My SOA

throwoff

Here we go folks, my SOA

It is a bit of a mess, at the moment I am making 0 pounds payments to my creditors each months as it is a negative shortfall, the montly required outgoing is due to my Payday loans and overdrafts all having gone way past due and being demanded in full immediately.

I can get that monthly expense to match my income but this will change in a couple of months when my wife comes off maternity allowance and I highly doubt will return to work, she suffers crippling mental illness and work is just not possible for her, we of course receive NO benefits and will not as she does not tick the right boxes

I think looking at this Bankruptcy is my only option?

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................ 1450
Partners monthly income after tax....... 0
Benefits................................ 640
Other income............................ 0
Total monthly income.................... 2090
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 580
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 80
Gas..................................... 170
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 20
Mobile phone............................ 80
TV Licence.............................. 12
Satellite/Cable TV...................... 15
Internet Services....................... 15
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 260
Road tax................................ 10
Car Insurance........................... 78
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 35
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 20
Entertainment........................... 35
Holiday................................. 0
Emergency fund.......................... 80
Total monthly expenses.................. 2195

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 350
Other assets............................ 0
Total Assets............................ 350

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Payday Loans...................4307......4307......0
Credit Cards...................7718......250.......0
Overdrafts.....................4206......4206......0
Catalogues.....................1195.85...0.........0
Other..........................750.......750.......0
Total unsecured debts..........18176.85..9513......-

Monthly Budget Summary
Total monthly income.................... 2,090
Expenses (including HP & secured debts). 2,195
Available for debt repayments........... -105
Monthly UNsecured debt repayments....... 9,513
Amount short for making debt repayments. -9,618
Personal Balance Sheet Summary
Total assets (things you own)........... 350
Total HP & Secured debt................. -0
Total Unsecured debt.................... -18,176.85
Net Assets.............................. -17,826.85
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Cycrow

you might want to adjust the monthly payments made to the cards, just put the minimum payments down for each of the cards.

as its currently showing you have a £9k shortfall each month.

However, from your SOA, its pretty clear that you are spending too much, as even before you look at your debts, you are spending more than you are bringing in, so you have no choise but to cut that down, or your debts will only get worse.

Your gas and electricity bills seem far too high, might want to check you are paying correctly for them.

PollyOnAMission

Sorry to hear you're having trouble.

You really need to fill in the APR and minimum monthly payment amounts for the loans in order to work things out properly.

Aside from that, a few comments on your SOA:

Are the figures for your gas and electricity bill correct? They seem extortionate, particularly gas. You're spending a lot on mobile phones; can these be reduced? You're also spending quite a lot on TV etc; can you move to Freeview or similar? Your grocery bill also seems quite high.

Crossposted with above

throwoff

Hi Cycrow,

Gas an electric up that high due to massive backlog of unpaid bills, I am actaully clearing it now but need to keep payments that high,

If I split the debt down mine only accounts for under 15k (roughly 13, including Council tax and utility arrears) I am thinking a DRO for me and then once all that nastiness gone a DMP for the wifes stuff.

We have nothing 'joint' as such not even a bank account.

As for TV, yes cancelling the Virgin is top of the list for tomorrow morning, could not get through for love nor money today!

Groceries is high yes, but included within that is baby milk and other bits which are essential.

The APRs are just not even trackable neither are monthly payments for the loans, they are all way over6 months past due and all passed to collection agents, there are no min payments so to speak.

asparagus1968

throwoff wrote: »

Here we go folks, my SOA

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................ 1450 any overtime/second job/ebaying/surveys etc
Partners monthly income after tax....... 0
Benefits................................ 640 what benefits will you get when OH off maternity?
Other income............................ 0
Total monthly income.................... 2090
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 580
Management charge (leasehold property).. 0
Council tax............................. 100 pay over 12 not 10 months
Electricity............................. 80
Gas..................................... 170
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 20
Mobile phone............................ 80 go PAYG, you have a landline as well!
TV Licence.............................. 12
Satellite/Cable TV...................... 15 this is a luxury,remove/go freeview
Internet Services....................... 15
Groceries etc. ......................... 400 this is a lot,meal plan,shop around/look at old style board,can definitely be reduced
Clothing................................ 50 stop buying for a few months at least
Petrol/diesel........................... 260 is this correct?can you reduce in any way?
Road tax................................ 10
Car Insurance........................... 78
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50 what is this please?
Medical (prescriptions, dentist etc).... 35 pre-payment?would you not be exempt with such a low income? your wife will be I expect
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 you can't do this for now,people will understand!
Haircuts................................ 20 reduce this
Entertainment........................... 35 reduce this,do free stuff,use library for books/dvds
Holiday................................. 0
Emergency fund.......................... 80
Total monthly expenses.................. 2195

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 350
Other assets............................ 0
Total Assets............................ 350

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Payday Loans...................4307......4307......0
Credit Cards...................7718......250.......0
Overdrafts.....................4206......4206......0
Catalogues.....................1195.85...0.........0
Other..........................750.......750.......0
Total unsecured debts..........18176.85..9513......-
what are the APRs on all the above? have you asked for a payment plan for payday loans-there is lots of info on here,use the search button
Monthly Budget Summary
Total monthly income.................... 2,090
Expenses (including HP & secured debts). 2,195
Available for debt repayments........... -105
Monthly UNsecured debt repayments....... 9,513
Amount short for making debt repayments. -9,618
Personal Balance Sheet Summary
Total assets (things you own)........... 350
Total HP & Secured debt................. -0
Total Unsecured debt.................... -18,176.85
Net Assets.............................. -17,826.85
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

hi, it must be really hard for you at the moment.you have done the right thing coming here. look over your SOA again, giving a picture of what it could be like with the changes suggested.
good luck, many more clever than me will come along soon and advise i'm sure.hang in there!

throwoff

Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1450 any overtime/second job/ebaying/surveys etc Nothing I am afraid!
Partners monthly income after tax....... 0
Benefits................................ 640 what benefits will you get when OH off maternity? Not a penny!
Other income............................ 0
Total monthly income.................... 2090
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 580
Management charge (leasehold property).. 0
Council tax............................. 100 pay over 12 not 10 months Already am, have arrears
Electricity............................. 80
Gas..................................... 170
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 20
Mobile phone............................ 80 go PAYG, you have a landline as well! Cannot cancel contracts, one has 14 months, 1 has 16
TV Licence.............................. 12
Satellite/Cable TV...................... 15 this is a luxury,remove/go freeview Going freeview tomorrow, couldnt get through to virgin today (for a change..!)
Internet Services....................... 15
Groceries etc. ......................... 400 this is a lot,meal plan,shop around/look at old style board,can definitely be reduced will have a read, thanks.
Clothing................................ 50 stop buying for a few months at least It is tough, my wife has lost a considerable amount of weight, nothing fits her.
Petrol/diesel........................... 260 is this correct?can you reduce in any way? yes, I travel 100miles a day for work, no fuel expense provided.
Road tax................................ 10
Car Insurance........................... 78
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50 what is this please? money into an isa for her (dont want her to ever be in this mess) plus clothing
Medical (prescriptions, dentist etc).... 35 pre-payment?would you not be exempt with such a low income? your wife will be I expect this is an average, I need substantial dental work over the coming year.
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 you can't do this for now,people will understand!agreed!
Haircuts................................ 20 reduce this Will do!
Entertainment........................... 35 reduce this,do free stuff,use library for books/dvds use the library already, this is more for taking the baby to free events at local childrens centres etc etc.
Holiday................................. 0
Emergency fund.......................... 80
Total monthly expenses.................. 2195

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 350
Other assets............................ 0
Total Assets............................ 350

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
Payday Loans...................4307......4307......0
Credit Cards...................7718......250.......0
Overdrafts.....................4206......4206..... .0
Catalogues.....................1195.85...0........ .0
Other..........................750.......750...... .0
Total unsecured debts..........18176.85..9513......-
what are the APRs on all the above? have you asked for a payment plan for payday loans-there is lots of info on here,use the search button I have not asked them now, all my thoughts right now are to go bankrupt, CCCS cannot even work me out a DMP right now.
Monthly Budget Summary
Total monthly income.................... 2,090
Expenses (including HP & secured debts). 2,195
Available for debt repayments........... -105
Monthly UNsecured debt repayments....... 9,513
Amount short for making debt repayments. -9,618
Personal Balance Sheet Summary
Total assets (things you own)........... 350
Total HP & Secured debt................. -0
Total Unsecured debt.................... -18,176.85
Net Assets.............................. -17,826.85
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

asparagus1968

hi again.
could you look at the "up your income" board on this site? there may be things you and your wife could do to fit around your work/whilst she is at home eg. internet surveys / ironing /dog walking / gardening

you WILL get child benefit at approx. £82 every four weeks, guaranteed.

Ring the mobile company, tell them you are in difficulty, they will probably offer you are reduced tariff for a while (they would rather this than get no money from you:) ) are they expensive phones? that you could sell and then put the sim into a cheaper handset?

look at your landline/internet bundle- you are paying £25 combined, this can be got cheaper.

there are still things you can do if you want to ,I realise it all looks hopeless at the moment, lots of us on here have struggled too, don't feel alone!
may you consider where all the money went in the first place?( you don't need to divulge on here of course)is there other issues you need help with?
take care.

McKneff

Stop or cut down the emergency fund, this is the emergency, how much have you got in there from all the previous 80 pounds.?

Vikipollard

Why do you not receive any benefits at all? At the very least you should get Child Benefit? £1450 per month is sub £25k top line and I thought you only lost it if you earned over 44k.

Your grocery bills can be cut down even with baby products. Not sure where you shop, but Aldi is my friend and I normally spend around £40 for two adults. Not suggesting you should buy random formula milk or anything, but try down branding and definitely batch cooking. It might not be the most exciting and varied diet in the world, but you can eat well. I also buy a lot of Aldi's frozen fish (tuna steaks, salmon fillets, basa) and all my fruit and veg from there.

nicp60

Hi there,
Well done on posting, and please don't feel too discouraged at the moment. As others have said, it does seem a bit odd that you can't get any help at all if your wife can't return to work - have you checked here: http://www.turn2us.org.uk/benefits_search.aspx. Also would she not qualify for DLA (or whatever the new equivalent is) if her mental health prevents her from working?

On the practical front, the groceries are very high (as others have said). I feed 2 adults for £120 a month and when baby is born I can't imagine it'll go much over £180.
I would also cut the money to your child's ISA. I know it may feel really harsh, but it's only temporary and when you're debt free you can more than make up to difference!
Ebay for clothes, or charity shops and if your wife has a lot of old clothing then she can sell this on ebay too.

Have a look around at home - is there anything you can sell? I ebay pretty much anything that's not nailed down, and especially baby stuff as it goes so well on there!

I'm not sure about the criteria for going bankrupt, but I would avoid it if possible. Have a look at the bankruptcy boards for some more info.

All the very best of luck - please remember that they cannot take what you do not have, and the most important thing at the moment for you is to be there for your wife and child.

McKneff

Google Items for sale in xxxx. most places have local selling sites now and they are very much like ebay but without all the hassle and the fees. I made a fortune in my first few weeks just selling off stuff that I didn't need any more