Help/Advice Needed

kevj1977

Hi, new to the site and in nee dof help/advice regarding my seemingly spiralling debts..


Firstly my SOA balance sheet:

IncomeAmount(£)Monthly income after tax2400Partners monthly income0Benefits0Other income0Total monthly income2400

ExpensesAmount(£)Mortgage610Secured loan payments0Rent0Management charge (leasehold property)0Council tax75Electricity33Gas33Oil0Water Rates25Telephone (land line)0Mobile phone32TV Licence0Satellite/Cable TV0Internet services0Groceries etc.100Clothing10Petrol/diesel140Road tax12Car Insurance57Car maintenenance (including MOT)35Car Parking0Other travel123Childcare/nursery0Other child related expenses130Medical (prescriptions, dentists, opticians etc.)0Pet Insurance/Vet bills0Buildings Insurance0Contents Insurance0Life Assurance24Other Insurance45Presents (birthday, christmas etc.)60Haircuts10Entertainment0Holiday83Emergency Fund0Total monthly expenses1637

Secured Debt DescriptionDebt(£)Monthly(£)APR(%)Mortgage67720(610) 6.29Secured Debt totals67720- -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)CCard - Mint42609514.9CCard - MBNA480015015.9CCard - Virgin0015.9Loan - N/Rock222441506.29Citi Financial Loan800032515CCard - Lloyds510012015.9Unsecured Debt totals44404840-

Asset DescriptionValue (£)Cash0House Value (Gross)80000Shares and bonds0Car(s)2500Other assets (e.g. endowments, jewellery etc) 0Total Assets82500


Monthly Budget SummaryAmount(£)Total monthly income2,400Monthly expenses (incl. secured loans)1,637Available for debt repayments763UNsecured debt repayments840Surplus-77

Personal Balance Sheet SummaryAmount(£)Total Assets (things you own)82,500Total Secured Debt-67,720Total Unsecured Debt-44,404Net Assets-29,624

Things i am currently doing to help myself, are:
1) Selling House (unsuccessfully, lol)
2) Selling furniture (to claim council tax and water rates relief)
3) Reducing my mobile phone bill

Any other advice would be (very) gratefully recieved.

Really need to clear some of these debts, cos my current income may be reducing in the near future.

I also have other bills, as i am now living with my partner in her house, so also need to contribute towards her household bills.

I don't think i could apply for 0% cards as i have missed a few payments on my mortgage.

HELP!

Thanks in advance.

Mimi_Arc_en_ciel

kevj1977 wrote: »

Hi, new to the site and in nee dof help/advice regarding my seemingly spiralling debts..


Firstly my SOA balance sheet:

IncomeAmount(£)Monthly income after tax2400Partners monthly income0Benefits0Other income0Total monthly income2400

ExpensesAmount(£)
Mortgage 610
Secured loan payments 0
Rent 0
Management charge (leasehold property)0
Council tax 75
Electricity 33
Gas 33
Oil 0
Water Rates 25
Telephone (land line) 0
Mobile phone 32
TV Licence 0
Satellite/Cable TV 0
Internet services 0
Groceries etc.100
Clothing 10
Petrol/diesel 140 this is VERY expensive - how many miles are you doing?
Road tax 12
Car Insurance 57 Can you not lower this?
Car maintenenance (including MOT) 35
Car Parking 0
Other travel 123 what is this? your already paying over the odds for petrol
Childcare/nursery 0
Other child related expenses 130 what is this for?
Medical (prescriptions, dentists, opticians etc.) 0
Pet Insurance/Vet bills 0
Buildings Insurance 0
Contents Insurance 0
Life Assurance 24
Other Insurance 45 what insurance is this for?
Presents (birthday, christmas etc. 60 you can not afford this at the moment
Haircuts 10
Entertainment 0
Holiday 83 you can not afford this at the moment
Emergency Fund 0

Total monthly expenses1637

Secured Debt DescriptionDebt(£)Monthly(£)APR(%)Mortgage67720(610) 6.29Secured Debt totals67720- -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)CCard - Mint42609514.9CCard - MBNA480015015.9CCard - Virgin0015.9Loan - N/Rock222441506.29Citi Financial Loan800032515CCard - Lloyds510012015.9Unsecured Debt totals44404840-

Asset DescriptionValue (£)Cash0House Value (Gross)80000Shares and bonds0Car(s)2500Other assets (e.g. endowments, jewellery etc) 0Total Assets82500


Monthly Budget SummaryAmount(£)Total monthly income2,400Monthly expenses (incl. secured loans)1,637Available for debt repayments763UNsecured debt repayments840Surplus-77

Personal Balance Sheet SummaryAmount(£)Total Assets (things you own)82,500Total Secured Debt-67,720Total Unsecured Debt-44,404Net Assets-29,624

Things i am currently doing to help myself, are:
1) Selling House (unsuccessfully, lol)
2) Selling furniture (to claim council tax and water rates relief)
3) Reducing my mobile phone bill

Any other advice would be (very) gratefully recieved.

Really need to clear some of these debts, cos my current income may be reducing in the near future.

I also have other bills, as i am now living with my partner in her house, so also need to contribute towards her household bills.

I don't think i could apply for 0% cards as i have missed a few payments on my mortgage.

HELP!

Thanks in advance.

hiya - ive put my notes in red ^^ see above - hope they help x

~Beanie~

kevj1977 wrote: »

Hi, new to the site and in nee dof help/advice regarding my seemingly spiralling debts..


Firstly my SOA balance sheet:

IncomeAmount(£)
Monthly income after tax 2400
Total monthly income 2400

ExpensesAmount(£)
Mortgage 610
Council tax75
Electricity33
Gas33
Oil0
Water Rates25
Telephone (land line)0
Mobile phone32
TV Licence0
Satellite/Cable TV0
Internet services0
Groceries etc.100 - How many is this for?
Clothing10
Petrol/diesel140
Road tax12
Car Insurance57
Car maintenenance (including MOT)35
Car Parking0
Other travel123
Childcare/nursery0
Other child related expenses130 - What is this?
Medical (prescriptions, dentists, opticians etc.)0
Pet Insurance/Vet bills0
Buildings Insurance0 - Don't you have insurance?
Contents Insurance0
Life Assurance24
Other Insurance45 - What is this?
Presents (birthday, christmas etc.)60 - This is quite high, can't really afford it :-(
Haircuts10
Entertainment0
Holiday83 - You really can't afford his
Emergency Fund0
Total monthly expenses1637

Secured Debt DescriptionDebt(£)Monthly(£)APR(%)
Mortgage 67720 (610) 6.29
Secured Debt totals 67720- -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)
CCard - Mint 42609514.9 - Sorry, I can't make head nor tail of any of this section!
CCard - MBNA480015015.9
CCard - Virgin0015.9
Loan - N/Rock222441506.29
Citi Financial Loan800032515
CCard - Lloyds510012015.9
Unsecured Debt totals44404840-

Asset DescriptionValue (£)
Cash0
House Value (Gross)80000
Shares and bonds0
Car(s)2500
Other assets (e.g. endowments, jewellery etc) 0
Total Assets82500


Monthly Budget SummaryAmount(£)
Total monthly income2,400
Monthly expenses (incl. secured loans)1,637
Available for debt repayments763
UNsecured debt repayments840
Surplus-77

Personal Balance Sheet SummaryAmount(£)
Total Assets (things you own)82,500
Total Secured Debt-67,720
Total Unsecured Debt-44,404
Net Assets-29,624

Things i am currently doing to help myself, are:
1) Selling House (unsuccessfully, lol)
2) Selling furniture (to claim council tax and water rates relief)
3) Reducing my mobile phone bill

Any other advice would be (very) gratefully recieved.

Really need to clear some of these debts, cos my current income may be reducing in the near future.

I also have other bills, as i am now living with my partner in her house, so also need to contribute towards her household bills.

I don't think i could apply for 0% cards as i have missed a few payments on my mortgage.

HELP!

Thanks in advance.

I don't know if you could re-jig your SOA, it is VERY difficult to understand as it is at the moment and I may have missed something!

kevj1977

Hiya, thanks for the swift reply.

My answers:

Groceries - £100 is for a family of 4 (2 adults, 2 children) I pay alternate weeks with my partner = £50 a week

Petrol - As I cannot afford to pay bills for my house & contribute to my partners, I pay for petrol for both our cars (£25wk for hers, £10wk for mine)

Car Insurance - This unfortunately is the cheapest I can get it for, I have 6 points & a claim I have to declare.

Other Travel - This is train ticket to work, its either that or an 80 mile round trip in my car.

Other Child Expenses - Child maintenance payments.

Buildings Insurance - I have cancelled this to try reduce my debts.

Other Insurance - I am self-employed, this is accident cover and cover to ensure my daughter is provided for should i die.

Presents - I agree this is quite high, but I need to pay towards presents for 3 children (birthdays & xmas), my partner, and various fmaily members.
I AM LOOKING TO REDUCE THIS ONE.

Holidays - Again, I agree this is high, but when we go on holiday, we have 2 adults & 3 children to pay for..
I AM LOOKING TO REDUCE THIS ONE ALSO.

Sorry about the UNsecured Debt Section, here it is again:

Unsecured Debt Description Debt(£) Monthly(£) APR(%)
CCard - Mint 4260 95 14.9
CCard - MBNA 4800 150 15.9
CCard - Virgin 0 0 15.9
Loan - N/Rock 22244 150 6.29
Citi Financial Loan 8000 325 15
CCard - Lloyds 5100 120 15.9
Unsecured Debt totals 44404 840

Mimi_Arc_en_ciel

hang on, why are you paying for your partners house / car etc? does your partner work/claim benefits? holidays are classed as non essential - yes theyre great and fun and a nice break but personally i would rather sort debts out then have fab holidays without having to worry.

i have car insurance - me and OH, 6 points and 1 accident and our insurance is under £40 - have you tried comparasion web sites?

if you catch train to work do you drive to station? is it not within walking distance so you can cut down on petrol?

presents - set a limit and stick to it. xmas is for kids so dont spend alot on other family memebers - they will understand, honestly!

hope that helps x

kevj1977

Thanks Mommyme,

I only pay for petrol on my partners car, it is my way of contributing towards her monthly household/vehicle costs.
I use her elec, gas & telephone, but can't afford to pay towards the bills, so I put petrol in her car.

I agree holidays are non-essential and really speaking, there isn't that much psent on them, we usually have a main holiday, and 3-4 long weekends. I am looking at reducing these.

I have thought about a consolidation loan for my credit cards and other finance, but already have one from previous debts, do you think I would get accepted? Is it better than keeping them on my credit card??

Thanks again.