Debt help! Head Been Buried In The Sand!

obiwankenobi

I have numerous debts from when I was married. I'm now divorced and need some advise on what to do.

I've burried my head in the sand for 4 years and ignored all the letters and demands and now I want to sort it all out. I have to admit it now that I try and forget about the debts but I have paid 1 major debt off (with the help of my mother but I can't ask for any more).

This is my stetement of affairs and I'm a student and will be getting student loan for one year, I am living hand to mouth at the minute and just surviving.

I have checked my credit report and don't see many of my smaller debts, what does this mean?

obiwankenobi

Sorry this is my statement

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 552
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 552

Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 26
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 4
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 20
Road tax................................ 1.2
Car Insurance........................... 10
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 64
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)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 550.2


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 400
Other assets............................ 0
Total Assets............................ 400

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 552
Expenses (including HP & secured debts). 550.2
Available for debt repayments........... 1.8
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1.8

Personal Balance Sheet Summary
Total assets (things you own)........... 400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 400

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

jellybean39

How are you surviving?
Thats my first question!!!! You are not even earning enough to even survive no wonde royu are in debt. Have you looked at everything you are entitled to? Can you get any help towards your rent? Im not up on students and what people are entitled to but you cant live on nothing, only other option is working outside uni hours how that would fit in i dont know but someone willbe along with some sound advice im sure. Good luck x

caleytiff

I was up to my eyeballs in debt when I got divorced and I went to the citizens advice. They can do exactly what the debt restructuring firms can do (for free).You can even do it yourself. An IVA (individual voluntary arrangement). Go to the CAB and speak to someone about it, they will give you great advice. Your creditors will squeal like stuck pigs and try everything to make you pay them first, but if you go with the CAB, your creditors must not contact you direct but through the CAB. If you can put up with the harrassment(and you will get it) from your creditors intitially, it will die off after a while. This will give you time to sort yourself out. It will go on your credit report, but clears after 5-6 years. I was 38k in debt, it took me 5 years to sort it and I got some unbelievable offers to settle, £500 one off payment to settle a £3000 debt. Dont keep your head in the sand, its a real weight off to sort it out and the Citizens Advice Bureau are a great crowd.

~Beanie~

Who afre your debts with and how much are they? You haven't actually given any details of your debts.

You also have no allowance for groceries, you must eat? What are the 'other child related expenses'?

As for your smaller debts not showing on your credit reports, all financial institutions don't use the same credit reference agency so if you have only checked one, you need to check the other two as well to make sure you get a true picture.