Any help !!!

nickih28

Hi

i am new to this board, i have just split from OH after finding out he has been having an affair (again):mad: and am trying to sort my finances.

I have done a SOA and any help will be appreciated.

Is it worth asking the credit card companies to freeze interest for a while and will this affect my credit rating??

Ex OH has agreed to pay 800 at the moment which is half the mortgage and half of the two joint loans plus some for the kids, although i dont know how long he will carry on with this agreement.

Also i am probably losing my job by the end of April and i have signed on with some agencies nothing has come up yet:rolleyes:


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1084
Partners monthly income after tax....... 0
Benefits................................ 484
Other income............................ 800
Total monthly income.................... 2368
Monthly Expense Details
Mortgage................................ 518
Secured/HP loan repayments.............. 148
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 65
Gas..................................... 0
Oil..................................... 0
Water rates............................. 36
Telephone (land line)................... 30
Mobile phone............................ 75
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 50
Petrol/diesel........................... 60
Road tax................................ 0
Car Insurance........................... 28
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 13
Buildings insurance..................... 28
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1474

Assets
Cash.................................... 0
House value (Gross)..................... 150000
Shares and bonds........................ 0
Car(s).................................. 9000
Other assets............................ 0
Total Assets............................ 159000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 110000...(518)......0
Hire Purchase (HP) debt ...... 9000.....(148)......0
Total secured & HP debts...... 119000....-.........-
Unsecured Debts

Description....................Debt......Monthly...APR
credit card....................4100......90........0
credit card....................2000......70........0
credit card....................2550......55........0
littlewoods....................1600......60........0
next...........................900.......90........0
argos..........................1600......80........0
loan...........................12000.....227.......0
loan...........................1912......239.......0
Total unsecured debts..........26662.....911.......-

Monthly Budget Summary
Total monthly income.................... 2,368

Expenses (including HP & secured debts). 1,474
Available for debt repayments........... 894
Monthly UNsecured debt repayments....... 911
Amount short for making debt repayments. -17

Personal Balance Sheet Summary
Total assets (things you own)........... 159,000
Total HP & Secured debt................. -119,000
Total Unsecured debt.................... -26,662
Net Assets.............................. 22,338

RAS

Hi

Are all those debts in your name?

You really do need to to speak to a debt charity promptly.

http://www.moneysavingexpert.com/loans/debt-help-plan#help

nickih28

RAS wrote: »

Hi

Are all those debts in your name?

You really do need to to speak to a debt charity promptly.

http://www.moneysavingexpert.com/loans/debt-help-plan#help

Hi

The credit cards and store cards are my name only, the loans and mortgage are joint.

10past6

nickih28 wrote: »

Mobile phone............................ 75

Are you really paying that much PM? :eek:

RAS

nickih28 wrote: »

Hi
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1084
Partners monthly income after tax....... 0
Benefits................................ 484
Other income............................ 800
Total monthly income.................... 2368
Monthly Expense Details
Mortgage................................ 518
Secured/HP loan repayments.............. 148 are you at the point where you can give either of the cars back?
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 65
Gas..................................... 0
Oil..................................... 0
Water rates............................. 36
Telephone (land line)................... 30 - you need to stop using this except at weekends an learn how to get free calls.
Mobile phone............................ 75 - these have to be reduced to their minimums and then PAYG ASAP
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250 - for three - you can halve this. Tough but it is going to get tougher.
Clothing................................ 50 - forget it. Shoes for the kids and knickers if needed.
Petrol/diesel........................... 60
Road tax................................ 0 ?????????
Car Insurance........................... 28 - this is high for one adult
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40 - which is?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 13
Buildings insurance..................... 28 - this is high as well
Contents insurance...................... 0 - even if it includes contents.
Life assurance ......................... 0 - you absolutely need this
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 20 - bye bye for the time being.
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1474

Assets
Cash.................................... 0
House value (Gross)..................... 150000
Shares and bonds........................ 0
Car(s).................................. 9000
Other assets............................ 0
Total Assets............................ 159000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 110000...(518)......0
Hire Purchase (HP) debt ...... 9000.....(148)......0
Total secured & HP debts...... 119000....-.........-
Unsecured Debts

Description....................Debt......Monthly...APR
credit card....................4100......90........0
credit card....................2000......70........0
credit card....................2550......55........0
littlewoods....................1600......60........0
next...........................900.......90........0
argos..........................1600......80........0
loan...........................12000.....227.......0
loan...........................1912......239.......0
Total unsecured debts..........26662.....911.......-

Monthly Budget Summary
Total monthly income.................... 2,368

Expenses (including HP & secured debts). 1,474
Available for debt repayments........... 894
Monthly UNsecured debt repayments....... 911
Amount short for making debt repayments. -17

Personal Balance Sheet Summary
Total assets (things you own)........... 159,000
Total HP & Secured debt................. -119,000
Total Unsecured debt.................... -26,662
Net Assets.............................. 22,338

You have got equity which means that bankruptcy or an IVA is not a good idea.

Speak to a debt charity urgently about a DMP.

Given the job situation, you need to wait until you know more before you decide the way forward.

DawnW

What immediately springs to mind is;
Are you claiming single person discount on your council tax now you are a single adult household?
Are you entitled to more benefits / tax credits etc now you are on your own with kids?
Can you sell the 9K car and get something cheaper?
Your phone bills are incredible - investigate cheaper alternatives.

RAS

nickih28 wrote: »

Hi

The credit cards and store cards are my name only, the loans and mortgage are joint.

In that case you are legally liable for all the debt if OH plays hardball.

However, he is liable for the full cost of the loans as well, so notpayimng them will wreck his credit rating.

What ndoes he earn?

nickih28

10past6 wrote: »

Are you really paying that much PM? :eek:

sorry should have been clearer, it is for three mobile contracts, one for me and one each for the kids, DD has just ran out of contract and she is on a sim only for 15 per month DS is still 30 but runs out in july when i can cancel and mine is 25 which also runs out in august and they will be cancelled or put onto a sim only as well, then it will be 45

nickih28

DawnW wrote: »

What immediately springs to mind is;
Are you claiming single person discount on your council tax now you are a single adult household?
Are you entitled to more benefits / tax credits etc now you are on your own with kids?

yes i have notified the council and claimed tax credits

RAS

nickih28 wrote: »

sorry should have been clearer, it is for three mobile contracts, one for me and one each for the kids, DD has just ran out of contract and she is on a sim only for 15 per month DS is still 30 but runs out in july when i can cancel and mine is 25 which also runs out in august and they will be cancelled or put onto a sim only as well, then it will be 45

Chuck, you have not got £45 for mobile phones. Tell the kids to ask dad to pay for them. And you own you need to go PAYG and absolutely minimise your calls out.

Your priorities are the mortgage, CT, food and utilities.

Somehow or other you need to get rid of those joint car debts ASAP, and even then you will struggle.