Drowning in debt

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Jeffiner84
Jeffiner84 Posts: 8 Forumite
in Debt-free wannabe
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1232
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1232

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 645
Management charge (leasehold property).. 0
Council tax............................. 97
Electricity............................. 17.2
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 36
TV Licence.............................. 36
Satellite/Cable TV...................... 62
Internet Services....................... 0
Groceries etc. ......................... 50
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 62
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 4.9
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1030.1


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................2029......225.2.....NaN
Loan ..........................4590......128.9.....NaN
Loan...........................961.......220.......1275
Credit card....................1000......10........0
Credit card....................1400......25........2
Credit card....................3850......120.......20
Credit card....................5000......130.......30
Loan ..........................1250......167.......NaN
Loan...........................800.......40........NaN
Loan...........................482.......490.......4
Loan...........................1450......128.......70
Loan...........................1500......78........25
Total unsecured debts..........24312.....1762.1....-


Monthly Budget Summary
Total monthly income.................... 1,232
Expenses (including HP & secured debts). 1,030.1
Available for debt repayments........... 201.9
Monthly UNsecured debt repayments....... 1,762.1
Amount short for making debt repayments. -1,560.2

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -24,312
Net Assets.............................. -24,312[/b
«13

Comments

  • Jeffiner84
    Jeffiner84 Posts: 8 Forumite
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    I currently have a flatmate but he's potentially moving out, and has not contributed to rent etc in past 4 months so I have just left him off calculations.

    It is because of him I took on the debt and obviously he has done nothing to help resolve it
  • Puddylove
    Puddylove Posts: 507 Forumite
    First Anniversary Combo Breaker
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    Hi
    We can make suggestions on your expenses, but to address the bigger point first - can you increase your income?
    Second job, selling unwanted stuff on eBay, trying for promotion?
    Maybe you can also get rid of your current 'flatmate' and get one who contributes?
    Or move out, and find a place as a lodger?
    Go home and live with relatives?
  • Puddylove
    Puddylove Posts: 507 Forumite
    First Anniversary Combo Breaker
    Options
    Jeffiner84 wrote: »
    Statement of Affairs and Personal Balance Sheet

    Household Information
    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 0

    Monthly Income Details
    Monthly income after tax................ 1232
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1232

    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 645 This is not sustainable on your income - need to reduce this
    Management charge (leasehold property).. 0
    Council tax............................. 97
    Electricity............................. 17.2
    Gas..................................... 20
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 36 This is high - get rid of contract, go sim only
    TV Licence.............................. 36 Shouldnt this be £12.12 per month?
    Satellite/Cable TV...................... 62 You can't afford this
    Internet Services....................... 0
    Groceries etc. ......................... 50
    Clothing................................ 0
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 62
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 4.9 What is this for if you don't own the building?
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1030.1


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

    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly...APR
    Loan...........................2029......225.2.....NaN
    Loan ..........................4590......128.9.....NaN
    Loan...........................961.......220.......1275
    Credit card....................1000......10........0
    Credit card....................1400......25........2
    Credit card....................3850......120.......20
    Credit card....................5000......130.......30
    Loan ..........................1250......167.......NaN
    Loan...........................800.......40........NaN
    Loan...........................482.......490.......4
    Loan...........................1450......128.......70
    Loan...........................1500......78........25
    Total unsecured debts..........24312.....1762.1....-


    Monthly Budget Summary
    Total monthly income.................... 1,232
    Expenses (including HP & secured debts). 1,030.1
    Available for debt repayments........... 201.9
    Monthly UNsecured debt repayments....... 1,762.1
    Amount short for making debt repayments. -1,560.2

    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -24,312
    Net Assets.............................. -24,312[/b

    Please see my comments in red above.
  • katejo
    katejo Posts: 3,814 Forumite
    Name Dropper First Anniversary First Post
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    Jeffiner84 wrote: »
    I currently have a flatmate but he's potentially moving out, and has not contributed to rent etc in past 4 months so I have just left him off calculations.

    It is because of him I took on the debt and obviously he has done nothing to help resolve it

    Why is your flatmate only 'potentially' moving out if he hasn't contributed to rent? In your SOA, why is your TV licence payment £36? Mine is £12.12 per month which is the normal monthly payment.
  • sourcrates
    sourcrates Posts: 28,878 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    edited 16 October 2016 at 11:49AM
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    Hi,

    Is £50 a month for food realistic ? i spend 4 times that in an average month, also you have no emergency fund, nothing for christmas, birthdays etc etc.

    You can easily make that budget tally up so you only have £50 or less left at months end.

    If you can get your creditors to freeze interest on your accounts, and if you can then repay around £4000 of your debt over say the next year or so, you should then apply for a debt relief order to clear the remaining sub 20k debt.

    That is the quickest solution available to you.
    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-letter
  • fatbelly
    fatbelly Posts: 20,492 Forumite
    Name Dropper First Anniversary First Post Cashback Cashier
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    Sourcrates is right that you don't have £200 because your food spend is unrealistic - I'd want to see £160 a month there, plus maybe £20 for clothing and £20 for haircuts etc.

    You obviously need to stop paying your non-priority creditors (that's all of them) and get your expenditure sorted out. You're paying 3 times the going rate for your TV licence and £100 for phones & Sky is too much.

    You don't pay for water? Depends where you live but I'd expect £50 there.

    I think you've gone too far for a DRO - the limit is 20k and it isn't going up any time soon. And I can't see you paying down £4k, particularly when there's another option.

    So you will be looking at bankruptcy with its £680 fee - hopefully there is a debit card or similar with that available somewhere in your collection. You will find it difficult to get credit for the next few years.
  • Jeffiner84
    Jeffiner84 Posts: 8 Forumite
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    I can't increase income no.

    I'm giving up lease - this flat is awful but have to survive 2 more months
  • Jeffiner84
    Jeffiner84 Posts: 8 Forumite
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    I don't understand the TV Licence I expected it to be 12. But it's 6 months at that the 12 then on
  • Jeffiner84
    Jeffiner84 Posts: 8 Forumite
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    Live in Scotland so water included in ct

    I'm trying to talk to my creditors but they won't negotiate


    I was hoping I could get something NOW to freeze interest etc but I can't catch a break!
  • sourcrates
    sourcrates Posts: 28,878 Ambassador
    First Anniversary Name Dropper First Post Photogenic
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    Jeffiner84 wrote: »
    I can't increase income no.

    I'm giving up lease - this flat is awful but have to survive 2 more months

    Fatbelly nails it really, your present budget is totally unrealistic.

    Going Bankrupt would give you a fresh start with a clean slate.

    I doubt there would be any monthly payments, (IPA) as theres no room in your budget for it, you would be discharged within 12 months.

    Its all done online now or by post, the requirement to attend court in person was removed last year.
    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-letter
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