I need help!!

Ellieseleven

I have posted previously on this forum but I find that I can't quite make the step to inform my creditors that I am struggling so I keep using credit cards to pay credit cards etc.

I have cut back everywhere I can (will post a new SOA later) and know that I must do something to sort out the mess that I'm in.

Back in September I knew that we had a problem - my husband is self-employed but there is no work at the moment so he is not bringing in anything at all.

I am so worried and have been off work for 2 months with the stress of everything. I'm in the process of re-mortgaging my house as there is quite a bit of equity in it but it is taking time and it's touch and go whether we will be accepted.

My OH is not much help and keeps as far away from our finances as he can, which I am beginning to resent!

I try to make it through the day without crying but find that I am in tears most of the time.

The word is that the company that I work for is planning redundancies in January and I am tempted to volunteer as I have 10 years service in and this would give me a chunk to pay towards what I owe as long as I can find another job!!

On top of everything else, my debit card was used fraudulently two weeks ago so my current account is blocked whilst they send me a new card which means I can't check my statements and don't know how much money I have got or what has been paid and what needs to be.

I'm rambling but I've been awake since 3 this morning and just need to get everything off my chest as I feel that I am about to go mad.

Candy0107

Morning,

Firstly, I wanted to send you a dodgy looking hug :grouphug: and welcome you to the thread

Now that is done, you have to get a warm drink (as it is freezing outside)

I know writing a SOA is really emotional, but once it is done, post it on here and you can get ideas on where to cut back etc

Take care
Candy xxx

Ellieseleven

Here's my SOA - I've not added any income from my OH as he hasn't got any at the moment and when he does it has to go towards business outgoings which I have not included here

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................ 2092
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2092
Monthly Expense Details
Mortgage................................ 872
Secured/HP loan repayments.............. 263
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 104
Electricity............................. 44
Gas..................................... 55
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 38
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 30
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 12
Car Insurance........................... 34
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 23 (can't cut this back any further as we have an elderly cat)
Buildings insurance..................... 37 (includes contents)
Contents insurance...................... 0
Life assurance ......................... 50
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1961

Assets
Cash.................................... 0
House value (Gross)..................... 175000
Shares and bonds........................ 0
Car(s).................................. 7500
Other assets............................ 0
Total Assets............................ 182500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 111000...(872)......6.89
Hire Purchase (HP) debt ...... 7500.....(263)......7
Total secured & HP debts...... 118500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................6133......179.......26
Barclaycard (1)................4314......98........15.3
Abbey..........................3006......68........17
Debenhams......................1950......80........20.8
Virgin.........................3807......87........20.7
Marks and Spencer..............5300......130.......18.5
Barclaycard (2)................6011......120.......20.9
Capital One (2)................3400......100.......29
Capital One (1)................3500......105.......29
Total unsecured debts..........37421.....967.......-

Monthly Budget Summary
Total monthly income.................... 2,092
Expenses (including HP & secured debts). 1,961
Available for debt repayments........... 131
Monthly UNsecured debt repayments....... 967
Amount short for making debt repayments. -836
Personal Balance Sheet Summary
Total assets (things you own)........... 182,500
Total HP & Secured debt................. -118,500
Total Unsecured debt.................... -37,421
Net Assets.............................. 26,579
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

katsu

Are your water rates metered? There are two of us and with our meter we spend around half of what you do (we always shower, no dishwasher, just washing machine).

Can you bring your landline down in price?

What about your gas and electricity - Martin says now is a good time to switch, so could you get a better deal?

beverleyhills

Hello Ellie

My OH is not much help and keeps as far away from our finances as he can, which I am beginning to resent!

Your OH is probably as worried as you are. Most men want solutions, they don't like talking about the problem.
Please do not get frustrated with him; resentment is very corrosive in a relationship.

What does your husband normally do for a living?

Posters better qualified than myself will offer ideas to deal with your creditors.

Ellieseleven

Thanks Katsu, we are not metered for water. I have spoken to Gas & Electricity regarding payments as I have just paid a bill which left us £323 in credit. They will not reduce our payments or refund the balance because they say that we are going into the heaviest quarter. I did point out that by the time we get our next bill we will be £620 in credit and their reply was that they would then refund if our bill is less than that. I am tied in to a capped rate at the moment. The landline includes internet charges.

Thanks Beverley Hills, your comments make me realise that I shouldn't resent OH, I know that he too is worried and feels that he is letting me down. He is a gardener but also does some plastering. There is a history with his business and why we are in the mess that we are in, it's a long story but I will try to make it shorter.....

OH was made redundant and with his redundancy money we decided to set up a small gardening business. At the same time his brother-in-law was also made redundant and because my OH had not passed his driving test at the time, the BIL said that he would drive until OH passed his test. We put all the money in and bought a van, tools and equipment, paid for public liability insurance, advertising and so on. BIL was taking 50% of what was being earnt but never put anything back in (OH felt that he had to keep giving 50% for some reason???)

Eventually BIL became so greedy that OH put his foot down and BIL promptly walked away! OH still had not passed his test so could not go out to any customers and the work started to disappear. OH passed his test in June (after 11 attempts) and we thought that we could start again but it has been so hard. We have depended on our CC's to make up the shortfall each month thinking that we would get on our feet and be able to pay everything back but it's not happening and now that we are going into the Winter it will probably get worse (although not sure how it can! LOL)

I'm finding this whole situation so difficult as I have always paid my bills on time and I feel such a failure. The strain is beginning to show and I am not coping very well.... I wonder where it will all end

Numpty_Monkey

Ellieseleven wrote: »

Here's my SOA - I've not added any income from my OH as he hasn't got any at the moment and when he does it has to go towards business outgoings which I have not included here

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................ 2092
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2092
Monthly Expense Details
Mortgage................................ 872
Secured/HP loan repayments.............. 263
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 104 Ask to pay over 12 months
Electricity............................. 44 High, Turn things OFF not standby, look at swapping use comparrison sites and cashback sites
Gas..................................... 55 as electric, turn heating down, off in rooms not used
Oil..................................... 0
Water rates............................. 32 look at getting a meter, I think you can get a 12 month trial
Telephone (land line)................... 38 Look at Bundle packages Internet phones are less than £20 a month
Mobile phone............................ 30 are you on the correct contract, do you use the free calls /messages?
TV Licence.............................. 12
Satellite/Cable TV...................... 30 look to reduce, keep alog of what you watch, is it worth it?
Internet Services....................... 0
Groceries etc. ......................... 160 Can be reduced, look into meal planning, drop a brand, the OS lot will get this down
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 12
Car Insurance........................... 34 Any insurance use comparrison sites and Martins article
Car maintenance (including MOT)......... 10
Car parking............................. 0 ? Budget a a few £'s
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 23 (can't cut this back any further as we have an elderly cat)
Buildings insurance..................... 37 (includes contents)
Contents insurance...................... 0 As Car
Life assurance ......................... 50 As Car
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 0 Budget something Here
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1961

Assets
Cash.................................... 0
House value (Gross)..................... 175000
Shares and bonds........................ 0
Car(s).................................. 7500
Other assets............................ 0
Total Assets............................ 182500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 111000...(872)......6.89
Hire Purchase (HP) debt ...... 7500.....(263)......7
Total secured & HP debts...... 118500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................6133......179.......26
Barclaycard (1)................4314......98........15.3
Abbey..........................3006......68........17
Debenhams......................1950......80........20.8
Virgin.........................3807......87........20.7
Marks and Spencer..............5300......130.......18.5
Barclaycard (2)................6011......120.......20.9
Capital One (2)................3400......100.......29
Capital One (1)................3500......105.......29
Total unsecured debts..........37421.....967.......-

Monthly Budget Summary
Total monthly income.................... 2,092
Expenses (including HP & secured debts). 1,961
Available for debt repayments........... 131
Monthly UNsecured debt repayments....... 967
Amount short for making debt repayments. -836
Personal Balance Sheet Summary
Total assets (things you own)........... 182,500
Total HP & Secured debt................. -118,500
Total Unsecured debt.................... -37,421
Net Assets.............................. 26,579
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

I've left a few things on your SOA

There is no way we can get you the £836 shortfall,
but all is not lost, we might get you to about £600 shortfall:D
I sugguest calling one of these Non-profit Debt Counsellors' List


:A

fabforty

Well done on posting your SOA.

I'm still not clear on the situation with OH, i.e why isn't he working at his gardening business? What is he doing to bring in new customers? Is he looking for alternative work, maybe something temporary? Most supermarkets and other retailers have temporary vacancies for Xmas - although a lot of the jobs will have gone by now.

Ellieseleven

Thanks Numpty Monkey:

I have tried the comparison sites for gas and elec, we have a 4 bedroom house so bills are high in Winter although we are trying not to have the heating on for too long. We are in credit by £323 at the moment. I will have another look to see if I can do anything.

Mobile is on contract and used for OH business, mine is covered by my company.

Car insurance includes business mileage and I did use a comparison site for this.

I don't pay for car parking for work as we have a private car park

I have got my grocery bill down by a lot but will try to get it down further

Ellieseleven

Thanks for your comments FabForty:

OH is getting bits and pieces work wise but most of what he earns is paying his business overheads i.e. van, insurances etc. I suppose at this time of year things are very slow and people don't seem to want to spend on their garden. We advertise in the Yellow Pages and on any free sites that we can find.

He would be willing to do something for a few months but there don't seem to be many jobs in the area where we live. He has asked around but many people around here are on 3 day weeks etc. We have asked at the local supermarket but they are not taking anyone on, rather, as people leave they are not being replaced!

Chrisblue1962

Hi Ellieseleven,

Had a brief look through your SOA.

I don't wish to appear critical but what is situation with you OH? If all the money he earns from business is going back into the business, where is the profit / earnings? I've never run my own business but surely if there's no profit then there's no business and no point ploughing good money into a business that is not making a profit.

I appreciate that gardening is somewhat seasonal so as some oul anther posters have suggested, it may be better if OH puts business on hold even if only temporarily and try and get some work which will guarantee some income at the end of the week / month.

On the subject of your credit cards, can you not do some balance transferring between cards to the lowest rate cards to reduce the amount that is going on in interest.

Finally, do not give up and I personally recommend getting in touch with CCCS as I personally found them to be helpful and offer good advice.

Also, you have possibly done the hardest part, which is facing up to the debt and confronting it head on. All the people who regularly use this board are mostly in the same boat and happy to provide help and a sympathetic ear. Good Luck and keep
battling!