Best plan moving forward with soa

13 Posts

Hi all just looking for advice. Got my self in to some horrible debt. Spoke to step change and they basically told me to carry on paying token payments or bankruptcy which i will not do.
Feeling really low of late and struggling mentally with it all.
Any advice would be great
Em x[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]
Feeling really low of late and struggling mentally with it all.
Any advice would be great
Em x[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 0[b]
Monthly Income Details[/b]
Monthly income after tax................ 309
Partners monthly income after tax....... 2588
Benefits................................ 445
Other income............................ 0[b]
Total monthly income.................... 3342[/b][b]
Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 775
Management charge (leasehold property).. 0
Council tax............................. 113
Electricity............................. 230
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 80
TV Licence.............................. 14
Satellite/Cable TV...................... 30
Internet Services....................... 30
Groceries etc. ......................... 700
Clothing................................ 60
Petrol/diesel........................... 300
Road tax................................ 14
Car Insurance........................... 60
Car maintenance (including MOT)......... 60
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 340
Medical (prescriptions, dentist etc).... 13
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........................... 80
Holiday................................. 0
Emergency fund.......................... 0[b]
Total monthly expenses.................. 3019[/b]
[b]
Assets[/b]
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1
Other assets............................ 0[b]
Total Assets............................ 1[/b]
[b]
No Secured nor Hire Purchase Debts[/b]
[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
Bank loan......................10800.....0.........0
Cc.............................7200......0.........0
Cc.............................5200......0.........0
Cataloge.......................1050......0.........0
Car repossessed debt..........3100......0.........0[b]
Total unsecured debts..........27350.....0.........- [/b]
[b]
Monthly Budget Summary[/b]
Total monthly income.................... 3,342
Expenses (including HP & secured debts). 3,019
Available for debt repayments........... 323
Monthly UNsecured debt repayments....... 0[b]
Amount left after debt repayments....... 323[/b]
[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 1
Total HP & Secured debt................. -0
Total Unsecured debt.................... -27,350[b]
Net Assets.............................. -27,349[/b]
0
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Replies
I'm wondering about a few blanks - like no contents insurance??
And why is there ££ for MOT, fuel etc if you don't have a car?
phones and internet stuff:
2023 £1 a day £54.26/365
mobile is for 2 contracts
Internet netflix disney plus and spotify is around 60
Car is partners i dont own 1 just insurance is under my name because it was cheaper x
Your grocery spend is high for 4 people, so I'm thinking there's a good potential saving to be made there. Do you meal plan? Write a shopping list? Cook from scratch? Batch cook? Make really good use of your freezer, etc.....all the usual things for bringing grocery spend down. Have you down-shifted brands? Do you shop around for best deals, etc? Is anyone buying work-day lunches instead of taking a packed lunch from home? You may already do some or all of these, but it's definitely an area for making savings. I'd have thought £500 a month would be fairly generous for a family of four, which would free up a decent amount. I don't have a household of 4, but I'm sure there'll be other folk along who are feeding their family well on less than £500. It takes more planning.....I have to admit that back in the Spendy Years, I was the world's worst for food spend.....mostly because I didn't meal plan, write a shopping list, stick to a budget......or anything sensible, really. I was the sort of shopper supermarkets love - just wandered round trolley-filling.
F
Sir Francis Bacon 1561 - 1626 (Philosopher & statesman)
eat different things a lot of the times.
My partner is big on fitness so spends alot on supplements protein shakes bars etc which are expensive.
I dont really wanna question that to him as all the debts are in mine name and hes the one works long hours
Em x
Lewis Carroll
Save £12k in 2023 Challenge #8 £12,000/£5100
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happen as i dont work, but lately its been on my mind its why i rang step change x
NB, lots of evidence that shows that spending money on protein supplements is just spending money on expensive urine as the body filters all the excess it doesn't need out and even bodybuilders can get what they need from a normal diet.
Hope you can work on a way forward. It's truly liberating to see debts paid finally paid off.
F
Sir Francis Bacon 1561 - 1626 (Philosopher & statesman)
The problem is my partner as zero debts and refuses pay is wages on to debts wheni can just pay a £1 month.
Agree we could try to come up with plan to bring food cost down, but ano he wont stop is supplements and his luxurys.
Most of the debt was because of my stupidity which a feel ashamed and it really gets me down when im deep in thought.