My spiralling debt

Duncw1991

So I am in a mess with debt.. struggling both financially and mentally.

I have completed the SOA.

Problems I have is a guarentor loan which I can't allow the guarentor to pay and also a car on finance which I need in order to be able to get to work.

[tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1600

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 369
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 100
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 50
Clothing................................ 30
Petrol/diesel........................... 250
Road tax................................ 10.5
Car Insurance........................... 100
Car maintenance (including MOT)......... 45
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 240
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 40
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1594.5


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
Secured Debt.................. 4500.....(152)......0
Hire Purchase (HP) debt ...... 6500.....(217)......0
Total secured & HP debts...... 11000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................1000......35........0
Credit card....................300.......20........0
Credit card....................200.......20........0
Unsecured loan.................4500......175.......0
Payday loan....................160.......160.......0
Payday loan....................800.......131.......0
Total unsecured debts..........6960......541.......-


Monthly Budget Summary
Total monthly income.................... 1,600
Expenses (including HP & secured debts). 1,594.5
Available for debt repayments........... 5.5
Monthly UNsecured debt repayments....... 541
Amount short for making debt repayments. -535.5

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -11,000
Total Unsecured debt.................... -6,960
Net Assets.............................. -17,960

[/tt]

Soundgirlrocks

I'm sure others with more knowledge will be along soon but from a quick look its costing you £622.50 to finance and run a car, more than a 1/3 of your income, can you move closer to work / get a job closer to home?

Petrol/diesel........................... 250
Road tax................................ 10.5
Car Insurance........................... 100
Car maintenance (including MOT)......... 45
Hire Purchase (HP) debt ...... 6500.....(217)......0

RhiBi

You've listed zero cars, but have a lot of car related expenses?!

Willing2Learn

ditto to the above two posts about the car costs.

Which one of the debts is the Amigo loan?

(And while I'm here, how come your mobile is costing you £100/month. It seems an awful lot to pay, when you are broke)

RhiBi

Duncw1991 wrote: »

So I am in a mess with debt.. struggling both financially and mentally.

I have completed the SOA.



Household Information[/b]
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 0youve listed car related expenses

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1600

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 369
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0 are you not paying this, it is an essential bill
Electricity............................. 0
Gas..................................... 0no gas or electricity used?
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 100 are these under contract? Can they be reduced?
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 50 £50 for 3 adults?
Clothing................................ 30
Petrol/diesel........................... 250
Road tax................................ 10.5
Car Insurance........................... 100
Car maintenance (including MOT)......... 45
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 240 what is this as you've listed zero children! Are you entitled to child benefit?
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 40
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1594.5


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
Secured Debt.................. 4500.....(152)......0
Hire Purchase (HP) debt ...... 6500.....(217)......0
Total secured & HP debts...... 11000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................1000......35........0
Credit card....................300.......20........0
Credit card....................200.......20........0
Unsecured loan.................4500......175.......0
Payday loan....................160.......160.......0
Payday loan....................800.......131.......0
Total unsecured debts..........6960......541.......-


Monthly Budget Summary
Total monthly income.................... 1,600
Expenses (including HP & secured debts). 1,594.5
Available for debt repayments........... 5.5
Monthly UNsecured debt repayments....... 541
Amount short for making debt repayments. -535.5

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -11,000
Total Unsecured debt.................... -6,960
Net Assets.............................. -17,960

[/tt]

I've listed a few questions above, my first suggestion would be to start a spending diary. Go through bank statements and see what can be cut back, but also accurately assess where you money is going. £50 on groceries for 3 adults seems impossible to me!!

kazwookie

£100 per month on car ins, are you sure that is correct.

3 adults listed, do the other 2 adults pay anything toward household items, ie bills / food etc? what is their income per month?

determined_new_ms

RhiBi wrote: »

I've listed a few questions above, my first suggestion would be to start a spending diary. Go through bank statements and see what can be cut back, but also accurately assess where you money is going. £50 on groceries for 3 adults seems impossible to me!!

I may be wrong but I read it that there are 3 living in the house but op is only paying for him/herself. I assume it's a room in a house, possibly a family member that's why it's so low cost and bills all in

Also I'm guessing the child related expenses are child support

op you can't magic that amount of money out of the air. You haven't got anywhere you can make that money. Your options are increase your income or enter into some debt remedy solution. Debt to family member or not

zippygeorgeandben

This looks like an SOA done in haste so I'm hazarding a guess that the OP isn't wanting to face up to the absolute truth (yet).

Duncw1991

So I live with my 2 parents that's why I have listed 3 adults..

The 240 for child expenses is child maintenance I pay each month..

My car insurance is £100 a month. I put zero cars as I don't own the car it is on finance.

Unfortunately I'm paying 300 a month in fuel costs and that is with moving closer to work, I don't have any experience or qualifications that would allow me to get a job on a higher income. And with the amount of debt I have I can't afford to find a closer job that would pay less.

The £50 groceries is what I pay for myself.. Unfortunately my parents can not contribute any more than they already have done.

The phone is on a 2 year o2 refresh plan including a tablet which is why it's £100 a month.

As I live with parents I do not contribute to any essential bill such as electricity and council tax.

An iva or declaring bankruptcy would mean that my mother would become liable for the guarentor loan and I know 100% she is not in any position to be able to pay it.

Mnd

Whatever the mobile deal includes its massive, but you are not going to fund the shortfall by fiddling with your SOA.
Are you sure your car insurance is right
If you're not going to look at a debt plan, you must cut the car expenses considerably and get a evening job to increase your income
You could cut back on presents and haircuts as well, you can't afford that level of exspense

System

Duncw1991 wrote: »

My car insurance is £100 a month. I put zero cars as I don't own the car it is on finance.

Unfortunately I'm paying 300 a month in fuel costs and that is with moving closer to work, I don't have any experience or qualifications that would allow me to get a job on a higher income. And with the amount of debt I have I can't afford to find a closer job that would pay less.

Hi - can I ask what car you have (petrol/diesel/performance car). £300 per month is about six fill ups for me (big SUV 2.0 diesel), which would equate to around 3-4k miles...are you doing this much? Or do you need a less thirsty car?


Big insurance bill and big pertrol bill means either


1) You do a massive amount of miles, like close to 45k per year
2) You are very young and therefore getting stung for insurance
3) You have a performance car hence the petrol bill and insurance


Either or, unless you are a taxi driver, you need to move closer or at least sort out appropriate transport for your age/role.