My Statement of Affairs...

Trollfever

I regularly send 5,000 - 10,000 per week.

I hope that you don't spam me.

bobpitbull

Heh, no :-) ... we don't do "spam"... we do "proper" opt-in email marketing... and we use our clients' lists for their own email campaigns... so, for example, a hotel that we work with has a list which they've built by offering people prizes (free dinner etc)... so we send to their 3000 subscribers each month.

bubbles0169

bobpitbull wrote: »

I'm new to this so would welcome people's advice on how to proceed... CCCS is currently recommending an IVA...

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 4
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 3615.84
Partners monthly income after tax....... 0
Benefits................................ 132.8
Other income............................ 0
Total monthly income.................... 3748.64

Monthly Expense Details
Mortgage................................ 1772
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 180is this paid over 10 or 12 months,move it to 12 if app
Electricity............................. 65 make sure youve compared gas an elec tarrifs to get the best deals
Gas..................................... 65
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 35
Mobile phone............................ 45
TV Licence.............................. 9
Satellite/Cable TV...................... 21
Internet Services....................... 55
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 290
Road tax................................ 30
Car Insurance........................... 65 compare this too
Car maintenance (including MOT)......... 20
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 90 do you qualify for help with this, its to do with tax credits
Other child related expenses............ 333 what are these?
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 35
Contents insurance...................... 0
Life assurance ......................... 26
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 15
Entertainment........................... 15
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 3647


Assets
Cash.................................... 0
House value (Gross)..................... 285000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 295000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 249000...(1772).....0
Total secured & HP debts...... 249000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
VIRGIN.........................11414.....253.......29.9
HALIFAX PLAT...................2294......60........0
HALIFAX GOLD...................3319......80........0
BARCLAYCARD....................7614......171.......0
Total unsecured debts..........24641.....564.......-


Monthly Budget Summary
Total monthly income.................... 3,748.64
Expenses (including HP & secured debts). 3,647
Available for debt repayments........... 101.64
Monthly UNsecured debt repayments....... 564
Amount short for making debt repayments. -462.36

Personal Balance Sheet Summary
Total assets (things you own)........... 295,000
Total HP & Secured debt................. -249,000
Total Unsecured debt.................... -24,641
Net Assets.............................. 21,359

Created using the SOA calculator at makesenseofcards dot com.
Reproduced on Moneysavingexpert with permission, using other browser.

i hope ive helped you a bit

bobpitbull

"Council tax............................. 180is this paid over 10 or 12 months,move it to 12 if app" ... it looks like it's over 10 months as, yeah, the yearly ctax should be £1829... (still massive)

"Electricity............................. 65 make sure youve compared gas an elec tarrifs to get the best deals" ... we're actually on one of the best deals there is... we took a fixed-rate deal before the recent 30-40% price hikes... however, it seems that we're using way too much of something for the price to still be so high... I pay £130/month combined, I'm not sure right now what the split is for gas/electric...

"Car Insurance........................... 65 compare this too" ... I'll recheck this when the term comes up... the deals are pretty competitive though I believe.

"Childcare/nursery....................... 90 do you qualify for help with this, its to do with tax credits" ... yeah, I'm already getting the vouchers... I'm actually paying closer to £330 for childcare but since £243 of it is before tax - and my salary here is listed after tax - I only counted the part that comes after tax...

"Other child related expenses............ 333 what are these?" ... this is the "easy" thing for us to fix... it's basically school fees... the school normally charges £833 per month but we're getting a reduced rate due to us doing online marketing for the school... the fees go up next year by £4000, though, so this is something that we're looking to cut... either by the school increasing their bursary by £6000 (which would bring the £333 down to £166) or by us moving our son to a regular school (saving us £333 per month)... we're contracted to give the school a term's notice so that's what we're doing - we've put in an intent to move while we're negotiating with them...

Bob

Zyyb

Apart from possibly the school fees and just ensuring you're car insurance is competitive, i'd say your expenditure doesnt seem unreasonable for the people in your house. (i may get told off for that)

I would say that managing your debt would be better, get that Virgin card down, either call them and ask them to lower it or try and switch it.

Keep a spending diary, make full use of cashback cards/loyalty points/quidCo. In 2 years, you should look a lot better off. £40k of mortgage paid off, cards should be down by a quarter and your house may have risen in value again, maybe then you could remortgage and clear the cards.

TotallyBroke

Some of my points will have been mentioned already

bobpitbull wrote: »

I'm new to this so would welcome people's advice on how to proceed... CCCS is currently recommending an IVA...

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 4
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 3615.84 You need to split out what you earn as your main job, what your wife is bringing in, what your InLaws are giving you and what tax credits etc you receive and then in other income list the part time work. You can change the headings to suit yourself.
Partners monthly income after tax....... 0
Benefits................................ 132.8
Other income............................ 0
Total monthly income.................... 3748.64

Monthly Expense Details
Mortgage................................ 1772 Could you go on a payment holiday for a few months
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 180
Electricity............................. 65
Gas..................................... 65 Can you look at your usage and reduce this, I realise it's hard with elderly people in the home. But they should be giving you the heating grant they get to pay this
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 35 Why so high? Stop all calls line rental is £12 for free evenings and weekends
Mobile phone............................ 45
TV Licence.............................. 9
Satellite/Cable TV...................... 21
Internet Services....................... 55
Groceries etc. ......................... 300 You as a family need to meal plan, drop down some brand levels on some products and reduce what you throw out
Clothing................................ 50 Has to stop, only buy new clothes as a gift
Petrol/diesel........................... 290
Road tax................................ 30
Car Insurance........................... 65
Car maintenance (including MOT)......... 20
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 90
Other child related expenses............ 333 What is this for?
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 35
Contents insurance...................... 0
Life assurance ......................... 26
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 15 Will need to stop
Entertainment........................... 15 Will need to stop
Holiday................................. 60 You cannot afford it at the moment
Emergency fund.......................... 0
Total monthly expenses.................. 3647


Assets
Cash.................................... 0
House value (Gross)..................... 285000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 295000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 249000...(1772).....0
Total secured & HP debts...... 249000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
VIRGIN.........................11414.....253.......29.9
HALIFAX PLAT...................2294......60........0
HALIFAX GOLD...................3319......80........0
BARCLAYCARD....................7614......171.......0
Total unsecured debts..........24641.....564.......-


Monthly Budget Summary
Total monthly income.................... 3,748.64
Expenses (including HP & secured debts). 3,647
Available for debt repayments........... 101.64
Monthly UNsecured debt repayments....... 564
Amount short for making debt repayments. -462.36

Personal Balance Sheet Summary
Total assets (things you own)........... 295,000
Total HP & Secured debt................. -249,000
Total Unsecured debt.................... -24,641
Net Assets.............................. 21,359

Created using the SOA calculator at makesenseofcards dot com.
Reproduced on Moneysavingexpert with permission, using other browser.

By talking to your family as a whole you can get out of bing in the negative. The money your in laws give your wife should be spent on household bills not on petrol etc.
Can they claim back expenses for hospital trips etc I know some people can

bobpitbull

Zyyb wrote: »

Apart from possibly the school fees and just ensuring you're car insurance is competitive, i'd say your expenditure doesnt seem unreasonable for the people in your house. (i may get told off for that)

I would say that managing your debt would be better, get that Virgin card down, either call them and ask them to lower it or try and switch it.

Keep a spending diary, make full use of cashback cards/loyalty points/quidCo. In 2 years, you should look a lot better off. £40k of mortgage paid off, cards should be down by a quarter and your house may have risen in value again, maybe then you could remortgage and clear the cards.

This all sounds reasonable... except that my credit rating is goosed. I've missed a few CC payments (and mostly caught up afterwards), a mortgage payment was 2 weeks late, etc... so I can't just transfer the Virgin debt to another card...

My independent mortgage advisor has suggested that I should talk to him about going onto some sort of managed debt thing.. something where the interest could possibly be frozen while I pay off the debts... something like that would really help me a lot. I'm sure that in 3-4 years I could clear the CCs completely...

CCCS still advised an IVA but I'm still preferring to avoid that...

bobpitbull

TotallyBroke wrote: »

Some of my points will have been mentioned already

By talking to your family as a whole you can get out of bing in the negative. The money your in laws give your wife should be spent on household bills not on petrol etc.
Can they claim back expenses for hospital trips etc I know some people can

I'm not sure about claiming back hospital trips... that's something we've not looked into yet... but I'll definitely try to find out.

Horace

Dont pay someone to go into a managed debt scheme because you end up paying them and little goes towards your debts - best to speak to one of the debt charities.

As others have said you need to sit down with your wife and the other adults and talk over these debts and work out a plan because they need to be on side too.

MissKJ

Tell CCCS you want to do a debt management plan first before considering an IVA. You have very little equity in your home, so I dont think it is right for you. You have the potential to increase your income soon with your part time venture, and your wife may be in a better position after baby is born and settled. But i dont think you are being entirely honest with yourselves over the expenditure budget. Get your self sorted with a DMP and use the months breathing room from paying your creditors to get a little emegrgeny fund. The sit down as a family and discuss how EveryOne can help without being alarmist.

Can you ask your bank to put you on interest only for 2 years until you get sorted?