need to sort my debt

Willing2Learn

Here you go...tidied up!!!

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................ 1214
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 150
Total monthly income.................... 1364

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 625
Management charge (leasehold property).. 0
Council tax............................. 108
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 15
Satellite/Cable TV...................... 30
Internet Services....................... 15
Groceries etc. ......................... 120
Clothing................................ 15
Petrol/diesel........................... 45
Road tax................................ 25
Car Insurance........................... 27
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1195


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1800
Other assets............................ 0
Total Assets............................ 1800

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................6026......0.........0
Barclaycard....................5494......0.........0
MBNA...........................10000.....0.........0
Tesco..........................1600......0.........0
Sainsbury......................6000......0.........0
MBNA...........................7000......0.........0
Total unsecured debts..........36120.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,364
Expenses (including HP & secured debts). 1,195
Available for debt repayments........... 169
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 169

Personal Balance Sheet Summary
Total assets (things you own)........... 1,800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -36,120
Net Assets.............................. -34,320

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Willing2Learn

Hi Daisy,

You have not entered any monthly payments for your unsecured debts (Barclaycard, MBNA and Sainsbury). Is this correct? And are these accounts currently on 0% APR?

Daisydoo69

thanks for this, at the moment the payments are frozen, so I can sort out payments to them, though am worried I've not heard back from them, have emailed them my budget sheet etc, not sure how long these things take, have sent chaser emails as well

Daisydoo69

i also have just noticed that I missed a loan to Tesco's, I owe £1600 and have been paying back £160 a month until this month, I need to speak to them

Daisydoo69

I hadn't realised how much it had actually got to, am a bit ashamed if I'm honest

Willing2Learn

I have added the Tesco account to your SOA.

There is nothing to be ashamed about. Sometimes people have trouble budgeting and end up in debt...

Do you think it might be possible for you to either get a second job or to do regular overtime in your current job? (This is because the simplest solution would be to increase your income). On your current income, a DMP would take a considerable amount of time before you would be able to settle your accounts...

Daisydoo69

HI

thanks for your help, I am trying to earn more cash, I left a well paid job a year ago, I was being bullied by my manager, going through a hard relationship break up, couldn't see up for down.To be honest I am not fussed about getting a good credit rating, I just want to stop worrying about how I am going to find the money to make the payments, I have been robbing Peter to pay Paul.

dan958

Not really any improvements I could make with your outgoings other than cutting the tv/cable and cuttng down on groceries (if that budget is for 1 person).

As Willing2Learn said, defintely look into more hours or a second job/higher paying job.

katsu

No land line, nor mobile? No water rates? No contents insurance? Have a check and see if you are missing a few bills.

I would cancel the satellite TV. It's £360 a year towards a debt, however I can see why Step change recommended you consider a solution like bankruptcy as you have a lot of debt to repay, so maybe it's worth exploring further.

Daisydoo69

HI

I live in Scotland so water rates are included in my council tax, I have phone package and netflix which is included in the satelite/cable section, sorry if I put it in the wrong bit, and my mobile is £11 per month, and yep no contents insurance