In serious debt trouble

fonay1805

Hi,

Below is the SOA;

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.................... 1
Monthly Income Details
Monthly income after tax................ 2177
Partners monthly income after tax....... 0
Benefits................................ 220
Other income............................ 0
Total monthly income.................... 2397
Monthly Expense Details
Mortgage................................ 1094
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 175
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 45
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 45
Internet Services....................... 0
Groceries etc. ......................... 360
Clothing................................ 40
Petrol/diesel........................... 220
Road tax................................ 20
Car Insurance........................... 54
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 26
Contents insurance...................... 0
Life assurance ......................... 30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2371

Assets
Cash.................................... 0
House value (Gross)..................... 192000
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 199000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 192000...(1094).....5.9
Secured Debt.................. 2500.....(0)........0
Total secured & HP debts...... 194500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
capital one....................400.......0.........0
natwest........................4000......0.........0
provident......................900.......0.........0
welcome finance................7500......47........0
british gas (elec).............251.25....0.........0
british gas....................270.56....0.........0
bt.............................157.......0.........0
council........................855.......0.........0
Total unsecured debts..........14333.81..47........-

Monthly Budget Summary
Total monthly income.................... 2,397
Expenses (including HP & secured debts). 2,371
Available for debt repayments........... 26
Monthly UNsecured debt repayments....... 47
Amount short for making debt repayments. -21
Personal Balance Sheet Summary
Total assets (things you own)........... 199,000
Total HP & Secured debt................. -194,500
Total Unsecured debt.................... -14,333.81
Net Assets.............................. -9,833.81
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

A few points with this are that:
1 - it is a pretty good estimate of everything I owe.
2 - I have 4 months of mortgage arrears
3 - The secured loan is on the car through logbook loans
4 - The direct debit for gas and electricity has been cancelled
5 - I have an attachment of earnings going through the system for the debt to the council. I would like to know how I can stop that as it could affect my job.
6 - I have a charging order against me for the Natwest debt. The date is set in Febuary.

I am absolutely, totally lost and this debt is now affecting my everyday working and family life. Any advice would be greatly appreciated.

Thank you,

IcklePickle_2

There are a few areas jumping out at me:

Telephone & TV are costing £90 a month - who are you with and do you have a lot of channels? You can get a much cheaper deal by switching provider or threatening to and getting a loyalty deal from your existing provider.

Your partner doesn't work I assume due to childcare? What are your working hours like? Could they get an evening job say, when you're at home to look after kids? Supermarket or a call centre even would make a difference in terms of upping your family income.

£360 a month in groceries is a lot. The old-style board on here has lots of tips for cutting down grocery spend. Switch to own-brand or Value ranges, buy in bulk, DON'T buy offers, cut down on unhealthy snacks, cook a big batch of things like spag bol / chilli / casseroles and freeze portions for other meals.

Do you and your partner have a spending diary? Write down absolutely EVERY penny you both spend for one week and you will probably be surprised at how much you fritter.

I know it seems bad just now but lots of us on here have been where you are and felt completely trapped.. it might take a while to get used to making changes but you WILL get there!!

Have you checked if you'll save any by switching gas/electric suppliers?

Fire_Fox

Can you sell the car and buy something cheaper? That would buy you some time. Are you on interest only repayments with your mortgage yet?

As noted above your telephone and TV budget is high. The package could be reduced or cancelled depending upon how bad you feel the situation is. Is it possible for your wife to work a few hours while you or the other children (if old enough) babysit?

Sunny_Donny

Hi
Welcome to the gang
You can definately can reduce the food budget.
Go down a level to own brand/basic range. Go to Aldi/Lidl/Netto
Ebay anything in the house that is of no use anymore.
Do a car boot when it is warmer.
Good luck and keep posting

Keeping_Positive

fonay1805 wrote: »

Hi,

Below is the SOA;

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.................... 1
Monthly Income Details
Monthly income after tax................ 2177
Partners monthly income after tax....... 0 - look at up your income board for bits to do whilst looking after kids ie surveys, ebay etc
Benefits................................ 220
Other income............................ 0
Total monthly income.................... 2397
Monthly Expense Details
Mortgage................................ 1094
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 175
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 45 can you get a deal with broadband. I am with Talktalk and monthly bill is £30for all
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 45 look at cutting back for a while
Internet Services....................... 0
Groceries etc. ......................... 360 as others have said cutting back here is possible. £360 isnt bad but it can go to £250 with effort. Even £300 a month is an extra £60
Clothing................................ 40 look at being super careful over the next few months. Look for handme downs on freecycle.
Petrol/diesel........................... 220 ow
Road tax................................ 20
Car Insurance........................... 54
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 26
Contents insurance...................... 0
Life assurance ......................... 30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2371

quote]

Hi

A few suggestions in blue/ You have done the right thinkg in working it all out and realising you need a bit of help. Several people here have been in similar situations. Have you looked at the CCCS website? They can be really helpful.

Good luck xx

RAS

Hi

You need to contact NDL or CCCs first thing in the morning as you have so many issues here. http://www.moneysavingexpert.com/loans/debt-help-plan#help
Will post comments on the SOA in a mo.

RAS

fonay1805 wrote: »

Hi,

Below is the SOA;

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.................... 1
Monthly Income Details
Monthly income after tax................ 2177
Partners monthly income after tax....... 0 - you need to get earning something here
Benefits................................ 220
Other income............................ 0
Total monthly income.................... 2397
Monthly Expense Details
Mortgage................................ 1094 - is very high. Does this inlude arrears?
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 175
Electricity............................. 50 - you could cut this back a bit
Gas..................................... 50 ditto
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 45 - this is massive. Stop using itt in the day-time. Calls in and urgent business only.
Mobile phone............................ 20 - go PAYG and get rid
TV Licence.............................. 12
Satellite/Cable TV...................... 45 - ditch it - you cannot afford this when you have priority debts.
Internet Services....................... 0
Groceries etc. ......................... 360 this may be in line for a DMP but you cannot aford it - allow £200 and learn to budget on the Money Saving Old Style forum.
Clothing................................ 40 - you simply cannt afford this join www.freecyle.org and get stuff free.
Petrol/diesel........................... 220 - what are you driving or is it huge mileage?
Road tax................................ 20
Car Insurance........................... 54 - this is high,. Check via a comparison site and switch viaww.quidco.com
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 30 - what is this?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 26 - this is high unless it includes contents
Contents insurance...................... 0
Life assurance ......................... 30 - is this the lowest you can get? Switch vioa ww.quidco.com
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 - you cannot aford these
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2371

Assets
Cash.................................... 0
House value (Gross)..................... 192000
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 199000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 192000...(1094).....5.9
Secured Debt.................. 2500.....(0)........0
Total secured & HP debts...... 194500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
capital one....................400.......0.........0
natwest........................4000......0.........0
provident......................900.......0.........0
welcome finance................7500......47........0
british gas (elec).............251.25....0.........0
british gas....................270.56....0.........0
bt.............................157.......0.........0
council........................855.......0.........0
Total unsecured debts..........14333.81..47........-

Monthly Budget Summary
Total monthly income.................... 2,397
Expenses (including HP & secured debts). 2,371
Available for debt repayments........... 26
Monthly UNsecured debt repayments....... 47
Amount short for making debt repayments. -21
Personal Balance Sheet Summary
Total assets (things you own)........... 199,000
Total HP & Secured debt................. -194,500
Total Unsecured debt.................... -14,333.81
Net Assets.............................. -9,833.81
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

A few points with this are that:
1 - it is a pretty good estimate of everything I owe.
2 - I have 4 months of mortgage arrears
3 - The secured loan is on the car through logbook loans
4 - The direct debit for gas and electricity has been cancelled
5 - I have an attachment of earnings going through the system for the debt to the council. I would like to know how I can stop that as it could affect my job.
6 - I have a charging order against me for the Natwest debt. The date is set in Febuary.



Thank you,

You can reasonably save about £300-400 on your i&e.

if you have a charging order then you have a CCJ that is not being paid. What paperwork have you recieved on that?

Is the attachment of earning relate to the council debt marked up

What are the APRs on this debt?

fonay1805

Hi,

The £360 a month shopping bill includes nappies and baby milk as our children are 3, 2, and 3 months old.

I managed to get the phone bill down to £22.50 a month. The TV is with sky, I currently owe them £34, which I hope to pay at the end of the month. After that has been paid I will try and sort out a different sky package.

My partner is unable to work as I work shifts and there is no definate shift pattern.

I am unable to sell the car as there is a logbook loand against the car. We have already sold anything that we could do with out.

I am still at a loss about the two legal cases against me, both of which could lose me my job.

Thanks for all your responces, they are greatly appreciated.

RAS

fonay1805 wrote: »

My partner is unable to work as I work shifts and there is no definate shift pattern.

if your shifts are set ahead can she get even a few sessions in a supermarket or pub?

fonay1805 wrote: »

I am unable to sell the car as there is a logbook loand against the car. We have already sold anything that we could do with out.

Ratbags.

fonay1805 wrote: »

I am still at a loss about the two legal cases against me, both of which could lose me my job.

You must have recieved some paperwork on the natwest debt re the charging order and the CCJ? If not you need to get help from NDL tomorrow first thing as you may be able to reverse the CCJ.

The council tax is a priority debt and they can get a liability order without paperwork to you.. But you must however have had some notice on late payment.

Keeping_Positive

Get your OH to look at the grocery challenge on the moneysaving old style forum. Just lower the monthly budget a bit each month and its easily done. £360 can be beaten. They have loads of moneysaving ideas. My three are older so I dont have the nappy/milk costs but now they just eat more!

RAS

yep

Get her on here. Sorry but £200 is quite doable and if it means the difference between losing the house and keeping it , she will learn.