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Is it possible to post my income and outgoings to get advice?
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  • sourcrates
    sourcrates Posts: 31,440 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Morning,

    Welcome to the forum,

    Yes it is, follow this link, there is a calculator and other useful info for you:

    https://forums.moneysavingexpert.com/discussion/562271

    It may help also if you tell us a little more about your situation.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Thanks Sourcrates
    My partner is out of the country for 3 months, I have an income of £18k and debts of £44k. Without debt my outgoings currently exceed my income by £100. With the debt repayments my outgoings exceed my income by £750.
  • Hi steve,

    fill in the SOA, you are in the right place for advice.
    £1000 Emergency fund No90 £1000/1000
    LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
    !
  • Thanks Andyfromotley. SOA?
    I have completed the budget planner - income £1250, outgoings £1900
  • sourcrates
    sourcrates Posts: 31,440 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    stevezero wrote: »
    Thanks Andyfromotley. SOA?
    I have completed the budget planner - income £1250, outgoings £1900

    "Statement of affairs", look on the link i posted, and it will say "click here" for S.O.A calculator.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • SOA
    [tt]Statement of Affairs and Personal Balance Sheet
    Household Information

    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 1
    Monthly Income Details

    Monthly income after tax................ 1250
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1250

    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 498
    Management charge (leasehold property).. 0
    Council tax............................. 75
    Electricity............................. 39
    Gas..................................... 74
    Oil..................................... 0
    Water rates............................. 21
    Telephone (land line)................... 25
    Mobile phone............................ 25
    TV Licence.............................. 30
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 0
    Clothing................................ 5
    Petrol/diesel........................... 240
    Road tax................................ 30
    Car Insurance........................... 35
    Car maintenance (including MOT)......... 5
    Car parking............................. 0
    Other travel............................ 0
    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.................. 1102


    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 3000
    Other assets............................ 3000
    Total Assets............................ 6000


    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly...APR
    loan...........................29000.....350.......14
    credit card....................14000.....250.......18
    Total unsecured debts..........43000.....600.......-


    Monthly Budget Summary

    Total monthly income.................... 1,250
    Expenses (including HP & secured debts). 1,102
    Available for debt repayments........... 148
    Monthly UNsecured debt repayments....... 600
    Amount short for making debt repayments. -452

    Personal Balance Sheet Summary
    Total assets (things you own)........... 6,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -43,000
    Net Assets.............................. -37,000

    [/tt]
  • MrWillyWonka
    MrWillyWonka Posts: 286 Forumite
    Part of the Furniture Combo Breaker Debt-free and Proud!
    edited 28 February 2015 at 5:25PM
    stevezero wrote: »
    SOA
    Electricity............................. 39
    Gas..................................... 74 This is very high for one person. We pay £40 for both gas and electricity combined in a 2 bedroom house.
    Telephone (land line)................... 25 Is this necessary if you have a mobile phone?
    Mobile phone............................ 25
    TV Licence.............................. 30 This should be £12.12 a month, can you get rid and not watch BBC?
    Groceries etc. ......................... 0 Do you not eat?
    Petrol/diesel........................... 240 That's 20% of your wage, huge. If this is for commuting could you look at public transport? If not then you may be better off getting a new job closer to home.
    Road tax................................ 30 £360 a year? What car do you have?
    Contents insurance...................... 0 Zilch? What if there is a flood or fire? Can you afford to replace everything?
    Presents (birthday, christmas etc)...... 0 Is this realistic? You do not buy anybody anything?
    Haircuts................................ 0 Guess you either don't have any hair or have very long hair?
    Entertainment........................... 0 Boring life?

    I have put in red some comments. Two things, your car is costing you a fortune. Secondly you have some very large debts, what was this spent on? I think your primary reason for being in debt is not being realistic on what you actually spend. You need to dig out bank statements from the last few months and work out exactly how much you have been spending on what it has been spent on. No point doing an SOA on estimated figures. Most people who do that spend more than they think and end up being further in debt.
  • glentoran99
    glentoran99 Posts: 5,825 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    I have put in red some comments. Two things, your car is costing you a fortune. Secondly you have some very large debts, what was this spent on? I think your primary reason for being in debt is not being realistic on what you actually spend. You need to dig out bank statements from the last few months and work out exactly how much you have been spending on what it has been spent on. No point doing an SOA on estimated figures. Most people who do that spend more than they think and end up being further in debt.

    TV licence is nothing to do with watching BBC
  • sourcrates
    sourcrates Posts: 31,440 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Ok, you can juggle around your essential outgoings and you will find there is little to be cut from it, once all areas are addressed.
    The elephant in the room is the 29k loan, and 14k credit card.

    It's clear these are unaffordable to you, how old are these accounts ?

    Is the loan really unsecured ? For that amount ?

    I would advise giving either National Debtline or Stepchange a ring, both offer free debt advice and solutions.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • TV licence is nothing to do with watching BBC

    My bad, you are correct. I always assumed that as it pays for BBC it was related to BBC channels only. Now I can see the unfairness of this system!
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