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Soa Post...please Help!!!!!
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missyp123
Posts: 564 Forumite
[tt]
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1380
Partners monthly income after tax....... 500
Benefits................................ 110
Other income............................ 0
Total monthly income.................... 1990
Monthly Expense Details
Mortgage................................ 670
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 100
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 85
TV Licence.............................. 20
Satellite/Cable TV...................... 33
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 26
Car Insurance........................... 131
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 17
Contents insurance...................... 0
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1887
Assets
Cash.................................... 0
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 127000
Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 106000...(670)......0
Total secured debts........... 106000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
northern rock unsec............30000.....237.......0
lloyds loan....................6500......150.......0
hfc loan.......................4000......150.......0
credit card ...................1065......25........0
Total unsecured debts..........41565.....562.......-
Monthly Budget Summary
Total monthly income.................... 1,990
Expenses (including secure debts)....... 1,887
Available for debt repayments........... 103
Monthly UNsecured debt repayments....... 562
Surplus(deficit if negative)............ -459
Personal Balance Sheet Summary
Total assets (things you own)........... 127,000
Total Secured debt...................... -106,000
Total Unsecured debt.................... -41,565
Personal net worth...................... -20,565
Created using the SOA calculator at www.makesenseofcards.com. [/tt]
I have posted a few weeks ago about selling etc... ill try to be quick!
The amount at the bottom will total to almost £35000 once we add on fees for selling and the cost to purchase the freehold on the house.
We have decided to sell to be debt free and start again, as you can see we simply have no money left at the end of each month and do not want to end up missing repayments etc.
Will be moving in with parents and paying £200 rent with our normal living expenses per month. (plus we have a 1 year old baby)
Can anyone give suggestion on two outcomes...
1) we sell for £120k plus fees etc (£35k debt left)
2)we cant sell
in both of the above ... how do we deal with creditors to lower payments or make payment agreements with a lower agreed settlement offer? (can this be done without resorting to not paying at all)???
Any ideas would be great as if we do live with parents it will only be a short term solution and not enough time to clear such a big debt.
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1380
Partners monthly income after tax....... 500
Benefits................................ 110
Other income............................ 0
Total monthly income.................... 1990
Monthly Expense Details
Mortgage................................ 670
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 100
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 85
TV Licence.............................. 20
Satellite/Cable TV...................... 33
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 26
Car Insurance........................... 131
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 17
Contents insurance...................... 0
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1887
Assets
Cash.................................... 0
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 127000
Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 106000...(670)......0
Total secured debts........... 106000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
northern rock unsec............30000.....237.......0
lloyds loan....................6500......150.......0
hfc loan.......................4000......150.......0
credit card ...................1065......25........0
Total unsecured debts..........41565.....562.......-
Monthly Budget Summary
Total monthly income.................... 1,990
Expenses (including secure debts)....... 1,887
Available for debt repayments........... 103
Monthly UNsecured debt repayments....... 562
Surplus(deficit if negative)............ -459
Personal Balance Sheet Summary
Total assets (things you own)........... 127,000
Total Secured debt...................... -106,000
Total Unsecured debt.................... -41,565
Personal net worth...................... -20,565
Created using the SOA calculator at www.makesenseofcards.com. [/tt]
I have posted a few weeks ago about selling etc... ill try to be quick!
The amount at the bottom will total to almost £35000 once we add on fees for selling and the cost to purchase the freehold on the house.
We have decided to sell to be debt free and start again, as you can see we simply have no money left at the end of each month and do not want to end up missing repayments etc.
Will be moving in with parents and paying £200 rent with our normal living expenses per month. (plus we have a 1 year old baby)
Can anyone give suggestion on two outcomes...
1) we sell for £120k plus fees etc (£35k debt left)
2)we cant sell
in both of the above ... how do we deal with creditors to lower payments or make payment agreements with a lower agreed settlement offer? (can this be done without resorting to not paying at all)???
Any ideas would be great as if we do live with parents it will only be a short term solution and not enough time to clear such a big debt.
0
Comments
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Hi Missy ,
Contact http://www.nationaldebtline.co.uk/, tommorrow about your debit repayments , Its free and confidential ,
Best of luck
Mandi0 -
just having a look now
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Also, speak to CCCS, Payplan or the CAB.......all can give you very good advice about your options.
good luck xSuccessful women can still have their feet on the ground. They just wear better shoes. (Maud Van de Venne)Life begins at the end of your comfort zone (Neale Donald Walsch)0 -
Perhaps you are being a bit hasty?[tt]
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1380 more overtime/second job
Partners monthly income after tax....... 500 more work when you are at home so no child care costs
Benefits................................ 110 no working family tax credit?
Other income............................ 0 ebaying everything not used for 6 months and I mean EVERYTHING. Books on Amazon, Online surveys, mystery shopping etc etc.
Total monthly income.................... 1990
Monthly Expense Details
Mortgage................................ 670 interest only or repayment? If repayment then can you go interest only short term to help with the debt.
Secured loan repayments................. 0 GOOD!
Council tax............................. 100 ask to pay over 12 months not 10
Electricity............................. 40 switch everything off at the wall etc
Gas..................................... 40 if you heating thermostat is above 19 degrees then turn it down. One degree down saves about £70 a year. Likewise if your hot water is scalding then it is set too high, so can be turned down.
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 85 Is the no land line why this is so high? Try to get onto the lowest tariff your provider will allow you, and then look at installing Skype on your computer, or else some form of instant messaging to talk to friends. for free.
TV Licence.............................. 20
Satellite/Cable TV...................... 33is this a bundle with your internet? If it isn't then you need to either say you are going to cancel and hope they give you a cheap deal to keep you, or else you need to really cancel, and get a freeview box
Internet Services....................... 0 again unsure on who pays for this?
Groceries etc. ......................... 400 I feed two adults, two young children, and 2 cats on £300 a month, some months less than this. For 3 of you, one of whom is ? eating homemade purees, you could easily reduce this by £150! Sounds undoable, then try the going down a brand trick, ie to Tesco beans from Heinz etc. It will save you money and for most things the taste difference will be negligable. Also don't forget your local market. I got a huge bag of fruit and veg (enough for a week feeding the 4 of us), for £7 last week.
By meal planning and making shopping lists and STICKING TO THEM (the really hard part for me at first:rolleyes: ), you can save loads. Which can then go off the debt.
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 26
Car Insurance........................... 131:eek: :eek: :eek: Is this correct PER MONTH? If it is WOW! I only pay £50 more than this for the YEAR!. So does this mean you are under 25/ have points/ drive a big engined car? If the first two you can't do much about them, but if the third one, then down size, save on the insurance and put that towards the debt. Check via www.quidco.com to see if you can get a cheaper quote, then get cash back if you can find a better deal. Approximately 13% of your take home income goes on car related products. DO YOU REALLY NEED IT!
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 17
Contents insurance...................... 0
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 50 you may have to rethink this for this year. And save your home instead by paying it off your debts.
Emergency fund.......................... 0
Total monthly expenses.................. 1887
Assets
Cash.................................... 0
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 127000
Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 106000...(670)......0
Total secured debts........... 106000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
northern rock unsec............30000.....237.......0
lloyds loan....................6500......150.......0
hfc loan.......................4000......150.......0
credit card ...................1065......25........0
Total unsecured debts..........41565.....562.......-
Monthly Budget Summary
Total monthly income.................... 1,990
Expenses (including secure debts)....... 1,887
Available for debt repayments........... 103
Monthly UNsecured debt repayments....... 562
Surplus(deficit if negative)............ -459
Personal Balance Sheet Summary
Total assets (things you own)........... 127,000
Total Secured debt...................... -106,000
Total Unsecured debt.................... -41,565
Personal net worth...................... -20,565
Created using the SOA calculator at www.makesenseofcards.com. [/tt]
quote]
By making the savings I have outlined above, and tracking every penny that you spend (spending diaries for both of you), I think that you don't have to take such drastic measures as to sell up. BUT it will be VERY hard work, you won't see much of each other, and it will be stressful.
Your choice
best of luck
chevI want a job that is less than an hour driving away from my house! Are you listening universe?
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I agree.
You are better off tightening your belts and working together to clear the debt than selling up and trying to start again.
As regards the food bill, I feed myself, a teenager, three small ones, a huge dog and massive cat on £200 per month. Value veg, everything home made, half the washing powder and conditioner, plus every money saving idea on the old fashioned money saving board soon help boost the finances.
( says she who has made a massive booboo this month!!!)0 -
id suggest sell and make the savings recommended above.
We are at the top of a housing boom...credit crunch is coming...and much better saving rates available...
THe really last thing you want is for house prices to reduce when you are expecting the current survey price to cover your debt...
THEN SAVE LIKE MAD...!!!!
PS just for me...how on earth did you get a £30k Northern rock UNSECURED loan...no wonder they are in the ****0 -
I third what has been said about groceries. we are 2 adults one toddler 2 cats plus baby on the way in next few weeks and spend less than half what you do. We still have treats and there is still room for savings in my budget so i would say you could easy slice your grocery bill in half too.MF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/2000
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A Big thankyou for all your replies with ideas and advice.
In reply to some of the questions above:
YES i am now doing a budget for our shopping, we dont always get up to that amount each month but it does include the odd takeaway or two once a week. - (We did'nt think it was allot as we never buy clothes birthdays and xmas money usually goes on what we need and its the same for our little girl cause she gets spoilt rotten by her granny and aunties, and we NEVER go out)!
My income of £500 is from me doing 5 evening shifts a week once hubby is home so there really isnt room for extra work untill Emy is state nursery in a year and a half. I hardly i see hubby as it is. HOWEVER i have agreed to do cleaning and ironing for his brother once a week payment to b agreed!
Our mobile phone bill is combined and we are fixed into both for another 13 months. but we are able to change lower our price plans next month so that will be done.
The £50 holiday payments are to cover £500 borrowed intrest free from his work holiday plan. Have not had any break/holiday in 4 years and the payments are spread over 10 months last one in october. This covers holiday park and spending money and petrol.
I have sorted lots out for a car boot and will logging back onto ebay to sell sell sell
The car insurance is a combined amount, unfourtunatley hubby had two accidents last year and both cars were written off so insurance took a major hit. Cars are a must for both jobs.
Hope iv covered everything... anyway, feeling much nore positive and feel i have been given a boost. I spoke to debt adviceline and it seems as though the NR unsecured loan can be listed with all my other debts sepratley. They are sending us lots of info through the post We will try a major budget plan and write to creditor first, if no joy then IVA will be the way to go, but we are definatley going to sell as there are so many houses on our road going up for sale and value is just falling, we were valued at 135k now reduced to 124k. Just looking forward to being debt free and will be in it for the long haul to make sure we reach our goal.
fingers crossed x0 -
have you considered becoming a registered childminder?? I know quite a few women who do this during the normal working day for the very reasons you have listed. Its worth a look in any caseMF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/2000
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It has been something i've thought about its just my little one is a very sicky child and can be hard work when she's ill, i dont think i could handle other children at the moment. THANKYOU for the suggestion maybe i can look into it when she's a bit older 0
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