My SOA

19lottie82

you will get some benefits. child benefit and maybe a small amount of tax credits.

also, if your wife is to ill to work, she will be entitled to dla (?)

and sorry, but you cant afford to be putting money in to your childs ISA every month. its a nice idea but it's not realistic until you are in the red.

DancerSupreme

I suffer with severe depression and working is better for me. Is this something you could discuss with your wife?

You will get benefits. I think you may need to discuss with someone from tax credits etc. You will definitely get child benefit.

You can definitely make cuts here. And even though CCCS won't take you on, do not go to a management company who charge! My husband did that and ended up stuck with them.

throwoff wrote: »

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 Look into this
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 Very high, look to switch and pay by DD for additional savings
Gas..................................... 170 As above
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 20 Very high. Combine with broadband.
Mobile phone............................ 80 Speak to the provider and discuss circumstances
TV Licence.............................. 12
Satellite/Cable TV...................... 15 Cancel
Internet Services....................... 15 Combine with telephone line
Groceries etc. ......................... 400 Way too high. I can feed a family of 4 with newborn baby on £250. Tesco nappies are fine and look to see if "essentials" really are necessary
Clothing................................ 50 Not necessary. Get items that can be mixed and matched. Less clothing = less to wash
Petrol/diesel........................... 260 Can you share a lift with anyone?
Road tax................................ 10
Car Insurance........................... 78 When do you renew?
Car maintenance (including MOT)......... 25
Car parking............................. 0 Absolutely nothing??
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50 Stop this immediately. Lead by example and get out of debt first.
Medical (prescriptions, dentist etc).... 35 Look into dental plans
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 You need something here
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 Way too much. Cut back. You can't spend what you do not have
Haircuts................................ 20 Find a cheaper hairdresser or leave an extra week between cuts to space them out a bit.
Entertainment........................... 35 Cut back and find other means
Holiday................................. 0
Emergency fund.......................... 80 A savings account generates 1.5% APR. Payday loans are minimum 2500% APR. It is better spent on debts.
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.

You need to look into dla if your wife is really too depressed to work. She needs to look at treatment to see if working a little would be possible to even help with her mental state.

Do you currently have much in savings? Besides your LO's ISA does she have any other savings accounts? Lead by example.

xx

abby1234519

throwoff wrote: »

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.

To be honest, your soa is pretty similar to mine minus childcare.

You also have the same amount of debt as me.

Looking at things like your expenditure there are plenty of places you can reduce that. I'm sorry but £400 even with a baby is too much. I spend £130 on two adults and a toddler, when he was on formula it was £200. And that was us living quite well and included OH's prescriptions. I know that sounded like I was being rude but if someone really wants to get out of debt then they just knuckledown and do it.

Then again if you want to do a DRO then go for it but remember you can't have an expensive car etc.

I nearly went down the DRO route but I worked out I could just knuckledown. We have childcare to pay etc and are still managing to pay out £500 per month. I work out if we take off the childcare and the tax credits then we have the same income as you (ish)