tentative SOA

igaveupnowimback

Hi, am actively considering DMP as have reached stage where I am unable to pay my credit card payment this month. Did not have expensive Xmas, just had to use card to bail out very low incomes over last few years. Current WTC is based on very low income last year while I was studying and working part time. Although I now work full time it is not much above min wage, but will be just over the WTC threshold when I try to renew. Have been learning lots reading this forum last few days.

Here goes;
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 940
Partners monthly income after tax....... 0
Benefits................................ 200 (Temporary WTC till @ September)
Other income............................ 120 (Board from son)
Total monthly income.................... 1260

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 32
Gas..................................... 32
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 35
Mobile phone............................ 10
TV Licence.............................. 14
Satellite/Cable TV...................... 35
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 0
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 878


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
smile visa.....................5300......105.......16.9
catalogue 1...........................2500......135.......39
lloydstsb......................500.......6.........0
catalogue 2.....................200.......39........0
smile overdraft..........................500.......6.........0
Total unsecured debts..........9000......291.......-


Monthly Budget Summary
Total monthly income.................... 1,260
Expenses (including HP & secured debts). 878
Available for debt repayments........... 382
Monthly UNsecured debt repayments....... 291
Amount left after debt repayments....... 91

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,000
Net Assets.............................. -9,000

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

pink_princess

Why will you not qualify for Wtc at just over nmw?

[Deleted User]

You can do a bit better for the land line - Check out Uswitch.

Cancel Satellite/Cable TV and go Freeview/Freesat.

igaveupnowimback

Looking at above I'm not sure of best way forward, don't know whether to contact CC and ask if can accept temp lower payment this month (doubtful). Annoyed with self as I have battle through stuff like this before, and successfully reduced debts. Got fed up struggling and needing lots replaced in the house and ended up with catalogue debts for new sofas, washing machine etc. I work hard, felt sorry for myself having to struggle and ended up entrapping myself again. Struggled paying down rent and council tax arrears built up whilst studying and working part time. Now I'm in danger of getting into difficulties again and I really want to avoid that. Sorry for rambling, just know if I don't act now this will get worse, but I don't get paid till end of month and am due to pay CC, catalogue and rent before that. On paper it looks like fair bit surplus but until now that surplus has gone on paying extra to rent, ctax, Xmas, and sort of shifting things around rather than really reducing debts. I know my SOA is lacking in important areas also. Sorely need guidance, thanks for reading this.

igaveupnowimback

pink_princess wrote: »

Why will you not qualify for Wtc at just over nmw?

Thanks, at moment I do and have included this in SOA, but it is based on last year's income. Once they base it on this year's income (as above) new job I will no longer be entitled to it as I'll be @ £13000 pa. Thanks for reply : )

igaveupnowimback

Bedsit_Bob wrote: »

You can do a bit better for the land line - Check out Uswitch.

Cancel Satellite/Cable TV and go Freeview/Freesat.

Thanks BB, am going to look at this and at least call NTL tomorrow to reduce package to basic again. I have landline, tv and broadband bundle so am really confused as to how I could split this as my landline is not BT. If it was I would def go freeview, will try to find out about this, cheers : )

Cornwall_Girl

Is your son working? Could they possibly give you more than £120/month? This seems quite low as it doesn't anywhere near cover what they must be costing you to live with you i.e. groceries, utilities etc.

igaveupnowimback

spazaloikins wrote: »

Is your son working? Could they possibly give you more than £120/month? This seems quite low as it doesn't anywhere near cover what they must be costing you to live with you i.e. groceries, utilities etc.

Thanks spazaloikins, yes, he works long hours and very early/late shifts, although not great wage, he contributes in other ways as he gives me lifts to work and back when his (and my) shifts allow, otherwise my transport costs would be much higher. He bears all costs of car and I do benefit from this as he helps with everything he can. Thanks for suggestion, he's currently selling items on Ebay to help us out a little. Keep thinking if I can just get past this January period I can get organised, but not sure if I'm panicking a bit or kidding myself.

debtfreewannabe2013

Didn't want to read and run. I'm fairly new so don't have much in the way of advice but I wanted to say what a lovely son you have brought up.

snookey

igaveupnowimback do you have a spare room which could be rented out .

Cornwall_Girl

igaveupnowimback wrote: »

Thanks spazaloikins, yes, he works long hours and very early/late shifts, although not great wage, he contributes in other ways as he gives me lifts to work and back when his (and my) shifts allow, otherwise my transport costs would be much higher. He bears all costs of car and I do benefit from this as he helps with everything he can. Thanks for suggestion, he's currently selling items on Ebay to help us out a little. Keep thinking if I can just get past this January period I can get organised, but not sure if I'm panicking a bit or kidding myself.

He sounds lovely. I would perhaps make the call to your credit card company that you said about and if they won't accept a lower payment ask your son if he would mind lending you the shortfall and pay him back next month. If it's more of a blip this month than normal, I'm sure he won't mind and you may be in a better position next month. If I was the parent in this situation that would be my most preferred method of getting by and if I was the child I would hate to think of my parent struggling. I've done this for one of my parents a few times and have never minded being asked at all, so don't feel that you can't ask your children for help. I hope it's all not getting you to down.