Clock ticking SOA

ohforsleep

My soa.
Painful to do
but I've finally done it! Not 100% sure it's spot on but at least I now have an idea of what's what.

My priority is my old bank debts asI have til Friday to come to an arrangement with them as to what I can pay. Then I can take stock at the rest.

I earn plenty but am in such a mess. On paper there should be money left over each week but there's not as there is always a big bill. (eg: car going for its mot this week and I am sure it wont pass!)

Sky & vodafone & broadband might not look like essentials but my teenage son has a disability and these make life bearable for us.

Any thoughts / suggestions welcomed. I have no idea what I should be offering to pay that's fair to the bank.
Here it is -

Bank debts:
Got until this Friday to come to an arrangement with my old bank!
Loan £18,561
Overdraft £2,539
Account £585
Total = £21685

Bank Mastercard £2,200
(paying off minimum)
Current bank overdraft £1000 owing


Monthly out
Mortgage – part and part
Building society 1 £230
Building society 2 £51

Mastercard minimum £20
Council tax £62
Groundrent £5
Gas £18
Electric £66
Water £22
Union fees £16
House insurance £42
TV licence £11

Paying back friend
( 18 months to go) £80
Card protection £3
Sky £87*
Virgin landline phone £34
Virgin broadband £37
Vodafone contract mobile £47
Pay as u go fone £20
Pet insurance £13

Car tax £10
MOT / repairs £40
car Insurance

(inc breakdown) £42
Petrol £80*

Food /social/ £ 100
Clothes/toiletries £50
Christmas £20
Birthdays/cards/gifts etc £20

Total £1,946

Big outstandings – (not been tackled for years due to depression / ostrich syndrome)
Dentists – not been for years & desperately need lots of work
Car – on it’s last legs & needed for work
Central Heating – broken - big bill to fix

Electrics – no lighting in parts of house
Fence - decayed
Massive shortfall in mortgages with 10 and 7 years to go

Tax man - not sure but think I owe a lot!

IN
Child benefit £76
Salary £2138

Also a few standard life shares which I will now arrange to cash in but wont be much

*Sky bill will come down as I’ve just realised I get a penalty for not having my phone line in. Feel so stupid!

*fuel bill high but needed for my work

Thanks to anyone who takes the time to give me any guidance

clarab_3

First thing to jump out at me, I get my virgin phone, broadband, mobile AND telly for £40... all in!

Cancel the sky, phone virgin and threaten to leae if they dont give you the same.

MCBIRNIE25

I would definitely get on to payplan over the bank. They are lovely and will help you work out a payment plan.
For de3ntal work, do you have a dental hospital nearby? In Liverpool we have 1, and you can let final year students work on your teeth, fully supervised and it's free. Everyone I know uses it as by their final year, they are usually of a competent standard.
Do your union have a hardship fund or anythign similar? Mine did when I was a rep, and members were allowed to apply.
Otherwise standard SOA advice beckons.
Best of luck.

ohforsleep

Sorry to be dozy but what / who is payplan? Do I have time?
Thanks

ohforsleep

Double sorry - I am truly aozy today. I've just searched & found the answer. Thanks

MCBIRNIE25

You will have time. Explain the situation to Payplan and they will write to your bank accordingly.
If you need to send them a letter let me know.

Gemmzie

Do you get DLA for your son? Might be worth looking into

JoeHel

Well done you for taking the step to face everything. It's the hardest bit but once you've done it and got a budget worked out I promise you it's a lot easier and life is sooo much less stressful!!

I pay a stupid amount for Virgin BUT we have the full package of TV/broadband/phone and we have multiroom too. And I still pay what you pay just for Sky! They have a package one better than the one we have and it includes a mobile too. I bet that package works out a lot cheaper than you are paying for all the separate bits.

I wouldn't worry too much about making an offer that is "fair" to the bank. You can't offer what you don't have! Doing an SOA like this means you can see exactly what you have left over and what you can realistically offer.

I haven't had to go down the payplan route (I think I might have caught things before they got to the stage that I couldn't pay at least the minimum on everything, thank god) but there are lots here who can advise properly on that. Best of luck.

ohforsleep

Went to CAB today & they were great - though it took 3 hours before i got seen.

My SOA posted above is way out in some ways - & I hadn't totalled it correctly.

Because I earn above the limit I couldn't see the financial specialist so they've given me a bookley with letter examples etc in & I will now have to work out what I can offer the bank on my own.

My heads banging & I feel sick as I've been dealing with this crap pretty much non stop for the last 2 days & I cant think straight now. so I reckon it will have to wait til tomorrow.

Thanks again to everyone who took the time to help.

Kevicho

ohforsleep wrote: »

My soa.

Bank debts:
Got until this Friday to come to an arrangement with my old bank!
Loan £18,561
Overdraft £2,539
Account £585
Total = £21685

Bank Mastercard £2,200
(paying off minimum)
Current bank overdraft £1000 owing


Monthly out
Mortgage – part and part
Building society 1 £230
Building society 2 £51

Mastercard minimum £20
Council tax £62
Groundrent £5 - what is this for?
Gas £18 - seems reasnable but never hurts to check to see if you can get this cheaper
Electric £66 - ouch, definately worth checking uswitch or another comparison site to find cheaper, then use quidco or another cashback site to get some dosh for switching
Water £22
Union fees £16
House insurance £42 - is this the cheapest cover you can get, do you really need this, does it cover what you think it covers? also does other cover you have make this obsolete? Lots of questions there lol
TV licence £11

Paying back friend
( 18 months to go) £80
Card protection £3 - id cancel this, also find out whats its for? Id personally try to claim this back as being missold as they never cover you for the things they originally claim too on the phone
Sky £87* - why do you have sky and virgin lines etc, why not either go for the sky package which is 26ish quid, or get virgin telly?
Virgin landline phone £34 - these are very high!
Virgin broadband £37 - again look to switch, is this cable bb?
Vodafone contract mobile £47 - do you really need to use this as much? Savings possible here by more economical use or changing to a better tariff
Pay as u go fone £20 - do you really need this?
Pet insurance £13 - id check into whether this covers you for what you think it does, also compare how much cover you get againsts say a years payments

Car tax £10
MOT / repairs £40
car Insurance

(inc breakdown) £42 - look into getting this cheaper
Petrol £80* - any non essential usage may be helpful in cutting this down, also moving to a more economical car

Food /social/ £ 100
Clothes/toiletries £50 - these 2 are luxurys, id go through wardrobes and take stock of what you have, i may be you have stuff to sell, try only to buy essentials and look for the may style tips on MSE to look good at greta prices
Christmas £20
Birthdays/cards/gifts etc £20

Total £1,946

Big outstandings – (not been tackled for years due to depression / ostrich syndrome)
Dentists – not been for years & desperately need lots of work
Car – on it’s last legs & needed for work
Central Heating – broken - big bill to fix

Electrics – no lighting in parts of house
Fence - decayed
Massive shortfall in mortgages with 10 and 7 years to go

Tax man - not sure but think I owe a lot!

IN
Child benefit £76
Salary £2138

Also a few standard life shares which I will now arrange to cash in but wont be much

*Sky bill will come down as I’ve just realised I get a penalty for not having my phone line in. Feel so stupid!

*fuel bill high but needed for my work - can you claim these as expenses

Thanks to anyone who takes the time to give me any guidance

Lots of work to do, but i think that it is great you have joined and got this information together.

With all the stuff you want to do take it a step at a tim, but do one thing a day towards accomplishing these oals, little steps make big strides and all that

Good luck and best wishes

Kev

Kevicho

Just a point about the house, with all the stuff you say that needs doing to it, would you consider selling up?

Renting for a while while you sort your finances (which will be helped by house sale), car and teeth out may ease the burden a little.