New to MSE: Help required from debts

coldasfire

I am new to MSE but so far what I have seen is that there are a lot of people who might be helping me with my present circumstances. I have really hit down because of many things and I want all of you to advice me as soon as possible to help me out . First kindly see what I am coping with:
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2585
Partners monthly income after tax....... 0
Benefits................................ 169
Other income............................ 0
Total monthly income.................... 2754

Monthly Expense Details
Mortgage................................ 1147
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 128
Electricity............................. 45
Gas..................................... 88
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 40
Mobile phone............................ 80
TV Licence.............................. 12
Satellite/Cable TV...................... 36
Internet Services....................... 22
Groceries etc. ......................... 550
Clothing................................ 66
Petrol/diesel........................... 250
Road tax................................ 170
Car Insurance........................... 55
Car maintenance (including MOT)......... 300
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 20
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 26
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 25
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 100
Loan from Friends/Family................ 375
Total monthly expenses.................. 3725

Assets
Cash.................................... 0
House value (Gross)..................... 205000
Shares and bonds........................ 0
Car(s).................................. 1400
Other assets............................ 0
Total Assets............................ 206400

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 185000...(1147).....7.55
Total secured debts........... 185000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclay Card...................10257.....237.......6.9
Virgin Credit Card.............12800.....515.......31
Barclays.......................11260.....288.......9
HSBC OD........................215.......22........0
Barclays OD....................890.......45........0
Loan from family...............2625......375.......0
Mother care card...............605.......25........NaN
Post office....................1389......50........0
HSBC...........................7164......234.......NaN
Total unsecured debts..........47205.....1791......-

Monthly Budget Summary
Total monthly income.................... 2,754
Expenses (including secured debts)....... 3,725
Available for debt repayments........... -971
Monthly UNsecured debt repayments....... 1,791
Surplus(deficit if negative)............ -2,762

Personal Balance Sheet Summary
Total assets (things you own)........... 206,400
Total Secured debt...................... -185,000
Total Unsecured debt.................... -47,205
Net Assets.............................. -25,805

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

======== Enter any other useful information below ========I am supporting my wife & 3 children and also my parents in the household. I am stressed with my present circumstances and with growing kids/ elderly parents , I am having problem during day to day things. My parents are not receiving any pensions so they can't support me there. I initially thought that I can get a loan where I will consolidate every thing in one place and applied through moneysupermarket.com. They pass on my details to many lenders and because of my debts I didn't got through. Now I have a very poor credit rating. My interest rate on my mortgage (which is with Northern rock ) is gone sky high. I couldn't get a remortgage as I have an outstanding loans which is again taking me in circles and I am going no where. I have explained all my circumstances in details. I am desperate to get some help which can get me at least to break even but even with cutting every thing which I can, I can't get them through. I hope that MSE will get me out of my misery soon.

Keeping_Motivated

You have entered Road Tax as £170 per mth?

Welcome by the way and more people will be along to help soon.

Keeping_Motivated

And car maintanence as £300? Is this correct, seems very high?

coldasfire

Thanks very much for your prompt reply. Keeping motivated, I have two cars, 1 Company car and 1 private. I have put in the car maintenance the value for the main service + mot and this is a yearly cost . Also 170 pounds is per annum as well. Do let me know if i need to correct it up:o

Keeping_Motivated

If they are yearly amounts you need to devide them up for your monthly budget as you are not paying that amount per mth so your monthly budget is incorrect at the moment.

Keeping_Motivated

Also £250 per month for petrol, is this for both cars? Do you get some paid for by the company for the company car?

Are you parents contributing for living with you?

skylight

You cannot ask anyone on here to make a choice for you (or vote). Any debt-free option is going to be entirely based upon your personal circumstances.

As your SOA is incorrect, do it again then contact one of the free debt charities - Payplan or CCCS. (links at the top of the forum here). Once you have done that, discussed it with your family (OH) and made a decision, then get back here and ask for advice on how to do what ever you want to do!

coldasfire

Thanks Keeping motivated once again. I have edited my post and corrected the mistake.

RAS

coldasfire wrote: »

IStatement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2585
Partners monthly income after tax....... 0
Benefits................................ 169
Other income............................ 0
Total monthly income.................... 2754

Monthly Expense Details
Mortgage................................ 1147
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 128
Electricity............................. 45
Gas..................................... 88 - this is huge. You need to reduce it.
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 40 - use it only in the evening and use codes for longer distance calls
Mobile phone............................ 80 - reduce the package and then go PAYG ASAP
TV Licence.............................. 12
Satellite/Cable TV...................... 36 - ditch
Internet Services....................... 22
Groceries etc. ......................... 550 - aim for £300 at the most
Clothing................................ 66 - sign up for freecycle -org and wear what you have
Petrol/diesel........................... 250
Road tax................................ 170 - £14
Car Insurance........................... 55
Car maintenance (including MOT)......... 300 - £25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 20
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 26
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 - cut this out
Haircuts................................ 25
Entertainment........................... 50 - ditto
Holiday................................. 0
Emergency fund.......................... 100 and this
Total monthly expenses.................. 3725 - less £1006 before you start really cutting back

Assets
Cash.................................... 0
House value (Gross)..................... 205000
Shares and bonds........................ 0
Car(s).................................. 1400
Other assets............................ 0
Total Assets............................ 206400

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 185000...(1147).....7.55
Total secured debts........... 185000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclay Card...................10257.....237.......6.9
Virgin Credit Card.............12800.....515.......31
Barclays.......................11260.....288.......9
Mother care card...............605.......25........NaN
Post office....................1389......50........0
HSBC...........................7164......234.......NaN
Loan from Friends/Family................ 375 - this is debt and needs to go here
Total unsecured debts..........43475.....1349 plus £375......-

Monthly Budget Summary
Total monthly income.................... 2,754
Expenses (including secured debts)....... 3,725
Available for debt repayments........... -971
Monthly UNsecured debt repayments....... 1,349
Surplus(deficit if negative)............ -2,320

Personal Balance Sheet Summary
Total assets (things you own)........... 206,400
Total Secured debt...................... -185,000
Total Unsecured debt.................... -43,475
Net Assets.............................. -22,075

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

======== Enter any other useful information below ========

I am supporting my wife & 3 children and also my parents in the household.

What income do your parents get?

You can just about aford your lving expenses and can afford nothing towards your debts until you start to reduce your expenditure.

You could find another £450 towards your debts, which is a quarter of your monthly payments.

You nedd to consider the following

1. Speak to a debt charity http://www.moneysavingexpert.com/loans/debt-help-plan#help
2. Ask your parents to contribute to their keep
3. get your wife out to work - the first £5000 is tax free so it is the equivalent to your getting an £8000 pay increase.
4. Get rid of the private car - you cannot afford it.

coldasfire

Thanks I get 135 pounds (already added to my salary) from my company for fuel allowance. This is for both cars. My parents are elderly and have nothing to give me but with their presence which is more than any thing else.

RAS

Hi

We expected your parents to be elderly but they must be in receipt of pensions or benefits of some sort? If not then it might be sensible for them to apply for the benefits they are entitled to.

Also if you have elderly people in the house, you may be able to get help with insulation, which could help cut the massive fuel bills.