SOA - need help

Hannah_10

Thank you for the new, realistic SOA.

It shows that you have £31,927 of debt (all unsecured) no assets and £437 spare to repay them. If all interest were frozen immediately that would mean you could be debt free on a DMP (debt management plan) in 73 months (6 years and 1 month). Bankruptcy is a very real option for you, most people have a lot of ideas about what that means and most of those ideas are usually wrong (eg the idea that you would lose personal items in your home or that your employer would know) so you should investigate this properly. An alternative to bankruptcy could be an IVA too (Martins IVA Guide here) although there are very few people they are suited to.

So as Tixy rightly says, you do need to speak to one of the organisations in this article: Debt Problems: What to do & where to get help

dancingfairy

Hi - I think your budget needs a bit more adding to it personally. You say transport costs are paid for - by who? if you take out a dmp you will need a sensible working budget so you will need to be putting transport money away so when the yearly bill crops up you don't fail your dmp as otherwise you will either have to stop paying the dmp or be trying to get more credit to pay it as it becomes due. I also think that for 2 of you the clothes budget is not really high enough, nor presents and entertainment. I know you have to live frugally but you need a sustainlable budget that you can live on for the next few years while you pay the debts down.
Best of Luck
df