Feel trapped and lost

mani99 · 13 January 2009 at 3:18PM

Statement of Affairs and Personal Balance Sheet

Household Information

Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details

Monthly income after tax................ 2000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2000
Monthly Expense Details
Mortgage................................ 1000
Secured loan repayments................. 212
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 90
Gas..................................... 100
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 150
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 17
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1794

Assets

Cash.................................... 0
House value (Gross)..................... 480000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 480000

Secured & HP Debts

No Secured Debts

Unsecured Debts

...............................Debt......Monthly.. ..APR
Virgin Credit Card.............5400......150.........18.6%
Halifax Card...................4100......45..........15.5%
Barclay Card...................3800......85....... ...0%
Vanquis Card...................2000.......77..........39%

Total unsecured debts..........15600......357.........0

Monthly Budget Summary

Total monthly income.................... 2000
Expenses (including HP & secured debts). 1794
Available for debt repayments........... 206
Monthly UNsecured debt repayments....... 357
Amount short for making debt repayments..151
Personal Balance Sheet Summary
Total assets (things you own)........... 480000
Total HP & Secured debt................. 280000 (Mortgage)
Total Unsecured debt.................... -22000
Net Assets.............................. 178000

Some quick background info:
Last year I bought a property with my folks which, to be honest, was above our budget. We then spent quite a bit of money doing it up and I had no problem getting the credit cards out to pay for all the fancy things. Well now things have caught up with me and Im struggling each month. I havent missed any payments but as you can see, I pay out more than I earn.

To cut costs, Ive started taking a packed lunch to work with me, I've all but stopped going out (which is having an effect on me, not nice only being at work or at home). I've always been a generous person and never thought twice about paying for others if they were short of cash, which has contributed to me being in a position where I am.

You look and think that Im not in too bad of a position, but that's not the way I feel right now. It's started to depress me now, which is very unusual for me as Im a very optimistic person - I just cant see how Im going to get myself out of this.

Any advice would be welcomed.

Edit to say: I've also started to drink more in the past few months which is not a good sign at all.

mummytofour · 13 January 2009 at 3:39PM

Hiya, well done for posting, I am confused tho who pays for what in the household and is your income alone 2k is the TOTAL mortgage 1k per month? Do your folks pay towards the mortgage if so how much? Are you on a tied in mortgage rate?

Dont worryy, things can be sorted.

hampsterpoo · 13 January 2009 at 3:48PM

Hi & welcome Mani99
you've come to the right place for help and support thats for sure
I'll leave it to the wiser people as to where and what you can do.
But do try the OS board to get some tips on cooking and cleaning , also your gas & Electric seem really high any reason ?

iB1 · 13 January 2009 at 4:05PM

I'm a bit confused as well. For example, are the figures for the electric and gas split by a third between you and your parents? What about the mortgage cost? What do your parents contribute to the household bills? Do they know that you're struggling to pay?

mani99 · 13 January 2009 at 4:23PM

mummytofour wrote: »

Hiya, well done for posting, I am confused tho who pays for what in the household and is your income alone 2k is the TOTAL mortgage 1k per month? Do your folks pay towards the mortgage if so how much? Are you on a tied in mortgage rate?

Dont worryy, things can be sorted.

Hi, let me clarify:

I live with my folks who both work. The £2000 is my income alone and the £1000 is a contribution towards the mortgage. My dad pays the council tax along with the other half of the mortgage, my mum looks after the house and mainly does the food and grocery shop. We are on a fixed rate mortgage (5.7%!), but I was thinking of moving but not sure if that's a good idea as it would incur a £11k fee?

I dont feel as I can talk to them or ask them to help me financially as they've worked their entire lives to help get me to where I am now and it's not their fault that I have been rather silly with my money.

mani99 · 13 January 2009 at 4:24PM

hampsterpoo wrote: »

Hi & welcome Mani99
you've come to the right place for help and support thats for sure
I'll leave it to the wiser people as to where and what you can do.
But do try the OS board to get some tips on cooking and cleaning , also your gas & Electric seem really high any reason ?

The gas and electricity really took me by surprise. The last gas bill was £80, the latest one is £300! And it is based on actual readings.

The utility bills are paid by me and my folks dont know that Im struggling.

Ames · 13 January 2009 at 4:24PM

Do your parents earn a lot less than you? It seems a bit unfair that you're paying half your income on the mortgage if they're not doing the same.

hampsterpoo · 13 January 2009 at 4:35PM

Mani99, can you switch the gas & electric supplier? , if so use martins guide to find out the best deal and then go through a cashback site such as quidco.
As to ways to up your income , theres a thread all about that , so apart from the normal ebay amazon theres loads of other ideas , Daily clicks and the free daily bingo, surveys , it all adds up.

mani99 · 13 January 2009 at 4:42PM

Ames wrote: »

Do your parents earn a lot less than you? It seems a bit unfair that you're paying half your income on the mortgage if they're not doing the same.

My dad earns about the same but my mum earns much less.

My dad does actually pay slightly more than I do towards the mortgage.

mani99 · 13 January 2009 at 4:43PM

hampsterpoo wrote: »

Mani99, can you switch the gas & electric supplier? , if so use martins guide to find out the best deal and then go through a cashback site such as quidco.
As to ways to up your income , theres a thread all about that , so apart from the normal ebay amazon theres loads of other ideas , Daily clicks and the free daily bingo, surveys , it all adds up.

I will give that a go, thanks!