Help with SOA. What to do next?

LondonCat80

Hi there,

Can anyone help me with this mess? I'm so confused what to do about this? Our interest rates (Lloyds) and minimum payments (Virgin) have recently increased so we are now clearing very little of the debt each month. I can't ever see a way out of this! Do you think we should start a DMP or IVA?

Thanks in advance

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1440
Partners monthly income after tax....... 1390
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2830

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1020
Management charge (leasehold property).. 0
Council tax............................. 133
Electricity............................. 42
Gas..................................... 25
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 18.5
Mobile phone............................ 71.48
TV Licence.............................. 10.87
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 10
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 96.2
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12.6
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 150
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1859.65


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan RBS.......................4920......178.......0
Loan Lloyds TSB................6953......170.......0
CC RBS.........................1381......31........0
CC Lloyds......................9393......230.......0
CC Barclaycard.................2087......46.96.....0
CC Barclaycard.................1984......49.61.....0
CC Virgin......................6080......150.......0
Littlewoods....................187.......25........0
Freemans.......................60........20........0
Next...........................278.......29........0
Debenhams......................950.......27.9......0
Total unsecured debts..........34273.....957.47....-


Monthly Budget Summary
Total monthly income.................... 2,830
Expenses (including HP & secured debts). 1,859.65
Available for debt repayments........... 970.35
Monthly UNsecured debt repayments....... 957.47
Amount left after debt repayments....... 12.88

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -34,273
Net Assets.............................. -34,273

Tixy

Hi

How recently did the lloyds rate increase? Are you still in time to reject the rate rise?

It looks ike you are just managing at the moment, so if this includes all your costs you might not qualify for a DMP. Therefore it looks like you might need to look for some areas you can reduce your outgoings a bit to make more of a dent in your debts each month.

LondonCat80 wrote: »

Hi there,

Can anyone help me with this mess? I'm so confused what to do about this? Our interest rates (Lloyds) and minimum payments (Virgin) have recently increased so we are now clearing very little of the debt each month. I can't ever see a way out of this! Do you think we should start a DMP or IVA?

Thanks in advance

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1440 any chance either of you can do overtime? or a second job parttime
Partners monthly income after tax....... 1390
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2830

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1020 is this competitive for where you are living?, are you in london? its a high proportion of your income, any chance of renting anywhere cheaper?
Management charge (leasehold property).. 0
Council tax............................. 133
Electricity............................. 42 this looks pretty high, have you shopped around recently to see if you can find a cheaper supplier or better tariff? do you try to reduce your usage?
Gas..................................... 25
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 18.5
Mobile phone............................ 71.48 this looks high, can you find cheaper deals? or if still in contract will they allow you to drop down a tariff or 2?
TV Licence.............................. 10.87
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 10 ? how come you have this with no other car costs?
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 96.2
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12.6
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 150 try cutting this down a bit
Holiday................................. 30 might need to cut out for a year until things improve with your debts
Emergency fund.......................... 0
Total monthly expenses.................. 1859.65


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan RBS.......................4920......178.......0 need to find out all the aprs so you can work out what order to tackle all your debts, if some are a lot lower aprs than others also useful to give us the credit limit details
Loan Lloyds TSB................6953......170.......0
CC RBS.........................1381......31........0
CC Lloyds......................9393......230.......0
CC Barclaycard.................2087......46.96.....0
CC Barclaycard.................1984......49.61.....0
CC Virgin......................6080......150.......0
Littlewoods....................187.......25........0
Freemans.......................60........20........0
Next...........................278.......29........0
Debenhams......................950.......27.9......0
Total unsecured debts..........34273.....957.47....-


Monthly Budget Summary
Total monthly income.................... 2,830
Expenses (including HP & secured debts). 1,859.65
Available for debt repayments........... 970.35
Monthly UNsecured debt repayments....... 957.47
Amount left after debt repayments....... 12.88

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -34,273
Net Assets.............................. -34,273

Your SoA says you have £12 a month left - does this feel about right - that you can just meet your minimum payments without re-using and of the cards or catalogues?

RAS

Hi

There are certain things you would not be allowed with an IVA or a DMP. At present, you do not qualify for a DMP or IVA; by the way do you realise that and IVA is an insoLvency arrangement and stays on the Register for the rest of your life, like bankruptcy?

Please can you list all the interest rates, the end dates for any 0% deals and where a rate has been increased, whether you have purchased anything since the rate increase?

kazwookie

Can you rent anywhere cheaper?

RAS

LondonCat80 wrote: »

Thanks in advance

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1440
Partners monthly income after tax....... 1390
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2830

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1020
Management charge (leasehold property).. 0
Council tax............................. 133 - over 10 months or 12?
Electricity............................. 42
Gas..................................... 25
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 18.5
Mobile phone............................ 71.48 - this is very high, can you reduce the packages?
TV Licence.............................. 10.87
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150 - good
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 10
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 96.2
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12.6
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 150 - you need to cut this back to about £30
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1859.65


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan RBS.......................4920......178.......0
Loan Lloyds TSB................6953......170.......0
CC RBS.........................1381......31........0
CC Lloyds......................9393......230.......0
CC Barclaycard.................2087......46.96.....0
CC Barclaycard.................1984......49.61.....0
CC Virgin......................6080......150.......0
Littlewoods....................187.......25........0
Freemans.......................60........20........0
Next...........................278.......29........0
Debenhams......................950.......27.9......0
Total unsecured debts..........34273.....957.47....-


Monthly Budget Summary
Total monthly income.................... 2,830
Expenses (including HP & secured debts). 1,859.65
Available for debt repayments........... 970.35
Monthly UNsecured debt repayments....... 957.47
Amount left after debt repayments....... 12.88

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -34,273
Net Assets.............................. -34,273

The key is the interest rates.

Stop using catalogues. Bin them and ask them to stop sending thwe wretched things.

LondonCat80

Tixy wrote: »

Hi

How recently did the lloyds rate increase? Are you still in time to reject the rate rise?

I've only just received notification of this. I could reject it and it will stay at 19. something %

It looks ike you are just managing at the moment, so if this includes all your costs you might not qualify for a DMP. Therefore it looks like you might need to look for some areas you can reduce your outgoings a bit to make more of a dent in your debts each month.



Your SoA says you have £12 a month left - does this feel about right - that you can just meet your minimum payments without re-using and of the cards or catalogues?

Yes, this is about right (most months) We're meeting the minimums, but no more than that.

dancingfairy

Opt out of the rate increases.
Cancel the catalogues.
Anything to flog? you've got a really small debt of 60 pounds which you might be able to get by flogging a few bits and then this will free up another 20 a month to go towards your other debts.
I'm guessing you might just qualify for a dmp as you haven't included any other car costs etc, your food bill is not that high either - it really depends - try and pay off everything as best you can and incur the associated interest or default on your payments and enter payment arrangments which affects your credit file and risks court and CCJs etc but does mean that eventually (and I mean eventually interest and charges are stopped).
An IVA is another option worth exploring but it will stay with you like bankruptcy would and there is little benefit of an IVA over bankruptcy as you will be paying into an IVA for 4 years whereas a bankruptcy IPA would only last 3 so in that sense bankruptcy would be better and you have no property to protect.
Have you had a word with the debt charities such as National Debtline, CCCS or your local CAB?
df

Tixy

LondonCat80 wrote: »

Yes, this is about right (most months) We're meeting the minimums, but no more than that.

And have you stopped all use of the cards / catalogues for any new purchases? If you are still using them then something in your outgoings isn't figured into your SoA.

LondonCat80

- any chance either of you can do overtime? or a second job parttime
My husband already works overtime and he also DJ's at weekends (sometimes getting paid) so he can't really do anymore. I also make greetings cards and sell them at local schools etc to make a bit extra

Rent.................................... 1020 is this competitive for where you are living?, are you in london? its a high proportion of your income, any chance of renting anywhere cheaper?
Yes, this is London. We are looking to move somewhere cheaper when our lease expires in September

Electricity............................. 42 -this looks pretty high, have you shopped around recently to see if you can find a cheaper supplier or better tariff? do you try to reduce your usage?
It's higher because they underestimated our bill at our last property so the extra was added to our payment plan.

Mobile phone............................ 71.48 -this looks high, can you find cheaper deals? or if still in contract will they allow you to drop down a tariff or 2?
We both have iPhone contacts that we're tied into

- how come you have this with no other car costs?
I'm insured to drive my Dad's car

-Entertainment........................... 150 try cutting this down a bit
I guess I may have over estimated this a bit. We probably spend less than £20 each a week on entertainment

Tixy

Do you pay Dad the £10 each month for the car insurance? do you ever use the car? and if so do you pay for the fuel when you use it?

LondonCat80

dancingfairy wrote: »

Opt out of the rate increases.
Cancel the catalogues.
Anything to flog? you've got a really small debt of 60 pounds which you might be able to get by flogging a few bits and then this will free up another 20 a month to go towards your other debts.
I'm guessing you might just qualify for a dmp as you haven't included any other car costs etc, your food bill is not that high either - it really depends - try and pay off everything as best you can and incur the associated interest or default on your payments and enter payment arrangments which affects your credit file and risks court and CCJs etc but does mean that eventually (and I mean eventually interest and charges are stopped).
An IVA is another option worth exploring but it will stay with you like bankruptcy would and there is little benefit of an IVA over bankruptcy as you will be paying into an IVA for 4 years whereas a bankruptcy IPA would only last 3 so in that sense bankruptcy would be better and you have no property to protect.
Have you had a word with the debt charities such as National Debtline, CCCS or your local CAB?
df

I do have some things that I've dug out to put on eBay which should cover the £60 Freemans bill and I am being given some money in the next few weeks that will clear the Next debt too. I haven't spoken to any of the debt charities yet. I've been putting it off, but I will do.

Thanks for your advice.