Huge debts + Huge belly = NOT HAPPY...

fizzy702

debtfreewannabe321

Thank you for that and yes I do hope so.........

chevalier

Hi there
thanks for posting your SOA. I can see now that there is a major shortfall that needs rectifying.

What are the APR'S On all your cards? Do you think you would be able to move any debt on high apr cards to new 0% deals?

You mention that your OH is a musician. I am guessing though from the early starts that he is doing another job when the gigs are slow. Please make sure that he is registered self employed though for the music work though. The last thing you want to have happen is to receive a massive tax bill right now.

Even after your cutting back you are still a bit short to pay all your debts off even at the minimum payments. To be blunt you need to up your income in order to address this. As your normal hours are only 3 hours per week, this does leave some lee way for example doing leaflet drops, mystery shopping, listing stuff on ebay, or to get another job with more hours. Is any of this possible?

Are you getting all the benefits you are entitled to? Do you get working tax credits for example?

good luck with moving forward. If you decide to start asking companies to freeze interest and allow reduced payments, you may with to have someone help you with this, eg payplan, CCCS, national debtline for example. They all run debt management plans for people. They do it for free, never pay for this service that is just a rip off.

Good luck
chev

fizzy702

chevalier wrote: »

Hi there
thanks for posting your SOA. I can see now that there is a major shortfall that needs rectifying.

What are the APR'S On all your cards? Do you think you would be able to move any debt on high apr cards to new 0% deals?

You mention that your OH is a musician. I am guessing though from the early starts that he is doing another job when the gigs are slow. Please make sure that he is registered self employed though for the music work though. The last thing you want to have happen is to receive a massive tax bill right now.

Even after your cutting back you are still a bit short to pay all your debts off even at the minimum payments. To be blunt you need to up your income in order to address this. As your normal hours are only 3 hours per week, this does leave some lee way for example doing leaflet drops, mystery shopping, listing stuff on ebay, or to get another job with more hours. Is any of this possible?

Are you getting all the benefits you are entitled to? Do you get working tax credits for example?

good luck with moving forward. If you decide to start asking companies to freeze interest and allow reduced payments, you may with to have someone help you with this, eg payplan, CCCS, national debtline for example. They all run debt management plans for people. They do it for free, never pay for this service that is just a rip off.

Good luck
chev

Thanks chevalier

In regard to the cards they all have different interest some are on 0% but that has almost finished now the others vary fro 6.9% to 16.9% and we are unable to transfer any balances to 0%:(
Hubby works as a lorry driver during the day and does gigs normally on a Fri/Sat/Sun but this varies from month to month and yes he is registered as self employed...... as for me I work 3 hrs a week term time only but if school is short then I do step in and cover, maybe I should ask at school to see if they have any extra hours, I do also list on ebay but this depends on how much stuff my kids grow out of. I would love to get more work but then I have the problem of the kids mainly in the holidays as I have no family locally that would look after them and child minders wont take on just in the holidays.We do get tax credit but its not fortunes....I also do cake decorating and homemade sweets but have only just started this so it would be nice if this picked up as well

Have had one card come back to us that we now pay £1 a month for to be reviewed in 6 months so that good, I was wondering how long I should leave it before I re contact the other cards we contacted as we have not heard any thing back as yet ?????

Hope every one is having a nice Monday:)

debtfreewannabe321

afternoon

i'm with CCCS and can say they have been brilliant they contacted all the companies for me to arrange 0% (most agreed just the few that were stubborn but they still lowered the interest)

Have you applied to other schools in the area for jobs then they would tie in with school hols etc there is one near me nearly always asking for school dinner ladies.

have a good day

fizzy702

Ok well re done my SOA AGAIN... this takes into account what I have done over the past 10 days or so....


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.................... 2

Monthly Income Details
Monthly income after tax................ 68
Partners monthly income after tax....... 1326
Benefits................................ 506.93
Other income............................ 65.95
Total monthly income.................... 1966.88

Monthly Expense Details
Mortgage................................ 453
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 33
Gas..................................... 45
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 39.79
Mobile phone............................ 64.92
TV Licence.............................. 12.67
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 295
Clothing................................ 10
Petrol/diesel........................... 259.99
Road tax................................ 25
Car Insurance........................... 38.08
Car maintenance (including MOT)......... 18.25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100.25
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 29.82
Buildings insurance..................... 14.33
Contents insurance...................... 0
Life assurance ......................... 34.17
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 63.46
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1686.73


Assets
Cash.................................... 0
House value (Gross)..................... 200000
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 200300


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 122000...(453)......0
Total secured & HP debts...... 122000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Card - C.......................4457......1.........0
Card - V.......................6702.46...218.......26.4
Card - R.......................7905......104.......15.75
Overdraft 2 ...................1100......50........0
Overdraft 1....................1300......50........0
Card - B.......................11350.....195.......0
Card - T.......................2005......40........15.75
Card - N.......................8217......188.......15.75
Total unsecured debts..........43036.46..846.......-


Monthly Budget Summary
Total monthly income.................... 1,966.88
Expenses (including HP & secured debts). 1,686.73
Available for debt repayments........... 280.15
Monthly UNsecured debt repayments....... 846
Amount short for making debt repayments. -565.85

Personal Balance Sheet Summary
Total assets (things you own)........... 200,300
Total HP & Secured debt................. -122,000
Total Unsecured debt.................... -43,036.46
Net Assets.............................. 35,263.54

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.


I know we are still short each month but at least the -shortfall is getting smaller....:)

mrsJef

Hi Fizzy,

How are things going?

mrsJef

fizzy702

Evening all...

Well had a bit of an odd week, kids back at school which is always good but I have gone back to work which i do enjoy but is only 3hrs a week.... had a couple of rough days this week and have not got as much done in the house as I wanted . On the good side is that on Monday may eldest got her results for her first modern exam that she did a few weeks ago and I am pleased to say that she got a distinction so again very proud mummy and daddy.

Well very happy to say that we have letters back from all the cards saying that we can go on a reduced payment plan paying just £1 a month, and they have frozen the interest this is for 6 months but at least it will give us some breathing space so that's good 1 of the cards not to sure about as they just sent a letter saying not to use the card which we don't any way so I am guessing that they are going to agree as the other cards have but we will wait and see in the week.

This week we have stuck to our 1st week on our meal plan and I must say it has worked really well, I have done menus for 4 weeks and have printed them off and stuck them on the fridge it makes it sooooo much easier as I can look at the menu and know that what I need for dinner and that I have it in the kitchen, even hubby and the kids have said what yummy dinners we have had this week

I am gonna do our SOA again due to the change in the cards so we will see how that comes out.... I have also decided what debt we are going to clear first, we have one card that I want to clear so that it can be used in emergency's only and both of us off OD with our bank that cost us a fortune so they need clearing as well.

I have sent letter off to bank so see if I can claim any of the charges back but as yet not heard anything...

Also been taking a lot more bookings and enquiries for the band that my husband is in so that's all good as well just need to get back in to ebaying now.

Hope your all having a great weekend

fizzy702

Just done SOA again.... very happy....


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.................... 2

Monthly Income Details
Monthly income after tax................ 68
Partners monthly income after tax....... 1326
Benefits................................ 506.93
Other income............................ 65.95
Total monthly income.................... 1966.88

Monthly Expense Details
Mortgage................................ 453
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 40
Gas..................................... 43
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 39.79
Mobile phone............................ 64.92
TV Licence.............................. 12.67
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 295
Clothing................................ 10
Petrol/diesel........................... 259.99
Road tax................................ 25
Car Insurance........................... 38.08
Car maintenance (including MOT)......... 18.25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100.25
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 29.82
Buildings insurance..................... 14.33
Contents insurance...................... 0
Life assurance ......................... 34.17
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 63.46
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1701.73


Assets
Cash.................................... 0
House value (Gross)..................... 200000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 203000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 122000...(453)......0
Total secured & HP debts...... 122000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Card C ........................4457......1.........0
Card B.........................11195.....1.........0
Card R.........................7905......1.........0
Card T ........................2111......42........15.76
Card V.........................6703......218.......0
Card N.........................8026......1.........0
Total unsecured debts..........40397.....264.......-


Monthly Budget Summary
Total monthly income.................... 1,966.88
Expenses (including HP & secured debts). 1,701.73
Available for debt repayments........... 265.15
Monthly UNsecured debt repayments....... 264
Amount left after debt repayments....... 1.15 :j

Personal Balance Sheet Summary
Total assets (things you own)........... 203,000
Total HP & Secured debt................. -122,000
Total Unsecured debt.................... -40,397
Net Assets.............................. 40,603

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.