Not good on paper!

Benson_the_dog

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2100
Partners monthly income after tax....... 400
Benefits................................ 167
Other income............................ 0
Total monthly income.................... 2667

Monthly Expense Details
Mortgage................................ 1160
Secured loan repayments................. 425
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 125
Electricity............................. 52
Gas..................................... 39
Oil..................................... 0
Water rates............................. 12
Telephone (land line)................... 49
Mobile phone............................ 10
TV Licence.............................. 11.61
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 30
Road tax................................ 15
Car Insurance........................... 21
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 15
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0
Buildings insurance..................... 18
Contents insurance...................... 21
Life assurance ......................... 49
Other insurance......................... 12
Presents (birthday, Christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 25
Total monthly expenses.................. 2469.61

Assets
Cash.................................... 0
House value (Gross)..................... 210000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 215,000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 16400....(1160).....0
Secured Debt(Picture finance) 43000.....(425)......0
Total secured debts........... 59400.....-.........0

Unsecured Debts
Description....................Debt......Monthly...APR
Payplan........................31000......96........0
Lloyd's Fix on a lower amount 13000......80........0
M&SMoney Fix on a lower amount 6000.......50........0
Capital1 Fix on a lower amount 6000.......50........0
Total unsecured debts..........56000......276........0

Monthly Budget Summary
Total monthly income.................... 2,667
Expenses (including secured debts).......2,469.61
Available for debt repayments........... 197.39
Monthly UNsecured debt repayments....... 276
Surplus(deficit if negative)............ -78.61

Personal Balance Sheet Summary
Total assets (things you own)........... 215,000
Total Secured debt...................... -59,400
Total Unsecured debt.................... -56,000
Net Assets.............................. 99,600

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

There's me and the wife, 2 children (4 and 7 year old), 1 dog.
For ages now, we have been trying to make ends meet. These days we
are just surviving and not living. No Holidays for the kids etc.
Total me and the wife's fault! I am looking to see what would be
The best way to start living again, we are both in our late 30's and
I'm seeing us surviving to the end of our days.

More information to follow please feel free to ask questions

Jvic28

Benson_the_dog wrote: »

House value (Gross)..................... 210

Surely this can't be right?

Benson_the_dog wrote: »

Unsecured Debts

Description....................Debt......Monthly...APR
Payplan........................31000.....96........0
Lloyds CC......................13000.....80........0
M&S Money......................6000......50........0
Capital One....................6000......50........0
Total unsecured debts..........56000.....276.......-

Mega bucks on credit cards. Are you making all your payments on time? Are there any charges you can claim back to reduce this debt?

x

IWantToBeFree_2

Benson_the_dog wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2100
Partners monthly income after tax....... 400
Benefits................................ 167
Other income............................ 0
Total monthly income.................... 2667

Monthly Expense Details
Mortgage................................ 1160 Interest only or repayment? Could you switch to interest only for the time being if the latter?
Secured loan repayments................. 425

Council tax............................. 125 Is this spread over 12 months or 10? If 10, you could switch to 12 to reduce the monthly payments, although you then wouldn't get 2 months 'free'
Electricity............................. 52 Seems high, can you switch providers? Could go via quidco to get cashback
Gas..................................... 39 Seems high, can you switch providers? Could go via quidco to get cashback
Water rates............................. 12
Telephone (land line)................... 49 Seems high, especially as it doesn't include internet. Cut back?
Mobile phone............................ 10
TV Licence.............................. 11.61
Internet Services....................... 10
Groceries etc. ......................... 200 Check out the oldschool board for ways to reduce this
Clothing................................ 10
Petrol/diesel........................... 30
Road tax................................ 15
Car Insurance........................... 21
Car maintenance (including MOT)......... 15

Other child related expenses............ 15
Medical (prescriptions, dentist etc).... 25
Buildings insurance..................... 18 Switch via quidco and get cheaper plus cashback?
Contents insurance...................... 21 Seems high, can you switch providers? Could go via quidco to get cashback
Life assurance ......................... 49 What does this cover? Seems very high, check what your contract covers you for, some are quite restrictive in what they pay out on etc
Other insurance......................... 12 What is this for?
Haircuts................................ 20
Entertainment........................... 100 What does this cover?
Emergency fund.......................... 25 Do you actually put £25 a month away?
Total monthly expenses.................. 2469.61

Assets
Cash.................................... 0
House value (Gross)..................... 210
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5210

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 16400....(1160).....0
Secured Debt(Picture finance) 43000....(425)......0
Total secured debts........... 59400.....-.........0

Unsecured Debts
Description....................Debt......Monthly...APR
Payplan........................31000......96........0
Lloyd's Fix on a lower amount13000.......80........0
M&SMoney Fix on a lower amount6000........50........0
Capital1 Fix on a lower amount6000........50........0
Total unsecured debts..........56000.....276.......-

Monthly Budget Summary
Total monthly income.................... 2,667
Expenses (including secured debts).......2,469.61
Available for debt repayments........... 197.39
Monthly UNsecured debt repayments....... 276
Surplus(deficit if negative)............ -78.61

Personal Balance Sheet Summary
Total assets (things you own)........... 5,210
Total Secured debt...................... -59,400
Total Unsecured debt.................... -56,000
Net Assets.............................. -110,190

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

There's me and the wife, 2 children (4 and 7 year old), 1 dog.
For ages now, we have been trying to make ends meet. These days we
are just surviving and not living. No Holidays for the kids etc.
Total me and the wife's fault! I am looking to see what would be
The best way to start living again, we are both in our late 30's and
I'm seeing us surviving to the end of our days.

More information to follow please feel free to ask questions

Hi, welcome to the DFW boards.... I have added my comments in red, hope they help!

Bismarck

hi...well done for posting...suggest you correct your house's value to £210000 so you'll feel a little better on the net assets side!

Keeping_Positive

Just a few comments:

Gas and Electric work on getting these down so look on here for tips on energy saving ie switching things off etc

Hair - can you invest in clippers to reduce cost or use local college. The trainees are fully supervised so no risk.

Perscriptions - If you spend over £10 a month on one person then invest in a prepayment card that will last a year and cost £10 over 10 months.

Have you looked to see that all insurances are the lowest? Use quidco when renewing. - edit ditto for gas and electric

Groceries - look at the Old style boeard for tips on savings some can feed a family of four for £100 a month. Im not saying go that low but Im sure savings are possible.

Ctax - ask to spread over 12 not 10 months.

Welcome to the board Im sure more experienced people will be along soon.

doelani

Hi Benson

Well done in posting new SAO

Can I ask you have unsecured debts listed as Payplan then another 25k to three other companies. Are you on DMP with Payplan? Is there a reason these otehr 25k are not included with Payplan ?

Benson_the_dog wrote: »

Unsecured Debts
Description....................Debt......Monthly...APR
Payplan........................31000......96........0
Lloyd's Fix on a lower amount 13000......80........0
M&SMoney Fix on a lower amount 6000.......50........0
Capital1 Fix on a lower amount 6000.......50........0
Total unsecured debts..........56000......276........0

tyllwyd

Another thing you could correct - I'm assuming your mortgage is £164000 and secured loan £43000, giving a total of £207,000, which means no equity in house?

Also you've listed 'payplan' under unsecured debts. Does this mean you are in a debt management plan with payplan? How come you have other unsecured debts as well?

dancingfairy

What's the debt to Payplan for? Are you on a DMP with them? if so why aren't the other debts on there? did you run these up after going on a DMP? or does the money to Payplan cover the credit cards? A bit confused.

Benson_the_dog

Hi thanks for all your quick responses, Ill try to answer all the questions

Hi Yes we have a Payplan account which incumbencies other debts we ran up with other companies, we had a few credit cards left over which we didn't but now have credit on them. These are not part of the Payplan

The credit card companies have all been informed that we have financial problems and have agreed to reduce the payments of each card for 6 months and then review, until recently we had never missed a payment.

Sorry yes I have had a problem with the SOA we have a house that may sell for £210,000 and have a mortgage for £164,000 on a repayment only, the way our credit rating is I cant see us changing that.
And a secured loan the life span of the mortgage with picture finance of 43,000

More to follow

dancingfairy

I am assuming you broke the agreement with Payplan that you wouldn't take out any more credit. This leaves you in somewhat of a sticky situation as while you've been making reduced payments to some creditors you've gone behind their back and run up more credit.
You've obviously been struggling with the budgetting as on paper after you monthly expenses and paying Payplan you should still have had some surplus so where's all the money gone? £25k is a lot of debt to rack up while on a payment plan - have there been any large purchases or is it just day to day living - either you are seriously overspending or it has built up over a number of years.

I would suggest a spending diary - you really need to get a grip on where money is going. I would hate to see you sell you house and get back in a mess again. You really need to be so on top of where the money is going.

Benson_the_dog

Hi DF

The credit cards where now I think about it already in use when we took up the pay plan. The spending on it was the day to day spending and it is only recently we have seen that doing that every day soon built up. We hold our hand up and only have a selves to blame for the mess were in. I feel fro my kids as they didn't do it!

I am wondering what would be the best solution would be? My wife would love to keep the house and see if things get better, but i feel that we are too far gone for that.

Would selling the house and moving into rented housing help, from what i have heard we are one of the only countries that feel we must own a house! What advantage other than leaving it to your children is there?

Bankruptcy, I hear and see so many people doing it why not? it wipes the slate clean and in our late 30's at least we will be able to enjoy life rather than surviving?

I don't know, I'm only asking?

Its only in the last few months we have woken up and seen what a mess we are in and that money just seeps away, maybe the house is the answer