Help/Advice Needed

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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.

Comments

  • Mimi_Arc_en_ciel
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    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~
    ~Beanie~ Posts: 3,043 Forumite
    First Post Combo Breaker First Anniversary
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    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!
    :p
  • kevj1977
    kevj1977 Posts: 27 Forumite
    Options
    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
    Options
    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
    kevj1977 Posts: 27 Forumite
    Options
    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.
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