Have no idea where to start - Please Help if you can and be harsh I need to hear it

rethink

I have no idea idea where to start I feel numb we have massive debt and a lot of it my fault from over spending I feel sick on the amount of debt there is and how life would be wonderful without it, I can't sleep the worse thing is I have just made it worse over the years. We always make our payments and have never missed one payment for anything not the loans, the mortgage or the credit cards but now we have no spare income nothing infact we are now in negative unless I do at least an extra shift a week just to be able to pay for food etc here is my statement of affairs:

My Salary : £780.00


Hubby Salary: £1,166.62


Tax Credit: £202.57


Child Benefit: £132.80


Total Income: £2,281.99





Loans

LTSB Loan: £494.80 Monthly
Outstanding: £22,152.22
Original amount: £23,000.00


Mum & Dad Loan: £264.00 Monthly
Outstanding: £9812.00
Original Amount: £20,000.00


Nortern Rock: 210.16 Monthly
Outstanding: £12,000.00
Original Amount: £16,000.00


LTSB Loan: £319.46 Monthly
Outstanding: £15,607.17
Original Amount: £18,500.00


LTSB Loan: £289.00 Monthly
Outstanding: £11,191.78
Original Amount: £11,000.00


Credit Cards

Virgin £75.00
Outstanding: £6329.00


LTSB £45.00
Outstanding: £4,000.00


Mortgage

Interest Only 2.2% : £211.88
Outstanding: £112,000.00


Utility Bills

Npower Gas & Elec £78.00


Virgin Media £40.00


TV Licence £12.12


Council Tax £119.00


Water £41.94


Policies

AA Car Insurance £39.19


D&G Repair Plan £5.40


Pet Insurance £17.75


Home/Contents & Breakdown Insur £29.04


Life & Critical Ins £28.37


Lloyds TSB Bank Charge £10.00


Vodafone £25.00


Vodafone £25.00


RCN £7.90


Is our only option Bankruptcy ?

Thank you for reading

CLAPTON

best tio fill in a full SOA format here

http://www.makesenseofcards.com/soacalc.html

RAS

Hi

if you can enter those figures into this SOA, it will do some of the calculations for you and us

http://www.makesenseofcards.com/soacalc.html

Have you spoken to any of the debt charities?

Are the laons secured or unsecured?

Do you have any equity in the house?

rethink

Will fill out the form ASAP, the loans are not secured debt and we do have a little equity but only about £8,000.00 so it isn't worth selling.

Thank you for replying :0)

RAS

have you spoken to any debt charities?

cleo1299

Really you need professional advice.

Directgov website has a page with phone numbers of organizations that can advise you on debt. See http://www.direct.gov.uk/en/campaigns/RealHelpNow/DG_172836.

I think the National DebtLine is the main one. Free advice line 0808 808 4000, and they have a website at http://www.nationaldebtline.co.uk/england_wales/

Good luck.

rethink

:eek: I have filled it out the best I can hope this helps some what, but no I haven't spoken to any charities I worry they will just tell me where to go or just tell me that we have to sell our house we love out house its ours we made it what it is sorry that sounds selfish. I am so emotional I feel like a total idiot all those millions of people in the world with nothing not a roof over their head or even food and look what I have managed to do :0(

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................ 780
Partners monthly income after tax....... 1166.62
Benefits................................ 335.37
Other income............................ 0
Total monthly income.................... 2281.99
Monthly Expense Details
Mortgage................................ 211.8
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 119
Electricity............................. 36
Gas..................................... 42
Oil..................................... 0
Water rates............................. 41.94
Telephone (land line)................... 9
Mobile phone............................ 50
TV Licence.............................. 12.12
Satellite/Cable TV...................... 21
Internet Services....................... 15
Groceries etc. ......................... 173
Clothing................................ 0
Petrol/diesel........................... 80
Road tax................................ 12.91
Car Insurance........................... 39.19
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 17
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 28.37
Other insurance......................... 10
Presents (birthday, christmas etc)...... 30
Haircuts................................ 80
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1078.33

Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 142000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(211.8)....0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................0.........494.......0
Loan...........................0.........264.......0
Loan...........................0.........210.......0
Credit Card....................0.........45........0
Credit Card....................0.........90........0
Loan...........................0.........289.......0
Loan...........................0.........319.......0
Total unsecured debts..........0.........1711......-

Monthly Budget Summary
Total monthly income.................... 2,281.99
Expenses (including HP & secured debts). 1,078.33
Available for debt repayments........... 1,203.66
Monthly UNsecured debt repayments....... 1,711
Amount short for making debt repayments. -507.34
Personal Balance Sheet Summary
Total assets (things you own)........... 142,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 142,000
Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using IE browser.

RAS

Hi

You need to add the CURRENT values of the debts and the APrs.

And you really really do need to speak to a debt charity. Apart from anything else, with that little equity and that low a mortgage cost, you may well be allowed to stay in the house if you went BR.

But you MUSt get proper advice about this.

Whose name are the debts in?

rethink

I am not sure on my credit card and my husbands credit card interest rate, we both have debt in both our names more so in my husband as he has a better credit score than I do. What will these angencies do when we call them ?

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................ 780
Partners monthly income after tax....... 1166.62
Benefits................................ 335.37
Other income............................ 0
Total monthly income.................... 2281.99
Monthly Expense Details
Mortgage................................ 211.8
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 119
Electricity............................. 36
Gas..................................... 42
Oil..................................... 0
Water rates............................. 41.94
Telephone (land line)................... 9
Mobile phone............................ 50
TV Licence.............................. 12.12
Satellite/Cable TV...................... 21
Internet Services....................... 15
Groceries etc. ......................... 173
Clothing................................ 0
Petrol/diesel........................... 80
Road tax................................ 12.91
Car Insurance........................... 39.19
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 17
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 28.37
Other insurance......................... 10
Presents (birthday, christmas etc)...... 30
Haircuts................................ 80
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1078.33

Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 142000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 113511...(211.8)....0
Total secured & HP debts...... 113511....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................22152.....494.......24.9
Loan...........................0.........264.......0
Loan...........................12000.....210.......6.9
Credit Card....................0.........45........0
Credit Card....................0.........90........0
Loan...........................11000.....289.......21.9
Loan...........................15607.....319.......21.9
Total unsecured debts..........60759.....1711......-

Monthly Budget Summary
Total monthly income.................... 2,281.99
Expenses (including HP & secured debts). 1,078.33
Available for debt repayments........... 1,203.66
Monthly UNsecured debt repayments....... 1,711
Amount short for making debt repayments. -507.34
Personal Balance Sheet Summary
Total assets (things you own)........... 142,000
Total HP & Secured debt................. -113,511
Total Unsecured debt.................... -60,759
Net Assets.............................. -32,270
Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using IE browser.

RAS

I have to go but can you edit the debts list - me, his and joint so we can see the situation more clearly.

Also - is your house value current or and old estimate, as that suggest £27K worth of equity?

rethink

We are married so does that not make it joint ?

Husbands Loans

LTSB Loan: £494.80 Monthly
Outstanding: £22,152.22
Original amount: £23,000.00

LTSB Loan: £319.46 Monthly
Outstanding: £15,607.17
Original Amount: £18,500.00

My Loans

Nortern Rock: 210.16 Monthly
Outstanding: £12,000.00
Original Amount: £16,000.00

LTSB Loan: £289.00 Monthly
Outstanding: £11,191.78
Original Amount: £11,000.00

Joint

Mum & Dad Loan: £264.00 Monthly
Outstanding: £9812.00
Original Amount: £20,000.00

Credit cards are one each.

We have a 100% mortgage the house next door sold for £130,000 last feb 2008 and it needed quite a bit of work but the same layout as ours, all we need is a new kitchen so I am just guessing that ours is around £130,000-£135,000.

Hope this helps, thanks so much really appreciate your help :0)