Completely honest SOA...I feel sick!

Tinka21

I posted earlier today regarding the debt collectors from NCO wanting to come to the house so thought I would now do a Joint SOA for me and my OH and it doesn't look good at all!

Monthly Income Details
Monthly income after tax................ 450
Partners monthly income after tax....... 0
Benefits................................ 75
Other income............................ 0
Total monthly income.................... 525

Monthly Expense Details
Mortgage................................ 377
Secured loan repayments................. 169
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 37
Gas..................................... 0
Oil..................................... 0
Water rates............................. 36.36
Telephone (land line)................... 10
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 30
Internet Services....................... 10
Groceries etc. ......................... 80
Clothing................................ 0
Petrol/diesel........................... 30
Road tax................................ 17
Car Insurance........................... 177
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 0
Life assurance ......................... 7.49
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1111.85

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 90000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 68000....(377)......5.59
Secured Debt.................. 11000....(169)......16.9
Total secured debts........... 79000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Gmac car Finace................7000......200.......16.4
Gmac Car Finance...............7000......206.......23.9
Barclaycard....................2700......60........0
Littlewoods ...................1400......150.......0
Bell Insurance.................130.......0.........0
Orange.........................130.......0.........0
A&L Overdraft 2................250.......20........0
A&L Overdraft..................350.......20........0
YB Overdraft...................330.......33........0
Vanquis........................240.......10........0
YB CC..........................500.......15........0
A&L CC.........................1100......30........0
Closer motor finance...........4000......115.......0
GE Money.......................4500......97........0
Egg Loan.......................1300......100.......7.66
Barclay Loan...................1000......41........0
Amex...........................650.......15........14.9
Egg Card.......................1800......40........16.9
Total unsecured debts..........34380.....1152......-

Monthly Budget Summary
Total monthly income.................... 525
Expenses (including secured debts)....... 1,111.85
Available for debt repayments........... -586.85
Monthly UNsecured debt repayments....... 1,152
Surplus(deficit if negative)............ -1,738.85

Personal Balance Sheet Summary
Total assets (things you own)........... 90,000
Total Secured debt...................... -79,000
Total Unsecured debt.................... -34,380
Net Assets.............................. -23,380

Gemmzie

Hi Tinka21, is there any reason your OH doesn't work? How many are in your household?

Tinka21 wrote: »

I posted earlier today regarding the debt collectors from NCO wanting to come to the house so thought I would now do a Joint SOA for me and my OH and it doesn't look good at all!

Monthly Income Details
Monthly income after tax................ 450
Partners monthly income after tax....... 0
Benefits................................ 75
Other income............................ 0
Total monthly income.................... 525

Monthly Expense Details
Mortgage................................ 377
Secured loan repayments................. 169
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 37
Gas..................................... 0
Oil..................................... 0
Water rates............................. 36.36
Telephone (land line)................... 10
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 30 you can't afford this at the moment
Internet Services....................... 10
Groceries etc. ......................... 80 how many is this for?
Clothing................................ 0
Petrol/diesel........................... 30 with such low costs, is the car necessary?
Road tax................................ 17
Car Insurance........................... 177 :eek per month?!
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 0 you really should have contents insurance
Life assurance ......................... 7.49
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1111.85

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 90000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 68000....(377)......5.59
Secured Debt.................. 11000....(169)......16.9 :eek: can you overpay this?
Total secured debts........... 79000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Gmac car Finace................7000......200.......16.4 do you still have both cars?
Gmac Car Finance...............7000......206.......23.9
Barclaycard....................2700......60........0 are all these 0%?
Littlewoods ...................1400......150.......0 "
Bell Insurance.................130.......0.........0 "
Orange.........................130.......0.........0 "
A&L Overdraft 2................250.......20........0 "
A&L Overdraft..................350.......20........0 "
YB Overdraft...................330.......33........0 "
Vanquis........................240.......10........0 "
YB CC..........................500.......15........0 "
A&L CC.........................1100......30........0 "
Closer motor finance...........4000......115.......0 "
GE Money.......................4500......97........0 "
Egg Loan.......................1300......100.......7.66
Barclay Loan...................1000......41........0 "
Amex...........................650.......15........14.9
Egg Card.......................1800......40........16.9
Total unsecured debts..........34380.....1152......-

Monthly Budget Summary
Total monthly income.................... 525
Expenses (including secured debts)....... 1,111.85
Available for debt repayments........... -586.85
Monthly UNsecured debt repayments....... 1,152
Surplus(deficit if negative)............ -1,738.85

Personal Balance Sheet Summary
Total assets (things you own)........... 90,000
Total Secured debt...................... -79,000
Total Unsecured debt.................... -34,380
Net Assets.............................. -23,380

iwanttosavemoney2008

Tinka21 wrote: »

I posted earlier today regarding the debt collectors from NCO wanting to come to the house so thought I would now do a Joint SOA for me and my OH and it doesn't look good at all!

Monthly Income Details
Monthly income after tax................ 450 are you sure this per month??
Partners monthly income after tax....... 0 can he/she get a job?
Benefits................................ 75 check entitledto.com you may be able to get more
Other income............................ 0
Total monthly income.................... 525

Monthly Expense Details
Mortgage................................ 377
Secured loan repayments................. 169
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90 is this over 10 months ask if you can do it over 12
Electricity............................. 37 check out comparison sites
Gas..................................... 0
Oil..................................... 0
Water rates............................. 36.36 again ask to pay over 12 months
Telephone (land line)................... 10
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 30 cancell get freeview or just watch free channels
Internet Services....................... 10
Groceries etc. ......................... 80 for how many?
Clothing................................ 0
Petrol/diesel........................... 30 start walking more
Road tax................................ 17
Car Insurance........................... 177 check comparison sites again
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 0
Life assurance ......................... 7.49
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1111.85

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 90000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 68000....(377)......5.59
Secured Debt.................. 11000....(169)......16.9
Total secured debts........... 79000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Gmac car Finace................7000......200.......16.4
Gmac Car Finance...............7000......206.......23.9
Barclaycard....................2700......60........0
Littlewoods ...................1400......150.......0
Bell Insurance.................130.......0.........0
Orange.........................130.......0.........0
A&L Overdraft 2................250.......20........0
A&L Overdraft..................350.......20........0
YB Overdraft...................330.......33........0
Vanquis........................240.......10........0
YB CC..........................500.......15........0 try a debt help line an iva may be your best option
A&L CC.........................1100......30........0
Closer motor finance...........4000......115.......0
GE Money.......................4500......97........0
Egg Loan.......................1300......100.......7.66
Barclay Loan...................1000......41........0
Amex...........................650.......15........14.9
Egg Card.......................1800......40........16.9
Total unsecured debts..........34380.....1152......-

Monthly Budget Summary
Total monthly income.................... 525
Expenses (including secured debts)....... 1,111.85
Available for debt repayments........... -586.85
Monthly UNsecured debt repayments....... 1,152
Surplus(deficit if negative)............ -1,738.85

Personal Balance Sheet Summary
Total assets (things you own)........... 90,000
Total Secured debt...................... -79,000
Total Unsecured debt.................... -34,380
Net Assets.............................. -23,380

it does make pretty grim reading
good luck

RAS

Hi love
An awful lot depends on whether Oh can find alternative work quickly, It might be a good idea fore him to get himslef oin her abs ask for ideas.

You need to discuss the situation with one of the debt charities below

http://www.moneysavingexpert.com/loans/debt-help-plan#help

Also have a ;ook at https://www.entitledto,com so you know what you will get once the baby is born and organise for OH to do the paperwork immediately so you have the money coming in immediately.

Tinka21

Thanks for the reply.
There are currently 3 of us in the household, my DS is almost 2 years old and we are expecting another one any day now.

I can't cancel sky yet as we are contracted in but we have reduced the package as far as they will let us so should see a change in the payment this month.

My OH has been working as a taxi driver but there have been issues with the taxi firm he was working for not getting on with the council so alot of the drivers have been laid off for the time being till its sorted, so that is why he hasn't been earning anything.

We still have both cars one has got £4000 negative equity so we can't hand it back or sell it at the moment. we have stuck it in the garage and not bothered taxing or insuring it at the moment to save costs.

The second car is plated as a taxi but the area is plated for is a small village and the firm he was working for is the only firm with the operators licence, unfortunately for us.

The car insurance is £177 a month as it is taxi insurance we didn't want to cancel it as hopefully he will get back to work within the next couple of months.

We have got contents insurance with our buildings and it is £15 for both a month which i think is a bargain!

We can overpay on the secured loan but can't afford to.

The debts aren't 0% but i don't know what they currently are.

Tinka21

I do only currently earn £450 as i am on maternity leave from work. The tax credits have messed up our renewal, then they cancelled our claim so we have started again from scratch and not received anything from them for about a month now.
I have rung and chased it this week so hopefully we will get a bit of help from them.

Our electricity is the cheapest at the mo as it also includes about £70 arrears we are paying off and it is our only form of energy to the house so includes heating, lights and cooking and hot water.

Council won't let us pay over 12 months nor will the water board as we have tried already.

Tinka21

I am also in a difficult position in that I work for a Building Society and if I have to enter into an IVA or DMP or go BR then I can no longer work for them (its all in the staff handbook and contract). So i really don't want to do that as then we will be even worse off!!

jenevieve

Hi Tinka,
I would definitely call CCCS or National Debtline for advice - see what they say about the situation.
You are in the right place, we all have debts (large and small) and even if you cannot see the light at the end of tunnel at the moment, that is what we are here for - to help and support you.
As the big as the debt is, there are always ways of dealing with it.

Big hugs

Gemmzie

Keep onto Tax Credits, phone daily, tell them the situation and that you rely on that money.

Your OH needs to find something to bring in the money ASAP because you don't even have enough to pay the mortgage and secured loan at the moment.

Tinka21

I have tried to do some positive things so thought i would post those and see if you think I have done the right things.

I telephoned egg about my loan and they have let me take a 3 month payment break and because i only have a year left on it my payments will only go up by about 50p a month when they resume in September. So that is £100 i haven't got to find for next 3 months.

I have wrote to some my OH's creditors offering token payments until he is back at work, them being:
Alliance and Leicester Credit card
Littlewoods
GMAC
Orange outstanding debt

I have tried to be proactive with most of them before it escalates further. I know my SOA is bad but this month is the first month my OH has been without money completely and also the first month that my maternity pay kicked in and also no tax credits to help out.

Tinka21

Gemmzie wrote: »

Keep onto Tax Credits, phone daily, tell them the situation and that you rely on that money.

Your OH needs to find something to bring in the money ASAP because you don't even have enough to pay the mortgage and secured loan at the moment.

He has signed on with all the agencies in the our area and my cousin said he can wash cars one day a week at his car forecourt for about £30 a day but its quite far from where we live so after petrol we probably get £20-£23.

No offence to any Polish or other immigrants but the agencies only seem to be giving them work at the moment and its so frustrating!! All the agencies in our area have got all their adverts in the window in Polish there is nothing in english! Its ridiculous!