Advice with debt.

Caoimhe1510

Hi,
I was giving this website by a friend who said it was better to come here before taking on a DRO/IVA.

I have minimal debt as such but substantial repayments. Due to a relationship breakdown I have been left with the household bills as well as debt. I was referred to a debt management adviser via the council but their suggestion was a DRO. I will eventually be moving in to another accommodation but it’s a waiting game with the council bidding system.

I was wondering if anyone on here could advise me with managing my debt that doesn’t result in a DRO/IVA but is manageable with my income.

Thanks
Leanne

MovingForwards

Without knowing more information we can't advise.

Complete a statement of affairs and we can let you know the options

Caoimhe1510

I’m new to all of this so I’m unsure what I’m doing. Where do I find the statement of affairs?

Thanks

MovingForwards

http://www.stoozing.com/calculator/soa.php

Here is the link, you will need to format it for MSE when complete

Caoimhe1510

I have now done my calculations. Where do I post it? On this threat or somewhere else?

Thanks

beanielou

On this thread is fine

Caoimhe1510

Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 860
Partners monthly income after tax....... 0
Benefits................................ 1100
Other income............................ 0
Total monthly income.................... 1960

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 112
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 157
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 55
Telephone (land line)................... 18
Mobile phone............................ 60
TV Licence.............................. 54
Satellite/Cable TV...................... 23
Internet Services....................... 20
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 100
Road tax................................ 18
Car Insurance........................... 51
Car maintenance (including MOT)......... 100
Car parking............................. 8
Other travel............................ 0
Childcare/nursery....................... 550
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 11
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 500
Haircuts................................ 50
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2817


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 400
Other assets............................ 0
Total Assets............................ 400


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 3800.....(112)......0
Total secured & HP debts...... 3800......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Next account ..................2000......90........29.9
Studio.........................500.......28........28.9
Amazon credit card.............500.......30........21.9
Barclays finance ..............1300......40........0
Tesco credit card..............350.......30........19.9
Total unsecured debts..........4650......218.......-


Monthly Budget Summary
Total monthly income.................... 1,960
Expenses (including HP & secured debts). 2,817
Available for debt repayments........... -857
Monthly UNsecured debt repayments....... 218
Amount short for making debt repayments. -1,075

Personal Balance Sheet Summary
Total assets (things you own)........... 400
Total HP & Secured debt................. -3,800
Total Unsecured debt.................... -4,650
Net Assets.............................. -8,050

beanielou

Thanks for popping up your SOA.

Why 2 cars? Can you sell one?
Christmas cannot be £500 a month as that is 6k a year!!
So basically as it stands you have no money to pay to your debts at all.

Caoimhe1510

So I have one car that is financed, the other one I was given to me, I was supposed to have the one that was given to me and my ex partner was going to be using the finances car- this was while we were still together. I still have both cars but my 50% hand back isn’t until November and then I was told that I could face stupid charges for damage etc.

£500 was a typo. Was supposed to be £50.