In a pickle and not sure where to go.

datlex

Newstart0205 wrote: »

Well I've got myself into a pickle financially and I just don't know where to turn.

I starting to struggle since a relationship breakdown earlier this year.

Things are getting on top of me and affecting my health and my relationship with family and friends.

I've attached a list of my finances and hoping someone can advise. Please don't judge me I'm already in a bad place.

I hope 2018 is a better year for you. Once your SOA is posted the folks here will be able to support and encourage you. Try joining one or two of the challenges on the debt challenges page.

Newstart0205

Soa
Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1068
Partners monthly income after tax....... 0
Benefits................................ 265.8
Other income............................ 200
Total monthly income.................... 1533.8

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 355.94
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 80
Gas..................................... 0
Oil..................................... 0
Water rates............................. 51.8
Telephone (land line)................... 0
Mobile phone............................ 60.71
TV Licence.............................. 29.4
Satellite/Cable TV...................... 0
Internet Services....................... 37.75
Groceries etc. ......................... 300
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 85
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......................... 18.58
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 17
Holiday................................. 0
Emergency fund.......................... 0
Maintenance............................. 100
Total monthly expenses.................. 1386.18


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
Car finance....................14760.........203.6.....0
Moorcroft......................54.68........54.86.....0 (last payment)
Credit card 1..................5069.02...132.9.....0
Overdraft......................600.......0.........0
Payday.........................1526.6....218.......0
Credit card 2..................5692.79...150.......0
Total unsecured debts..........12888.41..759.36....-


Monthly Budget Summary
Total monthly income.................... 1,533.8
Expenses (including HP & secured debts). 1,386.18
Available for debt repayments........... 147.62
Monthly UNsecured debt repayments....... 759.36
Amount short for making debt repayments. -611.74

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,888.41
Net Assets.............................. -12,888.41

Dobbibill

Newstart0205 wrote: »

Soa
Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1068
Partners monthly income after tax....... 0
Benefits................................ 265.8
Other income............................ 200
Total monthly income.................... 1533.8

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 355.94
Management charge (leasehold property).. 0
Council tax............................. 100 If this is over the standard 10 months, change to 12
Electricity............................. 80
Gas..................................... 0
Oil..................................... 0
Water rates............................. 51.8 is this also over 10 months, if so change to 12 or see if you can have a meter installed
Telephone (land line)................... 0
Mobile phone............................ 60.71 this is really high, when does your contract end, change to SIMO
TV Licence.............................. 29.4 this is normally £12.12 unless it's the 1st 6months which should be £24.24
Satellite/Cable TV...................... 0
Internet Services....................... 37.75 can you get a better deal
Groceries etc. ......................... 300 this is quite alot for 1 adult & 1 child - change brands, shops, batch cook
Clothing................................ 0 never ever?
Petrol/diesel........................... 150
Road tax................................ 0
Car Insurance........................... 0 No car insurance?
Car maintenance (including MOT)......... 0 none,
not even brakes, oil change, tyres, wipers?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 85
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 you should have basic cover here
Life assurance ......................... 0
Other insurance......................... 18.58 what's this?
Presents (birthday, christmas etc)...... 0 no presents for your little one ever?
Haircuts................................ 0
Entertainment........................... 17
Holiday................................. 0
Emergency fund.......................... 0 you should have something in here
Maintenance............................. 100
Total monthly expenses.................. 1386.18


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
Car finance....................14760.........203.6.....0
Moorcroft......................54.68........54.86.....0 (last payment)
Credit card 1..................5069.02...132.9.....0
Overdraft......................600.......0.........0
Payday.........................1526.6....218.......0
Credit card 2..................5692.79...150.......0
Total unsecured debts..........12888.41..759.36....-
are all these definitely 0%, have you made arrangements with them for this?


Monthly Budget Summary
Total monthly income.................... 1,533.8
Expenses (including HP & secured debts). 1,386.18
Available for debt repayments........... 147.62
Monthly UNsecured debt repayments....... 759.36
Amount short for making debt repayments. -611.74
even with all the suggestions above you are not going to be able to meet your commitments.

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,888.41
Net Assets.............................. -12,888.41

I've added my comments in red above but you may be looking at a DMP or similar solution as even alterations would not free up the amount you need to meet all your commitments. I'm sure some of the more experienced will be along soon to offer additional suggestions.

motivated

Hi Newstart

I won’t be able to offer any advice on your SOA as Im No expert where moneys concerned.

I just wanted to pop in and say well done for posting it and as Dobbibill said someone with a lot more knowledge will be along soon.

The DMP thread will have some great advice over theire. They helped me out no end
X

patman99

Hi Newstart. I to noticed the high cost of your TV licence. Is the mobile cost for just the one handset?.

You seem to have a negative income. Do not worry about this. Have you thought about speaking to Stepchange, National Debtline or Payplan?. These are all debt charities, so can offer free help.

Assuming there would be no impact on your job, they may offer you solutions such as a debt management plan.

I cannot tell you of the relief I felt when I contacted Stepchange to help sort out my debts. It was like a big weight being lifted off my shoulders.

It was also the first time in 13 years that I felt in control of my finances.

Good luck with your journey.

[Deleted User]

Newstart0205 wrote: »

Soa
Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1068
Partners monthly income after tax....... 0
Benefits................................ 265.8
Other income............................ 200
Total monthly income.................... 1533.8

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 355.94
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 80
Gas..................................... 0
Oil..................................... 0
Water rates............................. 51.8
Telephone (land line)................... 0
Mobile phone............................ 60.71 - This is a lot, even for 2 phones. You should be able to get this down to around 1/3 the price.
TV Licence.............................. 29.4 - Have you just started paying for this, by instalments?
Satellite/Cable TV...................... 0
Internet Services....................... 37.75
Groceries etc. ......................... 300 - This is a lot for two people.
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 0 - Is this included in the finance deal?
Car Insurance........................... 0 - Is this included in the finance deal?
Car maintenance (including MOT)......... 0 - Is this included in the finance deal?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 85
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 - You need this. Should cost around a tenner.
Life assurance ......................... 0
Other insurance......................... 18.58 - What is this?
Presents (birthday, christmas etc)...... 0 - Nothing, ever?
Haircuts................................ 0
Entertainment........................... 17
Holiday................................. 0 - Not even a day at the seaside?
Emergency fund.......................... 0 - You need something in here.
Maintenance............................. 100 - Is this child maintenance, or something like house maintenance?

Total monthly expenses.................. 1386.18


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0 - You have a car. That is an asset.
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Car finance....................14760.........203.6.....0
Moorcroft......................54.68........54.86.....0 (last payment)
Credit card 1..................5069.02...132.9.....0
Overdraft......................600.......0.........0
Payday.........................1526.6....218.......0
Credit card 2..................5692.79...150.......0
Total unsecured debts..........12888.41..759.36....-


Monthly Budget Summary
Total monthly income.................... 1,533.8
Expenses (including HP & secured debts). 1,386.18
Available for debt repayments........... 147.62
Monthly UNsecured debt repayments....... 759.36
Amount short for making debt repayments. -611.74

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,888.41
Net Assets.............................. -12,888.41

My comments in red.

Are all the debts really 0%?

Newstart0205

Update:

Moved into house 3 months ago so some bills are higher at present i.e. tv licence

Mobiles is for phone and mobile 4g. My phone up renewed in June and 4g in 16months.

My deficit is due to my husband leaving me in April for another woman and leaving me with nothing.
I've had to start from scratch keeping on sofas etc until I got my house. I do have a car on pcp but can't risk loosing it as need for work as work in community.

Food bill includes cat food and litter for 1 cat.

Cards are def not 0% I will find interest rates out.

Thank you so far.

Fosterdog

Newstart0205 wrote: »

Soa
Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1068
Partners monthly income after tax....... 0
Benefits................................ 265.8
Other income............................ 200
Total monthly income.................... 1533.8

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 355.94
Management charge (leasehold property).. 0
Council tax............................. 100 as already mentioned if this is over 10 months get it changed to 12 months next year and make sure you claim your single occupancy if entitled.
Electricity............................. 80
Gas..................................... 0
Oil..................................... 0
Water rates............................. 51.8 this is at least double what is should be, if not on a meter get one, if you are you need to check for leaks and be more sensible with usage.
Telephone (land line)................... 0
Mobile phone............................ 60.71phone up and see if you can get your tariffs dropped a level, this is way too high even for two contracts
TV Licence.............................. 29.4
Satellite/Cable TV...................... 0
Internet Services....................... 37.75
Groceries etc. ......................... 300 even with cat food and litter this can be easily cut in half. Shop in Aldi or Lidl, brand swap, meal plan and only buy what you need and head over to the old style board for ideas
Clothing................................ 0 shoukd be something here
Petrol/diesel........................... 150
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0 should be something here, there will be some things not included in your car scheme
Car parking............................. 0 never?
Other travel............................ 0
Childcare/nursery....................... 85
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0 you have a cat so shoukd have something here
Buildings insurance..................... 0
Contents insurance...................... 0 this is needed
Life assurance ......................... 0
Other insurance......................... 18.58 what is this?
Presents (birthday, christmas etc)...... 0 never?
Haircuts................................ 0
Entertainment........................... 17
Holiday................................. 0
Emergency fund.......................... 0 need something here
Maintenance............................. 100 what is this for?
Total monthly expenses.................. 1386.18


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Car finance....................14760.........203.6.....0
Moorcroft......................54.68........54.86.....0 (last payment)
Credit card 1..................5069.02...132.9.....0
Overdraft......................600.......0.........0
Payday.........................1526.6....218.......0
Credit card 2..................5692.79...150.......0
Total unsecured debts..........12888.41..759.36....-


Monthly Budget Summary
Total monthly income.................... 1,533.8
Expenses (including HP & secured debts). 1,386.18
Available for debt repayments........... 147.62
Monthly UNsecured debt repayments....... 759.36
Amount short for making debt repayments. -611.74

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,888.41
Net Assets.............................. -12,888.41

Can you hand the car back penalty free and buy a cheaper one? That is the big thing crippling your finances every month, you simply cannot afford to keep your current car.

I’ve commented in red on some other changes that could be made but even with the changes it will only free up around £200 a month (plus the £54 freed up after final moorcroft payment)

Are you going through the divorce process? Are you likely to get a lump sum or value from a property sale as part of that? Is your ex paying the correct level of maintenance? Can he help out more with childcare to save some of the £85 a month?

ElleWoods

Hi Newstart, good on you for posting - the first step is often the hardest. I'm also a single mum, my ex left when I was pregnant, so I totally get where you're coming from. I'm sure that you'll live up to your username and 2018 will definitely be a new start for you.

Can I just ask you to clarify your full debt? Upthread you said it was over £26k, but your SOA has it at just under £13k (unless I've missed something?). Which is correct?

anniek42

Hello

Is it me or is the total unsecured debt figure wrong?