General debt advice please

TotallyBroke

Not_Waving wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1625
Partners monthly income after tax....... 0
Benefits................................ 120 check entitledto website and see if you can get anything else
Other income............................ 0
Total monthly income.................... 1745

Monthly Expense Details
Mortgage................................ 533.49
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 73Is this paid over 10 months or 12
Electricity............................. 64See if this can be reduced
Gas..................................... 75See if this can be reduced
Oil..................................... 0
Water rates............................. 45Is this paid over 10 or 12 months. Check out on the website to see if a meter is viable
Telephone (land line)................... 25BT only charge £10.50 per month so see what is bumping this up and see if it can be reduced
Mobile phone............................ 45Try and cut this down or change the tariff. What is the contract? How many mins/texts etc?
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 15Could you not incorporate these into your landline. Could be cheaper
Groceries etc. ......................... 300Really look at what this is being spent on. Maybe drop down a brand or work out what is being wasted. Meal planning is great and there are threads to help
Clothing................................ 25Do you have to have new. Check out second hand baby clothes at nct sales
Petrol/diesel........................... 130This is a tank a week. Could you not find out about maybe car sharing with someone you work with
Road tax................................ 10
Car Insurance........................... 30.5
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 12.18
Contents insurance...................... 21.08
Life assurance ......................... 21.08
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 10Do you really need these every month. Do it every 8 weeks instead of 4 or do it yourself
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1616.33


Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 200
Other assets............................ 0
Total Assets............................ 115200


Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 106000...(533.49)...6
Total secured debts........... 106000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
cc Virgin .....................6500......105.......35
OD.............................4300......200.......18
misc CC........................1000......35........15
loan...........................11500.....198.......14
Total unsecured debts..........23300.....538.......-


Monthly Budget Summary
Total monthly income.................... 1,745
Expenses (including secured debts)...... 1,616.33
Available for debt repayments........... 128.67
Monthly UNsecured debt repayments....... 538
Surplus(deficit if negative)............ -409.33

Personal Balance Sheet Summary
Total assets (things you own)........... 115,200
Total Secured debt...................... -106,000
Total Unsecured debt.................... -23,300
Net Assets.............................. -14,100

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

Your family could earn some extra money by doing mystery shopping or online surveys etc. There are threads about this too. Check out up your income section. Good luck

Not_Waving_4

Well, having gone through all I said I would, I might be able to eek out an extra £300/month, which I'm afraid just isn't enough. Thank you for all your help, but I think my only option is bankruptcy.

Thanks again

RAS

Hi

have yu spoken to any of the debt charities? http://www.moneysavingexpert.com/loans/debt-help-plan#help

If you go BK, the judge will ask if you have taken advice and may refuse your petition if you have not taken advice.

TotallyBroke

Please do look at the points I mentioned in previous post.
You could easily save £100 on shopping by careful meal planning.
You can also save on the clothes and the haircuts saving another £35.
By combining home phone and internet and cutting down usage could save another £10 at least. Spreading the council tax and water over 12 months will save another £20.
You mentioned you could draw £200 from the business.
So in total that's £365. By looking at the up your income section on this site you could find the extra £35+ needed.

Keep positive it is all doable. Plus as Ras suggested seek guidance from the companies they can help. Good luck