Our Soa - help please we’re struggling

theoretica

I think you need to look at this situation both for the short term - getting through this year - but also for a longer term plan. You say you are semi retired, so the obvious question is about any pension income - how far away is that and will it cover your living expenses more or less comfortably than your current earnings?  Will you have enough extra to be able to get rid of the debt once pensions kick in - do you need to tide the debt over or get rid with your current circumstances?

Chris_English

From what you’ve written it doesn’t look as though you can afford to be semi-retired. Are you still fit and healthy, and able to work in a full-time job?

If so, would it not make sense to put a couple more years in, pay off the debts, and get some savings behind you?

What are you going to do if you need a new boiler, or some other repairs?

Your partner's pay is quite low, too. Someone mentioned Tesco above; they pay £10 per hour for delivery drivers; a 35 hour week there would give each of you £1,500 per month.

GreenCat80

You say your wife’s debts are in a dmp? Will you let yours default and add them to the plan too? Then you won’t have the worry of interest (although you also won’t be able to access any credit) if you do that at least you will be able to make ends meet. Good luck with it and well done for asking for help 

Bizzywizard

Hi,

I've just read your diary.

A couple of things spring to mind:

Have you tried to see if you could get help from PDSA regarding the pets. They have an eligibility checker on line, so this might help, to see if this could make things cheaper or free?

Have you contacted Age Concern in your local area? You say you are older? They can really help and give great guidence about Pension tax credit help with heating etc, far better than the council.

Do you pay your coucil tax over 10 months? Did you know you can change this to 12 to spread the payments?

Do you need a TV licence? Can you go without ? You need to be covered by a TV Licence to watch programmes live on any online TV service - such as ITV Hub, All 4, Amazon Prime Video, Now TV or Sky Go. You don't need a TV Licence if you only ever watch on demand programmes on any TV service apart from BBC iPlayer.

You say you own your home outright - Have you considered Equity Release. This could help you, but it will cost in the long run I beleive- This isn't something I am recommending, its just a suggestion you will need to do plenty of research and maybe ask Family and Age Concern, what they think to it, before committing to it.

Like others have said - I know a few companies local to me in the South West that are desperate for full time and part time staff. Coffee shops is one and the second are local nurserys and B&Q. Are you green fingered? Like coffee? like DIY? These might be worth looking into. Even if you no longer have a car, they may have an employee that lives close that could pick you up and drop you back? You never know. Even if the job is not advertised, just ask...you never know! Othersie hunt round the vacacies section on their web page....some are at the top some are at the bottom and hidden which is useless!



Ignore anymore letters from Banks about credit cards and loans...they do this to me all the time! Recycle, recyle recyle (my bin is full of them)

Best of luck!

Bizzy

Dom135246

Thanks everyone for the advice. I’ve read it all and taking it in.

Good news is shifts are coming through and I have a good few booked in but I’ll keep an eye out for something additional to boost our money. Pension is three years away, we do have ill health which I don’t feel I can go into right now, just feel really anxious and working out what to do for the best, working a few days a week is already a strain. We’ll get there I’m sure. 

I wish BBC i player was ok to watch without the TV licence otherwise we would get rid of it. We got rid of Virgin so mainly watch BBC and ITV, both on catch up. I’ve always wondered about it so thanks.

PDSA sounds great, I checked and we do qualify for low cost but I think it’s with a 10 or 20 percent discount from what I can research on it and not sure if we can manage that or not but if anyone knows that to be wrong I’d be keen to know. 

I don’t think I’m looking to default, up until November things were tough but I was happy working a few shifts to pay down the debts, I might see if I can get through for a few months and reevaluate everything. Losing the months income hasn’t helped but I can get a few hours in soon enough by the looks of it. I’m free to go in at short notice too.

It’s been eye opening hearing everyone’s perspective on our situation so thank you. 

Dom

kazwookie

Is there any local temp work you could both do, any decent agencies around, look at their web sites / ring them up, even if it is only a couple of shifts each per week it all helps.

What about the fast food outlets near you, they love older people, as do the DIY shops .

katsu

Talk to your family now about Christmas. You spent around £1,800 on it last year if you spent £150 a month. 

Make changes and you'll be so much better off there and in sure other people will be happier too.

Dom135246

Hi again, 

I’ve had help from Stepchange and at the moment they’ve said I can’t afford payments and suffering ill health with a view to starting a DMP in 6mth to 1 year. My wife has a DMP already for 7 of the debts in the SOA.

I’ve tried to make savings where I can over the past few months and have posted a new SOA.

It’s so complicated working through everything but I’ve posted any details which might help.

Thank you 

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]

Number of adults in household........... 3

Number of children in household......... 0

Number of cars owned.................... 0[b]

Monthly Income Details[/b]

Monthly income after tax................ 726.5

Partners monthly income after tax....... 0

Benefits................................ 333.67

Other income............................ 40[b]

Total monthly income.................... 1100.17[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 0 (Own property)

Secured/HP loan repayments.............. 0

Rent.................................... 0

Management charge (leasehold property).. 93

Council tax............................. 133 (Includes arrears)

Electricity............................. 110 

Gas..................................... 0 (Electric only)

Oil..................................... 0

Water rates............................. 0 (Included in Scottish Council Tax)

Telephone (land line)................... 0

Mobile phone............................ 10

TV Licence.............................. 13.37

Satellite/Cable TV...................... 0

Internet Services....................... 36.05 (Contracted until Dec 2022)

Groceries etc. ......................... 350

Clothing................................ 35

Petrol/diesel........................... 0

Road tax................................ 0

Car Insurance........................... 0

Car maintenance (including MOT)......... 0

Car parking............................. 0

Other travel............................ 70

Childcare/nursery....................... 0

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 45

Pet insurance/vet bills................. 81.79 (Because of health condition/age of pet)

Buildings insurance..................... 23

Contents insurance...................... 7

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 16

Haircuts................................ 10

Entertainment........................... 20

Holiday................................. 0

Emergency fund.......................... 20

Arrears................................. 22

Stationery.............................. 10

Charity................................. 5[b]

Total monthly expenses.................. 1110.21[/b]

[b]

Assets[/b]

Cash.................................... 400

House value (Gross)..................... 85000

Shares and bonds........................ 0

Car(s).................................. 0

Other assets............................ 1500[b]

Total Assets............................ 86900[/b]

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Family.........................5000......0.........0

Cabot..........................7000......1.........0 (Defaulted paying £1 per month) This is very old from the 1990’s 

Link...........................1700......5.........0 (Defaulted and on DMP) (Wife’s)

Paypal.........................2800......0.........0

Capital One....................740.......40........30

Next Account...................53........0.........0

Starling Overdraft.............400.......0.........0

Fluid Credit Card..............1400......0.........0

Amazon Credit Card.............2400......0.........0

Likely Loan....................1500......0.........57

Monzo..........................950.......0.........0

Monzo..........................700.......0.........0

Monzo..........................2850......0.........0

Tesco..........................90........5.........0  (Defaulted and on DMP) (Wife’s)

M&S............................830.......5.........0 (Defaulted and on DMP) (Wife’s)

PRA............................1300......5.........0  (Defaulted and on DMP) (Wife’s)

Virgin.........................2600......5.........0  (Defaulted and on DMP) (Wife’s)

Nationwide.....................1500......5.........0  (Defaulted and on DMP) (Wife’s)

Cabot..........................3500......5.........0[b]  (Defaulted and on DMP) (Wife’s)

Total unsecured debts..........37313.....76........-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 1,100.17

Expenses (including HP & secured debts). 1,110.21

Available for debt repayments........... -10.04

Monthly UNsecured debt repayments....... 76[b]

Amount short for making debt repayments. -86.04[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 86,900

Total HP & Secured debt................. -0

Total Unsecured debt.................... -37,313[b]

Net Assets.............................. 49,587[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

Ms_Chocaholic

The amount you are short is £86.04 - is the income of all 3 adults in the property included in the SOA?

Could you stop your payment to charity (£5), stationery (£10).
Do you qualify for any additional benefits due to your ill health?

Dom135246

I will have to stop the £76 debt payments for the 6 month/12months step change recommended, I had already had to go on breathing space for the others.

All income is included but we only included two adults in the Stepchange budget which is same as the SOA except I added the debt payments here because I haven’t stopped them yet.

I could temporarily stop the charity but Stepchange seemed happy with it, The stationery is for cost of stamps for the letters to the creditors so should be able to be stopped in a couple of months. 

I don’t qualify for any benefits unfortunately. 

Thanks