Hi guys - advice needed for Scotland..... but from anywhere is appreciated

jimcon

jorichste wrote: »

if they say no up front fee, i'd be worried that its going to cost you a lot! I don't really have any answers, but some folks on here are very clever and will know what to do. I just didn't want to read and run, and wanted to say DON'T PANIC!!!!just have a cuppa tea and wait until you have spoken to cab, and some of the lovely folks here have had a chance to read your thread.

thank you for that.

it's just so scary. Our mortgage payment has been declined by the bank (and they charged us for it) and our sons nursery fees are due on friday.

it's just like a huge wave that's towering over us and is going to wipe us out.

dancingfairy

I would contact National Debt Line or CCCS or one of the other debt charities mentioned by Martin. I am fairly sure one of them must cover Scotland.
As for this other company, it is difficult to say whether they were giving you the best advice. It is highly likely they are just out to make money out of you so I would stay well clear of them. Even if it turns out if will be the best way for you to pay of your debts it will be better if it is arranged by a company who are not trying to make money out of you to one that will likely take payments meant for creditors for themselves.

Search the forum threads here for Deed of Trusts as I think there have been a couple of threads on them.

Would also do an SOA (See thread for newbies) then we can see what we are looking at and CAB/CCCS/National DebtLine etc will need one for them to be able to help anyway.

Don't worry - there are many, many people in a similar situation to you and it will all become clear.

dancingfairy

An Soa is a list of absolutely everything coming in and going out - a budget thing) - you may be paying too much for certain things etc. We

50k is a lot of debt but compared to some of the people on here... They have found solutions and you will to- CAB will definitely be able to help you.

charlie42bravo

I would definitely recommend the CCCS. They are a charitable based financial counselling and they will be able to assist you in setting up an IVA if appropriate which will never cost you anything on top of your debts you have already.

(Land_of)_Maz

Hi there,

Give us a little bit more information or draw up a Statement of Account (or is it affairs? i can never remember!!) this will allow people to help you cut back where possible. http://www.makesenseofcards.com/soacalc.html

If you can't get any more work, then start ebaying like mad, get surveying, mystery shopping etc etc. anything that brings in a little extra money/vouchers etc is a good thing. Check out the up your income board for ideas..http://forums.moneysavingexpert.com/...lay.html?f=145

Also check out freecycle for anything you might need before purchasing.

Carboot sale?

Check out the MSE oldstyle thread for ways to cut your shopping budget down too.. http://forums.moneysavingexpert.com/forumdisplay.html?f=33

If you and your wife pull together you will get thru this honey. If you take on old style cooking and other ways of saving money it actually can be quite good fun and a little bit of light relief in difficult times!

Are there any business debtors who you can call money in from so you can keep the wolf from the door in the meantime?

Stay on the baords for loads of advice and good laughs too... this lot are slightly bonkers at times!!!

jimcon

SOA



Congratulations on completing your SOA. What you need to do now is to highlight, copy and paste everything (yes, I mean everything) below the line into a post on the MSE website. When you have done that, you can type any other relevant information at the end of the post.

<===== Copy and paste EVERYTHING below this line into your MSE post =====>

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 650
Benefits................................ 208
Other income............................ 0
Total monthly income.................... 2258

Monthly Expense Details
Mortgage................................ 585
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 132
Electricity............................. 59
Gas..................................... 54
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 13
Mobile phone............................ 60
TV Licence.............................. 11.48
Satellite/Cable TV...................... 21
Internet Services....................... 30
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 170
Road tax................................ 20
Car Insurance........................... 20
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 360
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 45
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2035.48

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 120000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 88000....(585)......5.9
Total secured debts........... 88000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds TSB Mastercard..........15550.....350.......19
Marbles........................5750......96........21.9
RBS Gold.......................3950......86........19.9
car payment....................4500......132.......5
Car payment....................3500......97........5
RBS Overdraft..................2000......25........0
RBS Personal loan..............20600.....377.......0
Halifax........................3500......65........0
Total unsecured debts..........59350.....1228......-

Monthly Budget Summary
Total monthly income.................... 2,258
Expenses (including secured debts)....... 2,035.48
Available for debt repayments........... 222.52
Monthly UNsecured debt repayments....... 1,228
Surplus(deficit if negative)............ -1,005.48

Personal Balance Sheet Summary
Total assets (things you own)........... 120,000
Total Secured debt...................... -88,000
Total Unsecured debt.................... -59,350
Net Assets.............................. -27,350

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

Mupeteer

CCCS definitely cover Scotland. Number is 0800 138 3328 or check online http://www.scottishdebtline.co.uk/home.htm

(Land_of)_Maz

jimcon wrote: »

SOA



Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 650
Benefits................................ 208
Other income............................ 0
Total monthly income.................... 2258

Monthly Expense Details
Mortgage................................ 585
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 132
Electricity............................. 59 check out cheaper suppliers if possible? go via Quidco for extra cashback
Gas..................................... 54 check out cheaper suppliers if possible? go via Quidco for extra cashback
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 13
Mobile phone............................ 60 this is a lot, are you on contracts? see if you can cut this. go via Quidco/E2Save for extra cashback
TV Licence.............................. 11.48
Satellite/Cable TV...................... 21 people will say it should be £0, if things are bad....
Internet Services....................... 30 check out cheaper suppliers if possible? go via Quidco for extra cashback. Or free thru Sky?
Groceries etc. ......................... 300 - check out oldstyle for cutting costs. meal plan.....?
Clothing................................ 50 will say it should be £0, if things are bad.... i say cut it to essential kids stuff only for a while?
Petrol/diesel........................... 170 will only rise eh?!
Road tax................................ 20 will only rise eh?!
Car Insurance........................... 20 seems cheap
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 360
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 45 this is high.... might be worth checking this figure
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2035.48

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 120000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 88000....(585)......5.9
Total secured debts........... 88000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds TSB Mastercard..........15550.....350.......19
Marbles........................5750......96........21.9
RBS Gold.......................3950......86........19.9
car payment....................4500......132.......5
Car payment....................3500......97........5
RBS Overdraft..................2000......25........0
RBS Personal loan..............20600.....377.......0
Halifax........................3500......65........0
Total unsecured debts..........59350.....1228......-

Monthly Budget Summary
Total monthly income.................... 2,258
Expenses (including secured debts)....... 2,035.48
Available for debt repayments........... 222.52
Monthly UNsecured debt repayments....... 1,228
Surplus(deficit if negative)............ -1,005.48

Personal Balance Sheet Summary
Total assets (things you own)........... 120,000
Total Secured debt...................... -88,000
Total Unsecured debt.................... -59,350
Net Assets.............................. -27,350

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

.

Well done on the SOA... sure folks will be along to suggest more meaning ful ways than mine.

maz
x

Verbatim

Hi and welcome.

Have you got suppliers who bundle landline, internet and TV? We've just gone with Virgin for this as had them anyway for broadband @ £25 a month and for an extra £3 a month we get phone and TV too and no more BT bills.

charlie42bravo

How many children have you got? Are you receiving the correct amount of Child Tax Credits and Child Benefit which you should be? If you have regular prescription charges is it worth getting an NHS subscription where you pay an annual amount for as many prescriptions as you need?
Good Luck