Statement of Affairs results.

pinkl0ve27

I got advised that if I post my SOA on the site somebody may be able to help and advise me on what to do next or where to help.
Note: The Lending Stream and the Wonga are both monthly payment plans and are both due to end in May.

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................ 1015
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1015

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 260
Management charge (leasehold property).. 0
Council tax............................. 65
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 18
Telephone (land line)...................
Mobile phone............................ 20
TV Licence.............................. 20
Virgin Media Package.................. 118
Internet Services.......................
Groceries etc. ......................... 138
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 72
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 780


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
Payday UK......................256.......62........259.4
Payday Express.................258.......258.......378
Lending Stream.................214.5.....90.75.....3378
Wonga..........................147.66....36.92.....4214
Total unsecured debts..........876.16....447.67....-


Monthly Budget Summary
Total monthly income.................... 1,015
Expenses (including HP & secured debts). 780
Available for debt repayments........... 235
Monthly UNsecured debt repayments....... 447.67
Amount short for making debt repayments. -212.67

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -876.16
Net Assets.............................. -876.16

HappyMJ

Do you really pay so much to Virgin?

What is your credit rating like? I know refinancing is not suggested but you aren't in that much debt. Can you get them to stop charging interest? Avoid ever taking out any more payday loans unless in the most dire of circumstances. Cancel Virgin and mobile phones before you ever consider taking one out again.

Are you paying the council tax this month or is it a "free" month?

Are your contents really worth £72 a month to insure?

pinkl0ve27

I put in council tax and it comes to around £65 a month and the contents is a yearly amount.
I was just hoping that some help could come of it as it is becoming difficult and I AM never getting another pay day loan.. trying to anyway.

rising_from_the_ashes

Well done for getting it all down

Couple of quick questions - you've noted 2 adults in your SOA but only 1 salary .... AND .... are the costs noted your 1/2 of the bills?


If these are your 1/2 of the bills then a couple really stick out - Groceries and Virgin media .. what on earth are you getting for £188 / month?:eek: Telephone/landline & broadband can be got for around £25 / month ... anything else is not-essential - especially when you can't balance the books - switch to FreeSat or FreeView

TV license should only be £12.12 (not £20)

Your contents insurance can't be £72 / month .....

You need to add in the missing things like entertainment, presents etc so that you've money to cover things as they're needed


Just wondering - and you don't need to put the reason on here - as long as you're aware of what it was and have resolved it .... the debts are all PDLs which would suggest short-term cash-flow problems - whether it's been for christmas, holiday, presents, car etc etc, it's really vital to have money set aside to cover things or unfortunately we may have to resort to the PDLs (and they're just not worth the stress!)

rising_from_the_ashes

Please DO NOT get another PDL!

It's honestly the last thing you need

If the groceries are for you alone, then they can be cut by a lot - even if it's for 2 then you could have a really cheap month food wise and make some big savings - much better than more PDLs

Willing2Learn

On the Virgin Media angle, that is an extraordinary sum of money to be paying.

I pay £40/month for unlimited broadband, landline rental, unlimited calls landline-landline anytime (or 0845 numbers), unlimited calls mobile to any network (plus 1 gig internet incl)

HappyMJ

pinkl0ve27 wrote: »

I put in council tax and it comes to around £65 a month and the contents is a yearly amount.
I was just hoping that some help could come of it as it is becoming difficult and I AM never getting another pay day loan.. trying to anyway.

So the money you would normally have paid towards your council tax and contents insurance can now be paid towards your payday loans. Can you get an overdraft from your bank at the very least to reduce the interest payable on the payday loans?

Can you defer paying the rent to whoever you pay rent to for a few months until you sort all this out? What sort of tenancy agreement do you have? Can it be terminated and you move in with family/friends for a few months?

pinkl0ve27

I can promise I will not be going near another PDL site again.
But I suppose to make sure I am financially safe is to cut back on my groceries and change my Virgin Media package.
There are little things I have been doing by cutting my travel in half by being able to walk to work as it only takes me half an hour if I pick up the pace.

HappyMJ

Can you cancel Virgin Media completely?

How is your credit rating? If it's any good then get an ovedraft. It'll be much cheaper than rolling over the paydayloans again. If it's really bad already then just cancel the Virgin Media even if in contract.

flyinggiraffe_2

Have you got anything you could sell to make some extra cash or can you do some overtime at work for a bit to get some extra money in?

Housework*Fairy

Have you asked your bank if they will give you an overdraft?