Scared and don’t know where to start.

Nmjames · 18 April 2019 at 1:14PM

So I've made notes as I've gone along as obviously there is a lot missing here that I can't add without keeping a bit of a diary. But I will start to do that.

Statement of Affairs & Personal Balance Sheet

Summary
Monthly Budget Summary Amount(£)
Total monthly income 2,200
Monthly expenses (incl. HP & secured loans) 866.1
Available for debt repayments 1,390.9
UNsecured debt repayments 914.74
Amount left after debt repayments 419.16
Personal Balance Sheet Summary Amount(£)

Total Assets (things you own) 0
Total Secured & HP Debt -0
Total Unsecured Debt -24,297.34
Net Assets -24,297.34

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

Income, Expense, Debt & Asset Details
Income Amount(£)
Monthly income after tax 2200
Partners monthly income 0
Benefits 0
Other income 0
Total monthly income 2200

Expenses Amount(£)
Mortgage 0
Secured/HP loan payments (is my car finance this? I haven’t included it as I didn’t know where)
0
Rent 375
Management charge (leasehold property) 0
Council tax 89
Electricity (my electricity and gas are a combined payment of £51 I’m unsure how it is split so I’ve split it like this) 25
Gas 26
Oil 0
Water Rates 11.32
Telephone (land line) 0
Mobile phone 8
TV Licence 12.54
Satellite/Cable TV 0
Internet services 19.95
Groceries etc. (obviously I am spending on groceries, but I need to keep a diary to check this out fully. I suspect I’m frittering loads away here through being disorganised) 0
Clothing (as above) 0
Petrol/diesel (as some of this is business mileage, I do get some back in expenses) 160
Road tax 2.62
Car Insurance (this might be high but I have points on my license, it’s the best deal I could get. My breakdown cover is included in a service plan I have for my car) 57
Car maintenance (including MOT) 30
Car Parking 10
Other travel 0
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 30
Pet Insurance/Vet bills 0
Buildings Insurance (I’m renting so I just have contents) 0
Contents Insurance 4.67
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) (as with the above I need to keep a diary to see what I am actually spending here) 0
Haircuts (I don’t have my haircut as I’m genuinely scared of hairdressers but I do dye it at home) 5
Entertainment (as with the above I’m obviously spending here and not keeping track) 0
Holiday 0
Emergency Fund 0
Total monthly expenses 809.1

Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 0 (0) 0
Secured & HP Debt totals 0 - -
Unsecured Debt Description Debt(£) Monthly(£) APR(%)

Here I have added the things I can find, I haven’t added my car payments as I don’t understand where they come so there is a payment of £156 missing each month

Ratesetter 101.93 8.64 0
La Redoute 523.64 0 39.9
Simply Be 2871.35 120 0
Natwest Loan 2 4000 156 26.3
Natwest Loan 1 4000 129.1 26.1
Vanquis Credit Card 2110.02 0 0
Pounds to Pocket 1300 0 0
Vanquis Loan 2000 89 34.14
Amigo 5000 213 49.9
Satsuma 2390.4 199 0
Unsecured Debt totals 24297.34 914.74 -
Asset Description Value (£)
Cash 0
House Value (Gross) 0
Shares and bonds 0
Car(s) 0
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 0

EssexHebridean · 18 April 2019 at 3:20PM

Comments in red as usual

Nmjames wrote: »

So I've made notes as I've gone along as obviously there is a lot missing here that I can't add without keeping a bit of a diary. But I will start to do that. A work in progress is a great start.

Statement of Affairs & Personal Balance Sheet

Summary
Monthly Budget Summary Amount(£)
Total monthly income 2,200
Monthly expenses (incl. HP & secured loans) 866.1
Available for debt repayments 1,390.9
UNsecured debt repayments 914.74
Amount left after debt repayments 419.16
Personal Balance Sheet Summary Amount(£)

Total Assets (things you own) 0
Total Secured & HP Debt -0
Total Unsecured Debt -24,297.34
Net Assets -24,297.34

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

Income, Expense, Debt & Asset Details
Income Amount(£)
Monthly income after tax 2200
Partners monthly income 0
Benefits 0
Other income 0
Total monthly income 2200

Expenses Amount(£)
Mortgage 0
Secured/HP loan payments (is my car finance this? I haven’t included it as I didn’t know where) Yes, car finance can go here
0
Rent 375
Management charge (leasehold property) 0
Council tax 89 Single person discount applied, and being pay over 12 months rather than 10?
Electricity (my electricity and gas are a combined payment of £51 I’m unsure how it is split so I’ve split it like this) 25
Gas 26 OK - check the comparison sites to see if you can get a better deal, and also work on reducing usage.
Oil 0
Water Rates 11.32 Metered I assume?
Telephone (land line) 0
Mobile phone 8
TV Licence 12.54
Satellite/Cable TV 0
Internet services 19.95
Groceries etc. (obviously I am spending on groceries, but I need to keep a diary to check this out fully. I suspect I’m frittering loads away here through being disorganised) 0 Try to work this one out as soon as you can - I suspect this is where a lot of your spending is going!
Clothing (as above) 0 You need at least a basic "socks & pants" figure here - ie just a small amount to cover essentials
Petrol/diesel (as some of this is business mileage, I do get some back in expenses) 160 This needs to be the figure you pay for yourself otherwise it's skewing the figures
Road tax 2.62 Are you paying this monthly? If so stop and pay as a lump sum, then stash the money aside each month ready for next year. It costs extra to pay monthly!
Car Insurance (this might be high but I have points on my license, it’s the best deal I could get. My breakdown cover is included in a service plan I have for my car) 57 Keep shopping around every year and don't get any more points!
Car maintenance (including MOT) 30 Make sure you really are putting this aside each month - or is this the service plan?
Car Parking 10
Other travel 0
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 30 can this be reduced by use of a pre paid prescription card perhaps?
Pet Insurance/Vet bills 0
Buildings Insurance (I’m renting so I just have contents) 0
Contents Insurance 4.67
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) (as with the above I need to keep a diary to see what I am actually spending here) 0
Haircuts (I don’t have my haircut as I’m genuinely scared of hairdressers but I do dye it at home) 5
Entertainment (as with the above I’m obviously spending here and not keeping track) 0
Holiday 0
Emergency Fund 0
Total monthly expenses 809.1

Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 0 (0) 0
Secured & HP Debt totals 0 - -
Unsecured Debt Description Debt(£) Monthly(£) APR(%)

Here I have added the things I can find, I haven’t added my car payments as I don’t understand where they come so there is a payment of £156 missing each month

Ratesetter 101.93 8.64 0
La Redoute 523.64 0 39.9
Simply Be 2871.35 120 0
Natwest Loan 2 4000 156 26.3
Natwest Loan 1 4000 129.1 26.1
Vanquis Credit Card 2110.02 0 0
Pounds to Pocket 1300 0 0
Vanquis Loan 2000 89 34.14
Amigo 5000 213 49.9
Satsuma 2390.4 199 0
Unsecured Debt totals 24297.34 914.74 -
Asset Description Value (£)
Cash 0
House Value (Gross) 0
Shares and bonds 0
Car(s) 0
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 0

OK we obviously can't tell your surplus as yet as there's thing you've not got figures for but the spending you have in there so far doesn't look too terrible - which is a good start. Get the rest of the figures worked out, find the rates for the interest on the debt where you've not managed to find them, then when you come to post the updated SOA make sure you hit "Format for MSE" as that puts it into a format for here that you'll find far easier to read.

Nmjames · 26 April 2019 at 11:55AM

Thanks for the reply sorry I disappeared - I'm keeping a spending diary which is good in the respect it's keeping me really frugal out of shame but it probably isn't that accurate yet.

In terms of gas and electric is £51 that high? I thought it was quite average however I'm getting a smart meter this month as that's what my landlord wants so I guess i'll be able to see where my usage is. As a top floor flat I steal everyone else's heat so that's good

Car ins wise, my points are due to come off soon (I hadn't checked my insurance certificate and there was a wrong digit on the reg number, automatic 6 points, will not make that mistake again!!!) There's also a chance I can hand back the car and go without a car from March but obviously that is a way off.

I've included my one regular prescription but also dental and contact lens costs in that calculation so unfortunately a pre pay cert won't help at the moment although it is looking likely I'll end up on more things so I'd look into that.

I'll keep on keeping the diary and I'll be sure to format it properly - I did think it looked a bit complicated compared to the others I'd seen!

Kitten868 · 26 April 2019 at 1:20PM

You got six points because you got a digit wrong? That's awful.

I think the advice you've had is good. For now take it one step at a time. Don't get bogged down with long term plans and bigger pictures just focus on seeing yourself through to pay day. Make a plan for next pay day. I wouldn't put too much effort into looking for another job at the moment either.

I do think you're a good candidate for a DMP. You don't have enough income to meet your outgoings. I think you should talk to step change about what this would mean for your PCP and your amigo loan for your dad.

You can do this xxx

sammyjammy · 26 April 2019 at 1:33PM

Kitten868 wrote: »

You got six points because you got a digit wrong? That's awful.

I think the advice you've had is good. For now take it one step at a time. Don't get bogged down with long term plans and bigger pictures just focus on seeing yourself through to pay day. Make a plan for next pay day. I wouldn't put too much effort into looking for another job at the moment either.

I do think you're a good candidate for a DMP. You don't have enough income to meet your outgoings. I think you should talk to step change about what this would mean for your PCP and your amigo loan for your dad.

You can do this xxx

I think if the OP wants to continue to pay the Amigo loan that her dad is guarantor for (and I would too) and she decides a DMP is the right thing for her she can do a self managed DMP with support from the forum.

Candyapple · 26 April 2019 at 1:47PM

You seem to have spent almost £3k at Simply Be – are there any clothes you can sell from this?

From all the other loans you’ve taken out – same question – anything tangible you can sell to recoup some of the money?

Sanctioned_Parts_List · 26 April 2019 at 1:48PM

Just to add to the above - it's not usually possible to include secured loans or guarantor loans in a DMP: the former, as it's secured on a recoverable asset, the latter because it simply rolls over to the guarantor. SC etc. should be able to negotiate a DMP that excludes those two debts, and thus allow OP to prioritise the guarantor loan and its usurious interest rate.

Nmjames · 28 April 2019 at 10:36AM

I can’t work out how to quote text on my phone but I will look at a self done DMP as I have now also talked to some other people about this.

kitten868 - it’s because it meant I was driving without insurance, as I had been insuring someone else’s car all the time and mine had no insurance.

I am still annoyed at my mistake but I’m just thankful I found out by getting pulled by the police and not by having an accident I wasn’t insured for!

Candyapple - it’s possible I have a few things but mainly that debt spans years of paying off minimums and a lot of things I bought were things like gifts, although it’s a clothes shop it actually sells loads of stuff.

I own surprisingly little, A lot of the loans have been part of the starting to slightly overspend, taking easy credit, not being able to cover it and taking more etc.

I’ve also used loans to cover some very foolish endeavours I won’t go into here but suffice to say I have nothing to show for them.

Also I am a little worried about this thread now as I also posted on the parking tickets board where they’ve said the companies will read all my posts here. Should I take this information down because it’s very personal and I don’t want it used against me?

elsien · 28 April 2019 at 10:42AM

Nmjames wrote: »

Unfortunately not anywhere in travelling distance as I'm not allowed to work anywhere we place students. I'm looking for private sector nursing homes as a lot of these don't take students so I would be ok.

I am on with my SOA it's just long and complicated but I will get it up.

With regards to the parking ticket - I don't have any time left before it increases because my appeal was rejected and I now just have to pay £100 by 14/5/19.

If it's a private parking company, you really don't. Losing the appeal is nowhere near the end of the line. When you've got chance, go back into the parking forum and get more help.

elsien · 28 April 2019 at 10:45AM

Ref the parking forum, I think they mean that they will look for evidence about who was driving etc. or other information relevant to the ticket. If you take all the information about the parking ticket off this thread then I think it should be ok.

Scared and don’t know where to start.

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