No Spare Money to repay
Options
FreshStart76
Posts: 12 Forumite
Today i have spent my day off, pulling my head out of the sand and going through everything, every letter i have received, checked my credit files, and then finally gone through the budget on the National Debt Helpline.
But no matter how i work it i just do not have enough income to cover my basic living costs let alone repaying the vast amount of debt i have.
I dont know what to do how i can make it any better and at least be in a position to regain some form of control.
The letters, the phone calls, and Bailiffs who come while im at work is making me more anxious and ill.
Where do i Start!!!!!! ???
But no matter how i work it i just do not have enough income to cover my basic living costs let alone repaying the vast amount of debt i have.
I dont know what to do how i can make it any better and at least be in a position to regain some form of control.
The letters, the phone calls, and Bailiffs who come while im at work is making me more anxious and ill.
Where do i Start!!!!!! ???
[purplesignup][/purplesignup]
If you haven’t already, join the forum to reply. 0
Comments
-
Didn’t want to read and run. First thing - don’t panic. Every problem has a solution. Post your SOA here and we will give you as much assistance as we can.
Good luck, it only gets easier from here when you begin to face it.#KiamaHouse0 -
Ring stepchange and they will advise the best solution for you. It depends on whether you have assets but bankruptcy may be the best option for you if you don't have enough to live off let alone repay debts. There is a fee though. In the meantime you can write or email your creditors asking them for breathing space while you sort out a way forward. Tell them you will only deal in writing with them and ask them not to phone you. You can put an soa up here too.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0
-
Is step change better than National Debt helpllne?0
-
I Dont think i have any assets.
I have a car but only worth a couple of hundred quid i would have thought.
I have no Cooker, a tv thats on the Blink, a microwave that sounds like it goung to explode, and my tumble dryer smells of burning so thats now got to go to. LOL
When does it end.?0 -
Freshstart - first step for here is as has been said above, the SOA - Statement of Affairs. You'll find the link in my signature, and it will probably be very similar to the budget you've already filled out. Get it all completed, "format for MSE" when finished and then post in here and we can take a look and see if we can identify any savings that you may have missed, for a start.
Make sure that your figures for the SOA are accurate and representative of the situation as it is right now, not what you think you "should" be spending.
As has been said elsewhere on here before - it IS only money at the end of the day, and it IS fixable.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00
Balance as at 31/12/23 = £112,000.00SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
“National Debtline” is the free charity based organisation.
“National Debt Helpline” is a fee charging Debt Management Company.
Avoid using the latter.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
My SOA
Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 962.78
Partners monthly income after tax....... 0
Benefits................................ 133
Other income............................ 0
Total monthly income.................... 1095.78
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 535
Management charge (leasehold property).. 0
Council tax............................. 87
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 0
Mobile phone............................ 6
TV Licence.............................. 12.95
Satellite/Cable TV...................... 0
Internet Services....................... 34
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 13.56
Car Insurance........................... 45.8
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Netflix................................. 5.99
Spotify................................. 14.99
National Trust ......................... 6
Total monthly expenses.................. 1225.29
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 250
Other assets............................ 0
Total Assets............................ 250
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
HB Overpayment.................1052.42...1.........0
Wessex Water...................671.44....1.........0
Student Loan...................643.86....1.........0
Co Tax 18......................1756.21...1.........0
Co Tax (Old)...................445.29....1.........0
PDL............................690.53....1.........0
PDL............................89........1.........0
PDL............................31.9......1.........0
PDL............................600.......1.........0
Rent...........................1095.62...25........0
Gas............................73.78.....1.........0
Old Mobile Bill................190.41....1.........0
Subscription...................58.41.....1.........0
Old Overdraft..................1587.68...1.........0
Credit Card....................406.93....1.........0
Total unsecured debts..........9393.48...39........-
Monthly Budget Summary
Total monthly income.................... 1,095.78
Expenses (including HP & secured debts). 1,225.29
Available for debt repayments........... -129.51
Monthly UNsecured debt repayments....... 39
Amount short for making debt repayments. -168.51
Personal Balance Sheet Summary
Total assets (things you own)........... 250
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,393.48
Net Assets.............................. -9,143.48
Just to Add although she doesn't technically live with me i have a daughter at uni and do still have to help out as Maintenance loan just doesn't cover it.
Some of the debs are old but having gone through it all i have added any that i have received letters from in the last year. There are others that i have had nothing from but i don't know what i have and haven't paid!! Im going on the assumption if i have had nothing in over a year then leave it.
The Only way forward i can see is to get a second job which i not really want yo do as i was previously working long hours but was so ill all the time. Only just starting to feel slightly better i know some of it is down to the stress of the debt.0 -
I have no Cooker, a tv thats on the Blink, a microwave that sounds like it goung to explode, and my tumble dryer smells of burning so thats now got to go to.
Go doing to your local CAB and ask if there are local charities that would give a grant for replacements. You'll need to do a statement of account for any grant application.Unlike some here, I am not omniscient. If I am wrong correct me. I won't take offence.
The law is like an ocean - have a swim but don't drown.0 -
The first bits of savings I can see will be to cut back on groceries as that is quite high for one person. Also cancel Netflix and Spotify.
These are not going to make a lot of difference so the main things will be to either get a second job for a short while or look into a DMP or Debt Relief Order. Both will impact on your credit rating and DRO is not available if you are in Scotland.
A DMP will help in the short term, but will not deal with the fact that you are spending more than you earn each month. Unless you can find a way to cut down a lot more you will never have enough at the end of the month.Aiming to make £7,500 online in 20220 -
OK - comments in red, as usualFreshStart76 wrote: »My SOA
Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1 Do you definitely need the car? Is it a "can't get by without it" or a "nice to have"?
Monthly Income Details
Monthly income after tax................ 962.78 Can this be boosted in any way? second job, or even things like online surveys in your spare time for a few extra pennies each week?
Partners monthly income after tax....... 0
Benefits................................ 133 You've checked this is all you are entitled to?
Other income............................ 0
Total monthly income.................... 1095.78
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 535 OK - this is killing you - I'm not going to say "you need to decrease your rent" as that may not be practical - but you need to INCREASE your income to make the rent more like a third, than a half, of what you have coming in
Management charge (leasehold property).. 0
Council tax............................. 87 Single person discount applied, spread over 12 months rather than 10?
Electricity............................. 35 Use price comparison sites to make sure that this and the gas are the best tariff for you - I'm guessing both - but certainly the electric - can be reduced.
Gas..................................... 35
Oil..................................... 0
Water rates............................. 35 is this metered? If not check your supplier to see if they offer an assessed bill for a person living alone.
Telephone (land line)................... 0
Mobile phone............................ 6
TV Licence.............................. 12.95
Satellite/Cable TV...................... 0
Internet Services....................... 34 Does this include landline? Are you on the best deal you can get?
Groceries etc. ......................... 200 You can slash this dramatically - certainly take a third off it, and possibly even halve it
Clothing................................ 10
Petrol/diesel........................... 100 Read Martin's guide on the main site to driving economically, and also make sure you shop around for the best priced fuel, and combine journeys where you can. never drive somewhere that is easy and practical to walk to.
Road tax................................ 13.56
Car Insurance........................... 45.8 Why so high? Have you been through the comparison sites to check you're on the best deal?
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 You need something here - it's a massive false economy not to have this. I know you think you have nothing of value - but if you got home tonight to find the whole lot had gone, everything, you'd think differently.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 You need to find a way of getting something in here.
Netflix................................. 5.99
Spotify................................. 14.99 This has to go - you can't afford it. Switch to the free option and put up with the ads!
National Trust ......................... 6
Total monthly expenses.................. 1225.29
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 250
Other assets............................ 0
Total Assets............................ 250
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
HB Overpayment.................1052.42...1.........0
Wessex Water...................671.44....1.........0
Student Loan...................643.86....1.........0
Co Tax 18......................1756.21...1.........0
Co Tax (Old)...................445.29....1.........0
PDL............................690.53....1.........0
PDL............................89........1.........0
PDL............................31.9......1.........0
PDL............................600.......1.........0
Rent...........................1095.62...25........0
Gas............................73.78.....1.........0
Old Mobile Bill................190.41....1.........0
Subscription...................58.41.....1.........0
Old Overdraft..................1587.68...1.........0
Credit Card....................406.93....1.........0
Total unsecured debts..........9393.48...39........-
Monthly Budget Summary
Total monthly income.................... 1,095.78
Expenses (including HP & secured debts). 1,225.29
Available for debt repayments........... -129.51
Monthly UNsecured debt repayments....... 39
Amount short for making debt repayments. -168.51
Personal Balance Sheet Summary
Total assets (things you own)........... 250
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,393.48
Net Assets.............................. -9,143.48
Just to Add although she doesn't technically live with me i have a daughter at uni and do still have to help out as Maintenance loan just doesn't cover it. The problem is, you're helping her out with borrowed money that you can't pay back - I'm afraid it's time for her top get a job.
Some of the debs are old but having gone through it all i have added any that i have received letters from in the last year. There are others that i have had nothing from but i don't know what i have and haven't paid!! Im going on the assumption if i have had nothing in over a year then leave it.
The Only way forward i can see is to get a second job which i not really want yo do as i was previously working long hours but was so ill all the time. Only just starting to feel slightly better i know some of it is down to the stress of the debt.
There ARE savings you can make there - I do sympathise with your concerns about your health but is there a balance that can be found at all do you think? Your current income is currently very low indeed. How many hours is your job currently?
The bottom line is that the high as a proportion of income rent and that car are killing you. That car is costing you £179 a month including fuel - and my guess is that in spite of saying you're putting aside money for its maintenance, my guess is you're not as cash assets = zero. That's a recipe for disaster when it needs MoT or servicing. I'd look into whether it's at all practical to do your work travel by public transport to be honest.
I'd suggest work on slashing that food bill, ditch spotify - I'm not going to say netflix as well as you do need some form of entertainment. Check that everything else you're paying is on the best deal possible as well - that can at least get you to the point of balancing the books in terms of routine living expenses. Then I'm guessing that others are going to say either a DRO or a DMP is appropriate for dealing with the debts - that's not my area though so will leave that bit to others.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00
Balance as at 31/12/23 = £112,000.00SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0
This discussion has been closed.
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards