Needs some help and advice with debts!

amylou8

Well I shall start t the beginning and try not to ramble, my ex boyfriend and I got into debt 5 years ago after we split up he declared himself bankrupt and I was left to pay all of the debts (I supidly took out credit cards in my name for him too) I have paid off nearly 6k already and had about 2k left but am just about to move and money is going to be a bit tighter for a while so was wondering if people could give me advice on how much to pay off what debt and general budget management, I can post an SOA but don't know where to find the link.

Thanks

Amylou

lizzylou

hi don't know much but someone will be along shortley x

~Beanie~

You can find the SOA calculator Here

beanielou

Look forward to seeing your SOA

amylou8

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1200

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 267.5
Management charge (leasehold property).. 0
Council tax............................. 45
Electricity............................. 15
Gas..................................... 10
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 6
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 60
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 200
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 40
Total monthly expenses.................. 769.5

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Littlewoods CC.................631.......50........0
Catalogue......................1150......50........0
Essex and Suffolk Wat..........173.......25........0
Total unsecured debts..........1954......125.......-

Monthly Budget Summary
Total monthly income.................... 1,200
Expenses (including secured debts)....... 769.5
Available for debt repayments........... 430.5
Monthly UNsecured debt repayments....... 125
Surplus(deficit if negative)............ 305.5

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -1,954
Net Assets.............................. -1,954

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

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Right here is my SOA, I have based it on what bills I will have going out in 2 weeks when I move. The situation is, me and my partner are buying a flat (in his name as I have very bad credit) we do have a declaration of trust so if anything goes wrong then I am entitled to half. I have put my mortgage payment as rent as I don't actually have the mortgage.......Hope that makes sense!! It does seem that I have more money left at the end of each month but obviously doesn't always work out like that.

All of my debts are interest free as they defaulted about 4 years ago. Any advice would be great as to the quickest way to clear these debts and general budget management!!

MrsTinks

Are all the amounts halved as he pays other half?

As for what to pay first... the thing with the highest APR I'm guessing it'll be Littlewoods (depending on who the other catalouge is...).

Try keeping a spending diary too to make sure you know where all the pennies go

**Amy**

Hi Amy

As you say it seems like you have a fair bit a month that is left over, on paper that is! If you are finding that you dont have that, or any money a month, left over you may need to do a spending diary. Its basically something where you write down everything you spend money on in the week/s/month. Its really surprising what you find you spend money on, and how much a choccie bar/magazine a week/day can add up.

Once you have done this you can see where you can cut down on.

Have you tried limiting yourself to £10/20 a week to spend on bits and bobs? I do this and once its gone its gone. It really helps.

With regards to your debts as they are 0% i wouldnt necessarily advise paying off quickly as such. I think what you need is extra money. Is there anything you can ebay? or books/dvds to sell on Amazon/Play.com?

It might be worth doing that first and then if your debts are with debt collectors offering them a full and final settlement. This only really works if you have a lump sum to offer.

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

xx

dancingfairy

How about a spending diary so you can see how you are getting on? According to the soa calculator you should have £305 a month spare so you are obviously missing some things. Your SOA does look awfully tight - might be worth checking these are correct and not what you think you should/ought to be spending. Does your OH not spend any money out of this? £60 a month look incredibly low for 2 people - is this right?

amylou8

Sorry it wasn't very clear before, these are all the figures halved so I will be paying exactly what is up there and my boyfriend will be paying the other half so grocery will be £60 each etc. I didn't want to include him on the SOA as I am trying to pay the debts off myself as they were from an ex boyfriend.

In regards to offering a lump sum how does this work? Do they normally accept a certain percentage of the amount?

I just want to get rid of these debts and then hopefully have some kind of savings account!

dancingfairy

Sorry - not quite awake yet. Missed the fact it was just your half of things.

amylou8

Sorry Amy, just saw the link explaining about settlements!!