Is this the worst SOA ever..!!!??

miky36

Ok here goes, though if anyone can help me i will be surprised.


debts. Morgan stanley £3940
MBNA £10525
Natwest CC £1937
Mint £1200
+ about a £150 catalogues and an overdraft of approx £500 and a council tax debt of just over £400


income. Wages £577 pm
Rent from daughter (she only works part time at mo but is hoping to go to college in sept or take full time) £30 - she doesn't earn much and costs me little.

Tax credits £159.06
Child tax (to stop in may) £178.

No other income.

Outgoings are

specsavers £10
aol £15
Water £ 15
TV lic £11
Rent £595
Phone £15
Food £ 45 ( thats for two and includes personal itmes)
Council tax £82

I have applied for housing benefit and been told i earn too much!!!! have now appealled but that was ages ago and each month i get further and further into debt.
I think i do really well and have no excesses on my living expenses.
But i'm in real finacial poo.
If i take on another job i just lose it in Tax credits etc. Can't win!

Even if no one can help i would just appreciate a 'hey there, worse things happen etc'

Not had a holiday in 16 years but if i carry on this way i should end up in a funny farm, does that count as a holiday??
I am in the process of going through payplan (an excellent service) but nothings happening quickly enough and i think i may end up having to be declared bankrupt. Now that scares me more than the funny farm.:eek: Sorry i'm waffling, its a stress thing!
Thanks guys xx

angelavdavis

Hi and welcome to DFW!!! My comments and suggestions:

miky36 wrote: »

Ok here goes, though if anyone can help me i will be surprised.


debts. Can you list the aprs for these ? That will help you prioritise which one to pay off first.

Morgan stanley £3940
MBNA £10525
Natwest CC £1937
Mint £1200
+ about a £150 catalogues and an overdraft of approx £500 and a council tax debt of just over £400


income. Wages £577 pm
Rent from daughter (she only works part time at mo but is hoping to go to college in sept or take full time) £30 - she doesn't earn much and costs me little. Will your daughter be entitled to a local authority study grant?

Tax credits £159.06 Might be worth checking these?
Child tax (to stop in may) £178.
Dare I ask - no maintenance?
No other income.

Outgoings are

specsavers £10
aol £15
Water £ 15
TV lic £11
Rent £595
Phone £15 - can you look at a dual bb/phone deal - you are paying £30 for both - you should be able to reduce slightly
Food £ 45 ( thats for two and includes personal itmes) Pretty good I would say
Council tax £82

I have applied for housing benefit and been told i earn too much!!!! have now appealled but that was ages ago and each month i get further and further into debt.

Have you checked out www.entitledto.co.uk? It may help you identify potential benefits you may be entitled to. From my rough data entry, I identified you should be entitled to housing benefit, but you will need to check.

I think i do really well and have no excesses on my living expenses.
But i'm in real finacial poo.
If i take on another job i just lose it in Tax credits etc. Can't win!

You might be better off not working!

Even if no one can help i would just appreciate a 'hey there, worse things happen etc'

Not had a holiday in 16 years but if i carry on this way i should end up in a funny farm, does that count as a holiday??
I am in the process of going through payplan (an excellent service) but nothings happening quickly enough and i think i may end up having to be declared bankrupt. Now that scares me more than the funny farm.:eek: Sorry i'm waffling, its a stress thing!
Thanks guys xx

You look like you have done everything I would suggest - seriously, I wonder if you would be better off not working.

I think you need to assess your situation to be honest - there are others on here who can help you out I am sure, but I thought I would post to keep your post current.

miky36

A big thanks for that help.
Aprs i can do though not right this mo, but will look at it.
My daughter will be entitled to stuff if and when she starts college but by that point i will be well and truly in deep.
I'm tied to my current phone/internet for another 8 months or so
Will check out the entitled to site. thanks
Better off not working!! god what an awful country we live in isn't it.!
Thanks again X

Gemmzie

How old is your daughter and what kind of education is she looking to go into? (Is it A Level or university level?)

miky36

she would be doing a higher level course (not sure exactly but it would still be at college) she did one year then left to get a job but may go back and do a second year.
She is hoping to get a full time position in her present job, even then she wouldn't be gettin enough to get me out of debt or even make a huge difference.

angelavdavis

miky36 wrote: »

A big thanks for that help.
Aprs i can do though not right this mo, but will look at it.

No worries, post up when you get a chance.

miky36 wrote: »

Better off not working!! god what an awful country we live in isn't it.!
Thanks again X

Sadly, yes. Good luck!

Gemmzie

miky36 wrote: »

she would be doing a higher level course (not sure exactly but it would still be at college) she did one year then left to get a job but may go back and do a second year.
She is hoping to get a full time position in her present job, even then she wouldn't be gettin enough to get me out of debt or even make a huge difference.

So she would be eligible for student loans? Not ideal, but on your low income she should get the full grants. Surely then if she's living at home she will be able to contribute.
Also, if she is a student, you can get 25% discount on your council tax if you are the only two adults in the household

I don't understand why you aren't getting WTC though - how many hours a week are you working?

beanielou

Your rent seems really high.
Take it there is no way you can reduce it.
Why dont you think about bankrupcy?
Can you afford to live on your income if there are no debts?
Take care

Crown

Hi, and welcome,

I certainly dont think this is the worst SOA and its not a competion, Its fantastic that you you are here and trying to get something sorted out

After looking at your SOA It would seem that you are going to hit a problem in May as without your "Child Tax" your Income will be £766.06 and ot your outgoings will be 788 meaning that you will be around £22 short if things continue how they are.

I presume that this is not including payment on the debts? Are you making any payments to the your creditors at all or have you been in contact with them expalining your situation?

If you are making payments to any creditors I would stop now and make only token payemtns of £1.00 a month onto each account.

I would also seriously look into opening a new bank account with another lender unrelated to anyone you currently have debts.

Also take a look at https://www.entitledto.co.uk to see if you are eligable for any other assistance.

Also I am not sure if all your debts are credit cards or loans and are they secured or unsecured? If the debt is unsecured these are not priority!

the main priority is your Rent, Food, and Council Tax.

I would advise that you contact the CCCS and see if they can offer any advice.

Im sorry if my post is a little Random but Im sure if you can prviode some more details of the Debts (Credit or Loan and APRs act) we will be able to offer more advice.

miky36

i am getting tax credits of £157. My child tax credits stop in May as she left a college course back in Dec (she was on a course that promised lots but delivered nothing and felt it was a waste of time) they have allowed me child tax credits for another few months but then they stop.
There was a problem with WTC though so i may be entitled to more, but they are dragging there heels getting it sorted.
I work 25 hours a week though that is about to go up to 30.
I already receive a discount on council tax for one adult living here.

Penny2myName

I fully understand where angelavdavis is coming from when she suggest you may be better off out of work. After my kids played tag at being ill, I fell so behind on rent as my wages were seriously reduced for a number of weeks, that I realised I had to have a stable income. Once that didn't change if kids were ill or not, and had to quit work myself earlier this year. I am now dealing with my rent arrears £5 a week(thats all the rent I pay now) and other debts.