Newbie soa

Scarz9000

Hi i have alot of debt to different creditors i havent paid anything too for over 2 years im not sure how much exactly or who too. But as you can see from IE form theres no where enough to make payments to them?

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1497.64
Other income............................ 0
Total monthly income.................... 1497.64

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 470
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 60
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 12.2
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 30
Internet Services....................... 12.5
Groceries etc. ......................... 350
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 14
Car Insurance........................... 26
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...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 75
Haircuts................................ 20
Entertainment........................... 100
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1494.7


Assets
Cash.................................... 600
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 1000
Total Assets............................ 6600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Overall Debt...................10000.....0.........0
Total unsecured debts..........10000.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,497.64
Expenses (including HP & secured debts). 1,494.7
Available for debt repayments........... 2.94
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 2.94

Personal Balance Sheet Summary
Total assets (things you own)........... 6,600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,000
Net Assets.............................. -3,400

cutestkids

Scarz9000 wrote: »

Hi i have alot of debt to different creditors i havent paid anything too for over 2 years im not sure how much exactly or who too. But as you can see from IE form theres no where enough to make payments to them?

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1497.64
Other income............................ 0
Total monthly income.................... 1497.64

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 470
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 60
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 12.2
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 30 This needs to go use freeview
Internet Services....................... 12.5
Groceries etc. ......................... 350This could be trimmed back by at least £50.00
Clothing................................ 0
Petrol/diesel........................... 150 Are all journeys neccessary
Road tax................................ 14
Car Insurance........................... 26
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...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 75 you cant afford this much atthe moment
Haircuts................................ 20 Again this is too high per month
Entertainment........................... 100 Way too high
Holiday................................. 50 You cant afford a holiday
Emergency fund.......................... 0
Total monthly expenses.................. 1494.7


Assets
Cash.................................... 600 if this is savings then better to use towards debts
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 1000
Total Assets............................ 6600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Overall Debt...................10000.....0.........0
Total unsecured debts..........10000.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,497.64
Expenses (including HP & secured debts). 1,494.7
Available for debt repayments........... 2.94
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 2.94

Personal Balance Sheet Summary
Total assets (things you own)........... 6,600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,000
Net Assets.............................. -3,400

I have highlighted several things, the comments may seem harsh but you cany not afford to spend £100.00 a month on entertainment, £75 on Birthdays and Christmas or to go on holiday.

Is a car really neccessary could you manage without it, it is costing you a lot of money every month:)

MFWannabe

Scarz9000 wrote: »

Hi i have alot of debt to different creditors i havent paid anything too for over 2 years im not sure how much exactly or who too. But as you can see from IE form theres no where enough to make payments to them?

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1497.64
Other income............................ 0
Total monthly income.................... 1497.64

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 470
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 60
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 12.2
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 30 - You may be able to get your landlind and internet cheaper combined with this
Internet Services....................... 12.5
Groceries etc. ......................... 350 - This is very high for just two of you. You could reduce this by £100
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 14
Car Insurance........................... 26
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...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 75 - this is a HUGE amount to spend; cut this to £20 - £30 per month.
Haircuts................................ 20 - This is high; use a junior at the salon or use local college
Entertainment........................... 100 - this is very high; cut by at least half
Holiday................................. 50 - You cannot afford this at the moment
Emergency fund.......................... 0
Total monthly expenses.................. 1494.7


Assets
Cash.................................... 600
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 1000 - what is this?
Total Assets............................ 6600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Overall Debt...................10000.....0.........0
Total unsecured debts..........10000.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,497.64
Expenses (including HP & secured debts). 1,494.7
Available for debt repayments........... 2.94
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 2.94

Personal Balance Sheet Summary
Total assets (things you own)........... 6,600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,000
Net Assets.............................. -3,400

Hi
I've made some comments above where you could make some cutbacks. There's quite a few places where you could save quite a bit.
You need to check the credit reference agencies to find out who you owe money to and how much and come up with some payment plans for paying them back.
Consider selling your car and just buying a cheap run around while you pay off your debts; you could almost halve the amount you owe by doing this

Mikazaru

Scarz9000 wrote: »

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1497.64
Other income............................ 0
Total monthly income.................... 1497.64

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 470
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 60
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 12.2
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 30 Get rid, you can't afford it.
Internet Services....................... 12.5
Groceries etc. ......................... 350 You can cut this a bit.
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 14
Car Insurance........................... 26
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...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 75 This can be halved at least.
Haircuts................................ 20
Entertainment........................... 100 Cut, you can't afford this much every month.
Holiday................................. 50 Cut,
Emergency fund.......................... 0
Total monthly expenses.................. 1494.7


Assets
Cash.................................... 600
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 1000
Total Assets............................ 6600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Overall Debt...................10000.....0.........0
Total unsecured debts..........10000.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,497.64
Expenses (including HP & secured debts). 1,494.7
Available for debt repayments........... 2.94
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 2.94

Personal Balance Sheet Summary
Total assets (things you own)........... 6,600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,000
Net Assets.............................. -3,400

Some comments above...
Do you really need a car? If so, get a much cheaper one and put the cash towards the debt.

TO find out how much you owe and who to get a copy of your credit report.

Tixy

Hi and welcome

Are al the debts in your name? or split between you and the other adult?

Scarz9000 wrote: »

Hi i have alot of debt to different creditors i havent paid anything too for over 2 years im not sure how much exactly or who too. But as you can see from IE form theres no where enough to make payments to them?

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1497.64 are you getting eveyrthing you are entitled to? does this include your housing benefit etc?
Other income............................ 0
Total monthly income.................... 1497.64

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 470
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 60 have your tried shopping around recently to see if you could get a cheaper deal from any other provider for gas & elec?
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 12.2
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 30 consider ditching and switching to freeview? or dropping down a tariff? or trying to get a combined deal with internet to make it cheaper overall?
Internet Services....................... 12.5
Groceries etc. ......................... 350 this looks like the easiest place you could make savings - its possible to do this on around £200 a month for a family of 4. Maybe try seeing if you can work on reducing to £300 this month and then to £250 the next. Lots of tips on the oldstyle site to help reduce your bill.
Clothing................................ 0 is this realistic with kids?
Petrol/diesel........................... 150 is this all essential mileage? where do you use it to travel to? could you consider selling the car and just using public transport when necessary
Road tax................................ 14
Car Insurance........................... 26
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...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 75 you need to reduce this significantly, you can't afford it on your budget whilst you have debts
Haircuts................................ 20
Entertainment........................... 100 you need to cut this down as well to tackle your debts
Holiday................................. 50 I would suggest you can't afford this whilst you are not working and have debts to repay.
Emergency fund.......................... 0
Total monthly expenses.................. 1494.7


Assets
Cash.................................... 600
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000 could you sell? or sell and buy a runaround?
Other assets............................ 1000 what are these, could they be sold?
Total Assets............................ 6600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Overall Debt...................10000.....0.........0
Total unsecured debts..........10000.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,497.64
Expenses (including HP & secured debts). 1,494.7
Available for debt repayments........... 2.94
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 2.94

Personal Balance Sheet Summary
Total assets (things you own)........... 6,600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,000
Net Assets.............................. -3,400

There are definitely some changes that could be made to free up at least £200 to pay towards debts each month, Maybe up to £300.
Are you job seeking or are you expecting to be on benefits long term (e.g long term illnessor similar).

I would suggest contacting one of the debt charities to see what they recommend as a way to start tackling your debts.

Good luck.

rising_from_the_ashes

Hi Scarz - welcome to MSE

Without a full breakdown on the individual debts & APRs I'm afraid the advice on how best to approach these will be difficult.

A few comments on your SOA from me anyway, which I hope may help

Scarz9000 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... Is it 1 or 2 cars?

Monthly Income Details
Monthly income after tax................ 0 Any chance one of you could get a job to help raise your income?
Partners monthly income after tax....... 0
Benefits................................ 1497.64
Other income............................ 0
Total monthly income.................... 1497.64

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 470 This is a lot on your income - any way to move to a smaller/cheaper place?
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 60 High - try comparison sites
Gas..................................... 40 OK but check comparison sites to check
Oil..................................... 0
Water rates............................. 35 Have you got a meter?
Telephone (land line)................... 12.2
Mobile phone............................ 20 How many? Get PAYG & use for emergencies only & you'll be able to cut this to a few £/month
TV Licence.............................. 12
Satellite/Cable TV...................... 30 Sorry but not an essential - switch to Freesat
Internet Services....................... 12.5
Groceries etc. ......................... 350 This is high - try the Grocery Challenge on the Old Style Board (families of 4 can manage on £220 incl toiletries, household products & nappies!)
Clothing................................ 0
Petrol/diesel........................... 150 Are these all essential journeys? If neither of you work, it should be a lot lower for trips to the supermarket etc
Road tax................................ 14
Car Insurance........................... 26
Car maintenance (including MOT)......... 10 Needs to be more to cover everything
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 Need something in here
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 75 Too high - reduce to £20
Haircuts................................ 20
Entertainment........................... 100 Too high (sorry) - you can't afford this - reduce to £20
Holiday................................. 50 Sorry, you can't afford a holiday
Emergency fund.......................... 0 Need something in here for household appliances etc
Total monthly expenses.................. 1494.7


Assets
Cash.................................... 600
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 1000 What are these? Can you sell to use to repay debts?
Total Assets............................ 6600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Overall Debt...................10000.....0.........0
Total unsecured debts..........10000.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,497.64
Expenses (including HP & secured debts). 1,494.7
Available for debt repayments........... 2.94
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 2.94

Personal Balance Sheet Summary
Total assets (things you own)........... 6,600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,000
Net Assets.............................. -3,400

There are a few savings you could make:

Groceries - around £130
Sky - £30
Holidays - £50
Entertainment - £80
Presents - £55

That's £345 .... also the car ...... is it really essential if neither of you work? If so, the fuel bill needs to come down .....

hp48910

I agree with all of the above comments, there are plenty of ways you can make savings to repay the debt. As you are both out of work, cutting back is your only immediate option.

Good luck tackling the debt. You really do need to work out exactly what you owe and to who, as a priority.

powellypowelly

Hi, and welcome to MSE!

I notice your monthly income and monthly expenses are very similar, and I just want to check you're not making a mistake I made when I started looking at my SOA, which is stopping listing your expenses when it adds up to your monthly income.

If you really don't spend more than you get each month then great, well done, but if it feels like that isn't the case then look closer at the list and put down EVERYTHING. From experience, you can only really start to fix the situation once you have worked out how where all your spending goes.

Good luck!

Scarz9000

Ok there seem to be similar comments so ill reply to them all at once
Electric and gas are prepayment meters and we cant have them changed according to the lanlord
The rent is actually really cheap for a 3 bedroomed here (we could manage with 2 but its hard to find 2 with the 2nd bedroom big enough to fit 2 cots in)
Water is already metered
Mobil phones is 2 pay as you go
Sky is in contract for another 5 months then i will cancel Same for phone and broadband
Groceries is high with £64 a month of formula and £40 a month napppies/wipes/baby things infacol etc (twins under one)
Fuel is high becuase we are quite a way from town also a factor in we cant sell with 2 babies and at least an hour walk to town each way

We dont spend more than we have coming in now we normally do have more than stated left over, we have no credit available to us at all now

firesidemaid

can you still buy formula from gp surgeries cheaper than supermarkets?

rising_from_the_ashes

Scarz9000 wrote: »

Ok there seem to be similar comments so ill reply to them all at once
Electric and gas are prepayment meters and we cant have them changed according to the lanlord
The rent is actually really cheap for a 3 bedroomed here (we could manage with 2 but its hard to find 2 with the 2nd bedroom big enough to fit 2 cots in)
Water is already metered
Mobil phones is 2 pay as you go
Sky is in contract for another 5 months then i will cancel Same for phone and broadband Great!
Groceries is high with £64 a month of formula and £40 a month
napppies/wipes/baby things infacol etc (twins under one) Again, try the grocery challenge - there are families on the board who manage on £220 incl nappies / baby stuff ..... you'll get loads of tips on how to make some savings. You really need to try to make some savings in this budget to help clear the debts - and even taking the above into account - you should be able to get at least £50 off it.....
Fuel is high becuase we are quite a way from town also a factor in we cant sell with 2 babies and at least an hour walk to town each way Then you need to only go for absolutely essential trips ..... sm once a week etc. How far is it? Is there a bus part way?

We dont spend more than we have coming in now we normally do have more than stated left over, we have no credit available to us at all now

Entertainment?
Holidays?
Presents?

Car - if essential, then you really need to consider selling, releasing the capital and downgrading to a runaround - yes it might not be ideal but you cannot afford to have £5k tied up in a car, when you've £10k of debts.... (sorry)