Help!

Nargleblast

You haven't mentioned your wife's income - if you live together then you are a team, and all bills and income on both sides should be stated.

You could get rid of the satellite service and go Freeview. Also, clothing budget - you must have enough clothes to go on with for a few months at least, and you don't have children to provide for so that is one blessing at least. Try and reduce petrol costs as well, using the car for essential journeys only. It's small steps like these that can help. You will learn how to budget in time, as we all have had to - don't think you are the only daft idiot to have got into debt, this forum is full of people who have made similiar mistakes and are slowly sorting themselves out. Good luck, and well done for taking the first step by posting on here.

james78_2

We basically split all the bills in half........

I've updated it below:

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
Monthly income after tax................ 1250
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 300
Total monthly income.................... 1550

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 100
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 0
Satellite/Cable TV...................... 15
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 50
Petrol/diesel........................... 140
Road tax................................ 18
Car Insurance........................... 25
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 80
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 1370


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 5000.....(100)......15
Total secured & HP debts...... 5000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit card mbna...............9300......180.......0
credit card virgin.............3000......59........0
credit card hsbc...............3000......60........15
student loan...................10000.....60........0.2
aa loan........................1680......192.......6
credit card tesco..............2800......60........14.7
credit card mint...............3000......60........15
Total unsecured debts..........32780.....671.......-


Monthly Budget Summary
Total monthly income.................... 1,550
Expenses (including HP & secured debts). 1,370
Available for debt repayments........... 180
Monthly UNsecured debt repayments....... 671
Amount short for making debt repayments. -491

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -5,000
Total Unsecured debt.................... -32,780
Net Assets.............................. -37,780

Nargleblast

Sooner or later your wife will be affected by your situation - this is something you cannot keep hidden. She will be upset when she finds out the level of debt but she will, I am sure, stand by you and the two of you will sort it out together. After all, if she was the one in heavy debt, you would want to know about it wouldn't you? And you would work with her to tackle the problem - wouldn't you?

AlwaysWorking

I agree with the others who have said that you need to tell your wife. You are a team and need to tackle this debt together - you have to seriously cut back on your spending and you can't do that without telling your wife why! Is the £500 your half of the rent? If so, could you maybe move somewhere cheaper? Could you contact one of the debt charities for their guidance?

RAS

Thanks for the clarification. Going to skin this SOA, to see what can be done. - have edit this now

james78 wrote: »

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
Monthly income after tax................ 1250
Partners monthly income after tax....... 2900
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4150

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 200
Rent.................................... 1200 - is this London?
Management charge (leasehold property).. 0
Council tax............................. 200
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0 - where has this gone?
Internet Services....................... 25
Groceries etc. ......................... 300 - you can cut £100 off this
Clothing................................ 200 - frankly, you need to stop and if she wants to help, she needs to stop for a while
Petrol/diesel........................... 160 - is this essential travel
Road tax................................ 18
Car Insurance........................... 50 - this is still high
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 160 - is this her travel to work?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 33
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 160 - this needs absolutely skinning back say £10 for you.
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2893


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 6000.....(200)......16
Total secured & HP debts...... 6000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit card mbna...............9300......180.......0
credit card virgin.............3000......59........0
credit card hsbc...............3000......60........15 - priority debt
credit card mint...............3000......60........15 - ditto
credit card tesco..............2800......60........14.7
aa loan........................1680......192.......6
student loan...................10000.....60........0.2
Total unsecured debts..........32780.....671.......-


Monthly Budget Summary
Total monthly income.................... 4,150
Expenses (including HP & secured debts). 2,893
Available for debt repayments........... 1,257
Monthly UNsecured debt repayments....... 671
Amount left after debt repayments....... 586

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -6,000
Total Unsecured debt.................... -32,780
Net Assets.............................. -38,780

You have no spare income with which to make debt repayments. You have to come clean with your wife.

Your income is low for someone with a gradaute laon of the old style. Is there any chance of this improving?

Turia

Get in touch with the CCCS I have found them quite helpful and its reassuring to have someone to talk to who can give you impartial advice. Don't rush into an IVA though it might not necessarily be the best option yet - speak to them first and see what they advise you. Plus like people have mentioned above do small things like trying to reduce your outgoings and perhaps increasing your income a bit, selling unwanted stuff on ebay or car boots etc etc

RAS

james78 wrote: »

The costs are kinda like my half of everything. I didn't wan't to include her income as it's not her debt really....I had most of it before.

I also borrow about £300-400 of my wife each month to pay this stuff off - see knows I have a "small" amount of debt.

Hi

I am still very unsure what the household expenditure is but at a guess, the priority items like rent, utilities food and secured debts come to £1200 ish per month.

And you wife only contributes £300. What is that about?

AlwaysWorking

Could you perhaps get a part time job to increase your income? I'm afraid you can't hide this from your wife - she needs you to be honest about your situation so she can help you. Trying to handle all of this stress and worry on your own can't be good for you.

james78_2

OK - I think I've mislead you guys somewhat....I tried to do the SOA with all bill's split in half....and had not included my wife's pay.

So I've redone it all again, with both our incomes and outgoings. She's a Doctor so in a well paid job....but I really don't wan't to burden her with my old debts. She contributes half at the mo and so do I...


My job is still pretty low paid - been trying for promotion but it's not easy at the mo. Another part time job might be an option I suppose. Rent in the area is a total rip-off.....so house costs a lot - but we gotta be there for her job.....I drive a lot to get to work and back so can't really cut that down....

I've been stupid.....really stupid with my money - wasting it, impulse buying, really not thinking straight due to depression, drinking, smoking etc etc - well I've stopped all that now and it's time to sort my life out.

Soooo, here it goes again....3rd time lucky!!....(As for the sky / internet....it's all in tiscali so phone broadband tel in one for 25 quid...):

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.................... 0

Monthly Income Details
Monthly income after tax................ 1250
Partners monthly income after tax....... 2900
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4150

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 200
Rent.................................... 1200
Management charge (leasehold property).. 0
Council tax............................. 200
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 300
Clothing................................ 200
Petrol/diesel........................... 160
Road tax................................ 18
Car Insurance........................... 50
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 160
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 33
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 160
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2893


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 6000.....(200)......16
Total secured & HP debts...... 6000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit card mbna...............9300......180.......0
credit card virgin.............3000......59........0
credit card hsbc...............3000......60........15
credit card mint...............3000......60........15
credit card tesco..............2800......60........14.7
aa loan........................1680......192.......6
student loan...................10000.....60........0.2
Total unsecured debts..........32780.....671.......-


Monthly Budget Summary
Total monthly income.................... 4,150
Expenses (including HP & secured debts). 2,893
Available for debt repayments........... 1,257
Monthly UNsecured debt repayments....... 671
Amount left after debt repayments....... 586

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -6,000
Total Unsecured debt.................... -32,780
Net Assets.............................. -38,780

RAS

have edited my post above.

You simply cannot expect to contribute half the household expenditure when you are on 40% of the income. Either you live somewhere you can afford or she pays 70 percent plus of the bills.

What is her debt situation like?