Hi All Another In Debt

Bio_3

No thats tonight we need a good game plan to move forward :T

Nargleblast

Once you start on your new regime, whatever it is, you will find a certain sense of freedom in cutting up your cards and only paying for things up front. You will no longer be slaves to the consumer society, with all the pressure to buy this or that on the plastic or on HP.
It won't be easy at first but check out some of the diaries on here for other people's stories of how they are dealing with their debts - some started out with more debt than you and are slowly getting it paid off whilst still manageing to have a life.

angelicmary85

Bio wrote: »

No thats tonight we need a good game plan to move forward :T

You sound alot more positive now Bio and that's a fab start, is your wife feeling a bit less burdened aswel? One wee word of advice though as I'm sure many other people will tell you...these things take time and plently of patience!!

Bio_3

Yes i feel we are both feeling better one thing in my mind is if i lose my job but i have been with them for 16 years and it looks solid for the future but then all the debt is not on the house only the morg which i have protection on so that would be safe for 12 months.

Found out last week one of the lads who worked at my place some years ago committed suicide due to debt issues he had set up is own business and I think he it hard times but at the end of the day i tell my wife we have a good loving family no matter what life throws at you we have one another.

angelicmary85

Bio wrote: »

Yes i feel we are both feeling better one thing in my mind is if i lose my job but i have been with them for 16 years and it looks solid for the future but then all the debt is not on the house only the morg which i have protection on so that would be safe for 12 months.

Found out last week one of the lads who worked at my place some years ago committed suicide due to debt issues he had set up is own business and I think he it hard times but at the end of the day i tell my wife we have a good loving family no matter what life throws at you we have one another.

You're 100% right! A supportive, loving family is all you need (well, that and some cash and what I like to call a 'masterplan'!!) to get you through some very dark times!
It can't of been very easy for your wife to be able to tell you the full extent of things but let her know that she's more than welcome on here aswel if she starts to struggle!

Fire_Fox

Bio wrote: »

Yes i feel we are both feeling better one thing in my mind is if i lose my job but i have been with them for 16 years and it looks solid for the future but then all the debt is not on the house only the morg which i have protection on so that would be safe for 12 months.

Found out last week one of the lads who worked at my place some years ago committed suicide due to debt issues he had set up is own business and I think he it hard times but at the end of the day i tell my wife we have a good loving family no matter what life throws at you we have one another.

What a lovely post! Don't worry about your job needlessly; worst case scenario you simply post back on this board, complete another Statement of Affairs and reassess your plan of attack. By taking control now you will be in a much better position to take whatever life throws at you - opportunities or otherwise.

Bio_3

Ok i reran my SOA what do you think ?

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2100
Partners monthly income after tax....... 500
Benefits................................ 210
Other income............................ 0
Total monthly income.................... 2810

Monthly Expense Details
Mortgage................................ 549
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 78
Gas..................................... 78
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 57
Mobile phone............................ 35
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 70
Road tax................................ 20
Car Insurance........................... 36
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 21
Pet insurance/vet bills................. 0
Buildings insurance..................... 32
Contents insurance...................... 0
Life assurance ......................... 23
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 80
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 1614


Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 3500
Car(s).................................. 8000
Other assets............................ 600
Total Assets............................ 152100


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 64580....(549)......4.5
Total secured & HP debts...... 64580.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
visa virgin....................13647.....260.......19
visa barclays..................7364......165.......21.9
visa mbna......................10022.....203.......19
perkins........................420.......20........0
argos..........................180.......40........0
next...........................589.......55........0
Visa Abby......................2600......55........15
visa barclays..................6128......138.......15.9
Total unsecured debts..........40950.....936.......-


Monthly Budget Summary
Total monthly income.................... 2,810
Expenses (including HP & secured debts). 1,614
Available for debt repayments........... 1,196
Monthly UNsecured debt repayments....... 936
Amount left after debt repayments....... 260

Personal Balance Sheet Summary
Total assets (things you own)........... 152,100
Total HP & Secured debt................. -64,580
Total Unsecured debt.................... -40,950
Net Assets.............................. 46,570

Fire_Fox

OK first thing to note is that you have money left after debt repayments - which is brilliant - where does this go?

Gas and electricity is huge - again what are you spending this on? Do you read the meter regularly? Heating/ tumble dryer/ hot water/ power shower on a lot?

Also a lot being spent on phone calls - £90 a month or £1100 a year! Are you cancelling the cable/ satellite TV or have you missed that off since your earlier SoA?

You probably need more for MOT and car maintenance. What does the entertainment budget consist of?

angelicmary85

Morning Bio,

The perscription charges on here are £21 a month. As far as I know there's a pre-paid service you can get that brings the cost per perscription down.

Your buildings insurance seems quite high aswel.

Could you maybe look for a way to combine gas & electricity to bring the cost down?

RAS

Can you double check the catalogues (or are store cards). Am am very surprised that they are 0%. Onn the other hand there may be ono financial advantage in paying off early if the cost does not decrease with early payment.

If they do not have higher APRs pay evry penny you can off the visa barclays at 21.9%, as that is the mostr expensive debt.

Can you tell us what the maximums are on the two cards with 15% interest rate?