Help needed with SOA

si.bham.76

Right,

I'm in a bit of bother, I've just had my lightbulb moment (after for the first time being unable to pay all of my bills this month, doubled up with a letter from a DCA for an old electric bill). I've had a look through this thread but didnt manage to read all 218 pages. I've gone through my SOA and am not bringing in enought to cover my outgoings. I've been advised to set up a DMP; but am basically a bit lost as to whether it is the right idea, what it actually entails. Do i need to contact all of my creditors, will step change do that, whats the deal with getting defaults on an account. Where do I go from here in setting up a DMP do i keep paying my debts whilst its being set up, will interests etc stop, what happens if my situation improves or manage to get a bit of overtime one month how easy is it to over pay, do i pay stepchange and they then pay my creditors.

Basically as much advise as youcan give me would be greatly appreciated.

Sorry if this is a bit long winded just having a bit of a panic, the whole situation is keeping me up at night and getting me down.

Thanks in advance.

p.s. SOA below

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1696.23
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1696.23

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 140.8
Rent.................................... 515
Management charge (leasehold property).. 0
Council tax............................. 68
Electricity............................. 119.93
Gas..................................... 0
Oil..................................... 0
Water rates............................. 6.5
Telephone (land line)................... 0
Mobile phone............................ 48 (contract till May 2018)
TV Licence.............................. 12.12
Satellite/Cable TV...................... 6.99
Internet Services....................... 24.98 (includes line rental)
Groceries etc. ......................... 160
Clothing................................ 20
Petrol/diesel........................... 45
Road tax................................ 3
Car Insurance........................... 78.68 (cheapest I could get on comparison sites)
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 55.9
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20 (contact lenses)
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10.84
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 10
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1395.74


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 7461.34..(140.8)....16.9
Total secured & HP debts...... 7461.34...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CO-OP Energy Bill..............985.22....0.........0
Store Card.....................364.88....5.........29.9
Store Card.....................372.91....15........22.9
Loan...........................9511.76...239.......9.9
Overdraft......................1848.02...0.........18.28
Credit Card....................4447.39...70........6.68
Credit Card....................1283.36...42........16.57
Catalogue......................1747.47...60........24.9
Total unsecured debts..........20561.01..431.......-


Monthly Budget Summary
Total monthly income.................... 1,696.23
Expenses (including HP & secured debts). 1,395.74
Available for debt repayments........... 300.49
Monthly UNsecured debt repayments....... 431
Amount short for making debt repayments. -130.51

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -7,461.34
Total Unsecured debt.................... -20,561.01
Net Assets.............................. -28,022.35

sourcrates

si.bham.76 wrote: »

Right,

I'm in a bit of bother, I've just had my lightbulb moment (after for the first time being unable to pay all of my bills this month, doubled up with a letter from a DCA for an old electric bill). I've had a look through this thread but didnt manage to read all 218 pages. I've gone through my SOA and am not bringing in enought to cover my outgoings. I've been advised to set up a DMP; but am basically a bit lost as to whether it is the right idea, what it actually entails. Do i need to contact all of my creditors, will step change do that, whats the deal with getting defaults on an account. Where do I go from here in setting up a DMP do i keep paying my debts whilst its being set up, will interests etc stop, what happens if my situation improves or manage to get a bit of overtime one month how easy is it to over pay, do i pay stepchange and they then pay my creditors.

Basically as much advise as youcan give me would be greatly appreciated.

Sorry if this is a bit long winded just having a bit of a panic, the whole situation is keeping me up at night and getting me down.

Thanks in advance.

p.s. SOA below

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1696.23
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1696.23

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 140.8
Rent.................................... 515
Management charge (leasehold property).. 0
Council tax............................. 68
Electricity............................. 119.93
Gas..................................... 0
Oil..................................... 0
Water rates............................. 6.5
Telephone (land line)................... 0
Mobile phone............................ 48
TV Licence.............................. 12.12
Satellite/Cable TV...................... 6.99
Internet Services....................... 24.98
Groceries etc. ......................... 160
Clothing................................ 20
Petrol/diesel........................... 45
Road tax................................ 3
Car Insurance........................... 78.68
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 55.9
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10.84
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 10
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1395.74


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 7461.34..(140.8)....16.9
Total secured & HP debts...... 7461.34...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CO-OP Energy Bill..............985.22....0.........0
Store Card.....................364.88....5.........29.9
Store Card.....................372.91....15........22.9
Loan...........................9511.76...239.......9.9
Overdraft......................1848.02...0.........18.28
Credit Card....................4447.39...70........6.68
Credit Card....................1283.36...42........16.57
Catalogue......................1747.47...60........24.9
Total unsecured debts..........20561.01..431.......-


Monthly Budget Summary
Total monthly income.................... 1,696.23
Expenses (including HP & secured debts). 1,395.74
Available for debt repayments........... 300.49
Monthly UNsecured debt repayments....... 431
Amount short for making debt repayments. -130.51

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -7,461.34
Total Unsecured debt.................... -20,561.01
Net Assets.............................. -28,022.35

Hi,

Welcome to MSE.

That's a lot of questions for a first post.

I'll leave it to the regulars to start you off.

chevalier

My comments are in pink.

si.bham.76 wrote: »

Right,

I'm in a bit of bother, I've just had my lightbulb moment (after for the first time being unable to pay all of my bills this month, doubled up with a letter from a DCA for an old electric bill). I've had a look through this thread but didnt manage to read all 218 pages. I've gone through my SOA and am not bringing in enought to cover my outgoings.So the first question is can you bring in some more money,? second job, selling stuff, I've been advised to set up a DMP; but am basically a bit lost as to whether it is the right idea, what it actually entails.If you go for a NONE FEE TAKING COMPANY like Stepchange, Payplan the basically you give them a list of your creditors and your fixed costs. They work out how much you should have for those. And what is left over is given pro rata between your creditors.

Example you earn 1000, your fixed costs are 600. you have 400 left to split between 2 creditors. you owe one creditor twice as much as the other, so they would get 2/3 of the 400 you have left over and the other creditor would get the other 1/3.
Do i need to contact all of my creditors, will step change do that, YES contact them to say you are experiencing financial difficult. The Stepchange will contact them to offer the payments.whats the deal with getting defaults on an account/ Getting a default affects your ability to get credit (but bear in mind you can't get more credit when you are on a DMP), This last six years from when the default is registered./. Where do I go from here in setting up a DMP if you go to the stepchange website and do their debt remedy online that will give you an idea of what your options are. then you ask for a pack from them and fill it all in and send it back.
do i keep paying my debts whilst its being set up when you write to tell them you are having a problem, it is suggested to enclose a pound as token payment., will interests etc stop, generally yes but it isn't a total guarantee.
what happens if my situation improves or manage to get a bit of overtime one month how easy is it to over pay, do i pay stepchange and they then pay my creditors. If you get overtime, you DON'T offer it to your creditors. First and foremost you build up an emergency fund (because remember you have no access to credit on a DMP so if the washing machine goes bang how are you going to fund it). And then once you have say 1000 pounds behind you, then you can ask Stepchange/Payplan for a review and they will prorata you extra money to your creditors. But ONLY do this if the extra money you get is guaranteed.

Basically as much advise as youcan give me would be greatly appreciated.

Sorry if this is a bit long winded just having a bit of a panic, the whole situation is keeping me up at night and getting me down.

Thanks in advance.

p.s. SOA below

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1696.23
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0 second job, sell stuff on facebook, sell gold, mobile phones, do surveys.
Total monthly income.................... 1696.23

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 140.8 just as a note this can't be included in a DMP because it is secured on something. So you will need to factor in continuing to pay this.
Rent.................................... 515
Management charge (leasehold property).. 0
Council tax............................. 68 single person discount? spread over 12 months not 10?
Electricity............................. 119.93 ouch, check you aren't in credit. and also make sure you switch things off rather leave them on stand by. if this is your heating too, perhaps turn down the thermostat and up the number of layers?
Gas..................................... 0
Oil..................................... 0
Water rates............................. 6.5
Telephone (land line)................... 0
Mobile phone............................ 48
TV Licence.............................. 12.12
Satellite/Cable TV...................... 6.99
Internet Services....................... 24.98 this seems expensive are you tied in. check on the comparison websites.
Groceries etc. ......................... 160 this could be trimmed with some meal planning and preparation. See the old style thread for advice on this.
Clothing................................ 20
Petrol/diesel........................... 45
Road tax................................ 3
Car Insurance........................... 78.68 w0w that is extortionate, are you under 25 or have points on your licence? If not then check on a comparison website for a better deal.
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 55.9 if you have this other travel do you need a car?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10.84
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 10
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0 you need to put a figure in here for Stepchange.
Total monthly expenses.................. 1395.74


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 7461.34..(140.8)....16.9
Total secured & HP debts...... 7461.34...-.........- assume this is a car. any chance you can hand it back and get a cheap run around.

Unsecured Debts
Description....................Debt......Monthly...APR
CO-OP Energy Bill..............985.22....0.........0
Store Card.....................364.88....5.........29.9
Store Card.....................372.91....15........22.9
Loan...........................9511.76...239.......9.9
Overdraft......................1848.02...0.........18.28
Credit Card....................4447.39...70........6.68
Credit Card....................1283.36...42........16.57
Catalogue......................1747.47...60........24.9
Total unsecured debts..........20561.01..431.......-
whilst i know that you are having problems and there is probably little chance have you looked at shifting any of the debt onto lower rate cards? especially the catalogue debt and the store cards. Any chance you could borrow 2.4k off a family member to pay those off? with those gone and some tweaks to your outgoings, plus some extra income, you could almost make this budget balance....

Monthly Budget Summary
Total monthly income.................... 1,696.23
Expenses (including HP & secured debts). 1,395.74
Available for debt repayments........... 300.49
Monthly UNsecured debt repayments....... 431
Amount short for making debt repayments. -130.51 so you this what you need to find to make this balance. See suggestions above.

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -7,461.34
Total Unsecured debt.................... -20,561.01
Net Assets.............................. -28,022.35

Good luck with whichever way you decide to go. The important things are don't go with a company that charges fees, make your budget for stepchange/payplan realistic. they can't have what you don't have.

chev

ViolaLass

Mobile phone for £48 a month, are you in a contract? When does it expire? Do you have a fancy phone that you could sell?

What were the loans for? Is there anything you bought that you could sell?

Where do you live? If in e.g. London then your rent seems normal but do you really need the car? If out in the sticks then you probably need the car but your rent seems high. Which is it?

datlex

si.bham.76 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1696.23
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1696.23

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 140.8
Rent.................................... 515
Management charge (leasehold property).. 0
Council tax............................. 68
Electricity............................. 119.93
Gas..................................... 0
Oil..................................... 0
Water rates............................. 6.5 (seems very low- were you over paying last year? I am assuming it is metered.
Telephone (land line)................... 0
Mobile phone............................ 48 seems high what is your usage? I am paying £8.50 for 5GB data, unlimited texts and 500 minutes for next 6 months with Vodafone Sim only
TV Licence.............................. 12.12
Satellite/Cable TV...................... 6.99 Is this Now TV? You can get vouchers from Game or Argos that cost £15 for 3 months or £5 a month. Also if you keep eye out there are often sales on in Argos and Currys for £19.99 for box pass 6 months pass
Internet Services....................... 24.98 Does this include phone line? Could be worth shopping around
Groceries etc. ......................... 160 Brand shift, shop shift, shop on line etc to shave a bit off this
Clothing................................ 20 Do you really need to spend £240 on clothes a year?
Petrol/diesel........................... 45
Road tax................................ 3
Car Insurance........................... 78.68 Put your details into a comparison website, my partner was quoted £900 a year for car, quick search on website showed a quote for £350
Car maintenance (including MOT)......... 20 here you might be a bit low, £240 will cover MOT but only leaves £190 allocated to servicing or new tyres - I am assuming given your petrol costs you do a lot of miles so are likely to go through tyres
Car parking............................. 0
Other travel............................ 55.9
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20 Have you considered prepayment certificate?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10.84
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 10
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1395.74


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 7461.34..(140.8)....16.9
Total secured & HP debts...... 7461.34...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CO-OP Energy Bill..............985.22....0.........0 You need to start paying this or you risk going on a prepayment meter
Store Card.....................364.88....5.........29.9 have you "closed" the account for new purchases and cut up card?
Store Card.....................372.91....15........22.9 have you "closed" the account for new purchases and cut up card?
Loan...........................9511.76...239.......9.9
Overdraft......................1848.02...0.........18.28
Credit Card....................4447.39...70........6.68
Credit Card....................1283.36...42........16.57
Catalogue......................1747.47...60........24.9 save on your heating by burning this ( well at least bin it and tell company not to send you any more new catalogues)
Total unsecured debts..........20561.01..431.......-


Monthly Budget Summary
Total monthly income.................... 1,696.23
Expenses (including HP & secured debts). 1,395.74
Available for debt repayments........... 300.49
Monthly UNsecured debt repayments....... 431
Amount short for making debt repayments. -130.51 Your shortfall is higher than this as you are not showing anything towards the elec bill

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -7,461.34
Total Unsecured debt.................... -20,561.01
Net Assets.............................. -28,022.35

I reckon your could easily shave off £80 a month. Other savings would require a review of how you spend in more detail.

fatbelly

Looks to me like a dmp with stepchange or payplan would be right at this point.

You need a new bank account for your income and essential direct debits; one unconnected to your debts.

Keep paying your HP but cancel the d/ds to the non-priority creditors to allow you to build an emergency fund over the next 2 or 3 months.

itchyfeet123

You don't have to answer here, but do you know where the 19,000 unsecured that's not your energy bill came from? Your monthly spending before debt payments is comfortably within your income. So if there wasn't some specific event that led to the debt, like maybe you were out of work for a while, it might be worth keeping track of your spending for a month or so to see if what you think you spend is what you actually spend.

si.bham.76

Thank you for all of the advise guys, I'm currently on step change website getting registered.

As an addition to some figures in my SOA, I rent on the outskirts of Birmingham as rent in the city centre is really high. 55.90 covers the cost of my train pass as I currently live 6 miles from the nearest station and this seems to work out cheaper than paying for parking in the town centre. Although I predominantly work in an office I am out and about visiting sites for work up and down then country regularly enough to still need the car. With my electric bill, everything in the house is electric (cooking, heating and hot water) I'm on a water meter and 6.50 is what they say my bill is. £24.98 for Internet services cover the phone line rental as well. Im in a contract on my mobile phone till may 2019. The co-op bill was for a property that I moved out of 2 years ago, I did not know the bill existed until the debt collectors got intouch. That property was the same situation all gas no electric, however my meter was locked in a service basement and was not able to gain access to for meter readings so 18 months of underestimating later I'm in this position. Car insurance I always go on comparisons, I'm a 28 year old male, 5 years experience and 5 years no claims with no points and sadly that's what it costs me.

His weekend I will be going round the house and cataloging what I can sell then will start getting Inge on eBay. But I don't own a lot of high end things that I'll fetch money.

Thanks again for all of the advise, I'll make sure I keep you all posted.

poppasmurf_bewdley

si.bham.76 wrote: »

Thank you for all of the advise guys, I'm currently on step change website getting registered.

As an addition to some figures in my SOA, I rent on the outskirts of Birmingham as rent in the city centre is really high. 55.90 covers the cost of my train pass as I currently live 6 miles from the nearest station and this seems to work out cheaper than paying for parking in the town centre. Although I predominantly work in an office I am out and about visiting sites for work up and down then country regularly enough to still need the car. With my electric bill, everything in the house is electric (cooking, heating and hot water) I'm on a water meter and 6.50 is what they say my bill is. £24.98 for Internet services cover the phone line rental as well. Im in a contract on my mobile phone till may 2019. The co-op bill was for a property that I moved out of 2 years ago, I did not know the bill existed until the debt collectors got intouch. That property was the same situation all gas no electric, however my meter was locked in a service basement and was not able to gain access to for meter readings so 18 months of underestimating later I'm in this position. Car insurance I always go on comparisons, I'm a 28 year old male, 5 years experience and 5 years no claims with no points and sadly that's what it costs me.

His weekend I will be going round the house and cataloging what I can sell then will start getting Inge on eBay. But I don't own a lot of high end things that I'll fetch money.

Thanks again for all of the advise, I'll make sure I keep you all posted.

Don't you get mileage allowance for this? Nothing is included in your SOA. You should be getting somewhere around 40p a mile, and if not, you can claim the difference between what you actually get and the recommended rate via a Self Assessment Tax Return.

EssexHebridean

si.bham.76 wrote: »

Thank you for all of the advise guys, I'm currently on step change website getting registered.

As an addition to some figures in my SOA, I rent on the outskirts of Birmingham as rent in the city centre is really high. 55.90 covers the cost of my train pass as I currently live 6 miles from the nearest station and this seems to work out cheaper than paying for parking in the town centre. Although I predominantly work in an office I am out and about visiting sites for work up and down then country regularly enough to still need the car. With my electric bill, everything in the house is electric (cooking, heating and hot water) I'm on a water meter and 6.50 is what they say my bill is. £24.98 for Internet services cover the phone line rental as well. Im in a contract on my mobile phone till may 2019. The co-op bill was for a property that I moved out of 2 years ago, I did not know the bill existed until the debt collectors got intouch. That property was the same situation all gas no electric, however my meter was locked in a service basement and was not able to gain access to for meter readings so 18 months of underestimating later I'm in this position. Car insurance I always go on comparisons, I'm a 28 year old male, 5 years experience and 5 years no claims with no points and sadly that's what it costs me.

His weekend I will be going round the house and cataloging what I can sell then will start getting Inge on eBay. But I don't own a lot of high end things that I'll fetch money.

Thanks again for all of the advise, I'll make sure I keep you all posted.

OK - specifically looking at the electricity. So you're using storage heaters for your heating - yes? It's vital to learn to use them properly otherwise they can be expensive. Used properly I reckon they work out no more expensive than standard gas central heating - in fact potentially cheaper. You should also check that you're on an economy 7 meter, and that your tariff is correct for this too - essentially the power to charge your heaters, and heat your hot water (via an immersion tank, I assume?) is used overnight, and is far cheaper than your daytime electricity. An E7 meter suits people who are able to use as much of their power overnight as possible - learn the times yours functions and then you know what you can do when, to get the benefit of the cheap rate. We run dishwasher and washing machine overnight as routine. You can also do things like if your cheap rate finishes at 7am, and you'd normally get up at that time, too, set your alarm for 10 minutes earlier so you can grab a shower on the lower rate - that sort of thing can make an impact.

Coking on electricity can be very pricey too - so learn to make use of your oven and never heat it up just for one thing. Batch cook where you can. Do you have a microwave? If so it will be cheaper for example to cook a jacket potato in there. You can use it for re-heating previously batch cooked meals, too. Likewise never boil water for veg or pasta on the hob - always bring it to boiling in the kettle and then transfer to a ready-warmed pan on a hot ring.

Do you check your water meter and submit readings regularly? That does seem a bit low even for a single person?

I know parking in city centres can be tricky but ask colleagues if they know ANYWHERE that you can park-on street within a couple of miles of the office - you never know. Failing that start walking in your lunch break - head away from the office out of town and start looking for on-street parking. having said that, depending on how many miles it is it may actually be cheaper on the train so it's worth weighing things up.

That car insurance cost is horrific though - there's something wrong there. I take it you have business use included, but that should only make a small difference to the policy price. Go to a comparison site and start from fresh with ALL new details - yes your age will contribute to a higher cost a bit, but you've got somewhere near full NCB now. If it IS the business use that's bumping it up (and thinking about it, as you're still a relatively inexperienced driver, it just could be) then you need to start asking work what can be done about giving you use of a pool car for site visits.

ViolaLass

I'm only a few miles away from you and £500 a month would get you a three bed house round here (and 20 min train into Brum). Could you move somewhere smaller or share?

If you haven't got many things to sell, what did the money go on? Are you sure it isn't still going on that?