problemo

blueye

soa for april

mortgage 725.93
hfc (comp loan) 20.28
bank loan 11% 421.27 currently 22000
bank loan 11% 355.14 currently 12000
life insurance 20.20
npower gas/elec 67.00
sky 38.00
02 80.00
tv licence 9.95
water 21.28
management fee 85.00
council tax 112.00
credit card 0% 132.00 min payment (6200)
credit card 6.8% 71.00 min payment (3000)
credit card 0% 50.00 min payment (2500) (guestimate's)
credit card 5.9% 20.00 min payment (750)
credit card 16% 35.00 min payment (1700)
credit card 6.9% 140.00 min payment (6400)
british gas one off payment 66.00
npower old debt 40.00

total bills = £2378.19

food/household 100
petrol 50
entertainment lol what entertainment
fags 130
alcohol 20
hair 10 (fellas hair i havent been for over a year now too expensive)

total = £310

totals = £2688.19

combined income £2860

leftover £171.81 should be anyway but there never usually is.

in 2005 we were in 10 grands worth of debt in 4 yrs the debt has reached over 50 thow im a little scared to say the least.

next year we come off our fixed rate mortgage which if rates stay as they are (fingers crossed) our mortgage should halve which means we would have some extra money to pay the debt off with, only thing is i dont think we will be able to carry on much longer like this, for the last two years i have been wishing my life away for the next pay day, stressing about making sure the bills are payed, i have been sitting in the dark scared to have lights on because of the electric bills and have had a broken boiler for the past 3 months because i cant pay anyone to fix it, im dreading paying the car tax because we have no money saved for it i dont know what to do anymore.

i know its stupid but i have been thinking of getting a secured fixed rate loan for 45k over five yrs which would have a payment of 950 at 10.2% assuming we got that rate which would save us a couple of hundred quid a month to put by. any suggestions/opinions/advice welcome

my oh is dead against iva/dmp's as he dosent want his credit rating affecting i know having this much debt looks bad on your credit file anyway but we are managing it we have never missed a payment so far.

gettingbetter

blueye wrote: »

soa for april

mortgage 725.93
hfc (comp loan) 20.28
bank loan 11% 421.27 currently 22000
bank loan 11% 355.14 currently 12000
life insurance 20.20
npower gas/elec 67.00
sky 38.00

---

lower it or get freeview
02 80.00

---

ditch for pay as you go
tv licence 9.95
water 21.28
management fee 85.00
council tax 112.00

---

pay over 12 months instead of ten
credit card 0% 132.00 min payment (6200)
credit card 6.8% 71.00 min payment (3000)
credit card 0% 50.00 min payment (2500) (guestimate's)
credit card 5.9% 20.00 min payment (750)
credit card 16% 35.00 min payment (1700)
credit card 6.9% 140.00 min payment (6400)
british gas one off payment 66.00
npower old debt 40.00

total bills = £2378.19

food/household 100
petrol 50
entertainment lol what entertainment
fags 130

---

cant afford this
alcohol 20
hair 10 (fellas hair i havent been for over a year now too expensive)

total = £310

totals = £2688.19

combined income £2860

leftover £171.81 should be anyway but there never usually is.

in 2005 we were in 10 grands worth of debt in 4 yrs the debt has reached over 50 thow im a little scared to say the least.

next year we come off our fixed rate mortgage which if rates stay as they are (fingers crossed) our mortgage should halve which means we would have some extra money to pay the debt off with, only thing is i dont think we will be able to carry on much longer like this, for the last two years i have been wishing my life away for the next pay day, stressing about making sure the bills are payed, i have been sitting in the dark scared to have lights on because of the electric bills and have had a broken boiler for the past 3 months because i cant pay anyone to fix it, im dreading paying the car tax because we have no money saved for it i dont know what to do anymore.

i know its stupid but i have been thinking of getting a secured fixed rate loan for 45k over five yrs which would have a payment of 950 at 10.2% assuming we got that rate which would save us a couple of hundred quid a month to put by. any suggestions/opinions/advice welcome

my oh is dead against iva/dmp's as he dosent want his credit rating affecting i know having this much debt looks bad on your credit file anyway but we are managing it we have never missed a payment so far.

i am no expert. they will be along in a min

these are just the things that jumped out at me

kas xx

Honeybee_2

Fags - they have to go, look on the nhs website for help in smoking cessation, there's loads of different ways to either cut right back or stop altogether.

O2, are you on a contract? If so, how long for?

Sky, needs to go, if only in the short term. If you cancel, get yourself in a better position financially and by that point, they'll be begging you to come back with all sorts of offers.

Teacher2301

Well done for posting - first part is realising then we can help. Lots of people will comment but are you looking for ways to cut back and save money? Not sure what the exact problem is but I'll help and be general.

Don't lump all your debts in to a lump sum for one loan company - just read the petition that's being going against a certain female TV mathematician to see how these consolidation loans are a real rip-off. Avoid at all cost.

Curious to see a management fee - is this a mortgage for a flat? Seems quite high - what do other tennants/ owners pay?

Focus overpayments on the highest interest cc first.

Find out how much your road tax will be and budget now - if its three months away divide the total by three and put it into an on-line savings account so you are not tempted to spend it. Short term gain but means you can at least have some money ready to pay for it (perhaps go for 6 month rather than 12 - I know it's more expensive in the short term but if it has to be paid - then opt for this and plan for next year over 12 months)

Cut back on sky - go to just one package at £16 or so - does the £38 include line rental - what about broad band?

You may not be able to pay off the debt by re-mortgaging and nor would I suggest that you did in the present economical climate.

RE-boiler - perhaps post a thread on utilies thread/ forum and someone might be able to help. A plumber will make a free estimate and suggest a temporary fix for teh short term but I'm no qualified plumber so don't quote me.

Hope these help for the time being.

RAS

blueye wrote: »

soa for april

Debts

hfc (comp loan) 20.28 what is the APR on this loan? Can you over pay?
bank loan 11% 421.27 currently 22000
bank loan 11% 355.14 currently 12000
credit card 0% 132.00 min payment (6200)
credit card 6.8% 71.00 min payment (3000)
credit card 0% 50.00 min payment (2500) (guestimate's)
credit card 5.9% 20.00 min payment (750)
credit card 16% 35.00 min payment (1700) -
credit card 6.9% 140.00 min payment (6400)
npower old debt 40.00

total bills = £2378.19

Household costs
mortgage 725.93 - interest only or repayment ?
food/household 100
life insurance 20.20 - check via the comparison sites and swap via www.quidco.com or other cashback iste
npower gas/elec 67.00
sky 38.00 - ditch this and pay off the debts
02 80.00 - this is huge. Cut the tariff right back and find out when you can go PAYG
tv licence 9.95 - is actually nearer £13
water 21.28
management fee 85.00
council tax 112.00
petrol 50
Car tax
Car insurance
Car maintenance
Parking
Clothes
Building Insurance?
Contents Insurance?
Holidays?
presents?
entertainment - fags 130 and alcohol 20
hair 10 (fellas hair i havent been for over a year now too expensive)
british gas one off payment 66.00

totals = £2688.19

combined income £2860

leftover £171.81 should be anyway but there never usually is.

So start a spending diary, both of you.

i have been sitting in the dark scared to have lights on because of the electric bills

im dreading paying the car tax because we have no money saved for it i dont know what to do anymore.

Which is why you need a proper SOA

i know its stupid but i have been thinking of getting a secured fixed rate loan for 45k over five yrs which would have a payment of 950 at 10.2% assuming we got that rate which would save us a couple of hundred quid a month to put by. any suggestions/opinions/advice welcome

PLease NO, NO, No as then you will just run up more debt.

Hi we really need to get his into a proper format but I am going so will start to have a go at it. Can you look here http://www.makesenseofcards.com/soacalc.html

You need to go through all the credit card and bank statements and work out what you have been spending on. Please do this together as there is no point you sorting it if he carries on spending.

You do not need expensive mobile, sky or fags and you do need the car tax and to repay your debts.

WWhat exactly have you spent £40k on over the last four years? What can you sell

And please can you advice the maximum amounts on the cards?

blueye

oh has just renewed contract for 18 months at £45pm i have cancelled mine now and got a cheeper contract with virgin at £25pm for 12 months and its half price for 9months so i can claim over a hundered quid back.

i know what your saying with the smoking i have tried a number of times think the longest i lasted was a week lol i will try again

sky is our only option our id seriously have no life then, the ariel at our apartments dosent work and the managment company cant afford to fix it at the mo as major work needs doing first. the charge is for tv line rental calls and broadband though so i dont think its that excessive.

RAS

Hi

Please can you do a proper SOA with all your costs included. It may take the pair of you a day or two but that is fine. I suspect you are spending more a month than you are earning inreality.

We all have views on what is excessive but in the end it is for you and OH to decide if you can afford to live like this.

Do you have any equity in the flat?

Cam you rent out a room?

blueye

cards are maxed we have an egg card with 3k balance and nothing on it was just gona close it.
mortgage is repayment.
we have spent the money on.... car1 cost 8000 lost 6k of its value when part exed as it was a right off and we didnt know long story car2 cost 6k on top of part exed car paid the 6k as we were advised we could reclaim money from garage as they didnt disclose first car was a write off but found not to be true, silly i know but thats life so thats 14k in the last two years, hope im making sence, when we moved 2yrs ago we also had to put 5k on cc for house deposit as had buyer for old house who dropped his offer day of exchange turned out to be a property developer we had to move for oh new job so no other option again a long story, about 2k on furniture for new house as oh sold old stuff to his mate for £400 and the old lot cost around 1k renovation of old house 4k
new kitchen x2 5k
holidays around 3k
£800 car repairs
last 2yrs car insurance £950
im stuck now and discusted, my parents have only ever had a mortgage i think they would be discusted with me too if they new the full extent of trouble we have got ourselves into

blueye

are mortgage is currently at 120,000
the apartment is valued at 135,000

we have talked about renting a room out but as i live on my own during the week my oh is not comfortable with having a stranger move in

RAS

So can you start by getting the mortage down to interest only for a while?

Then tackle the most expensive debts first...

But I do not think you income covers your monthly expenses so you need to sort out the full SOA.

Do you have PPI on any of those cards?

Can you get a balance transfer onto the eg card at a low rate and shift the 16.9% percent card to that?

Please get OH to play with the snowball on www.whatsthecost.com.

blueye

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 2860
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2860
Monthly Expense Details
Mortgage................................ 725.2
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 85
Council tax............................. 108
Electricity............................. 35
Gas..................................... 32
Oil..................................... 0
Water rates............................. 21.28
Telephone (land line)................... 12.5
Mobile phone............................ 70
TV Licence.............................. 12
Satellite/Cable TV...................... 12.5
Internet Services....................... 12.5
Groceries etc. ......................... 100
Clothing................................ 41
Petrol/diesel........................... 50
Road tax................................ 17.5
Car Insurance........................... 35
Car maintenance (including MOT)......... 16
Car parking............................. 2
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 20.2
Other insurance......................... 0
Presents (birthday, christmas etc)...... 83
Haircuts................................ 10
Entertainment........................... 150
Holiday................................. 83
Emergency fund.......................... 0
Total monthly expenses.................. 1743.68

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 1000
Total Assets............................ 144000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 120000...(725.2)....6.89
Total secured & HP debts...... 120000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
lloyds.........................6200......135.......0
lloyds.........................2500......50........0
virgin.........................1700......35........16
lloyds loan....................12500.....355.......11
lloyds loan....................22000.....421.2.....11
halifax........................6400......140.......5.9
citi...........................700.......20........0
barclay........................850.......25........6.9
barclay........................3200......71........6.9
Total unsecured debts..........56050.....1252.2....-

Monthly Budget Summary
Total monthly income.................... 2,860
Expenses (including HP & secured debts). 1,743.68
Available for debt repayments........... 1,116.32
Monthly UNsecured debt repayments....... 1,252.2
Amount short for making debt repayments. -135.88
Personal Balance Sheet Summary
Total assets (things you own)........... 144,000
Total HP & Secured debt................. -120,000
Total Unsecured debt.................... -56,050
Net Assets.............................. -32,050
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser. rush job and to be honest i dont know how much i spend on clothes/presents a year, good tool though we can see where we are going wrong now and how much more money we need to make to cover everything without paying for things with credit i guess i will be looking for a second job now and oh will be working the weekends for a long time