Seen the light

mawey

Have been lurking on this part of the boards for a while, I didn't want to admit to myself that we had problems, but with the help I got from reading all the different threads I finally was able to admit to myself that we needed help.

I took the first step today and rang Payplan, it didnt go as bad as I thought the girl who I spoke to didnt judge me and was really nice.

I have a few things I have to find for them when they call back on Monday:

SOA
Acc numbers - excact amounts ect

I'm on track with my main bills, rent, council tax ect, I'm just at the beginning of problems with loans, CC,and the dreaded payday loans. Finally got my head out of the sand and I'm going to get myself debt free!

Time_to_face_the_music

Well done mawey on your LBM and taking the first steps to becoming debt free :T

lesgeo2012

Good luck, you will find loads of good advice on this site. You will feel a burden off your shoulders in no time! I know I feel better and I have just started my debt free journey too!

bexiboo92

Well done on your LBM! And good luck

I'm on the same journey with pay day loans, so any time you need a chat just PM me x

letmefree

Good luck mawey.
Keep at it and you will get there.

mawey

Any comments on my soa would be great, need all the help I can get:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 900
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2400

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 650
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 57
Telephone (land line)................... 24
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 24
Internet Services....................... 24
Groceries etc. ......................... 350
Clothing................................ 150
Petrol/diesel........................... 130
Road tax................................ 30
Car Insurance........................... 70
Car maintenance (including MOT)......... 40
Car parking............................. 10
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 200
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 25
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 2227


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclay Loan 1.................779.......81........19.9
Barclays Loan 2................625.......72........19.9
Tesco Credit Card .............600.......20........19.9
RBS Credit Card................3600......0.........19.9
Lending stream ................754.......0.........200
Pounds to pocket ..............450.......0.........200
Payday UK......................130.......0.........200
Wonga .........................1380......0.........200
K and co Catalogue ............814.93....39........19.9
K and co Catalogue ............3984.8....84........19.9
Barclays Overdraft ............1120......0.........0
Orange Credit Card ............1000......36........19.9
Barclay Card ..................320.......16........19.9
Total unsecured debts..........15557.73..348.......-


Monthly Budget Summary
Total monthly income.................... 2,400
Expenses (including HP & secured debts). 2,227
Available for debt repayments........... 173
Monthly UNsecured debt repayments....... 348
Amount short for making debt repayments. -175

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,557.73
Net Assets.............................. -14,557.73

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

nmh1980

How are you paying your 4 payday loans? I am in a similar position to yourself with having loans from Wonga, Lending Stream and Pounds To Pocket. I am struggling to be able to pay my Wonga one back when it is due. The other 2 I can just about afford and I have only 2 months to go for Lending Stream and 6 months to go for Pounds To Pocket.

ashleighsalem

mawey wrote: »

Any comments on my soa would be great, need all the help I can get:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 900
Benefits................................ 0 cb?
Other income............................ 0
Total monthly income.................... 2400

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 650
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 80 high have you shopped around for a better deal? can you reduce usage?
Gas..................................... 80 as above
Oil..................................... 0
Water rates............................. 57
Telephone (land line)................... 24
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 24 how much do you consider this a necessity?
Internet Services....................... 24
Groceries etc. ......................... 350 can you reduce - are the budget s/markets an option for you
Clothing................................ 150 this is an obvious area to reduce or are you planning ahead for school uniform
Petrol/diesel........................... 130
Road tax................................ 30
Car Insurance........................... 70
Car maintenance (including MOT)......... 40
Car parking............................. 10
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 200 how essential are these? I know it's hard to cut back on children's activites, but are they value for money and does your child still enjoy them?
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 25 can this be reduced - i pay this for buildings and contents and i've seen cheaper
Life assurance ......................... 0 this maybe something to consider
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 is this realistic - do you only spend this or do you do the 'sod it, stick it on the cc and worry about it in January trick'
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 2227


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclay Loan 1.................779.......81........19.9
Barclays Loan 2................625.......72........19.9
Tesco Credit Card .............600.......20........19.9
RBS Credit Card................3600......0.........19.9 how much is this repayment?
Lending stream ................754.......0.........200 and this?
Pounds to pocket ..............450.......0.........200 and this?
Payday UK......................130.......0.........200 and this?
Wonga .........................1380......0.........200 and this?
K and co Catalogue ............814.93....39........19.9
K and co Catalogue ............3984.8....84........19.9
Barclays Overdraft ............1120......0.........0 and this?
Orange Credit Card ............1000......36........19.9
Barclay Card ..................320.......16........19.9
Total unsecured debts..........15557.73..348.......-


Monthly Budget Summary
Total monthly income.................... 2,400
Expenses (including HP & secured debts). 2,227
Available for debt repayments........... 173
Monthly UNsecured debt repayments....... 348
Amount short for making debt repayments. -175

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,557.73
Net Assets.............................. -14,557.73

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

This is my first reply to an soa - so fingers crossed that it's worked:) You need to work out exactly how much your monthly debt commitments are, i can understand that it's a daunting prospect but you need to know ALL the information before you can begin to move forward. Is there a way you can hammer down the pdl's? Cutting costs, Overtime, selling things, a credit union loan ? Sorry to be obvious but once they are gone you are going to be in a much better position to clear the other debts. Good luck with the future

sistafromanothermista

:wave: Hi and well done on your LBM
What others have said really, you seem to be missing a few figures.......

mawey

Thanks for the help so far, need to have this soa sorted for Monday for my appointment with payplan

[FONT=&quot]Benefits................................ 0 cb?[/FONT]

[FONT=&quot]My son comes over weekend my previous partner gets cb[/FONT]

[FONT=&quot]Electricity............................. 80 high have you shopped around for a better deal? can you reduce usage?[/FONT]
[FONT=&quot]Gas..................................... 80 as above[/FONT]

[FONT=&quot]I’m on a combined plan, the £160 per month was the payment plan they set up to get us back on track (fixed for12 months) [/FONT]

[FONT=&quot]Satellite/Cable TV...................... 24 how much do you consider this a necessity?[/FONT]

[FONT=&quot]Not a necessity, but in a contract with virgin media which is also fixed [/FONT]

[FONT=&quot]Groceries etc. ......................... 350 can you reduce - are the budget s/markets an option for you[/FONT]

[FONT=&quot]Will look into reducing this [/FONT]

[FONT=&quot]Clothing................................ 150 this is an obvious area to reduce or are you planning ahead for school uniform[/FONT]

[FONT=&quot]We are going to reduce this, but the high amount is for the new school term [/FONT]

[FONT=&quot]Other child related expenses............ 200 how essential are these? I know it's hard to cut back on children's activites, but are they value for money and does your child still enjoy them?[/FONT]

[FONT=&quot]For child maintenance to previous partner [/FONT]
[FONT=&quot]Contents insurance...................... 25 can this be reduced - i pay this for buildings and contents and i've seen cheaper[/FONT]

[FONT=&quot]Will look about thankyou [/FONT]

[FONT=&quot]Life assurance ......................... 0 this maybe something to consider[/FONT]
[FONT=&quot]
We currently get this free with work [/FONT]

[FONT=&quot]Presents (birthday, christmas etc)...... 10 is this realistic - do you only spend this or do you do the 'sod it, stick it on the cc and worry about it in January trick'[/FONT]

[FONT=&quot]Me and the wife have agreed to not buy each other things, just the little one gets this, not a lot but looking at it now may increase to 20 [/FONT]

[FONT=&quot]Lending stream ................754.......0.........200 and this?[/FONT]
[FONT=&quot]Pounds to pocket ..............450.......0.........200 and this?[/FONT]
[FONT=&quot]Payday UK......................130.......0.........200 and this?[/FONT]
[FONT=&quot]Wonga .........................1380......0.........200 and this?[/FONT]
[FONT=&quot]We have been paying the minimum payments, but we had to default this month as the got to high, know it’s my fault but we haven’t agreed on a repayment amount yet [/FONT]

[FONT=&quot]Barclays Overdraft ............1120......0.........0 and this?[/FONT]
[FONT=&quot]Interest free overdraft wages pay it off each month we had to use it a while back after an accident and not managed to pay it back yet.[/FONT]

nimbo

look at the oldstyle board for tips on the grocery budget they're all lovely over there, and can literally feed a familay (healthily) for 50p a day each.... the thread was weezls - i may have spel their mname wrong though...

this was before inflation so maybe 60p a day now.

you'll be able to pick up loads of tips on how to feed you, and i know that when i look at thir meal plans etc i eat so much better than i do otherwise.

xxxxxxx