Finding it hard to cope with all this debt stress

Angiepange

Hi
Thanks for replies, as for the house think we may be able to manage mortgage, still on a fixed till nov 2010, depends to be honest on how quickly i can find new job and OH who is f/t employed has been trying to get agency driving work at wk/ends to get extra money but this is not guaranteed and so far has only been offered 1 saturday.

Tigerfeet, thankyou, will be ringing NDL tomorrow, was going to sit down today and send letters to all our creditors giving them all our financial income and outgoings, but perhaps we should wait and see what NDL advises us to do? I have been trying to do our SOA to post on here, hoping to get that on here v shortly.

DotNetter

fiveyearplan wrote: »

Hi Angie - if you got rid of all your debt would you be able to afford to keep your house? Just because you are going BR doesn't mean you would lose it.

Isn't this ONLY if you have negative equity OR if you have positive equity AND you (or a friend/family member) can afford to buy out the equity to pay back your creditors?

cheers


Wayne

Holes_in_my_pocket

Going through the process seems daunting to anyone, its a step process do 1 step at a time and you will get through. Chinese prverb every journey starts with 1 step. Call National debt line you will get through

DotNetter

Just a few comments on the following have compared to my own budget. Please note that I'm not currently BR or in an IVA etc but am considering my options and this is based on what I've been reading.

Angiepange wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1250
Benefits................................ 669 Job seekers, Child benefit, Child tax credit
Other income............................ 0
Total monthly income.................... 1919
Monthly Expense Details
Mortgage................................ 562
Secured/HP loan repayments.............. 177
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 132
Electricity............................. 85
Gas..................................... 90
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 60
Mobile phone............................ 60 Family mobs 1 on contract end soon
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 550 - FYI we spend around £400 a month and that's 2 adults, 2 children and a 10week old baby - we shop at Aldi now
Clothing................................ 30
Petrol/diesel........................... 70
Road tax................................ 10
Car Insurance........................... 37
Car maintenance (including MOT)......... 10- this is £120 a year - an MOT is about £50 so you're going to get your car serviced + tyres ever 2 years for £70!...don't forget cambelt change too!
Car parking............................. 10
Other travel............................ 64 School bus fares for 2 kids
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 35
Pet insurance/vet bills................. 25
Buildings insurance..................... 10
Contents insurance...................... 15
Life assurance ......................... 26
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 - not sure allowed
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 30 - not sure allowed
Emergency fund.......................... 20- not sure allowed
Total monthly expenses.................. 2182

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 3700
Other assets............................ 0
Total Assets............................ 138700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 117669...(562)......4.94
Secured Debt.................. 33799....(177)......6.29 with mortgage provider
Total secured & HP debts...... 151468....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Eskimo Loan North Roc..........24976.....337.......6.9
MBNA...........................7350......25........0 fix rate ends feb 2010
Egg............................5300......110.......16.9
Abbey Overdraft................3000......0.........0 Abbey want it reduced to 2350 by end of july
Total unsecured debts..........40626.....472.......-

Monthly Budget Summary
Total monthly income.................... 1,919
Expenses (including HP & secured debts). 2,182
Available for debt repayments........... -263
Monthly UNsecured debt repayments....... 472
Amount short for making debt repayments. -735
Personal Balance Sheet Summary
Total assets (things you own)........... 138,700
Total HP & Secured debt................. -151,468
Total Unsecured debt.................... -40,626
Net Assets.............................. -53,394
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi,

Was hoping someone could take a look at our SOA, realise mobile costs are probably not allowed but thought i would include for now as true pic of whats being paid out. First attempt so hoping for any advice as considering BR. Thanks.

Cheers,



Wayne

Angiepange

Thanks for your comments Wayne. Guess the car maintenance is a bit naive considering a puncture yesterday cost us £148 in 2 new tyres!!:eek: Just not too sure what figure you would be allowed in a SOA when going BR?( not sure yet but taking advice on here and ringing Nat Debt line tomorrow) £30 would be a better estimate i suppose.

Go to Aldis too sometimes but really seem to find cheaper at tescos esp value range but agree its an area we are cutting down on!

Thanks Angie x

restofmylife

Hi Angie,

You will be allowed up to £600 for Housekeeping, £80 for Domestic Holiday, £30 for Haircuts, Mobile will not be allowed but I was also allowed £100 for school dinners. Every OR is different of course.....


There is also 2 adults and 2 children in my house
Good Luck x

DotNetter

restofmylife wrote: »

Hi Angie,

You will be allowed up to £600 for Housekeeping, £80 for Domestic Holiday, £30 for Haircuts, Mobile will not be allowed but I was also allowed £100 for school dinners. Every OR is different of course.....


There is also 2 adults and 2 children in my house
Good Luck x

Does anyone know if there are set guidlines anywhere for this?

I ask as when filling in the CCCS Debt Remedy online you're not allowed anything for holidays (let alone £80 a month) and I think they limit the housekeeping to well below £600 too.

This is all very different information I'm getting here and would love to get this clarified.

Cheers,


Wayne

tigerfeet2006

DotNetter wrote: »

Does anyone know if there are set guidlines anywhere for this?

I ask as when filling in the CCCS Debt Remedy online you're not allowed anything for holidays (let alone £80 a month) and I think they limit the housekeeping to well below £600 too. The debt remedy is not going to allow that as it is looking to put you on things like a DMP etc. BR is different and there are different trigger figures, though all OR's are different and have their own pet things they don't allow or cut. So some is guess work when filling in SoA's but if a OR does disallow something it is always possible to challange. £80 a month for a family of 4 is perfectly reasonble for a holiday.£500 for housekeeping is what we know will be accepted from experiance but some OR's are more generous amnd sometimes it is worth trying for higher, after all you don't ask, you don't get

This is all very different information I'm getting here and would love to get this clarified.

Cheers,


Wayne

Hope that helps.

Have you had alook at some of the SoA's on here? Have you put one up for your situation?
http://www.makingsenseofcards.co.uk/soacalc.html

tigerfeet2006

Angiepange wrote: »

Hi all,

Spent all morning with phone glued to ear but at last feel we are getting somewhere!! To all who recommended National Debtline, thankyou, the advisor was so helpful and gave me loads of info re bankruptcy and us renting and giving up the house which in my heart think its what we gotta do for the best. Very difficult decision to make but we cant carry on living in this nightmare.

Wayne, NDL told me housekeeping of £525 for 2Adults 2 Kids, perfectly acceptable on SOA but i would need to lump my pet insurance in with that so £550 fine. Forgot to ask about holiday allowance!! Damm!! Tweaked a few other things but all was very acceptable so felt a bit better.

Just as got off phone British legion rang, caseworker coming tomorrow to see us, huge relief as i have so many questions and always come off phone wishing i had asked something else!! Will be nice to talk to someone face to face.

Thanks to all who have been posting here :A
Angie x

I am so glad that you have spoken to some one now andthat you are being so proactive. You certainly sound so much better since your first post.

Anything you need to ask just post and some will most likely know the answer.

Just take it one step at a time and you will get to the end of the road.