Need some advice

Queen

I have posted before about charging order from RBS still waiting to hear from their sols but have advised that they will go for charging order forthwith my husband has been ill for the last 3 yrs and things are not getting any better, if we sell there is not enough equity to pay mortgage, secured and charging order so they will stop sale, mortgage goes upin Sewptember by £160 my husband is trying to go back to work but only managing a few days here and there, what is the best solution for us as come September we won't be able to manage all the bills, are we best to strop paying mortgage and let them reposess as this is the only way RBS will let the property be sols then we have no money to pay 2nd charge. I am getting really worried none of creditors seem to unhelpful a accepting a £1 token this is all we have to offer after esssential but one mortgage goes up we won't be able to live.

Help please

Queen

Pls I need some advice

MYLITTLESISTERLOLA

I've checked your other threads and can't see a statement of affairs ( income & expenditure ) this handytool will help do one of these http://www.makesenseofcards.com/soacalc.html
Once this is posted so of the other peeps will be along to see how we can helps
Good Luck MLSL

GeorgeUK

Have you contacted one of the free debt charities? Have they suggested an IVA? or are things past that stage with the secured debt?

Sorry i can't think of anything else.
Would the secured debt people allow a reduction in payments?

chevalier

i would echo georges advice above, re getting advice off CCCS, Payplan or National Debtline, their numbers are at the top of the forum. They open at 0800 I think.

And if you post up a statement of affairs I am sure that we can give you suggestions about this.

If you OH has not been working for all that time, is he on invalidity benefit? and could you get carers allowance? Check with citizens advice ref this
chev

Queen

Hi thanks for your comments had advice from payplan, national debt line and cccs as we do not have any surplus after our essentials are paid we are not able to have a DMP or and IVA also RBS for the unsecured loan will not accept either of the above and want a charging order all mortgage and secured loan is upto date no late or missed payments but mortgage going up in September by approx £160.00. OH is on incapacity of £72.55 per week not entitled to carers allowance or disability tried to post soa but site playing up will try again later

Many Thanks

GeorgeUK

Just remembered something. If you have other creditors and are currently making payments to them (although just £1), it would be unfair to them for RBS to put a charging order on the property as there is not enough equity for them to do the same.
Not too sure i've got that totally right, and it may be that as there is no formal DMP you will not be able to argue this, but possibly worth a try. Please post up your SOA and have a look at this thread too.
http://forums.moneysavingexpert.com/showthread.html?t=1063831&page=3

Queen

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 370
Benefits................................ 147
Other income............................ 120
Total monthly income.................... 2037

Monthly Expense Details
Mortgage................................ 672
Secured loan repayments................. 120
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 144
Electricity............................. 140
Gas..................................... 67
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 44
Mobile phone............................ 75
TV Licence.............................. 12
Satellite/Cable TV...................... 47
Internet Services....................... 18
Groceries etc. ......................... 500
Clothing................................ 80
Petrol/diesel........................... 100
Road tax................................ 15
Car Insurance........................... 53
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 30
Buildings insurance..................... 30
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 35
Presents (birthday, christmas etc)...... 40
Haircuts................................ 25
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2335

Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 189500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 165000...(672)......4.84
Secured Debt.................. 17000....(120)......7.2
Total secured debts........... 182000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................20000.....200.......0
B/Card.........................750.......23........0
B/Card.........................350.......11........0
Next...........................800.......75........0
GE Money.......................400.......20........0
HFC............................1500......35........0
Egg............................1900......57........0
Marbles........................1100......33........0
Total unsecured debts..........26800.....454.......-

Monthly Budget Summary
Total monthly income.................... 2,037
Expenses (including secured debts)....... 2,335
Available for debt repayments........... -298
Monthly UNsecured debt repayments....... 454
Surplus(deficit if negative)............ -752

Personal Balance Sheet Summary
Total assets (things you own)........... 189,500
Total Secured debt...................... -182,000
Total Unsecured debt.................... -26,800
Net Assets.............................. -19,300

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. I know the electric is high I have spoken with NPower who says its correct for a 3 bed semi made I knowMy OH is trying to go back to work but only managing a few days at a time

MYLITTLESISTERLOLA

Queen wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 370
Benefits................................ 147
Other income............................ 120
Total monthly income.................... 2037

Monthly Expense Details
Mortgage................................ 672
Secured loan repayments................. 120
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 144 could you pay over 12 mths instead of 10 ?
Electricity............................. 140 still way too high I have 2 adults and 1 child and we live in a 3 bed mid terrace ours is only £43 per month and we live in NI so are paying over the odds
Gas..................................... 67
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 44 a bit on the high side could you look at packages available or change provider
Mobile phone............................ 75 too high is this for 2 or 1 , try payg or reducing your contract
TV Licence.............................. 12
Satellite/Cable TV...................... 47 I would say cancel/reduce this or try freeview
Internet Services....................... 18 too high, cheaper available mine is £9.75/mth with plusnet with free wireless
Groceries etc. ......................... 500 OMG this is huge I would get over to the OLDSTYLE board quick smart, a family of 3 should be able to manage easily on £200 including occasional treats
Clothing................................ 80 This could be reduced, 2 nd hand shops, ebay, cutting out non essential
Petrol/diesel........................... 100 try petrolprices.com for the cheapest petrol in your area, see if tesco clubcard points or nectar point can be collected when buying
Road tax................................ 15
Car Insurance........................... 53 try quidco cashback and try confused.com, moneysupermarket for price comparison (mine is 27/mth I'm 28 and had a fault accident 3 years ago )
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 30
Buildings insurance..................... 30 try quidco for cashback and confused.com etc for best deal
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 35What's this ?
Presents (birthday, christmas etc)...... 40 This can be reduced, try the celebrations board for ideas, buy in sales, charity shops, ebay, bootsales, make your own, vouchers for babysitting etc
Haircuts................................ 25 can this be reduced stretching time between cuts every 8 weeks instead of 6 etc
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2335

Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 4500 could this be downsized you'd be surprised what you can get for a couple of hundred quid my OH has had his £280 car for 2 and a half years with little repair cost
Other assets............................ 0
Total Assets............................ 189500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 165000...(672)......4.84
Secured Debt.................. 17000....(120)......7.2
Total secured debts........... 182000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................20000.....200.......0
B/Card.........................750.......23........0
B/Card.........................350.......11........0
Next...........................800.......75........0
GE Money.......................400.......20........0 the apr on this will be 30% or more I would try to pay this off asap
HFC............................1500......35........0
Egg............................1900......57........0
Marbles........................1100......33........0
Total unsecured debts..........26800.....454.......-

It's hard to make comment until we see the aprs and cc limits as to if switching cards would be an option etc
Monthly Budget Summary
Total monthly income.................... 2,037
Expenses (including secured debts)....... 2,335
Available for debt repayments........... -298
Monthly UNsecured debt repayments....... 454
Surplus(deficit if negative)............ -752

Personal Balance Sheet Summary
Total assets (things you own)........... 189,500
Total Secured debt...................... -182,000
Total Unsecured debt.................... -26,800
Net Assets.............................. -19,300

Created using the SOA calculator at 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. I know the electric is high I have spoken with NPower who says its correct for a 3 bed semi made I knowMy OH is trying to go back to work but only managing a few days at a time

I really have ripped this to shreds I hope you don't take offence but I'm trying to give you useful input, lots of your outgoings could be reduced without causing too much pain some other savings might be more painful cancelling sky etc

I have listed some comparisons to my situation, I've spent the last year reducing absolutely everything down as much as possible so our debts could be paid and we can then have another baby !! So of the savings I have listed may not suit your situation but it's always worth throwing the suggestion in.

Good Luck and We'll all be hear to support and answer questions, that's what us huggies do

Queen

Thanks for looking at my soa spoke with council to pay over 12 months they donn't offer this any longer can only pay of 10, Npower I have gone through all the appliances with them and we are not anything to much, disherwasher 1 a day and only use tumble drier twice a week. Sky this has been reduced as we are in a contract, we don't have a very good signal for t.v. even though we have built in free view I think on t.v. so have no choice but to have sky. car insurance looked over the internet money supermarket the lot, our current provider was cheapest by far. other insurance is for accident, sickness and unemployment for OH even though he cann't claim at the mo because they have already paid out 12 months, he would not be covered by anybody else for existing illness. Food I try to cut down each week but are feeding 4 adults and this does include cleaning material, lunch's etc, hairs cuts this is for 4 of us and we try and stretch out to 6/8 weeks between us. Mobile is for 3 phone all in 18month contract which we are on the lowest tarriff. Home phone this is just for line rental not many calls during the day free weekend and evenings, this I know is high because 1/2 payments missed on DD at the beginning of the year. We have thought about swapping for car for cheaper however the cars we have had have cost us more in maintenance than the car is worth.

Cheers will try and reduce some of the out goings.

GeorgeUK

Probably repeating some stuff, but hope something helps

Council tax............................. 144
OUCH!! - can you check to see that you are in the correct band?
http://www.moneysavingexpert.com/reclaim/council-tax-bands-change

Electricity............................. 140
Gas..................................... 67
Extrememy high. Have a look at uswitch or moneysupermarket to see if you can get a better deal.

Mobile phone............................ 75
Change to PAYG?

Telephone (land line)................... 44
Satellite/Cable TV...................... 47
Internet Services....................... 18
Can you combine these in a package?

Groceries etc. ......................... 500
Have a look at the old style board for meal plans and other ideas. Also consider moving down a brand.

Clothing................................ 80
Might be a bit much every month

Hopefully a few changes will allow you to reduce your expenditure enough for you to do a DMP. This is going to be a lifestyle change but it seems to be doable. I suggest you also keep a spending diary so that your are aware of where every penny is going. This will help you to plan your budget better and hopefully we'll soon see that debt reducing.

Edit: Did you have payment protection insurance on the cards and loans? I'm not sure if these only last 1 year, but just wondered if the ever kicked in.

Might be worth trying to reclaim any bank charges or credit card charges too.
http://www.moneysavingexpert.com/reclaim/