Help Please!!

50broke

Cannot use assets as they are business, property and leased so not 'liquid', the credits card debts are between 9 cards, not all the spending mine, mostly ex but unfortunalty in my name, Im left carrying the can as it were!!

thanks you

50broke

The highest interest Im paying on any card is 9% lowest 4.99 %

RAS

Ok

You say there are two adults, but only one working? Can the other adult not work at least part-time? There would be no tax and NI to pay so them earning £100 per week it would be like getting another £8K income on your job.

Will see what damage I can do to your SOA.

I assume that if you are on oil you are in the sticks?

50broke

Yes, the 0% MBNA is recent, I dont want to dodge my debts, but the interest rate they have put on is now 35% and I thought it should revert back to 15% after the 0% priod finished
Thanks RAS

RAS

What the new MBNA rate?

50broke

Other adult ex but not moved out .. yet due to having no home and yes he does not work!! and yes I live in the sticks!! painful dream

thanks

50broke

35% MBNA criminal..

50broke

Thanks RAS will get back tomorrow...

TurnaroundSue

50broke wrote: »

The highest interest Im paying on any card is 9% lowest 4.99 %

I am confused, you say the above and then later on say your MBNA interest is now 35%?

RAS

If you ferret round here, you will find different types of SOA - the cut it to the bare bone type, the CCCS/PAyplan allowance type and the more generous ones for those who are bankrupt.

I am going to start to bare bone your SOA.

50broke wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 3190
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3190
Monthly Expense Details
Mortgage................................ 1350 - is this interest onoy or repayment? Can you take a mortgage holiday at all?
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 70 - this is very high. Go round and turn off everything except the fridge and freezer. At that rate one of the in-house meters that monitors usage would pay for itself in a month.
Gas..................................... 0
Oil..................................... 100 - this is also high - the large house I know is on £70 per month, but they have a wood burner as well.
Water rates............................. 30
Telephone (land line)................... 50 - whoever is using this need to go to the telephone section here and learn to use out of hours and free/cheap call services.
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 280 - for two aim towards £150. Some people would go for £100 for two.
Clothing................................ 20
Petrol/diesel........................... 200 - how far do you HAVE to drive? Cut out unnecessary journeys and do you really need two cars? Learn to drive conservatively and at lower speeds.
Road tax................................ 30
Car Insurance........................... 42 - quite high unless they are posh cars?
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 30
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 50 - this is high - is it for a vast sum or is it term insurance to cover the mortgage?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 50 - this is an emergency
Total monthly expenses.................. 2513

Assets
Cash.................................... 0
House value (Gross)..................... 285000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 150000
Total Assets............................ 436500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 210000...(1350).....0
Total secured & HP debts...... 210000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................80000.....1800......0
Total unsecured debts..........80000.....1800......-

Monthly Budget Summary
Total monthly income.................... 3,190
Expenses (including HP & secured debts). 2,513
Available for debt repayments........... 677
Monthly UNsecured debt repayments....... 1,800
Amount short for making debt repayments. -1,123
Personal Balance Sheet Summary
Total assets (things you own)........... 436,500
Total HP & Secured debt................. -210,000
Total Unsecured debt.................... -80,000
Net Assets.............................. 146,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

I reckon you can skin out about £300 per month before you change the mortgage.

What do you have that can be sold on e-bay, at car boot sales and on amazon? One person here got £1000 for her old books.

You need to look at the snowball on www.whatsthecost.com.

Have you got PPI on any of these cards?

Sign up for www.quidco.com.

If you are on oil, do you have a large garden where you could grow vegetables, access to local produce?