Lots of debt NEED HELP PLEASE!

lydz76

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1905.0
Benefits................................ 159.2
Other income............................ 0
Total monthly income.................... 2064.2

Monthly Expense Details
Mortgage................................ 780.57
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 84
Electricity............................. 30
Gas..................................... 20
Oil..................................... 0
Water rates............................. 37
Telephone (land line)................... 0
Mobile phone............................ 23
TV Licence.............................. 23.25
Satellite/Cable TV...................... 55
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 91.71
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 21
Life assurance ......................... 95
Other insurance......................... 10.45
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 23.98
Holiday................................. 0
Emergency fund.......................... 0

Black Horse Car Finance................. 308.98
overdraft interest...................... 22
Overdraft protection.................... 32
Bank account fee........................ 25
Total monthly expenses.................. 2062.93

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 145000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 122000...(780.57)...0
Total secured debts........... 122000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA Mine......................3252.77...92........19.1
MBNA hubby's...................3369.68...120.......30.3
Capital One....................1921.41...30........24.89
Barclaycard....................2608.89...57........0
Overdraft......................4000................9.9
Total unsecured debts..........15152.75..299.......-

Monthly Budget Summary
Total monthly income.................... 1,975.2
Expenses (including secured debts)....... 2,062.93
Available for debt repayments........... -87.73
Monthly UNsecured debt repayments....... 299
Surplus(deficit if negative)............ -386.73

Personal Balance Sheet Summary
Total assets (things you own)........... 145,000
Total Secured debt...................... -122,000
Total Unsecured debt.................... -11,152.75
Net Assets.............................. 11,847.25

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.

This is my finances. There's my husband and I and we have a 9 month old boy. I have been on maternity pay and it finished in
October. Have realised that I need to go back to work, so have given 28 days notice. My boss has been great and asked me to back date from the 27th Oct.
He's going to give me holiday cover for the whole of December. So I may get some pay on the 19th Dec. but not sure if I will and how much.
I have taken a pension holiday for 3 months so normal I have to pay an extra £107.
We have two cars.

My overdraft is £4000 which we are always in, it's has a reserve fee of £250.
I can't think of anything else.

We need to know how we can sort ourselves out and where to start.
I have been told that we don't need overdraft protection, is this true?
And will the bank be unhappy if I cancel it? We are with Barclays.
Thank you for any help and info.

Dithering_Dad

I'd cancel the laptop insurance and overdraft protection insurance and try and get a cheaper cable TV package (I assume your phone and internet are in the package?). The laptop should be covered by your household insurance.

I'd also sell one of the cars. This should hopefully allow you to repay the car loan and might result in cheaper insurance. We only have 1 car and it saves us a fortune.

Other than this, there isn't much you can save on your outgoings. Once you go back to work, you need to try your best to put all of your income onto your debts - start with the debt that has the highest APR (probably your overdraft).

You should also check that you are receiving all the benefits you are entitled to, especially tax credits now that you're parents. Go here: www.entitledto.co.uk to check.

Good Luck.

~Beanie~

lydz76 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1816
Benefits................................ 159.2
Other income............................ 0
Total monthly income.................... 1975.2

Monthly Expense Details
Mortgage................................ 780.57
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 84
Electricity............................. 35
Gas..................................... 25
Oil..................................... 0
Water rates............................. 37
Telephone (land line)................... 0
Mobile phone............................ 23
TV Licence.............................. 23.25
Satellite/Cable TV...................... 55 - You need to cancel this...
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 160
Road tax................................ 0 - should be something here
Car Insurance........................... 91.71 - Seems very high
Car maintenance (including MOT)......... 0 - should be something here
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 21
Life assurance ......................... 95
Other insurance......................... 10.45
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 23.98
Holiday................................. 0
Emergency fund.......................... 0
Lap Top Insurance....................... 9.99 - Can you get rid of this? (the insurance, not the laptop, lol)
Black Horse Car Finance................. 308.98
overdraft interest...................... 22
Overdraft protection.................... 32 - get rid of it
Bank account fee........................ 25 - what is this for?
Total monthly expenses.................. 2062.93

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 145000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 122000...(780.57)...0
Total secured debts........... 122000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA Mine......................3252.77...92........0
MBNA hubby's...................3369.68...120.......0
Capital One....................1921.41...30........24.89
Barclaycard....................2608.89...57........0
Total unsecured debts..........11152.75..299.......-

Monthly Budget Summary
Total monthly income.................... 1,975.2
Expenses (including secured debts)....... 2,062.93
Available for debt repayments........... -87.73
Monthly UNsecured debt repayments....... 299
Surplus(deficit if negative)............ -386.73

Personal Balance Sheet Summary
Total assets (things you own)........... 145,000
Total Secured debt...................... -122,000
Total Unsecured debt.................... -11,152.75
Net Assets.............................. 11,847.25

Your bank account seems to be costng you nearly £80 per month :eek: Why do you pay a £25 fee? I would definatly cancel the overdraft protection, no the Bank probably won't like it but it's tough!

The car insurance seems very expensive, also you haven't included anything for car tax, maintenance, MOT etc.

littlechezza

We have a large overdraft but don't have protection on it, could you not cancel that and pay the overdraft off with it?

RAS

lydz76 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1816
Benefits................................ 159.2
Other income............................ 0
Total monthly income.................... 1975.2

Monthly Expense Details
Mortgage................................ 780.57
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 84
Electricity............................. 35
Gas..................................... 25
Oil..................................... 0
Water rates............................. 37
Telephone (land line)................... 0
Mobile phone............................ 23 - GET RID AS YOU NEED MONEY TO PAY THE DEBTS. gO payg
TV Licence.............................. 23.25 - have you only got this recently? if you have had it more than 6 months the cost should be £12.
Satellite/Cable TV...................... 55 - You cannot afford this. Go freeview for a couple of years
Internet Services....................... 0
Groceries etc. ......................... 200 - you could shave £50 off this if you have a look on the money savng oldsyle board
Clothing................................ 0
Petrol/diesel........................... 160 - this is high
Road tax................................ 0 - you need this here
Car Insurance........................... 91.71 this is credibly high - check it out with the comparision site and swap via a cashback site like www.quidco.com
Car maintenance (including MOT)......... 0 ?????????????
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 21 - seems high
Life assurance ......................... 95 - Incredibly high. You can get good term insurance to cover both of you for less than £20 unless you have major health complications. Use the comparisopn sites and cashback sites
Other insurance......................... 10.45 - what is this
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 23.98 -needs to be ut out in the short-term
Holiday................................. 0
Emergency fund.......................... 0
Lap Top Insurance....................... 9.99 - get rid of this

Total monthly expenses.................. 2062.93

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 145000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 122000...(780.57)...0
Total secured debts........... 122000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA Mine......................3252.77...92........0 - APR?
MBNA hubby's...................3369.68...120.......0- APR?
Capital One....................1921.41...30........24.89
Barclaycard....................2608.89...57........0
Black Horse Car Finance..................308.98 - is the HP or loan? ARPR?
overdraft interest............ £4000 .... 22
Overdraft protection.................... 32 - bin this
Bank account fee........................ 25 - get a free bank account

Total unsecured debts..........11152.75..299.......-

Monthly Budget Summary
Total monthly income.................... 1,975.2
Expenses (including secured debts)....... 2,062.93
Available for debt repayments........... -87.73
Monthly UNsecured debt repayments....... 299
Surplus(deficit if negative)............ -386.73

Personal Balance Sheet Summary
Total assets (things you own)........... 145,000
Total Secured debt...................... -122,000
Total Unsecured debt.................... -11,152.75
Net Assets.............................. 11,847.25

if you need payment protection, buy low cost stand alone cover, to cover your mortgage.

lydz76

Hi, I'm going to check out the lap top cover compared to the contents insurance. The overdraft payment protection I want to cancel, but I'm worried about canceling it. My credit cards have ppi as well, should i cancel them? Should I get income payment protection instead?
We can't get rid of one of the cars as we both have to drive to work, and I have to drop the baby off at my mum's.
Thanks for replying.

lydz76

Hi, I pay £25 for the account as it gives me 0% interest on the first £1000 and then the interest is 9.9%. I could transfer to another account that we have open, if I do do I need to arrange with barclays how much I can pay back on the overdraft?
The car insurance covers two cars separately. I didn't know what to put for the car tax, maintance and mot as these are paid yearly. Thanks for the reply.