Desperate, advise please?

Leesmom

We owe just under 148,000 all to northern rock, this includes an unsecured loan too, it was one of the 125% mortgages.

g_attrill

Just a note - your figures don't add up, your £1448 in the first section should only be things listed in that section (it appears to include the secured repayments), it should be about £400 lower. Enter your mortgage and the secured loan element in the secured section, and the house value in the assets to get everything worked out properly.

Not sure if you used the standard SOA calculator, but it's here:
http://www.makesenseofcards.com/soacalc.html

Kevin_1973

so no equity in house and mortgage and secured loan payments amount to £732 per month and probably have come down due to the low interest rates. If renting a similar property is less than the mortgage then that is an important consideration to mull over when making your decision. As per posts below professional advice should be sought.

Leesmom

Tried to re do it but cant copy and paste it here, but thankyou for pointing that out.

Leesmom

Kevin_1973 wrote: »

so no equity in house and mortgage and secured loan payments amount to £732 per month and probably have come down due to the low interest rates. If renting a similar property is less than the mortgage then that is an important consideration to mull over when making your decision. As per posts below professional advice should be sought.

No unfortunately our mortagage is fixed untill 2011 at 5.9% i think it is, could be a bit higher, mortgage and unsecured part is interest only, secured loan is repayment.
We could rent for much cheaper but thankyou its not something i had thought about.

miss_spooky

Leesmom wrote: »

House value is around £115, mortgage outstanding is £147,300

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ £400
Other income............................ 0
Total monthly income.................... £400

Monthly Expense Details
Mortgage................................ £569
Secured/HP loan repayments.............. £163
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... £21 + calls (comb tv/internet/telep) Just leave as Telephone
Mobile phone............................ 0
TV Licence.............................. £12
Internet Services....................... 0
Groceries etc. ......................... 180
Clothing................................ 0
Petrol/diesel........................... 20
Road tax................................
Car Insurance........................... £19
Car maintenance......................10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 16
Pet insurance/vet bills................. 15
Buildings insurance..................... 7.50 If you are giving up your house you won't need this
Contents insurance...................... 7.50 But you will need this so you could put this at 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. £1448


Assets
Cash.................................... 4000
House value (Gross)..................... 115,000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description. Credit card...................£120
P.Loan........................£125
Unsecured loan....................£115
Total unsecured debts............................- £360


Monthly Budget Summary
Total monthly income.................... £400
Expenses (including HP & secured & unsecured debts).....1,808
Available for debt repayments........... 0

Amount left after debt repayments....... -1,408

Personal Balance Sheet Summary
Total assets (things you own)........... £4000

HI,

when you redo it, after you've pressed the calculate button, scroll a little further down & there will be three buttons - MSE, Mootley Fool & Make Sense. Press the MSE button which will open up a new window in notepad, right click in this window, click select all, copy, then paste back here.
I've also added a few notes to take into consideration when you redo it. It won't make a hugh difference to the outcome but the figures will be in the correct places for BR if that's what you decide.

Also you won't be frowned upon for keeping some money back for essential living costs - rent, deposit, br fees and enough to get you through the fist month until you've got yourself sorted. Put it away do that it doesn't get spent in everyday stuff.

alastairq

I agree with the advice above, of putting aside in a safe place, your BR fees, and an amount to cover rent/deposit.

Take out two Co-op CAshminder accounts.....these will remain unfrozen [usually] if you go the BR route..and can be used to recieve income/benefits, set up SO's and DD's.....and somewhere for you to keep what monies you have put aside,as above.

[2 accounts..one for fixed payments, like Rent, council tax, water, phone, etc,all payments that MUST be made, or you dearly want to be paid.....the other to recieve income, pay for food, petrol and variables....easier to manage the finances that way, as you don't touch what you shouldn't touch.]

Renting a home will allow you more flexibility in terms of WHERE you might want to live.....since you are both currently out of work, you may feel like moving to another location to seek work, perhaps?


CAn you actually put your house on the market?

Or do you really just want to wash your hands of it?

BTW, you've not allowed for your car's road tax..[VED]....or is it a pre-1972 car?

Haircuts can give you another tenner in expenditure...
Even holiday funding can be allowed......not that I claimed it in the beginning....

The hardest part is actually trying to decide which way to jump, and when.....the planning leading up to the 'when' then becomes easy....

miss_spooky

Hi,

I did notice that there were a few things "missed out" but if the OP hasn't got the income in the first instance to cover it then I don't see the point of adding it in?

JSA - even for 2 - isn't enough for a couple to live on, so until there's any improvement in as the mgt help is approved or the OP moves and gets HB then there's not a lot more we can advise on.

That's why a trip to the CAB is a necessity as they will also advise on other benefits that the OP maybe entitled to.

HTH

tigerfeet2006

Also check on https://www.entitledto.co.uk and see what they say you might get. Will give you a good idea what is available to you.