help me please!!!

rockinfreakapottamus

ive been looking at the site for months now and have finally sorted it out to post my situation.
so far ive not missed any payments on anything all the credit cards are locked in to low interest rates but as you can see from my soa its very much what comes in goes straight back out .
what i need is some advice on how to free up money to pay these debts off quicker ,maybe i need a dmp or an iva ,im really confused as to what to do but want to get things sorted before they turn bad .
any advice ????

Monthly Income Details
Monthly income after tax................ 1860
Partners monthly income after tax....... 1300
Benefits................................ 0
Other income............................ 564
Total monthly income.................... 3724

Monthly Expense Details
Mortgage................................ 900
Secured loan repayments................. 0
Rent.................................... 750
Management charge (leasehold property).. 100
Council tax............................. 140
Electricity............................. 40
Gas..................................... 0
Oil..................................... 35
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 240
Clothing................................ 0
Petrol/diesel........................... 250
Road tax................................ 40
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 75
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2747

Assets
Cash.................................... 0
House value (Gross)..................... 145000
Shares and bonds........................ 0
Car(s).................................. 13000
Other assets............................ 0
Total Assets............................ 158000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 144500...(900)......0
Total secured debts........... 144500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
alliance cred card.............2000......25........0
halifax cred card..............9000......90........0
barclay card...................3500......70........0
car hp.........................11500.....176.......0
hsbc cred card.................500.......8.........0
llyods cred card...............350.......8.........0
halifax loan...................25000.....378.......0
lloyds loan....................5000......180.......0
halifax overdraft..............4000......0.........0
Total unsecured debts..........60850.....935.......-

Monthly Budget Summary
Total monthly income.................... 3,724
Expenses (including secured debts)....... 2,747
Available for debt repayments........... 977
Monthly UNsecured debt repayments....... 935
Surplus(deficit if negative)............ 42

Personal Balance Sheet Summary
Total assets (things you own)........... 158,000
Total Secured debt...................... -144,500
Total Unsecured debt.................... -60,850
Net Assets.............................. -47,350

98jdougl

your mobile rate seems very high- how many is this for?
How many are you feeding for £250? might be worth heading to the oldstyle board for some ideas on cutting that down.

dancingfairy

Let's have a look:

Monthly Expense Details
Mortgage................................ 900
Secured loan repayments................. 0
Rent.................................... 750 mortgage and rent? is this right?
Management charge (leasehold property).. 100
Council tax............................. 140 can you arrange to pay over 12 months to make budgetting easier?
Electricity............................. 40
Gas..................................... 0
Oil..................................... 35
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 60 how many is this for? you should be able to get this down with some haggling.
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 240 how many are you feeding for this?
Clothing................................ 0
Petrol/diesel........................... 250
Road tax................................ 40
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 12 what's this for ? dental? precriptions?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 75 seems rather high - have a look around and see what you need and whether this is the best deal - check out a cashback site for when you switch.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 nothing here?
Haircuts................................ 0
Entertainment........................... 0 nothing for this?
Holiday................................. 0
Emergency fund.......................... 0 or this?
Total monthly expenses.................. 2747

Well the good news is there appears to be 42 a month spare - I suspect this is going on some of the things highlighted. You should just about be able to make things balance - with a bit of shopping around and cutting back you should be able to be making at least the minimum payments on your debts.
I think a spendng diary would be a good start to see where you money is really going - if you are anything like most people it will just drift through your fingers.
Have you got anything you can sell at all at a car boot or ebay etc? What about a second job?
df

doodledo_2

Hi and welcome to the forum. Well done on taking that first step and posting your SOA.

You have a mortgage and a rent amount is this because rent out one house? I see you have another amount for income is this the rent from the second property?

Just wondered why the income was less than the mortgage/rent. If you are losing on this house is it worth selling up and clearing debts if any equity.

pania

rockinfreakapottamus wrote: »

ive been looking at the site for months now and have finally sorted it out to post my situation.
so far ive not missed any payments on anything all the credit cards are locked in to low interest rates but as you can see from my soa its very much what comes in goes straight back out .
what i need is some advice on how to free up money to pay these debts off quicker ,maybe i need a dmp or an iva ,im really confused as to what to do but want to get things sorted before they turn bad .
any advice ????

Monthly Income Details
Monthly income after tax................ 1860
Partners monthly income after tax....... 1300
Benefits................................ 0
Other income............................ 564
Total monthly income.................... 3724

Monthly Expense Details
Mortgage................................ 900 okidoki here goes. I'm guessing shared ownership/shared equity here? depending what lender you are with they won't allow interest only on shared ownership but is worth investigating or if you are happy to tell us what lender you are with. if they will then it is worth switching this to interest only for a while to give you some breathing space or a payment holiday can be requested if you are with halifax/nationwide. If not see if your lender will agree to extend the term of the mortgage to make this payment slightly lower. When are you coming up to remortgage? you might find it more cost effective to purchase a bigger tranche of the equity so that your rent falls. yes your mortgage payment will increase but it depends on what interest rate you can get that will show if this is cost effective for you
Secured loan repayments................. 0
Rent.................................... 750
Management charge (leasehold property).. 100
Council tax............................. 140see if you are able to pay this over 12 months instead of ten. some councils will allow you to others won't
Electricity............................. 40
Gas..................................... 0
Oil..................................... 35
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 60 hmmmm has to be possible to cut this. what network/contract? how long do you have left on it?
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 240 can be reduced if for 2 people. I was feeding myself and xoh for £150 per month and he had the appetite of a horse. with some plannign and careful shopping you can make a big saving here.
Clothing................................ 0
Petrol/diesel........................... 250 Hmmm thats a biggy. same here!!! can you cut this anyway? car share or drive part way walk or run the rest? good for exercise too before you think i'm completely nuts! If work related is it covered in expenses, are you reclaiming the mileage that you are entitled to?

Road tax................................ 40
Car Insurance........................... 40 shop around and through quidco.com see if you can get this cheaper elsewhere. with the cashback from quidco you should be able to.
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 75 DO NOT CANCEL THIS no matter how tempting. who is this with? have you looked to see if you can get the same level of cover cheaper. DO NOT switch to a cheaper policy if it means compromising on cover.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 there should be atleast a nominal figure in here and in the haircut and entertainment box, even just a tenner.
Total monthly expenses.................. 2747

Assets
Cash.................................... 0
House value (Gross)..................... 145000
Shares and bonds........................ 0
Car(s).................................. 13000
Other assets............................ 0
Total Assets............................ 158000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 144500...(900)......0
Total secured debts........... 144500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
alliance cred card.............2000......25........0 what are the aprs on the cards and do you have any remaining balances on them. the aprs and a credit limit on each would be really handy. the idea being to max out with a balance transfer the lowest apr card to pay off the highest apr card, thereby freeing up some money and saving yourself some interest.
halifax cred card..............9000......90........0
barclay card...................3500......70........0
car hp.........................11500.....176.......0
hsbc cred card.................500.......8.........0
llyods cred card...............350.......8.........0
halifax loan...................25000.....378.......0
lloyds loan....................5000......180.......0
halifax overdraft..............4000......0.........0
Total unsecured debts..........60850.....935.......-

Monthly Budget Summary
Total monthly income.................... 3,724
Expenses (including secured debts)....... 2,747
Available for debt repayments........... 977
Monthly UNsecured debt repayments....... 935
Surplus(deficit if negative)............ 42

Personal Balance Sheet Summary
Total assets (things you own)........... 158,000
Total Secured debt...................... -144,500
Total Unsecured debt.................... -60,850
Net Assets.............................. -47,350

Ok a few ideas there worth looking into and also have a look into what you have spent the money on. do you have anything that you can chuck on ebay clothes books etc things you've bought with the money to free up some cash. you have a surplus currently but if anythign were to go wrong in te home this would quickly be swallowed up!

Keep that chin up and join in here as much as you can. you will find it inspiring and keep you on the straight and narrow. xxx

rockinfreakapottamus

thanks for the replys.
there are two mobiles as soon as the contracts are up then will go to pay as go.
it is right that i have rent and morgage i have a house that i rent out and i live in another i rent although the rent does not cover the full morgage it is not really an option to sell at the mo .
the food bill is the one i am working on its so easy to spend that and not really notice. aprs on cards as follows
halifax 1 = 5.9 for life of balance
barclaycard = 6.5 life of balance
alliance leicester =3 till jan then im not sure

the dentist fee is a payment plan as ive had alot done recently.
im searching for stuff to e bay and a second job is out the question as im a chef and dont really have to much spare time ( who does )
whats anybodys thoughts on dmp ????

elsie52

Hi,
we have been on a DMP plan for 9 months now and things have been stacks better. We actually have more cash to use for food etc than we have had for a long time. we are with Payplan, but there is also CCCS...I am sure someone will be along to give you more infor.......well done for taking the first steps ...