please help am on the edge

blinky003

i have completed the SOA which is below i am struggling on top of this i alos have 70 pounds i owe every month to my parents for already paying a debt off for me and i also i owe 150 to housing benefit as they apparently over paid me and am now being threated with bailiffs



Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1086
Partners monthly income after tax....... 220
Benefits................................ 280
Other income............................ 19
Total monthly income.................... 1605

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 212
Rent.................................... 595
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 80
Gas..................................... 0
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 10
Petrol/diesel........................... 120
Road tax................................ 17
Car Insurance........................... 90
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 0
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)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1539


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 100
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2100


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 3500.....(98).......12.7
Hire Purchase (HP) debt ...... 3750.....(114)......18.6
Total secured & HP debts...... 7250......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................1300......25........6.8
overdraft......................2500......30........0
Total unsecured debts..........3800......55........-


Monthly Budget Summary
Total monthly income.................... 1,605
Expenses (including HP & secured debts). 1,539
Available for debt repayments........... 66
Monthly UNsecured debt repayments....... 55
Amount left after debt repayments....... 11

Personal Balance Sheet Summary
Total assets (things you own)........... 2,100
Total HP & Secured debt................. -7,250
Total Unsecured debt.................... -3,800
Net Assets.............................. -8,950

Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using other browser.

Hannah_10

You have a low income, debts under £15k in total, £100 of assets that are not the car and a £2000 car. If that car were valued at £1000 or less, which there's a good chance it would be on https://www.wisebuyers.co.uk (which is an acceptable valuation) you could be eligable for a Debt Relief Order. At the moment your SOA shows you have £66 a month to repay with, for a DRO you need to show £50 or less but I'm pretty sure that's not difficult.

A DRO is a sort of light bankruptcy. It costs £90 to apply for, the CCCS, CAB or other approved intermediary can help you to do this (and advise you impartially if it's right for you) and it means you pay nothing at all on the qualifying debt. All of your debt except the money you owe your family qualifies as far as I can tell, but do check that. Your name will go on a register for 15 months from the date you took it out and you wont be able to get new credit over £500 without telling the lender you are subject to a DRO. After 6 years it would not appear on your credit file that you'd ever had one.

It is an option, like I said get proper advice on that.

Pollycat

Hi there and welcome.

You've not got a lot of leeway in your SOA, your grocery bill is pretty low.
Car insurance seems a bit high.
I assume the £70 per month that you owe to your parenets is not included in your SOA (I can't see it).

Are you absolutely sure that you're getting all the benefits that you're entitled to?
Child and/or working tax credit?

Re the £150 that you owe for overpayment of housing benefit - do you agree that they've overpaid you?
Did you tell them of all changes in circumstances that might have affected your payment of HB?
When does this overpayment date back to?
Is it only the £150 or have you paid more money back?
Are they demanding the full £150 or have you asked if you can pay in instalments?

jonjamie1970

I am by no means an expert but thought I would try and help with your soa.

blinky003 wrote: »

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1086
Partners monthly income after tax....... 220
Benefits................................ 280
Other income............................ 19
Total monthly income.................... 1605

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 212
Rent.................................... 595
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 80
Gas..................................... 0
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 0
Mobile phone............................ 35 Is this a contract ?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120 This seems low ? what are you eating ?
Clothing................................ 10
Petrol/diesel........................... 120
Road tax................................ 17
Car Insurance........................... 90 A big chunk of money every month, could you do without a car ?
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 30 Whats this for ?
Childcare/nursery....................... 0
Other child related expenses............ 0
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)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1539


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 100
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2100


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 3500.....(98).......12.7
Hire Purchase (HP) debt ...... 3750.....(114)......18.6
Total secured & HP debts...... 7250......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................1300......25........6.8 This is a decent APR, when does the offer end if any ?
overdraft......................2500......30........0 Find out the APR on this
Total unsecured debts..........3800......55........-


Monthly Budget Summary
Total monthly income.................... 1,605
Expenses (including HP & secured debts). 1,539
Available for debt repayments........... 66
Monthly UNsecured debt repayments....... 55
Amount left after debt repayments....... 11

Personal Balance Sheet Summary
Total assets (things you own)........... 2,100
Total HP & Secured debt................. -7,250
Total Unsecured debt.................... -3,800
Net Assets.............................. -8,950

Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using other browser.

McKneff

Your water bill is high, try a meter.

You OH could maybe work longer hours

Ask your parents to lower their payment plan to £50 a month.

Your electricity seems awful high too.

maskerade

If you get housing benefit could you get help with your council tax too? Could your partner earn any more? That seems low

pmf63

Based on your income I would suggest you should be getting Working tax credits for your low income, child tax credits for your 1 child, housing benefit and council tax benefits and family allowance or whatever they call it now.

£280 benefits doesn't sound like like you are getting everything you should be getting. I am sure someone on here will be able to help you find out.

maskerade

How old is your child? That could have a bearing on how much your partner could work?

Hannah_10

pmf63 wrote: »

£280 benefits doesn't sound like like you are getting everything you should be getting. I am sure someone on here will be able to help you find out.

Try http://www.turn2us.org.uk/benefits_search.aspx to find out if there's anything else you should claim.

Logie143

Just a few thoughts on the car front...

£90 a month seems fairly high for insurance. I don't think I paid that when I was 18. Is that for both of you? If so you could consider only having one person insured on the car. This could cut down the petrol costs too.

Do you commute? £120 a month suggests you have a fair drive to work, or your car is uneconomical. If you commute and live in an urbanish area try having a look at car sharing schemes. Either that, or if it's just for work I know a few areas in the country have moped to work schemes. I think for a fairly small amount of money they will lend you a scooter, equipment etc. for you to get to work.

Good luck with everything, and keep your chin up!

blinky003

thanks for your reply

we are on child tax benefit working tax and child benefit all adding up to 280

i will double check if this is correct

i was made redundant last feb and had to claim housing benefit but am no longer entitled to it

my car was broken into last november and needed alot of repairs soo i lost all no claims that is why it is soo high

my other travel expenses are because there is a toll bridge between me and work and it will cost more in fuel to go around

my child is 16 months

my bank charge me £1 a day for arranged overdraft and £5 a day for un-arranged overdraft (which was entered today) i don't use my bank for anything except bills but it just goes down and down and down