My SOA

Insane.simon

it's not complete as am working from the CAB one and they don't list things seperately like the MSE one so am having to work from memory.

the CAB one show i have £9 left after the essentials.. the MSE one shows i have £53 left so i suspect i've missed a few items off

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 73
Electricity............................. 45
Gas..................................... 0
Oil..................................... 0
Water rates............................. 17
Telephone (land line)................... 13
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 7
Groceries etc. ......................... 130
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 17
Car Insurance........................... 19
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1043


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin.........................2389.63...157.......24.9
Egg............................2458.72...219.6.....26.9
Tesco Loan.....................4000......122.......0
Tesco Credit Card..............151.......20........0
HSBC (Overdraft)...............400.......200.......0
HSBC...........................2292......50........0
Total unsecured debts..........11691.35..768.6.....-


Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including HP & secured debts). 1,043
Available for debt repayments........... 57
Monthly UNsecured debt repayments....... 768.6
Amount short for making debt repayments. -711.6

Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,691.35
Net Assets.............................. -11,091.35

Reproduced on Moneysavingexpert with permission, using Firefox browser.

any ideas for help?


just had to remove the link as i'm a new user.

PasturesNew

You live alone, with a high rent. Any chance it could be considered worthwhile downsizing for 1-2 years?

Apart from that, what about a 2nd job? Something that could combine getting money, with getting fed and possibly having a social life, so waiter jobs/bar jobs? If you are 'cute looking and slim' you stand a good chance of getting waiter/waitressing jobs in slightly "better" restaurants, where you'd have the pay and tips and get a good meal inside you for free. If you're not that great looking, then it can be harder and you'd have to look at McD's/KFC or similar where you're allowed to be less attractive (sucks, but that's life).

Insane.simon

would be kinda hard to get a second job as am currently working the nightshift at my current job. am also hard of hearing so waiter/bar jobs are out and most companies raise eyebrows at employing hard of hearing people for "customer relations" jobs despite the fact they are not supposed to..

the rent could be considered high but compared to other rents for similar properties in the area it's actually on the low side. mainly cos the landlord doesn't care lol. it's a one bed flat

PasturesNew

Insane.simon wrote: »

would be kinda hard to get a second job as am currently working the nightshift at my current job. am also hard of hearing so waiter/bar jobs are out and most companies raise eyebrows at employing hard of hearing people for "customer relations" jobs despite the fact they are not supposed to..

the rent could be considered high but compared to other rents for similar properties in the area it's actually on the low side. mainly cos the landlord doesn't care lol. it's a one bed flat

If you can find one, studios are cheaper than 1-bed flats. Cheaper to heat too and might be cheaper council tax. If you could save £150 on rent, heating/council tax might save another £20, making a saving of about £2k/year, or £4k in 2 years.

So it's worth thinking about.

mum2one

Insane.simon wrote: »

it's not complete as am working from the CAB one and they don't list things seperately like the MSE one so am having to work from memory.

the CAB one show i have £9 left after the essentials.. the MSE one shows i have £53 left so i suspect i've missed a few items off

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550 - are you entitled to any houseing benefit?
Management charge (leasehold property).. 0
Council tax............................. 73 - is that including the single person discount, - may worth be enquiring if you can pay over 12 months and not 10
Electricity............................. 45
Gas..................................... 0
Oil..................................... 0
Water rates............................. 17
Telephone (land line)................... 13
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 7
Groceries etc. ......................... 130
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 17
Car Insurance........................... 19
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1043


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin.........................2389.63...157.......24.9
Egg............................2458.72...219.6.....26.9
Tesco Loan.....................4000......122.......0
Tesco Credit Card..............151.......20........0
HSBC (Overdraft)...............400.......200.......0
HSBC...........................2292......50........0
Total unsecured debts..........11691.35..768.6.....-


Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including HP & secured debts). 1,043
Available for debt repayments........... 57
Monthly UNsecured debt repayments....... 768.6
Amount short for making debt repayments. -711.6

Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,691.35
Net Assets.............................. -11,091.35

Reproduced on Moneysavingexpert with permission, using Firefox browser.

any ideas for help?


just had to remove the link as i'm a new user.

I've made a couple of suggestions but with that amount of variance, I think you really need to be speaking for help, I'm guessing thats why your under the CAB.
Theres also CCCS and Payplan, there both none chargable companies, and there recommended another avenue to look into.

Insane.simon

council tax is with the single person rebate and spread over 12 months. according to the CAB i am eligible for housing benefit so have put in for that. just waiting to see now.

as for studio flats, just had a quick check on the websites for the letting agents in my area, it would appear the average monthly cost of a studio flat is about 500 per month so my flat isn't that far off, plus most don't have parking available and as i need a car to get to work..

sp1987

I think you need to negotiate payments on your debts.

Your income is never going to sustain £768.60 repayments a month even if you could live totally rent free with a parent etc.

That egg card looks very high repayment wise for the proportion of debt that it is compared to your total debt, but on the other hand it is the highest interest rate so good to pay off quicker.

What do CAB say debtwise? Any thoughts on a debt management plan? If you could squeeze those living costs down to £1000 you would have £100 to pay debt repayments all in and you could see what that would do acceptance wise.

At the moment you are just going to get further into debt month by month so it needs to be sorted asap. You are gaining debt by 700~ a month and the interest if you were paying less wouldn't be mounting up that quickly.

How have you managed to sustain the repayments so far, taking on newer debts or otherwise?

ViolaLass

My only thought is that if you need the car to get to work then you must live somewhere that doesn't really have public transport but then your rent should be lower. Could you give an indication of where you live?

Could you move into shared accommodation? Or back home?

Insane.simon

CAB say make token payments whilst we're sorting out the financial position, have a meeting with them later this month, at the moment it looks like i'm headed for a DRO.. provided Egg doesn't slap much more in the way of charges on the account..

Bare in mind i've told my creditors i'm having financial problems and that i'm seeing the CAB, their reaction was generally prove it and no we're not freezing interests/payments. Egg is in arrears by 2 months and so is Virgin that's why the monthly repayments are so high.

Viola.. ever tried using public transport when hard of hearing? by that i mean my doctor classes me as severe/profoundly deaf.. buses are a complete no-no, can't even hear the driver over the engine/road noise. Trains are similar despite the fact that they are generally fixed in where they can go lol


Virgin (MBNA) have been told repeatedly by me that i'm hard of hearing and that i cannot use the phones at all easily. despite that, guess what.. they repeatedly phone me up on the land line, mobile and work!!! Egg at least have been nicer

sp1987

Insane.simon wrote: »

Bare in mind i've told my creditors i'm having financial problems and that i'm seeing the CAB, their reaction was generally prove it and no we're not freezing interests/payments. Egg is in arrears by 2 months and so is Virgin that's why the monthly repayments are so high.

Viola.. ever tried using public transport when hard of hearing? by that i mean my doctor classes me as severe/profoundly deaf.. buses are a complete no-no, can't even hear the driver over the engine/road noise. Trains are similar despite the fact that they are generally fixed in where they can go lol

Ridiculous that they act so foolishly in rejecting conversations about payments as so many people end up filing for bankruptcy/a dro as they have no other option and the creditor gets nothing rather than £5 a month forever or whatever could be agreed. Some of them wouldn't have needed such a massive bail out if they would have taken a few quid from everyone who later had their loans written off/declared unenforceable/went bankrupt/disappeared.

Good to know you have such a good sense of humour despite your difficulties. I would say without being hard of hearing I can't use a bus. I never know where I'm going or if I'm on the right one (when you are on it you can't check again as it's written outside on the front. The driver is driving so can't be spoken to). Trains can also carry on moving at high speed past your stop *whoosh* 'oh no, there goes my house'. :rotfl:

Mrs_Jojo

Simon, if your deafness means you need a car because using public transport isn't an option then aren't there some benefits designed to help people with essential expenses due to 'disability' ('quote marks' because it clearly isn't stopping you doing anything you want or need to!)? It may be worth checking...I'm sure a clever person will be along to give you ideas :-)

Also, it does look like you will need a DMP or similar to sort your finances out, but also, how did you get into debt? Try and think about the spending that has got you here, because understanding how you got to this point will help you never get here again!

Good luck :-)