Drowning - Help

elsien

You might be better off redoing your SOA using the template formatted for here. There seem to be some things missing - clothes, presents, insurance, health (dentist? optician? prescriptions>) etc but you've got food down twice?

Lenners134

Thanks Elsien.  Have you got a link to the SOA I can download?

EssexHebridean

Link to an SOA calculator is in my signature below - there is also a different one linked from the sticky post at the top of the board but they're much the same as I recall. 

Lenners134

Thanks for coming back Essex.  

Here is my SOA.

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

Household Information[/b]

Number of adults in household........... 1

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

Number of cars owned.................... 1[b]

Monthly Income Details[/b]

Monthly income after tax................ 2800

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

Benefits................................ 0

Other income............................ 0[b]

Total monthly income.................... 2800[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 0

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

Rent.................................... 850

Management charge (leasehold property).. 0

Council tax............................. 127

Electricity............................. 58

Gas..................................... 0

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

Water rates............................. 30

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

Mobile phone............................ 81.1

TV Licence.............................. 13.13

Satellite/Cable TV...................... 100.5

Internet Services....................... 0

Groceries etc. ......................... 120

Clothing................................ 10

Petrol/diesel........................... 80

Road tax................................ 25

Car Insurance........................... 21

Car maintenance (including MOT)......... 50

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

Other travel............................ 250

Childcare/nursery....................... 100

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

Medical (prescriptions, dentist etc).... 0

Pet insurance/vet bills................. 0

Buildings insurance..................... 0

Contents insurance...................... 5

Life assurance ......................... 16

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

Presents (birthday, christmas etc)...... 20

Haircuts................................ 30

Entertainment........................... 50

Holiday................................. 30

Emergency fund.......................... 30[b]

Total monthly expenses.................. 2096.73[/b]

[b]

Assets[/b]

Cash.................................... 0

House value (Gross)..................... 0

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

Car(s).................................. 800

Other assets............................ 0[b]

Total Assets............................ 800[/b]

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

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

AA Loan........................4407.96...367.......9.9

Tesco Loan.....................7934.11...273.......12.9

Santander Loan.................1555.83...126.......12.9

Halifax Credit Card............5200......155.......29.9

Starling Bank..................750.......17.16.....35

Santander Overdraft............750.......15.65.....19.9

Uplift Loan....................11201.....214.8.....19.9

Uplift Loan....................9325.39...258.......19.9[b]

Total unsecured debts..........41124.29..1426.61...-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,800

Expenses (including HP & secured debts). 2,096.73

Available for debt repayments........... 703.27

Monthly UNsecured debt repayments....... 1,426.61[b]

Amount short for making debt repayments. -723.34[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 800

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

Total Unsecured debt.................... -41,124.29[b]

Net Assets.............................. -40,324.29[/b]

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

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

fatbelly

Some of the items seem Ok

Some of the items seem a bit high - mobile phone, Sky, Entertainment, haircuts

Some of the items seem like they could go up if needed - food.

However, I don't think any amount of juggling will allow you to continue making those debt payments

Your choice is between a dmp that is going to take 5 years or bankruptcy with a 3-year payment from income.

I don't think a £800 would cause any problems provided you need it. I don't know if you are in the sort of job where bankruptcy would be a problem?

Maybe start the dmp and see how it goes.

Floss

Can I just check that there is just you, no children? But you have £100 for childcare and £250 for other travel on top of your petrol cost of £80?

SusieT

You only have £58 for electricity, if you are on a fixed deal when does it end as that could be going up significantly soon, and with the price of groceries heading upwards it is possible you have underestimated there as well?

Lenners134

Floss said:

Can I just check that there is just you, no children? But you have £100 for childcare and £250 for other travel on top of your petrol cost of £80?

I have a 10 year old son although he lives with his mum.  I help out with food\all the sport he does\school trips etc

Lenners134

SusieT said:

You only have £58 for electricity, if you are on a fixed deal when does it end as that could be going up significantly soon, and with the price of groceries heading upwards it is possible you have underestimated there as well?

£58 is dual fuel, electric and gas.  The SOA didn't have a dual fuel option so just put it under electric 

Lenners134

fatbelly said:

Some of the items seem Ok

Some of the items seem a bit high - mobile phone, Sky, Entertainment, haircuts

Some of the items seem like they could go up if needed - food.

However, I don't think any amount of juggling will allow you to continue making those debt payments

Your choice is between a dmp that is going to take 5 years or bankruptcy with a 3-year payment from income.

I don't think a £800 would cause any problems provided you need it. I don't know if you are in the sort of job where bankruptcy would be a problem?

Maybe start the dmp and see how it goes.

If I go down the DMP route, do people recommend managing this myself or should I go through someone like Step Change? 

I don't think Bankrupcy would affect my job as I don't work in the finance industry but this just seems like a real last resort to me..It could also affect my living arrangements as I'm pretty sure my landlord would want me out if I did declare myself bankrput.