OH's SOA, please help!

Lucy1982_2

Hi Guys

As some of you will know OH had his LBM last weekend. Well yesterday we sat down and went through his paperwork etc and this is his SOA to the best I can manage, until he gets hold of 2 more balances for me.

Can you have a look and see what you think. I have told him it's going to be tough. He get's paid weekly so I have done the figures monthly and weekly.

Monthly (Weekly)
Income - £1056.44 (£264.11)
- £160 (cleaning money) (£40)
Total - £1216.44 (£304.11)

Outgoings:
Rent - £345 (£86.25)
Welcome loan - £170.07 (£42.52) (this is already paid weekly)
Lloyds Loan - £72.44 (£18.11) (this is with Lloyds collection)
Natwest Loan - £90.00 (£22.50)
Car Insurance -£22.00 (£5.50)
Gas - £12.43 (£3.10)
Electricity - £40 (£10) (key meter)
Water - £26.66 (£6.66)
Provident Loan - £96.00 (£24.00)
Food - £100 (£25.00)
Petrol - £120 (£30.00)
Mobile - £20 (£5.00)
TV - £11.00 (£2.75)
Landline - £10 (£2.50)

Total - £1135.60 (£283.89)

As you can see he only just makes it. I have split everything down to a weekly payment he can pay into his savings account and transfer into his current account when the bill is due.

His debts are:

Lloyds - £1407.47 (18.3% APR)
Natwest - ? (he is finding this out, but thinks about £1000)
Welcome - ? (again he is looking into this, 43.6% APR, but should have 9 months left)
Provident - £289.00 + £380.00 (177% APR _pale_ :eek: :rotfl: this was pretty much my reaction!!)
Rent arrears - about £350, Landlord is very good but what is he going to bay this with?

I don't know how else to help him, I know that there are no savings for christmas or his car, and no spending money. I'm off to see if CCCS will be able to help, but would love you thoughts.

Thanks x

Lucy1982_2

I'm just bumping.

I really need some help with this, please ask if anything doesn't make any sense!!

I don't know what to do to help him.

lynzpower

Hi there,

Ok Ill give you some thoughts.

Are you living together or not?

Firat up, if hes spending 100 on food just for him he can cut this back. i WAS spending 125 for 2 including dog food etc, and all cleaning, so with some using up and plenty of old styleing, it CAN be done. If you are living together all the better. Therefore, there is 50 quid per month there to pay off PROVI :eek:

Does he live in a one bed flat, or with you. or what

skint_spice

Bit sleepy, but the first thing that strikes me is that there are sometimes 5 weeks in a pay month IYSWIM. So if he puts everything away weekly this should lead to an excess at some points which perhaps he could use for the rent etc. I probably haven't explained that too well but I hope you understand. also how long do the loans have to go? hopefully this will give him a bit extra.

Lucy1982_2

Thanks

I'm not sure how long the loans have left I will get him to find this out. True there are some 5 week months, I've worked everything out weekly so he can cope a bit better.

Thanks x

Lucy1982_2

lynzpower wrote: »

Hi there,

Ok Ill give you some thoughts.

Are you living together or not?

Firat up, if hes spending 100 on food just for him he can cut this back. i WAS spending 125 for 2 including dog food etc, and all cleaning, so with some using up and plenty of old styleing, it CAN be done. If you are living together all the better. Therefore, there is 50 quid per month there to pay off PROVI :eek:

Does he live in a one bed flat, or with you. or what

No he lives alone, I can't afford to move out of Mum's. £100 on food was an estimate as he had no idea what he was spending. It's a one bed flat and I forgot to say that he is behind on council tax which is being taken out of his wages before he gets them

He's in a right state!

lynzpower

Looking at his income I wonder whether he should apply for housing benefit, council tax benefit and tax credits to top up his income.

He wont get loads, but Im certain he will get something.

Has he had his 25% discount for being a single person on his C tax?

ZTD

Lucy1982 wrote: »

No he lives alone, I can't afford to move out of Mum's. £100 on food was an estimate as he had no idea what he was spending.

Spend diary, and meal planning. OS can help there. Batch cooking is a God-send, you lash up a million portions from one meal and just keep heating them.

He says, as a single bloke living on his own... :whistle:

Lucy1982 wrote: »

He's in a right state!

I can imagine.

Geenie

Provident charging 177% APR !!! :eek:

This has astounded me as never knew before now that such a figure could be possible.

How can anyone ever be expected to pay back a loan with that amount of interest getting put on?!!!!......

ZTD

Geenie wrote: »

Provident charging 177% APR !!! :eek:

This has astounded me as never knew before now that such a figure could be possible.

How can anyone ever be expected to pay back a loan with that amount of interest getting put on?!!!!......

By borrowing very little...

Geenie

ZTD wrote: »

By borrowing very little...

I agree ZTD. What would loans of £289.00 + £380.00 = £669.00 finally cost at that APR?