New member, facing up to debts.

Elmo67

Hello all,

I have been reading board for a day or so and have now registered.

I have a last confronted my situation and realised I need to take action as I cant go on like this anymore. I did the SoA and it is below. From what I have read so far I think a DMP would probably be best for me but happy to receive any advice.

The figures are scary when you add them all up and I had been burying my head in the sand. :eek:

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 2065
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2065
Monthly Expense Details
Mortgage................................ 846
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 92
Electricity............................. 62
Gas..................................... 62
Oil..................................... 0
Water rates............................. 11
Telephone (land line)................... 12
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 150
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 18
Contents insurance...................... 0
Life assurance ......................... 34
Other insurance......................... 35
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 1559

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 160000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 130000...(846)......0
Total secured & HP debts...... 130000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Marbles........................11000.....238.......24.93
Barclaycard Visa...............17400.....380.......17.9
Barclaycard Mastercar..........12063.....240.......16.9
Northern Rock..................18000.....286.......7
Capital One....................6053......182.......14.47
Tesco Credit Card..............3080......93........18.34
Total unsecured debts..........67596.....1419......-

Monthly Budget Summary
Total monthly income.................... 2,065
Expenses (including HP & secured debts). 1,559
Available for debt repayments........... 506
Monthly UNsecured debt repayments....... 1,419
Amount short for making debt repayments. -913
Personal Balance Sheet Summary
Total assets (things you own)........... 160,000
Total HP & Secured debt................. -130,000
Total Unsecured debt.................... -67,596
Net Assets.............................. -37,596

rubyslipper

Elmo67 wrote: »

Hiya - well done for posting! A great first step. There are lots of people more knowledgeable than me that will be along to help but I didn't want to read and run so here are some thoughts:


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 2065
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2065
Monthly Expense Details
Mortgage................................ 846
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 92
Electricity............................. 62 - These both seem quite high - could they be reviewed?
Gas..................................... 62 - as above
Oil..................................... 0
Water rates............................. 11
Telephone (land line)................... 12
Mobile phone............................ 45 - could you find a lower tarriff or PAYG?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 150
Clothing................................ 10 - perhaps stick with what you have for a couple of months and just shop for essentials if needed?
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 18
Contents insurance...................... 0
Life assurance ......................... 34
Other insurance......................... 35
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 100 - can you stay in more? Have friends round or maybe look for happy hours in pubs? Matinee cinema showings are sometimes cheaper if that's something you like doing?
Holiday................................. 20 - possibly not worth saving for a holiday if you can avoid it for now?
Emergency fund.......................... 0
Total monthly expenses.................. 1559

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 160000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 130000...(846)......0
Total secured & HP debts...... 130000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Marbles........................11000.....238.......24.93
Barclaycard Visa...............17400.....380.......17.9
Barclaycard Mastercar..........12063.....240.......16.9
Northern Rock..................18000.....286.......7
Capital One....................6053......182.......14.47
Tesco Credit Card..............3080......93........18.34
Total unsecured debts..........67596.....1419......-

Monthly Budget Summary
Total monthly income.................... 2,065
Expenses (including HP & secured debts). 1,559
Available for debt repayments........... 506
Monthly UNsecured debt repayments....... 1,419
Amount short for making debt repayments. -913
Personal Balance Sheet Summary
Total assets (things you own)........... 160,000
Total HP & Secured debt................. -130,000
Total Unsecured debt.................... -67,596
Net Assets.............................. -37,596

I would definitely speak to someone like Payplan (sticky threads on these forums can help). You need to get a grip on the repayments and work out a plan so a DMP might be your best option.

Good luck! x

Elmo67

Thanks for the comments.

The Gas and Elec are combined with eon and just gone up from 81 to 124 per month I asked for them to be reviewed and am awaiting a response.

Mobile I have just done a Best plan thing with Orange which will reduce it in a months time to £35

Take your point about the clothes and entertaining. I will be trying to spend less than that stated but was trying to be realistic.

I am committed to a holiday in October. Already paid for but need to get some spending money together.

Treacle1983

Elmo67 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1


Total monthly income.................... 2065
Monthly Expense Details
Mortgage................................ 846
Council tax............................. 92
Electricity............................. 62
Gas..................................... 62
Water rates............................. 11
Telephone (land line)................... 12
Mobile phone............................ 45
TV Licence.............................. 12
Internet Services....................... 20
Groceries etc. ......................... 150
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 18
Contents insurance...................... 0
Life assurance ......................... 34
Other insurance......................... 35
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 1559

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 160000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 130000...(846)......0
Total secured & HP debts...... 130000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Marbles........................11000.....238.......24.93
Barclaycard Visa...............17400.....380.......17.9
Barclaycard Mastercar..........12063.....240.......16.9
Northern Rock..................18000.....286.......7
Capital One....................6053......182.......14.47
Tesco Credit Card..............3080......93........18.34
Total unsecured debts..........67596.....1419......-

Monthly Budget Summary
Total monthly income.................... 2,065
Expenses (including HP & secured debts). 1,559
Available for debt repayments........... 506
Monthly UNsecured debt repayments....... 1,419
Amount short for making debt repayments. -913
Personal Balance Sheet Summary
Total assets (things you own)........... 160,000
Total HP & Secured debt................. -130,000
Total Unsecured debt.................... -67,596
Net Assets.............................. -37,596

No car or travel costs? How do you get about??

You electricity and gas figures seem very high if you live by yourself. My partner and I in a 2 bed semi only used £20 electric and £10 gas a month. And I was doing washing and tumble drying quite a bit. Are you on meters or do you get statements? If so ask if you can go on meters - it will cost you less.

Your mobile phone bill could be cut down a bit.

£20 a month on pet insurance and vets bills?? That's quite high - is your pet poorly? If so maybe you could get help from PDSA seeing as you are in debt?

No contents insurance? You probably need that.

Holiday and entertainment need to take a back seat whilst you get your debt sorted out.

How big is your home? Perhaps you could take in lodgers or downsize.

You have quite high rate on some of your cards, can you move them to 0% offers?
Perhaps try negotiating a better rate.

Elmo67

Hi Treacle, thanks for the comments.

I have a fully financed company car so I am lucky on travel.
I do get statements for gas and elec and check the readings. Will have to look at what I have on etc as I dont think it is that much. Central heating 6 hours per day in winter etc.
The pet insurance I am considering cancelling. It is for my two cats through Petplan.
Contents insurance is included with the buildings, pay one combined figure.

I have tried to apply for a 0% card but applications have been turned down.

Something that I should of mentioned is that my house is going up for sale soon and I am going to move in with my partner.

The equity would be used to pay off some of the debt, the rest would still need to be accounted for.

Horace

£150 a month on groceries is a lot for one person - you could feed an army on that. Have a look at the moneysaving oldstyle board for tips on meal planning and bulk cooking. Change to a value range in the supermarket and if possible buy your meat from a local butcher and your veg from a greengrocer as these will be cheaper than your supermarket.

There is no need for your central heating to be on for 6 hrs per day during the winter when you are not there - try turning it down or if you get cold wear warmer clothes.

To get some spending money together - why not join one of the challenges on here - say the £2 coin challenge, they soon mount up if you sling them in a jar or a piggybank. Try doing mystery shops etc to drag in a few extra pounds or sell what you no longer wear or use on ebay or at a carboot.

Elmo67

Thanks for the tips Horace. I will consider all options to help my situation. I put some stuff on ebay a couple of weeks ago which sold well. Will be combing my house for other things this week.

fletchlover

Hi, have been reading the forums fror a while now and decided it was about time to join. Have about £3000 debt to pay off, its a slow process, painfully slow, but you get there eventually. Its nice to know there is some great support out there, and great advice from you all.

Horace

Fletchlover - have you set up your own thread with an SOA so that we can give you some advice?

Numpty_Monkey

I hate to say this but your main problem is the -913

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 130000...(846)......0
Total secured & HP debts...... 130000....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Marbles........................11000.....238...... .24.93
Barclaycard Visa...............17400.....380.......17.9
Barclaycard Mastercar..........12063.....240.......16.9
Northern Rock..................18000.....286.......7
Capital One....................6053......182.......14.47
Tesco Credit Card..............3080......93........18.34
Total unsecured debts..........67596.....1419......-

Monthly Budget Summary
Total monthly income.................... 2,065
Expenses (including HP & secured debts). 1,559
Available for debt repayments........... 506
Monthly UNsecured debt repayments....... 1,419
Amount short for making debt repayments. -913
Personal Balance Sheet Summary
Total assets (things you own)........... 160,000
Total HP & Secured debt................. -130,000
Total Unsecured debt.................... -67,596
Net Assets.............................. -37,596

You can trim your budget, and probably get the red figure down to -750
my suggestion is to call one of these Non-profit Debt Counsellors' List
and see what they suggest

Elsas_mamma

Hi,
Your pet insurance is with one of the most expensive out there!!! Shop around, the same for your gas and electricity. We went on one of the comparison sites and got our pet insurance for £8 a month. At the same time we did contents insurance, gas and electricity(now paying £80 a month for both, which is still high but I expect it to go down with warmer weather). We saved a fortune:j
Your grocery bill could be a bit less. There are 5 of us and a dog, our monthly budget is £350.
You will get loads of great tips from folk on here.
Good luck
K