My SOA

Need_Help_Now

Hello everyone,

I am pure sick posting this. I have never once missed a payment in my life and I feel now that life is over. Here goes - any help or advice would be greatly appreciated as I am a shell of a person at the moment. I feel I have let everyone down and don't know what to do.

I am in my 40's and still live with my parents. I am single and have no children or dependants.

Apologies but I am still trying to find out APR's for some of my debts. I'll put them up as soon as I have them. Thank you everyone.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1712
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1712

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10 (Pay as you go)
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 40 (Currently tied in to 12 month contract with Virgin)
Groceries etc. ......................... 20
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 17
Car Insurance........................... 34
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 9
Other insurance......................... 0
Presents (birthday, christmas etc)...... 35
Haircuts................................ 0
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 400


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 6000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Avant Credit - Loan............2547......142.......34.4
Barclaycard....................4832......145.......19.9
Drafty - Loan..................1100......60........0
Family member..................11400.....0.........0
Tesco - Loan...................8874......386.......0
Swift Sterling - Loan..........1637......327.......0
QuickQuid - Loan...............630.......90........0
Nationwide - O/D...............5000......63........19.9
HSBC - Credit Card.............6900......170.......19.9
Hitachi Capital................4685......276.......0
Total unsecured debts..........47605.....1659......-


Monthly Budget Summary
Total monthly income.................... 1,712
Expenses (including HP & secured debts). 400
Available for debt repayments........... 1,312
Monthly UNsecured debt repayments....... 1,659
Amount short for making debt repayments. -347

Personal Balance Sheet Summary
Total assets (things you own)........... 6,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -47,605
Net Assets.............................. -41,605

Need_Help_Now

Hi Willing2learn,

Thank you for your post. I was going to contact StepChange to arrange a DMP. I completed their online remedy tool and that is what they recommended.

Should I go ahead with that do you think?

Willing2Learn

I actually deleted the post as I hadn't noticed you'd mentioned not knowing the APRs in your original post.


There is currently quite a large shortfall in the amount needed to service your debts. And yes, I would contact StepChange and see what they would advise.

National_Debtline

Hi there,


Your SOA does seem quite restrictive, and if you were to consider a free DMP, or an IVA, you would need to ensure that it is sustainable. This may mean adding more money for food, rent, clothing, haircuts, emergencies etc. because, if it isn't in the budget, it won't be something you can do. I understand you are trying to cut back, but it is unrealistic to say you won't buy any new clothes or have a hair cut in the next 5- 10 years. I appreciate that you have limited expenses as you are living at home, but then you need to assess why this debt built up in the first place in that case.


Best of luck,


Laura
@natdebtline

Need_Help_Now

National_Debtline wrote: »

Hi there,


Your SOA does seem quite restrictive, and if you were to consider a free DMP, or an IVA, you would need to ensure that it is sustainable. This may mean adding more money for food, rent, clothing, haircuts, emergencies etc. because, if it isn't in the budget, it won't be something you can do. I understand you are trying to cut back, but it is unrealistic to say you won't buy any new clothes or have a hair cut in the next 5- 10 years. I appreciate that you have limited expenses as you are living at home, but then you need to assess why this debt built up in the first place in that case.


Best of luck,


Laura
@natdebtline

Thank you Laura,

I really appreciate you taking time to respond. I am completely new to all this so I welcome and advice or guidance. Haircuts - I do my own but I would need to take into consideration the cost of the equipment so I will add something against this, thank you.

In relation to emergencies is there a ballpark figure I should be putting in here do you know? I apologise but I am a real beginner with all this stuff.

Thanks again Laura.

Willing2Learn

When I was struggling with debt, I built up an emergency fund by putting away just £10/month. It's very slow, but it was all I could afford at the time monthly budget-wise.

ratrace

Hi didnt want to read and run

Do you have any assets of value that you could sell to reduce the debt down


well done for posting you soa, its always hard to take that first step but you have done that so it can only get better from now



also how was the debt accumulated was it gambling or just over spending over the years on things, you really need to truthfull to your self as once you know how you are spending and why -then you can address them issues

Need_Help_Now

ratrace wrote: »

Hi didnt want to read and run

Do you have any assets of value that you could sell to reduce the debt down


well done for posting you soa, its always hard to take that first step but you have done that so it can only get better from now



also how was the debt accumulated was it gambling or just over spending over the years on things, you really need to truthfull to your self as once you know how you are spending and why -then you can address them issues

Hi ratrace,

Thank you for your kind post. I am in bits here, I really am. Unfortunately it was gambling. I am really kicking myself and can't believe I lost control like this. I have been careful for many years and never missed a payment but I have really taken my eye off the ball and paid the ultimate price it seems this time.

Sorry for rambling. To answer your question the only asset I have is my car and I need that for work. I have placed £5,000 value on it but I would be lucky to get anywhere near that unfortunately. It is a 2011 car.

Thank you for taking time to post ratrace. I really appreciate it.

worriedDan

Rather than berating yourself, give yourself a pat on the back for gaining the courage to sign up and post of this forum.

We all kick ourselves when we realise the level of debt we are in, but you should remember that this will be the most debt that you will EVER be in - the only was now is downwards.

There is a really inspirational thread on here by a use called herowhenzero - I would recommend that you take a look at his diary.

My debts were in excess of 60K when I started. This was on top of living costs, mortgage and the costs involved with raising a kid.

Looking at your figures, a DMP could work for you. I agree with others that your SOA is too restrictive, however I do think that you could pay at least a grand a month, so you could be debt free in 4 years. Another good thing about a DMP is that it will prevent you from being able to access additional credit.

I think that you need to get some professional help for your gambling. It's nothing to be ashamed of and there are lots of others out there in the same boat. I can personally think of two people I know who have run up gambling debts. One of them managed to spend 100K inheritance, on top of the debts he racked up.

Most importantly, I want you to remember to take care of yourself. You are in a bit of a pickle at the moment, but it can be sorted out! You have taken the first steps to turn this around.

Keep posting

worriedDan

Just a few comments below. Don't be too restrictive - your SOA needs to be realistic as you are entitled to a decent quality of life.


Monthly Income Details
Monthly income after tax................ 1712
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1712

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 100- Will this remain at this rate for the next 4 years?
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10 (Pay as you go)
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 40 (Currently tied in to 12 month contract with Virgin)
Groceries etc. ......................... 20 - Is this realistic? Do you ever eat out etc?
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 17
Car Insurance........................... 34
Car maintenance (including MOT)......... 20 - I would up this to £50 so that you have a buffer
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 9
Other insurance......................... 0
Presents (birthday, christmas etc)...... 35
Haircuts................................ 0
Entertainment........................... 40 - Is £10 per week realistic? You need to ensure that you can still have some fun
Holiday................................. 0
Emergency fund.......................... 0 - I would put £50 away for emergencies
Total monthly expenses.................. 400

If you do decide to go down the DMP route then I think it's important that you are able to live comfortable during the process. Being too restrictive will make your life unnecessarily harder.

ratrace

Need_Help_Now wrote: »

Hi ratrace,

Thank you for your kind post. I am in bits here, I really am. Unfortunately it was gambling. I am really kicking myself and can't believe I lost control like this. I have been careful for many years and never missed a payment but I have really taken my eye off the ball and paid the ultimate price it seems this time.

Sorry for rambling. To answer your question the only asset I have is my car and I need that for work. I have placed £5,000 value on it but I would be lucky to get anywhere near that unfortunately. It is a 2011 car.

Thank you for taking time to post ratrace. I really appreciate it.

You're very welcome, i thought it was something such as gambling as your fixed costs per month are low. You have to stop beating yourself up about it whats done is done and unfortunately non of us can go back and change the past BUT we can change what we do it the future

there a few options open upto you

1) try to find/make £347 a month and carry on paying the debts off, however this may be hard as and when 0% deals coem to an end

2) Dmp, use a free debt charity to set up a paymant plan and get the them to freeze all interest and pay them back at a rate you can afford, this will take a lot of pressure of you..

3) Bankruptcy this is the most drastic option but means that you may get an ipa for 3 years or so as you have a big surplus after your basic needs are met (not sure if this will affect your job so you need to check) but it means that you get a clean slate and build up from there

And finally please dont do anything silly to yourself what you have to believe is that you have done nothing wrong in terms of crime you have not killed/hurt someone and you are not in any way a criminal


Bussiness all over the country fail owing millions and milloins of pounds all the time so compared to our debt its a drop in the ocean, the point im trying to make is that its only money, money that really dosent exist and is just created

you are worth much more than that, try not to worry too much trust me there is light at the end

hope this helps