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help and advice needed
meeka
Posts: 7 Forumite
i am a newbie therefore not sure if this is the right link or not. I, no we, have been avoiding our debts for the last 15 years and now cannot afford to make the minimum monthly payments. Being debt free seems an unachievable dream, havin money left at the end of the month would do! here's my financial state at the moment. i have started contacting credit cards to inform them of my inability to pay. any help or advice would be greatly appreciated.
Many thanks.
Statement of Affairs & Personal Balance Sheet
Summary
Monthly Budget Summary
Total monthly income
Monthly expenses (incl. HP & secured loans)
Available for debt repayments
UNsecured debt repayments
Amount short for making debt repayments
Personal Balance Sheet Summary
Total Assets (things you own)
Total Secured & HP Debt
Total Unsecured Debt
Net Assets
Household Information
Number of adults in household
Number of children in household
Number of cars owned
Income, Expense, Debt & Asset Details
Income
Monthly income after tax
Partners monthly income
Benefits
Other income
Total monthly income
Expenses
Mortgage
Secured/HP loan payments
Rent
Management charge (leasehold property)
Council tax
Electricity
Gas
Oil
Water Rates
Telephone (land line)
Mobile phone
TV Licence
Satellite/Cable TV
Internet services
Groceries etc.
Clothing
Petrol/diesel
Road tax
Car Insurance
Car maintenance (including MOT)
Car Parking
Other travel
Childcare/nursery
Other child related expenses
Medical (prescriptions, dentists, opticians etc.)
Pet Insurance/Vet bills
Buildings Insurance
Contents Insurance
Life Assurance
Other Insurance
Presents (birthday, christmas etc.)
Haircuts
Entertainment
Holiday
Emergency Fund
Total monthly expenses
Secured & HP Debt Description
Mortgage
Secured Debt
Hire Purchase (HP) Debt
Secured & HP Debt totals
Unsecured Debt Description
nat west credit card
MBNA credit card
lloyds credit card
northern rock
nat west loan
next catalogue
lloyds overdarft
Unsecured Debt totals
Asset Description
Cash
House Value (Gross)
Shares and bonds
Car(s)
Other assets (e.g. endowments, jewellery etc)
Total Assets
Many thanks.
Statement of Affairs & Personal Balance Sheet
Summary
Monthly Budget Summary
Amount(£)
4,532
4,203
329
860
-531
Personal Balance Sheet Summary
Amount(£)
185,000
-277,600
-51,450
-134,450
Household Information
Number of adults in household
2
2
2
Income, Expense, Debt & Asset Details
Income
Amount(£)
2100
2300
132
0
4532
Expenses
Amount(£)
900
1254
0
0
114
50
0
80
50
20
35
12
28
0
400
70
350
200
38
40
0
0
350
0
10
12
38
0
80
12
20
20
20
0
0
4203
Secured & HP Debt Description
Debt(£)
Monthly(£)
APR(%)
168000
(900)
6.49
100000
(1054)
10.5
9600
(200)
5.4
277600
-
-
Unsecured Debt Description
Debt(£)
Monthly(£)
APR(%)
6500
140
24
7500
140
24
1900
50
24
17200
150
7.79
16800
300
13.2
900
60
26.49
650
20
0
51450
860
-
Asset Description
Value (£)
0
185000
0
0
0
185000
0
Comments
-
Could you edit your post so that the figures are a bit nearer the text to make it a bit easier to read? I did notice one typo (I hope) - road tax at £200 per month?0
-
Statement of Affairs & Personal Balance Sheet
Summary
Monthly Budget SummaryTotal monthly incomeAmount(£)Monthly expenses (incl. HP & secured loans)4,532Available for debt repayments4,203UNsecured debt repayments329Amount short for making debt repayments860-531
Personal Balance Sheet SummaryTotal Assets (things you own)Amount(£)Total Secured & HP Debt185,000Total Unsecured Debt-277,600Net Assets-51,450-134,450
Household Information
Number of adults in householdNumber of children in household2Number of cars owned22
Income, Expense, Debt & Asset Details
IncomeMonthly income after taxAmount(£)Partners monthly income2100Benefits2300Other income132Total monthly income04532
ExpensesMortgageAmount(£)Secured/HP loan payments900Rent1254Management charge (leasehold property)0Council tax0Electricity114Gas50Oil0Water Rates80Telephone (land line)50Mobile phone20TV Licence35Satellite/Cable TV12Internet services28Groceries etc.0Clothing400Petrol/diesel70Road tax350Car Insurance200Car maintenance (including MOT)38Car Parking40Other travel0Childcare/nursery0Other child related expenses350Medical (prescriptions, dentists, opticians etc.)0Pet Insurance/Vet bills10Buildings Insurance12Contents Insurance38Life Assurance0Other Insurance80Presents (birthday, christmas etc.)12Haircuts20Entertainment20Holiday20Emergency Fund0Total monthly expenses04203
Secured & HP Debt DescriptionMortgageDebt(£)Monthly(£)APR(%)Secured Debt168000(900)6.49Hire Purchase (HP) Debt100000(1054)10.5Secured & HP Debt totals9600(200)5.4277600--
Unsecured Debt Descriptionnat west credit cardDebt(£)Monthly(£)APR(%)MBNA credit card650014024lloyds credit card750014024northern rock19005024nat west loan172001507.79next catalogue1680030013.2lloyds overdarft9006026.49Unsecured Debt totals65020051450860-
Asset DescriptionCashValue (£)House Value (Gross)0Shares and bonds185000Car(s)0Other assets (e.g. endowments, jewellery etc)0Total Assets0185000
hopefully this will be better, technology is a bit beyond me.0 -
thanks for sorting the form your an absolute star!0
-
I've put them back through the calc for you, you need to click the format for MSE button:o
And I'm going to post a new one with a slight change, car Tax I Guess you meant £200 per year, it just makes it easier for the clever people:A
re edit for adudjusted Car Tax
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 4532
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0 are you claiming all benefits?
Total monthly income.................... 4532
Monthly Expense Details
Mortgage................................ 900
Secured/HP loan repayments.............. 1254
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 114 ask to pay over 12 months instead of 10
Electricity............................. 50 Are you on the best tarrif?
checkout Martins article about utilities
Gas..................................... 0
Oil..................................... 80
Water rates............................. 50
Telephone (land line)................... 20
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 28
Internet Services....................... 0
Groceries etc. ......................... 400 Your big saving area, look on the OS board, Meal plannining, within budget shopping save at least £150 a month
Clothing................................ 70, cut out for a few monthslive with what you have, nowt wrong with primani
Petrol/diesel........................... 350, are all the little trips needed? A walk does you good
Road tax................................ 17
Car Insurance........................... 38 I know nothing about cars, same principles applies to ALL insurance, Compare, use the cashback sites and Martins article
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 350 Do you get vouchers?
Other child related expenses............ 0 ????
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 12 As car insurance
Buildings insurance..................... 38As car insurance
Contents insurance...................... 0
Life assurance ......................... 80As car insurance!!!!
Other insurance......................... 12
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 4020
Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 185000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 168000...(900)......6.49
Secured Debt.................. 100000...(1054).....10.5
Hire Purchase (HP) debt ...... 9600.....(200)......5.4
Total secured & HP debts...... 277600....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Nat West CC....................6500......140.......24
MBNA...........................7500......140.......24
Lloyds.........................1900......50........24
Lloydys OD.....................650.......20........0
Next...........................900.......60........26.49
Nat West Loan..................16800.....300.......13.2
Northen Rock...................17200.....150.......7.79
Total unsecured debts..........51450.....860.......-
Monthly Budget Summary
Total monthly income.................... 4,532
Expenses (including HP & secured debts). 4,020
Available for debt repayments........... 512
Monthly UNsecured debt repayments....... 860
Amount short for making debt repayments. -348
Personal Balance Sheet Summary
Total assets (things you own)........... 185,000
Total HP & Secured debt................. -277,600
Total Unsecured debt.................... -51,450
Net Assets.............................. -134,450
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.
Ive left some comments in a sily shade :rolleyes::o
PROUD TO BE DEALING WITH MY DEBT NERD #869
DFD 5/1/16Numpty,Not sure why but I'm crying
. Of all the peeps on this board you're the kindest & most supportive of all & I'm :mad: & 
for you all at the same time . Wish I was there to give you a big :grouphug: & emergency hobnobs
xx0 -
Numpty_Monkey wrote: »I've putr hem back through the calc for you, you need to click the format for MSE button:o
And I'm going to post a new one with a slight change, car Tax I Guess you meant £200 per year, it just makes it easier for the clever people:A
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 4532
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4532
Monthly Expense Details
Mortgage................................ 900
Secured/HP loan repayments.............. 1254
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 114
could it be spread over 12 months
Electricity............................. 50
Gas..................................... 0
Oil..................................... 80
Water rates............................. 50
Telephone (land line)................... 20
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 28
Internet Services....................... 0
Groceries etc. ......................... 400
old style will give ideas for cutting down
Clothing................................ 70
Petrol/diesel........................... 350
Road tax................................ 200
Car Insurance........................... 38
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 350
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 12
Buildings insurance..................... 38
Contents insurance...................... 0
Life assurance ......................... 80
Other insurance......................... 12
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 4203
Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 185000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 168000...(900)......6.49
Secured Debt.................. 100000...(1054).....10.5
Hire Purchase (HP) debt ...... 9600.....(200)......5.4
Total secured & HP debts...... 277600....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Nat West CC....................6500......140.......24
MBNA...........................7500......140.......24
Lloyds.........................1900......50........24
Lloydys OD.....................650.......20........0
Next...........................900.......60........26.49
Nat West Loan..................16800.....300.......13.2
Northen Rock...................17200.....150.......7.79
Total unsecured debts..........51450.....860.......-
Monthly Budget Summary
Total monthly income.................... 4,532
Expenses (including HP & secured debts). 4,203
Available for debt repayments........... 329
Monthly UNsecured debt repayments....... 860
Amount short for making debt repayments. -531
Personal Balance Sheet Summary
Total assets (things you own)........... 185,000
Total HP & Secured debt................. -277,600
Total Unsecured debt.................... -51,450
Net Assets.............................. -134,450
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.
am no expert but these jumped out at me
the real experts will be here soon
kas xxbr no 188
AD 17th apr 09:D
mortgage free 22/5/09:D
debt free 11/8/09:D
:j#18 £2 saver = £ :T sealed pot #333silent member of mikes mobi will lose weight :rolleyes: i will sort my house
0 -
Hi you can contact the FREE services of CCCS or Payplan to sort out a Debt Management plan, if you look at DMP thread on this site there are loads like us in the same position, I will bump the site to first page for you.. good luck0
-
See DMP Mutual Support Thread above0
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Have you really got secured debt of £100K on your house, which makes you about 83K in negative equity? Is your council tax really £114 per month - are there arrears to pay? And you haven't entered child benefit for the two children?
Looking at your figures, there isn't anything that unusual about what you are spending. Maybe you could cut down to one car? But since you are £500 short every month, there is a limit on what you can do by cutting back - I think you need to talk to one of the debt management charities asap.0 -
we stupidly consolidatd with first plus about 18 months ago which i think was a big mistake. the insurance alone was 20k and they will not cancel it. i included the child benefit in with the overall income. we are currently in one months arrears with all the credit cards, everything else is upto date. i am thinking of organising the debt management plan myself. sometimes our income can be a little higher with unsocial hours. two cars are necessary as we both work in opposite directions of our home. thanks for your reply.0
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Hi
You need to speak to one of the debt charities as a matter orf urgency.
http://www.moneysavingexpert.com/loans/debt-help-plan#helpIf you've have not made a mistake, you've made nothing0
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