please help me...i'm drowning!

nuthouseleader

Having filled in the SOA and got very depressed... I folowed the instructions to post my shame for all the world to see in the hope that someone can offer kindly words of help. Thinking of remortgaging (if they'll let me) to clear all cards etc as the mortgage rate is so low... thoughts please. Thank you.



Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 3
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 927.52
Other income............................ 0
Total monthly income.................... 927.52
Monthly Expense Details
Mortgage................................ 330.44
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 102
Electricity............................. 180
Gas..................................... 20
Oil..................................... 130
Water rates............................. 30
Telephone (land line)................... 60
Mobile phone............................ 60
TV Licence.............................. 14
Satellite/Cable TV...................... 18
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 40
Car Insurance........................... 150
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 45
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 25
Other insurance......................... 8.75
Presents (birthday, christmas etc)...... 50
Haircuts................................ 50
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1643.19

Assets
Cash.................................... 0
House value (Gross)..................... 150000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 155000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 130000...(330.44)...4.84
Total secured debts........... 130000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Cahoot Loan....................4736.68...121.4.....23.2
Barclaycard....................3266.39...80........19.9
Capital One....................163.5.....10........19.3
Marks & Spencer................198.3.....5.........24
Tesco .........................1458.96...71........0
Halifax One....................510.26....10........12.9
Mint...........................1551.95...40........14.9
Total unsecured debts..........11886.04..337.4.....-

Monthly Budget Summary
Total monthly income.................... 927.52
Expenses (including secured debts)...... 1,643.19
Available for debt repayments........... -715.67
Monthly UNsecured debt repayments....... 337.4
Amount short for making debt repayments. -1,053.07
Personal Balance Sheet Summary
Total assets (things you own)........... 155,000
Total Secured debt...................... -130,000
Total Unsecured debt.................... -11,886.04
Net Assets.............................. 13,113.96
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

paybacktime2008

Well Done and welcome.

Things that jump out are;

Council tax If you are on benefits should you be paying this?
Cars..You can't afford to have 3.
Fuel bills look ginormous....I'm assuming a house of teens (hence 3 cars) but even still the bills are massive and can certainly be cut.


What are the circumstances for no one earning is it a short term thing or been like this for a while? I'm sure you can get help with paying for interest on your mortgage if you have been out of work a while.

Someone far more experienced will be alomg in a min........

Hang on in there.

gailey_2

Right things that scream to me is why

3cars? can you not downsize to 1 as neither of you in work?
Landline seems very high?
You looked at changing ultilities and inurance to cheaper ones?
Mobile seems to high switch to lower tarrif or pay as you go.
Grocery 100 for family of 5 seems to low and haircuts seems pricey too.
can u check local college or student nites for cheaper cuts?

Im sure experts be along soon im sure lost you can do however income v expenditire big gap you may need to consider proper advice from payplan or cccs well doen on taking 1st step its scary we rvised our SOA last night and wasent pretty sight!

Horace

You haven't listed any buildings insurance - I thought you had to have some because you have a mortgage?

nuthouseleader

Thank you both so much for the extremely quick and astute replies. Hubby & I in building - own business... short term income problems I hope. THought about selling the cars - virtually worthless interms of what someone will pay for them - drop in the ocean as regards the debt - although will rethink benefits of keeping them. Am now logging onto uswitch for cheaper everything -especially electric as it is unbelieveably high. My heating is coal and my cooker is gas so I think I am being well and truely ripped off! Thanks again!

TotallyBroke

nuthouseleader wrote: »

Having filled in the SOA and got very depressed... I folowed the instructions to post my shame for all the world to see in the hope that someone can offer kindly words of help. Thinking of remortgaging (if they'll let me) to clear all cards etc as the mortgage rate is so low... thoughts please. Thank you.



Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3Teenagers or youngsters
Number of cars owned.................... 32 adults, 3 cars!
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 927.52
Other income............................ 0
Total monthly income.................... 927.52
Monthly Expense Details
Mortgage................................ 330.44Is this repayment or interest only. Are you claiming Mortgage interest relief
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 102Can you not get council tax benefit
Electricity............................. 180Wow this is horrendous. Turn everything off at the wall. Only have lights on in rooms occupied. Are there arrears in this amount. If so the arrears need to be put under the debts
Gas..................................... 20
Oil..................................... 130I'm not sure if this is good or bad. Do you always get it from the same supplier maybe shop around.
Water rates............................. 30
Telephone (land line)................... 60This has to stop. Where are you phoning? Line rental = £12pm plus a handful of calls £20 max
Mobile phone............................ 60Contracts or payg. Reduce contract to lower tariffs or change to one that suits usage better. Payg restrict to £10
TV Licence.............................. 14
Satellite/Cable TV...................... 18
Internet Services....................... 0
Groceries etc. ......................... 100Very good for size of family if that is all you do spend
Clothing................................ 0
Petrol/diesel........................... 150What is this being spent on? Can it not be reduced
Road tax................................ 40
Car Insurance........................... 150Wow that is huge. Renew through a cashback company. Is there a reason for being so high
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 45What is this?
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 20You can get this cheaper
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 25Can this be reduced again price comparison
Other insurance......................... 8.75What is this for?
Presents (birthday, christmas etc)...... 50
Haircuts................................ 50Haircuts will have to stop. The mse bowl fashion is coming back into style
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1643.19

Assets
Cash.................................... 0
House value (Gross)..................... 150000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 155000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 130000...(330.44)...4.84
Total secured debts........... 130000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Cahoot Loan....................4736.68...121.4.....23.2
Barclaycard....................3266.39...80........19.9
Capital One....................163.5.....10........19.3
Marks & Spencer................198.3.....5.........24
Tesco .........................1458.96...71........0
Halifax One....................510.26....10........12.9
Mint...........................1551.95...40........14.9
Total unsecured debts..........11886.04..337.4.....-

Monthly Budget Summary
Total monthly income.................... 927.52
Expenses (including secured debts)...... 1,643.19
Available for debt repayments........... -715.67
Monthly UNsecured debt repayments....... 337.4
Amount short for making debt repayments. -1,053.07
Personal Balance Sheet Summary
Total assets (things you own)........... 155,000
Total Secured debt...................... -130,000
Total Unsecured debt.................... -11,886.04
Net Assets.............................. 13,113.96
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Is there any underlying reason why neither of the adults are working. Could you not even do something part time.

Well done for posting, with a bit of careful juggling you can get on the straight and narrow.

nuthouseleader

buildings insurance expired - stupidly trying to save money and now feel even worse, but will renew today.

Janey51

Hi nuthouseleader and welcome.
Very well done for facing up to things.
It all seems horrible at the moment I know, but it will get better.

I can understand why your oil is so high as mine is the same level and have no access to any other heating except electric but my electric DD is only £31pm.

Have you really got 3 cars?

Your mortgage seems low for the value of the house. I can't see any buildings insurance on your list.
Do you not get any benefits for your partner?
You need to have some allowance for clothing.
TBH, I don't see how you are affording to live at the moment.
Your unsecured debt should be bottom of your list of payments, even though they will shout the loudest.

Have you thought about contacting one of the free Debt Advice Agencies? CCCS are closed over Christmas/New Year but I'm not sure about Payplan or National Debtline.

sarahskc

maybe worth seeing if you can change utility companies through a cashback site

TotallyBroke

If you are going to renew sign up to quidco and see if you can get money back for making the purchase. Please shop around.

milliemonster

irrespective of the value of the 3 cars you have, get rid of the ones you don't need as you are paying almost £200 a month just in tax and insurance, not to mention any breakdown cover or maintenance/MOT's etc even if it is only a drop in the ocean on your debts, its a start

Also, your electric is extortionate, I can't understand how anyone would have a monthly elec bill of £180, also you have oil central heating I take it? £130 a month again seems high