Feels like im going under!

NiteEyez1980

Hi ya 

I posted a pic of a new soe a few pages ago as couldn't get the soe to work so uploaded a pic

Makingabobor2

Looking at your SOA....

How is TV licence £46??  A TV Licence is £13 a month

Look at your building and contents insurance. We pay £10 a month and have great cover for that. Yours seems awfully high. 

Car insurance also seems very high. Ours is £22 and is fully comp, including protected NCD, on a 2013 car

Also Cable TV & internet seems high,  We are with Virgin and pay £40 which is TV, Internet and landline. 

Also I agree with @enthusiasticsaver, £800 for groceries is very high. My DD has 4 children, including 2 with specific food requirements due to allergies/intolerances and she spends about £450

Zuzi

NiteEyez1980 said:

Hi ya 

I posted a pic of a new soe a few pages ago as couldn't get the soe to work so uploaded a pic

I think that was the one with your name on that you ended up deleting? Post it again, removing all personal details.

EssexHebridean

Better still go back to the original SOA calculator you used and do a new one there - then as when you first created one, use the "format for MSE" option, and copy and paste - that makes it far easier for those using smaller devices or small screens to see the contents and be able to offer comments and suggestions. 

Good news on the car - were you able to pay for that with the money you got for selling the other one for spares & repairs? 

I'm afraid I too find it hard to believe that you have managed to make sufficient adjustment in your budget to have already saved an emergency fund, so I will echo those saying that you really shouldn't be jumping ahead of yourself by making offers to ANYONE at the moment. Thing about it this way - even if you offer a 10% F&F - if the creditor comes back and says "OK then - payment inside 14 days and we'll accept" how will you manage to pay it? You had SO little spare money on the original SOA even once unsecured debt payments were removed from the equation and while there was wiggle room to make savings, there wasn't that much.  

Take a breath again - and remember what the desired outcome of all this is - a better life and more financial stability for you and your family. You're not going to reach that point by trying to make unsustainable leaps to short-cut the process. 

enthusiasticsaver

NiteEyez1980 said:

Hi ya 

I posted a pic of a new soe a few pages ago as couldn't get the soe to work so uploaded a pic

It is not showing so the pic obviously did not upload.  I  have gone back 10 pages to the end of last year and it does not show on this thread unless you put it up on another thread. 

kimwp

Zuzi said:

NiteEyez1980 said:

Hi ya 

I posted a pic of a new soe a few pages ago as couldn't get the soe to work so uploaded a pic

I think that was the one with your name on that you ended up deleting? Post it again, removing all personal details.

This rings a bell. 

Your initial numbers suggested it wasn't going to be possible to offer your creditors anything - not due to your money management, but due to your income only just matching your essential outgoings because some of your outgoings were high, but some numbers on your SOA were probably not high enough. Unless your income has increased, this will still be the case, so it's definitely worth (re)posting your latest SOA getting the opinions of other posters who have done this before.

NiteEyez1980

Hi guys 

Apologies, looks like it didn't re-upload. I will do another one asap.

Yel sold on, moneybhad from car boots and selling my darts collection and also gifted £200 from family.

I apologise for the confusion. I was only suggesting I often a token amount to the creditors. 

As for insurances etc some have queried. The TV license is £13, I pay quarterly, hence the £46, which I should have been clearer about. 

Car insurance, I can't get cheaper. My 7 seater is expensive on road tax and insurance. Even The new micra is £28 a month insurance. I have 10 yrs no claims and it's the cheapest I can get.

The home contents and insurance is £48pm. 

I will wait for the defaults and with what I have left make a token offer, when it comes time. The F/F confused me, I was intending after the defaults to make them a monthly payment with what I have left. 

Having recently appraised the cost of thing's going up,. My wifes shifts getting cut at at work, the car insurance going up, council tax I looked at the dmp parameter figures and re-appraised our outgoings and with our energy bill about to go up I am actually projecting, even allowing for emergency fund savings £40 left, so itd be about £3.45 amongst the creditors. 

My question is:

Once the accounts are defaulted, do I write back and say this is my i/e, this is what's left. I'm Splitting it between you 12?

kimwp

NiteEyez1980 said:

Hi guys 

Apologies, looks like it didn't re-upload. I will do another one asap.

Yel sold on, moneybhad from car boots and selling my darts collection and also gifted £200 from family.

I apologise for the confusion. I was only suggesting I often a token amount to the creditors. 

As for insurances etc some have queried. The TV license is £13, I pay quarterly, hence the £46, which I should have been clearer about. 

Car insurance, I can't get cheaper. My 7 seater is expensive on road tax and insurance. Even The new micra is £28 a month insurance. I have 10 yrs no claims and it's the cheapest I can get.

The home contents and insurance is £48pm. 

I will wait for the defaults and with what I have left make a token offer, when it comes time. The F/F confused me, I was intending after the defaults to make them a monthly payment with what I have left. 

Having recently appraised the cost of thing's going up,. My wifes shifts getting cut at at work, the car insurance going up, council tax I looked at the dmp parameter figures and re-appraised our outgoings and with our energy bill about to go up I am actually projecting, even allowing for emergency fund savings £40 left, so itd be about £3.45 amongst the creditors. 

My question is:

Once the accounts are defaulted, do I write back and say this is my i/e, this is what's left. I'm Splitting it between you 12?

Just a note- the SOA is (ideally) your costs for a year, divided by 12 IE everything that you spend on but in monthly chunks because that's the frequency of a lot of wages/bills. This means anything that doesn't get paid monthly needs some maths before going in the SOA. In short -put £13 for your TV license. 
As a side note, it's easier to budget when bills are the same each month so it's a good idea to consider this for any bills where it wouldn't make it more expensive.

NiteEyez1980

Hi ya 

That's what I've now done

Luke

EssexHebridean

I can't recall whether you were paying council tax over 10 or 12 months - if it was over 10 though, now is the time to contact the council to change to 12 equal monthly payments, commencing in April - and also, remember to add the next two months budgeted CT amount to your Emergency Fund. (Same with water rates if you pay those over 10 months, too!)