Help I'm up a creek & no paddle

Pink_Mouse

Hi everyone, Never in Doubt has pointed me in the direction of this board as he feels you are the best people to give me some advice, I really do feel as if I'm completely stuck on this one. I was

I know I have to get this sorted but work long hours as my partner is unable to work, he is on DLA for depression and other related problems. Consequently I often seem to fall asleep when I should be sorting things like this out.

I'm not too sure about my credit rating but have not been refused anything lately.

The mortgage is in my name and at the end of June was 66,500 outstanding, with Northern Rock at 450 per month and then endowment at 143 per month with scottish widows and insurance for mortgage with L&G at 31 per month.

I have five credit cards: Abbey, taken out in 2004, balance - 2620
Barclaycard, 2005 or B4, balance - 1212
Capital One, 2005 or B4, balance - 2730
M & S Money, April 2007 or B4, balance - 9500
Tesco, April 2007 or B4, balance 1478

I also have a personal loan with Northern Rock, 2004, balance 3700

Personal Reserve loan with M&S money, 2000, balance 1900

I bank with Barclays and currently overdraft is 3500.

I work in several jobs and have also recently joined network marketing, by doing different things it means I am able to phone partner at odd times throughout the day to see that he is ok. My income varies between 800 and 1000 a month.

We jointly receive tax credit.

I have already set up another bank account, would it be best to have all money paid into the new one from now on and transfer over my direct debits on priority payments?

How about payments for my credit cards, they are all on direct debit at the moment but obviously I am sinking fast and if I transfer the dd's on those as well my income won't be enough to pay them, thus getting my new bank account in a mess.

Thank you to anyone that can advise me what to do next, like I said at the beginning I know I need to get it sorted, but how?

Help!!

Tixy

Hi pink mouse

It would be really useful if you could post a detailed statement of affairs - this will help you to fully understand your situation and if you post on here (format for MSE at the bottom) then we maybe able to offer advice on how you can move forward. http://www.makesenseofcards.com/soacalc.html

Moving to a new bank account (hopefully this is with someone you don't owe money to at all?) means that you are protected from offsetting, theoretically barclays could pull the plug on your cc or overdraft and take your money to repay that debt leaving you short of money for priority items.

Hopefully with some more info we can give you some useful advice.

Pink_Mouse

Tixy wrote: »

Hi pink mouse

It would be really useful if you could post a detailed statement of affairs - this will help you to fully understand your situation and if you post on here (format for MSE at the bottom) then we maybe able to offer advice on how you can move forward. http://www.makesenseofcards.com/soacalc.html




Hi Tixy

Thanks for that I will prepare a full statement and then post it. I would certainly be grateful for any advice.

My new bank account is not connected with anyone that I owe money to. I guessed that Barclays could make life tricky.

Pink_Mouse

All done, pretty scary stuff but at least I've stopped burying my head and am trying to face reality now.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details[/b]
Monthly income after tax................ 850
Partners monthly income after tax....... 0
Benefits................................ 217
Other income............................ 0
Total monthly income.................... 1067

Monthly Expense Details
Mortgage................................ 451
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 99
Electricity............................. 31
Gas..................................... 30
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 16
Mobile phone............................ 5
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 17
Groceries etc. ......................... 300
Clothing................................ 10
Petrol/diesel........................... 150
Road tax................................ 10.5
Car Insurance........................... 21
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 30
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 31
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1328.5


Assets
Cash.................................... 0
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 5000
Total Assets............................ 86000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 66500....(451)......0
Total secured & HP debts...... 66500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Abbey - cc.....................2620......79........0
Barclaycard - cc...............1212......37........27.9
Capital One - cc...............2730......82........21.65
Barclays - overdraft...........3000......0.........0
Northern Rock - loan...........3700......61........8.5
M & S Money - loan.............2000......65........24.9
Tesco - cc.....................1478......45........0
M & S Money - cc...............9500......239.......20.9
Total unsecured debts..........26240.....608.......


Monthly Budget Summary
Total monthly income.................... 1,067
Expenses (including HP & secured debts). 1,328.5
Available for debt repayments........... -261.5
Monthly UNsecured debt repayments....... 608
Amount short for making debt repayments. -869.5

Personal Balance Sheet Summary
Total assets (things you own)........... 86,000
Total HP & Secured debt................. -66,500
Total Unsecured debt.................... -26,240
Net Assets.............................. -6,740

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

BeautyandtheBeast_3

Hi there - groceries seems high as does the petrol - do you travel far to work? xx

Pink_Mouse

Hi

Sorry groceries should have been 200.

Petrol is high cos I work in a different place every day, covering the whole region. This can mean 500 miles a week and I'm not sure how to reduce that.

BeautyandtheBeast_3

are you able to claim travel expenses from your employer at all?

Pink_Mouse

Yes I am but I included that in my income

Pink_Mouse

Sorry, don't mean to be rude but just had phone call Dad being rushed to hospital so gotta go.

BeautyandtheBeast_3

hope everything is ok. look after yourself

Shoe_Gal

Pink_Mouse wrote: »

Sorry, don't mean to be rude but just had phone call Dad being rushed to hospital so gotta go.

Hope eveything is OK :A