? Does your partner need to run a car too or could you save money by only running one between you?

With just £150 a month short I'd be looking to make the ends meet one way or another rather than going bankrupt. Could you get another job? Could your partner get a second job? Could you do a few car boots and sell some stuff to help you get back on track? Can you save any other costs? Could you pay back the debt to your partner more slowly? Could you move to a cheaper place?

woody24

I havent put anything in for other income, because although i live with someone else - the outgoings iv quoted here are just MY share of the rent, bills etc - so everything is in halves, therefore my partners income isnt revelant to me as such. plus she has a ton of debts of her own that shes trying to manage so i wouldnt want her bought into this anyway.

with regards to groceries, there is no way I spend £100 a week just for MY groceries, jointly maybe but we spend absolutely no more than £60 a week between us so iv put my share of that down as £40 to cover any extra.

are phone lines and internet allowed at home as expenditure? as that cable tv figure i put down is for internet as well so i could put that into those instead.

iv got the BR forms in front of me ... I just dont know if im brave enough. I feel like breaking down or i feel like someone will nit pick me and tell me how irresponsible iv been for all of my life and that it's my own fault im in this mess so i hvae to sort it out. i dont want to rely on BR , i just cant see any other way.

if i send these forms off - what do i have to do in preparation. i have a bank account with a £500 overdraft which obviously im right into and a joint bank account with partner that we use to put our joint outgoings to and from. i assume i need to empty and close both of these?

sorry for the questions, im at my desk at work in such a tizz about this. i find myself here far too regularly lately, like every day :-(

dojoman wrote: »

Hope this helps? Don`t forget your SOA for BR should reflect your circumstances post BR and not pre BR, therefore all your unsecured debts would have gone. That is why I have jiggled your figures a little. Also you will not be able to include your payment to your friend on your SOA, this debt like all your others would be included in your BR, you are not allowed to give preferential treatment to one creditor over another. Also have you included the costs for both cars or just yours?

Katie-Kat-Kins

I think you need to talk to your partner about this and decide what to do jointly, it will affect her too. You can't just think "this is my mess I'll sort it out" if you are financially linked it is her mess and will affect her too. A joint SoA would benefit you both as then you can tackle all the debts together.

You also ought to speak to one of the debt charities who can advise on all the options.