hanging my head in shame

sarahs999

No one here will kick you up your ar*e. We're all non-judgemental lovely types!

MrsPorridge

Hi Jim - just wanted to give you a BIG welcome to the site. Well done on joining us. Please don't feel you have to hang your head in shame. We are all in the same boat. Nobody here will criticise you in any way or kick you up your a**e. Good luck.

worried_jim

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1674
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1674

Monthly Expense Details
Mortgage................................ 715
Secured loan repayments................. 228
Rent.................................... 0
Management charge (leasehold property).. 91
Council tax............................. 96
Electricity............................. 45
Gas..................................... 20
Oil..................................... 0
Water rates............................. 29
Telephone (land line)................... 10
Mobile phone............................ 5
TV Licence.............................. 12
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 240
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 15
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0
Entertainment........................... 14
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1728

Assets
Cash.................................... 0
House value (Gross)..................... 165000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 166000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 99000....(715)......5.75
Secured Debt.................. 22000....(228)......7.9
Total secured debts........... 121000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
nationwide cc..................965.......0.........0
mbna cc .......................18339.....161.......0
lloyds tsb cc..................2050......50........0
flat maintance.................550.......0.........0
smile curr a/c.................377.......10........0
first direct curr a/c..........3900......0.........0
Total unsecured debts..........26181.....221.......-

Monthly Budget Summary
Total monthly income.................... 1,674
Expenses (including secured debts)....... 1,728
Available for debt repayments........... -54
Monthly UNsecured debt repayments....... 221
Surplus(deficit if negative)............ -275

Personal Balance Sheet Summary
Total assets (things you own)........... 166,000
Total Secured debt...................... -121,000
Total Unsecured debt.................... -26,181
Net Assets.............................. 18,819

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

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

I feel even worse now I have seen the truth, what am I going to do?

ANY_CHANCE

Hi Jim,

You are not alone, There are thousands and thousands of people who have found themselves in this type of situation (i am one of them!)

I found that the first step is to aknowledge things have got out of control - which you have now done.

The second step is wanting to do something about it - again you are there

The next step is taking control of your finances and with lots of guidance from peeps here and from debt charities like the consumer credit counselling service (cccs) you can do it.;)

Work out your statement of affairs (SOA)
find out outstanding debts

If you are struggling think about interest only mortgage if you have one

Check your accounts for charges that you could reclaim, Payment Protection Insurance (PPI)

worried_jim

On the non secured debts that show zero payments- that because I haven't been able to afford to make any payments. I have paid £10 per month to first direct as a token payment. I should have paid my bi annual maintenance charge for the flat of £550 in September, i still haven't found the money to do it.

dancingfairy

That was quick - o.k let's have a look:
Mortgage................................ 715
Secured loan repayments................. 228
Rent.................................... 0
Management charge (leasehold property).. 91
Council tax............................. 96 can you arrange to pay this over 12 months to make budgetting easier?
Electricity............................. 45 is this the cheapest you can get? have you looked at switching at all?
Gas..................................... 20
Oil..................................... 0
Water rates............................. 29
Telephone (land line)................... 10
Mobile phone............................ 5
TV Licence.............................. 12
Satellite/Cable TV...................... 10 is this for you or the lodger?
Internet Services....................... 10
Groceries etc. ......................... 240 is this for one or for you and the lodger?
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 15
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0
Entertainment........................... 14
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1728

O.k you are short by approx 100 pounds a month before we look at your unsecured debt.
Have you included the income from your lodger as well or is this just your regular pay?
Don't worry there are solutions to this but we need a bit more info first.
df

ANY_CHANCE

Jim i know it is difficult to do but try not to panic all is not lost

for example i have just got off the phone to CCCS today regarding my plan and i am having to reduce payments to 1.00 per creditor until my situation improves, so there is something you can do ...it isnt easy and not always straightforward but there are options

dancingfairy

What type of mortgage are you on fixed or variable? what interest rate? you may be able to get a better rate -I don't know.
The choices that are jumping out to me at the moment:
1) sell your flat and get a fresh start
2) go bankrupt - not something I know a lot about to be honest.
3) increase your income somehow.
df

miss_corerupted

i'm sure someone will help you more than me, but could u not get rid of sky? even if just for a while, water maybe try a meter?? i was paying £15 a month, could cut the food down as well go on the old style board there are loads of ideas on there

bountiful

Hi Jim - 'other income'? did you say you have a lodger you rent a room to? or have you included that in your 'income'?