newby here need advice

harrineedshelp

hi there im new to this site, im in over my head with a whooping £36,000 debt not including my mortgage any advice would be welcome

my statement of affairs are :

income 1200
tax credit 124.40
child benefit 69.80
maintenance 300
total 1693.20 per month after tax

im a single mother living with my daughter in a mortgaged flat

outgoings

mortgage 364.17
council tax 47
house ins 8.65
buildings ins 27.57
gas 60
electric 100
housekeeping 285
tv licence 11
car insurance 51 (i know its high but i lost all my no claims)
school meals 34
clothing 40
mobile 35 (with free internet and landline calls)
telephone 15
petrol 130 (100 mile commute round trip)
sky 32

total 1119

debts and repayments
littlewoods 280
hsbc overdraft 1380
hsbc cc 7000
egg cc 3595.83
first national 1655.36
hfc 180
adams card 518
hsbc loan 15000
student loan 3000
car hp 3000

making a total of 35609

at the moment im not making any payments as trying to negotiate via cab also im on half pay due to sickness so my earnings are 1093 per month until jan 08 when i go back to work then my earnings will be back to 1693.20

i plan to sell my flat and car to rise i hope 24000 can you advise who i should pay first etc

ive been advised against an iva so am up to all advice cab dont seem to be getting anywhere my credit rating is shot to pieces and i have one default with hfc

thanks in advance,
harri

moozie_2

Hello harrineedshelp and welcome!

Here are my thoughts on your SOA...

harrineedshelp wrote:

hi there im new to this site, im in over my head with a whooping £36,000 debt not including my mortgage any advice would be welcome

my statement of affairs are :

income 1200
tax credit 124.40
child benefit 69.80
maintenance 300
total 1693.20 per month after tax

im a single mother living with my daughter in a mortgaged flat

outgoings

mortgage 364.17
council tax 47
house ins 8.65
buildings ins 27.57
gas 60 This and elec are extortionate :eek: Mine are £34 per month and I live in a flat too. Try switching. Look on the left of this screen for Martin's articles on Utilities.
electric 100 As above
housekeeping 285 Which is? Food for an adult per month can be around £50. Look on the old style forum for ideas and meal plans.
tv licence 11
car insurance 51 (i know its high but i lost all my no claims)
school meals 34 Can you daughter have packed lunches? this combined with your housekeeping is crippling your budget.
clothing 40 Every month or as an average?
mobile 35 (with free internet and landline calls)Can this be reduced? Try haggling with them.
telephone 15
petrol 130 (100 mile commute round trip) Even now? As you are off work at the moment?
sky 32 Can this be reduced/cut out all together? Try haggling with them.

total 1119

Although this SOA is not showing things like haircuts/prescriptions/dental/car maintenance/presents/holidays/socialicing, I will assume they are under 'housekeeping'. So in theory, 1693.20 - 1119 (without savings) = 574.20 left for debts

debts and repayments Need all APRs/limits/term of loan before advice can be given on how to handle them :confused:
littlewoods 280
hsbc overdraft 1380
hsbc cc 7000
egg cc 3595.83
first national 1655.36
hfc 180
adams card 518
hsbc loan 15000
student loan 3000
car hp 3000

making a total of 35609

at the moment im not making any payments as trying to negotiate via cab also im on half pay due to sickness so my earnings are 1093 per month until jan 08 when i go back to work then my earnings will be back to 1693.20 I think you should base your current SOA on the figure you are receiving at the moment as otherwise it is very misleading. Your outgoings are higher than your income at the moment and although you are not making any repayments at the moment, there is room for a much reduced SOA. Jan 08 is a long time away - did you mean Jan 07 by any chance?

i plan to sell my flat and car to rise i hope 24000 can you advise who i should pay first etc Without APRs it's impossible to tell. Have a look at whatsthecost.com for guidance.

ive been advised against an iva so am up to all advice cab dont seem to be getting anywhere my credit rating is shot to pieces and i have one default with hfc To arrange an IVA, you must have disposable income which at the moment you do not have because of your reduced income. I think you could enter a Debt management plan but you must trim your outgoings first and recognise why you have been spending beyond your means and try to fix that.

You could get in touch with Payplan/CCCS for a second opinion to the CAB if you are not happy with progress so far.
thanks in advance,
harri

Good luck!

CLAPTON

can you clarify if you really mean you will be off sick until jan 2008 or is that a typo, because any advice is pretty critically dependant on that.

harrineedshelp

sorry typo im off till jan 07

jenchin66

Bump for op

lynzpower

nothing overly to add to a comprehensive answer there from moozie.

I certainly dont think its critical either there are significant vcutbacks to be made.

Additionally, the student loan should be deferred at this stage as you are not earning enough, they sends a form to defer.

david_hellier

Hi and welcome. According to my figures you have £83.65 to spend on anything including food, clothes etc. I have made some assumptions about the repayment levels to your creditors, so please note them. Let me know if they are wildly out. You will need to show these figures to them to negotiate repayments and freeze interest.

I suggest you write £83.65 in a little notebook on a Monday and keep a note of what you spend by subtracting and getting a balance.

Come back with more accurate figures for all the loans.

Good luck, the figures are as follows:

income weekly monthly
self 1093.00
partner
tc 124.00
cb 69.80
maint 300.00




total 0.00 1586.80 divide by 4.33
£366.19

£366.19 total weekly income

spend weekly monthly
rent/mortgage 364.17
council tax 47.00
elec 100.00
gas 60.00
water 0.00
secured loans 0.00
TV licence 11.00
fines 0.00
house ins 27.57
car ins 51.00
school meals 34.00
mob 35.00
phone 15.00
petrol 130.00
sky 32.00
littlewoods 5.00
hsbc od payoff 20.00
hsbc cc 179.80
first nat 82.80
hfc 5.00
adams 5.00
loan 20.00








total 0.00 1224.34 divide by 4.33
£282.54

£282.54 total weekly spend

Start= income - spend = £83.65 per week

chevalier

hi there
can you get either housing benefit, or council tax single persons discount?
chev