I am now at a dead end!!!!

speedshop

I have now come to a dead end regarding my debts. I stupidly took the offers of "balance transfers" from my credit card companies to "gain time". How wrong I was. I am frightened to death as to the effects this is going to have on me and my family. We have worked hard for what little we have and I have not "bought" anything on any of my cards for ages. This is all through paying minimum repayments and taking out the "insurance" against job loss/accidents etc.
I would be eternally grateful if someone could help me. I have been considering some really extreme things but couldn't put that on my family.
Here is my SOA. I think I have done it correctly.
Thanks in advance for any help anyone can give.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details[/b]
Monthly income after tax................ 1291
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1291

Monthly Expense Details[/b]
Mortgage................................ 187
Secured loan repayments................. 215
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 69
Electricity............................. 33
Gas..................................... 53
Oil..................................... 0
Water rates............................. 53
Telephone (land line)................... 25
Mobile phone............................ 3
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 11
Car Insurance........................... 14
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 12
Life assurance ......................... 81
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 933

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 100
Other assets............................ 0
Total Assets............................ 120100

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 16000....(187)......0
Secured Debt.................. 15000....(215)......0
Total secured debts........... 31000

Unsecured Debts[/b]
Description....................Debt......Monthly...APR
halifax........................8812......175.......0
rbs............................3078......68........0
lloyds.........................11998.....250.......0
mbna...........................14531.....350.......0
capital one....................6786......200.......0
mint...........................9015......205.......0
egg............................3837......80........0
Total unsecured debts..........58057.....1328..

Monthly Budget Summary
Total monthly income.................... 1,291
Expenses (including secured debts)....... 933
Available for debt repayments........... 358
Monthly UNsecured debt repayments....... 1,328
Surplus(deficit if negative)............ -970

Personal Balance Sheet Summary
Total assets (things you own)........... 120,100
Total Secured debt...................... -31,000
Total Unsecured debt.................... -58,057
Net Assets.............................. 31,043
I havent put anything for groceries as my wife gets these with the money from her p/t job.

Thanks to all who may help.

Merlot

Welcome to the board.

The first thing that jumps out at me is the life insurance, gosh you cannot afford £81 per month, why is it so high?

Secondly as a matter of urgency, I recommend that you phone one of the debt charities, eg. CCCS or National Debt Line, you need help and you need it today.

If you need to talk to someone, rather than thinking of doing "something" which will not solve any problems but only make matters worse then you must talk to the Samaritans, they will listen, as we will here

We will not judge you, but we can lend an ear.

Merlot.x.

Merlot

Also remember, that your mortgage, your secured loan, ulitity bills and council tax must be paid without fail, everyone else can whistle, send them a £1 token payment with a letter and contact one of the debt charities.

dancingfairy

Definitely don't panic. Contact one of the not-for-profit companies like CAB or CCCS or National Debtline. They'll sort it out for you.

It looks like you may need to do a Debt Repayment Plan (DMP) - basically you pay all the essential bills - ie mortgage, secured loan, electric, etc and then what's left they will split between your creditors each month. But definitely ask one of the charities for advice on this.

It is only money at the end of the day and they can't have what you haven't got.


Best of Luck
dfx

Kandipandi

I agree with the above, then is it possible to consider selling your property to release the capital? You can contact CCCS (who are brilliant) and tell them that is what you plan to do and they can help deal with the debts until you are in a position to pay. The alternative option is not an option at all when you have children, its stressful and can be terrifying but its only money at the end of the day... Good luck mate and keep on this site the people are wonderful and just knowing others are in the same boat as you (and some have made it to dry land) can be a great help. Hug to you. x

speedshop

Thanks to all who have replied...and so quick. I have never met any of you but it gladdens my heart to think that there are people out there who care!
The £80.00 is for a critical illness/death benefit policy for the endowment mortgage.
The mortgage is paid up next year so then this payment would stop along with the mortgage payment.
I will ring CCCS todaay andd ask for their help.
Will let you know how i get on.

polaroid

Hi, I am in a similar pickle, albeit on a larger scale (owing about £2 million all in all! -nice ex - not!)
I have found the following helpful;
Debt Helpline, it was given to me by Bank of Scotland. They arrange a time to ring you back and they then go through everything with you, they are very patient and have some really good advice. They obviously state the obvious but also things i wasnt aware of, like when you receive your CC statement and it says "minimum payment" thats a lie. the minimum payment is what you can afford NOT what they deem the minimum, so even if you just pay £5 you are still making a minimum payment. as merlot says the CC are secondary really.

Secondly I found the Citizens Advice Baurau surprisingly helping. It was really good to sit down with some one face to face and find out what my rights were. it is a bit of a hassle to get an appointment (depending on where you live) but well worth it in my opinion.

Thirdly, dont be scared. every propblem has a solution and it can be worked through. i know it is SO frustrating but it can be done. keep reading the posts and thread on this forum, there are some really great people.

chin up x

yellowmonkey

There is no such thing as a dead end. Sometimes you just need to back up and take a different direction

Good luck and well done on posting

ym