SOA queries (Update - SOA included)

Limmy

Hi!

I'm filling out my SOA and I have a few questions!

firstly in the bit where you put in your unsecured debts and it asks you the company, amount, payment and interest - do you put in the minimum payment, or your proposed payment?

Also, I live with my parents should i just put in dig money instead of rent?

Also, once done is it ok to put up the SOA here to get help?

thanks for any advice!

HappyMJ

Proposed payments will be fine. Payments to your parents for lodgings is rent and yes post it up.

Hovel_lady

Hello,
I would put your minimum payment. You have to pay this but may be able to put more when you've done your SoA.
Put dig money where rent is.
And, do put it here when you've finished. We'll try to help you save some money.
Good luck x

Limmy

Statement of Affairs

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................ 0
Partners monthly income after tax....... 0
Benefits................................ 213.80
Other income............................ 0
Total monthly income.................... 213.80

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Dig Money............................... 80
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 0
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 28
Childcare/nursery....................... 0
Other child related expenses............ 0
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................................ 6
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 179


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


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Total secured & HP debts...... 0......-.........-

Unsecured Debts
Description....................Debt......Monthly....APR
Capital One.................... 450........15.00....30.340
Overdraft 1.................... 300........15.00....17
Overdraft 2.................... 300........5.00.....11.9
Catalogue 1.................... 60........7.00.....42
Catalogue 2.................... 130........28.......00.00
Store Card .................... 70........3.00.....29.9
Total unsecured debts..........1310........73.00....-


Monthly Budget Summary
Total monthly income.................... 213.80
Expenses (including HP & secured debts). 179
Available for debt repayments........... 34.80
Monthly UNsecured debt repayments....... 601
Amount short for making debt repayments. -38.20

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0,000
Total Unsecured debt.................... -1,310
Net Assets.............................. -1,310

Limmy

Oh the £15 payment for overdraft 1, is a monthly free for the account that I need otherwise it would cost £1 a day.. any advice and suggestions is welcome.

Hovel_lady

Have you spoken to one of the free debt advice charities?
It's difficult to know what to advise without telling you to cancel birthday presents/entainment/internet etc. What's other travel?
Have you spoken to the people you owe money to? Are you managing to pay them something at the moment?
Sorry, more questions than answers at the moment.

RAS

What do you have around the house (even in the loft) that you no longer use and could sell?

HappyMJ

As you are on JSA then offer £1 per month to each creditor until you get a job if you wish. Your credit will however be pretty much destroyed for the next 6 years so you might find it difficult if you wanted to rent a flat or get a new mobile contract.

Limmy

Hi Hovel Lady and RAS,

Thanks for your replies.

I have spoken to debt charities - I went firstly to the CAB. My local one doesnt deal with debts anymore (odd sounding, I know.) and they put me onto some other place. They other place said they'd send a SOA and token payment request.... three weeks later they changed and now want me to do a IVA type thing which I'm terrified of the thought of! Due to this I've also fallen behind with the credit card payments because they suggested I could miss the payment until the token payment agreement kicked in - I went with this because I just couldnt afford to pay it... I'm now two months behind and £75 overlimit...

Travel is bus travel, fairly expensive but necessary to allow me to get around generally aswell as to volunteer and job hunt.

I've only spoken to the credit card company, they sent out a Income and expenditure form which I gave to the company thay were going to deal with the situation... I've managed to keep up payments with the rest of the companies however at the expense of not meeting dig money commitments etc.

So now, I'm basically doing it on my own because I just don't feel that an IVA type thing is right for me...

The reason I've found myself in this situation is due to ill health, an issue which has actually flared up again and stopping me from being able to get out. (I suffer from anxiety and panic attacks which is causing me to be unable to leave the house)

So where do I go from here, what payments should I propose and what should I write in the letter?

Thanks for any advice, I really appreciate it!

Limmy

HappyMJ wrote: »

As you are on JSA then offer £1 per month to each creditor until you get a job if you wish. Your credit will however be pretty much destroyed for the next 6 years so you might find it difficult if you wanted to rent a flat or get a new mobile contract.

Is the effect to your credit rating really that dramatic?

How do people manage to rent houses subscribe to mobile contracts - or generally live, in these situations?

How will this show up on my credit rating?

HappyMJ

Limmy wrote: »

Is the effect to your credit rating really that dramatic?

How do people manage to rent houses subscribe to mobile contracts - or generally live, in these situations?

How will this show up on my credit rating?

Unfortunately yes a default is quite a serious breach of a contract. You would create 6 defaults by making token payments. It would make your credit file look very bad.

How do they live. Well that's the end of contract mobile you'll have to use pay as you go mobiles. Renting? You'll need to convince an agency and/or landlord that you are an acceptable risk. You could apply for social housing who won't check but the waiting list for a young single person is very very long. You can be a lodger is someone elses house as that is quite risk free to the owner. If you don't pay then you can be asked to leave straight away.