perilous journey begins....

mboro

Good Morning all my new friends:j. The time has come for me to take the bull by the horns and take control of my debts. I have been paying them off by monthly DD for a while now but they never seem to go down.

For a start I have contacted CCCS :beer: and set up a DMP, but it needs tweeking here and there, and tbh I am still not sure of letting go of the reigns and having them pay on my behalf. But it is still an option.

I was also wondering about a DRO but need more info on the implications regarding Boy friend.

I sooo want to be debt free, and have a happy debt free life with BF (we have been together for 3 years) and he knows about my debt problem, and helps me with cash when I have a big bill to pay out and I am skint.

I think I need to start with a SOA but I so cant find the link for it:o

lambda

Hi There and welcome to the forum! :j

Here is a link to an SOA:

http://www.makesenseofcards.com/soacalc.html

Hope this helps!

mboro

Thanks Lambda, now to get started and back in control.

mboro

Statement of Affairs and Personal Balance Sheet
Household Information

Well here we are, please let me explain where I am up to. In my SOA are the payments that I make every month.

I live with my Dad, he pays the rent, council tax, water, gas and electric.
My Son lives with his Dad. He stays with us every other weekend and school holidays

Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 400-700 I work for an agency so wages fluctuate weekly.
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 400-700
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 12
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 21
Internet Services....................... 11
Groceries etc. ......................... 80
Clothing................................ 0
Petrol/diesel........................... 160
Road tax................................ 18.33
Car Insurance........................... 70
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 24
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
child maintenance....................... 65
Total monthly expenses.................. 574.25

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Car Finance ...................8000......20........0
Council Tax arrers............500.......20........0
RBS student loan...............1200......100.......0
uni tuition fees...............750.......40........0
overpaid student loan..........500.......20........0
Total unsecured debts..........10950.....200.......-

Monthly Budget Summary
Total monthly income.................... 400
Expenses (including HP & secured debts). 574.25
Available for debt repayments........... -174.25
Monthly UNsecured debt repayments....... 200
Amount short for making debt repayments. -374.25
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,950
Net Assets.............................. -9,950

Looking at my SOA is bad for me, but I do manage to make ends meet, I have not defaulted on my repayments.
I don't go out, don't buy new clothes. Dont buy expensive food but I am happy. I have my family and my car, and for now thats all I need.

Working for an Health Care agency (2 of them infact just to make sure that I do have the work) on a good week I earn £250-300 on a bad week like this one, I earned just £100. I do manage to budget living this way.

I am not saying its not easy, I do panic when things get tight but I do manage.

Through MSE I have tried to pay out less for Sky but as I am a fairly new customer (7 months) they say there is nothing they can help me with.

I am cutting down my mobile contract to £25 pcm.

And apart from all that I am getting more hours at work. But when I look at my SOA and my debts, they just dont seem to be going down.:(

_Persephone

mboro wrote: »

Road tax................................ 56.25

£56.25 a month, is that right?

mboro

Good question, let me have a look. BRB.

lol silly me £220 for the year = 18.33 per month. Thanks Persephone.

lambda

mboro wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information

Well here we are, please let me explain where I am up to. In my SOA are the payments that I make every month.

I live with my Dad, he pays the rent, council tax, water, gas and electric.
My Son lives with his Dad. He stays with us every other weekend and school holidays

Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 400-700 I work for an agency so wages fluctuate weekly.
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 400-700
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 12
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 21 Obviously you can reduce this once the contract is up, as you'd discussed already.
Internet Services....................... 11
Groceries etc. ......................... 80
Clothing................................ 0
Petrol/diesel........................... 160
Road tax................................ 56.25 This can't be right - that's about 600 pounds a year for car tax!
Car Insurance........................... 70 This is high. When is the renewal due?
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 24
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
child maintenance....................... 65
Total monthly expenses.................. 574.25

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000 I don't get this - as your car finance is for 8000 pounds.
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Car Finance ...................8000......20........0 What are the APRs for all these? Do you really pay 20 pounds a month out on a 8000 pound loan?
Council Tax arrers............500.......20........0
RBS student loan...............1200......100.......0
uni tuition fees...............750.......40........0
overpaid student loan..........500.......20........0 What's an overpaid student loan?
Total unsecured debts..........10950.....200.......-

Monthly Budget Summary
Total monthly income.................... 400
Expenses (including HP & secured debts). 574.25
Available for debt repayments........... -174.25
Monthly UNsecured debt repayments....... 200
Amount short for making debt repayments. -374.25
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,950
Net Assets.............................. -9,950

Looking at my SOA is bad for me, but I do manage to make ends meet, I have not defaulted on my repayments.
I don't go out, don't buy new clothes. Dont buy expensive food but I am happy. I have my family and my car, and for now thats all I need.

Working for an Health Care agency (2 of them infact just to make sure that I do have the work) on a good week I earn £250-300 on a bad week like this one, I earned just £100. I do manage to budget living this way.

I am not saying its not easy, I do panic when things get tight but I do manage.

Through MSE I have tried to pay out less for Sky but as I am a fairly new customer (7 months) they say there is nothing they can help me with.

I am cutting down my mobile contract to £25 pcm.

And apart from all that I am getting more hours at work. But when I look at my SOA and my debts, they just dont seem to be going down.:(

Just need to clarify the road tax, car finance payments (and amount) and let's see...

mboro

OK to answer your very valid questions

Car(s).................................. 1000 I don't get this - as your car finance is for 8000 pounds.
This is for an old car that was re-possesed 5 years ago.

Car Finance ...................8000......20........0 What are the APRs for all these? Do you really pay 20 pounds a month out on a 8000 pound loan?
yes I do, its with link finance and at the time I did a SOA (about a year ago) they haven't looked into it since.


overpaid student loan..........500.......20........0 What's an overpaid student loan?
They worked out the payent incorrectly, I spent the money, now I am paying it back.

I dont pay any APR's on what I owe. (that I know of)

Thanks.

lambda

mboro wrote: »

OK to answer your very valid questions

Car(s).................................. 1000 I don't get this - as your car finance is for 8000 pounds.
This is for an old car that was re-possesed 5 years ago.

Car Finance ...................8000......20........0 What are the APRs for all these? Do you really pay 20 pounds a month out on a 8000 pound loan?
yes I do, its with link finance and at the time I did a SOA (about a year ago) they haven't looked into it since.


overpaid student loan..........500.......20........0 What's an overpaid student loan?
They worked out the payent incorrectly, I spent the money, now I am paying it back.

Ah I see. Thanks for the clarification. What about APRs on your loans? Also, paying 20 pounds a month back on 8000 pounds will take you about 34 years to pay it off.

If the car has been re-possessed then is it still an asset?

Meant to clarify about my question re APRs again: are you sure all the debt is totally interest free - that sounds unlikely to me.

mboro

Just amended last post regarding APR and as I dont have the car any more (I bought an old banger 4 years ago) it's not an asset, or is that not right?

mboro

34 years to pay it off...lets hope they go bust soon then. I think I am in denial.lol.