New S,O.A .. What would people advise?

KoalaBear_2

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 476
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 476

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 200
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 38
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 25
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 15
Car Insurance........................... 55
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 393


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
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 5400.....(200)......0
Total secured & HP debts...... 5400......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Very...........................338.......19........0
!!!!!!!!!!!!!..................555.......0.........0
MeM............................385.......0.........0
Vanquis........................1078......54........0
TxtLoan........................338.......0.........0
PaydayExpress..................405.......0.........0
Total unsecured debts..........3099......73........-


Monthly Budget Summary
Total monthly income.................... 476
Expenses (including HP & secured debts). 393
Available for debt repayments........... 83
Monthly UNsecured debt repayments....... 73
Amount left after debt repayments....... 10

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -5,400
Total Unsecured debt.................... -3,099
Net Assets.............................. -8,499

Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using Opera browser.


This is my new S.O.A, I have filled in CCCS online and I apparantly have a defecit of £90 per month to pay off debts.
I will be of course e-baying as much as I can, trying the per pay survey route, mystery shopping and looking for extra hours at work. I want to pay off as much as possible.

Just a few questions ... What would be the best route for myself to take and my car is HP do I still include this as a net asset?

Tebheag

Do you really need a car ? You would be better of selling the car £200 a month is mad when your income is £119 !
Presume you do not use it much anyway as your fuel is only £40 a month ! £25 a month for food is this correct ? Would recommend trying to find another job ! Is your SOA correct ?

DevonGirl

Hi Koala

I've read some of your other threads, and now this one, but I'm still confused. Is your £119 income likely to rise if you are off sick but likely to go back to work soon? If so, what is your normal monthly wage? Is your illness likely to re-occur and/or is it of such severity that you couldn't look for a 2nd job or even a new job all together? (Sorry, please don't think I'm being flippant - I know that jobs are hard to come by...).

As you've pointed out in other posts, you have no choice but to offer your creditors token payments - however looking at your SOA, the things that stand out are your car and your mobile phone, both of which might be seen as luxury items in your situation. If car is necessary for work, I think you should point this out to creditors so they don't make an issue of it. Re the mobile phone, are you locked into a contract?

KoalaBear_2

Haha Oh god I'm a complete wally, I've done it through weekly not monthly. Sorry guys >.<

KoalaBear_2

Tebheag wrote: »

Do you really need a car ? You would be better of selling the car £200 a month is mad when your income is £119 !
Presume you do not use it much anyway as your fuel is only £40 a month ! £25 a month for food is this correct ? Would recommend trying to find another job ! Is your SOA correct ?

My apologies for messing up SOA... I can't sell the car I have a logbook loan at fixed repayments of £200

I live with my parents so I don't have to pay for much food, just if I really want something extra.

I need the car for work, the fuel costs are low because at times I can use my bikes betwen calls (work in the care community)

KoalaBear_2

DevonGirl wrote: »

Hi Koala

I've read some of your other threads, and now this one, but I'm still confused. Is your £119 income likely to rise if you are off sick but likely to go back to work soon? If so, what is your normal monthly wage? Is your illness likely to re-occur and/or is it of such severity that you couldn't look for a 2nd job or even a new job all together? (Sorry, please don't think I'm being flippant - I know that jobs are hard to come by...).

As you've pointed out in other posts, you have no choice but to offer your creditors token payments - however looking at your SOA, the things that stand out are your car and your mobile phone, both of which might be seen as luxury items in your situation. If car is necessary for work, I think you should point this out to creditors so they don't make an issue of it. Re the mobile phone, are you locked into a contract?

My illness could re-occour but I can only really manage part-time work at the moment, I don't really want to get into issues, but as soon as I feel more confident I'm going to ask for additional hours

I'm locked into a MP contract and with my car.

DevonGirl

Is there no way you could contact both the car supplier and mobile phone supplier and explain your situation to see if there is a way out of both of these? If you income is £119 p/w, that's £6,188 per annum. Your car is costing you (£200 + £40 + £15 + £55 + £10 = £320 x 12) £3,840 per annum which is 62% of your annual income. When you write to your creditors offering a token payment you will need to show them your SOA and I think you might come a cropper with this. The same applies with CCCS - they will draw up their own SOA with you, and I don't think 62% of income going on transport is going to be accepted.

Sorry, I don't want to sound discouraging - I really do wish you all the best!