Going BK in a nut shell

tigerfeet2006

Benson_the_dog wrote: »

Is there a person who I can go and see and lay it out in front of them and they can tell me what is the best route to take

See my post below and welcome to the forum.

blind-as-a-bat_2

tigerfeet2006 wrote: »

See my post below and welcome to the forum.

I think tiger meant her Sig below

frosty1970

OP's other post & SOA here

http://forums.moneysavingexpert.com/showthread.html?t=1030965

Broken_hearted

Is it your thread that puts your assets at £99,000, ok it is sorry must learn to read

blind-as-a-bat_2

hmm that does not look good, can you confim how much is outstanding on mortgage and SL in reflection to property value Benson_the_dog?

blind-as-a-bat_2

And is the car paid for or financed if so prsonal loan or HP?

Benson_the_dog

Hi

I have £164, 000 outstanding on the mortgage, house is worth 200,000 -210,000
I have a £43 ,000 loan with picture finance against the house
I have a credit card bill with Lloyd's 13K, Capital one 6k and another on 6k
Payplan £91 per month for other creditors 20k

Full list is

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.

Benson_the_dog

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.

Benson_the_dog

Its the wife's car, I have a company car she has a people carrier for the kids and for work needs to be reliable

blind-as-a-bat_2

Ok so your in little or no equity, thats good, but can you afford the mortgage and SL if you didnt have the other loans? and how does the combined mortgage and SL payment compare to the rental of a simaler property?