1st Step - Advice needed

janerak

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1783.4
Partners monthly income after tax....... 0
Benefits................................ 449.68
Other income............................ 397.09
Total monthly income.................... 2630.17

Monthly Expense Details
Mortgage................................ 968 - Interest Only
Secured/HP loan repayments.............. 217.77 - Car Loan
Management charge (leasehold property).. 10
Council tax............................. 114.8
Electricity............................. 70 - Includes arrears £10 per month towards them
Gas..................................... 40 - Includes arrears £10 per month towards them

Oil..................................... 0
Water rates............................. 28.32
Telephone (land line)................... 40 - Includes cable, internet and free landline calls.
Mobile phone............................ 40 - Will check tarriff
TV Licence.............................. 11.87
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300 - Will drop a brand challenge and not throw food away !!!!!!
Clothing................................ 50 - Will drop a brand ( sorry if that sounds like Im a snob)
Petrol/diesel........................... 80 to and from the train station and ferrying the kids around
Road tax................................ 19.25
Car Insurance........................... 34
Car maintenance (including MOT)......... 7.5
Car parking............................. 0
Other travel............................ 72 train travel to work - monthly rail pass
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 30.99 will check comparison websites
Contents insurance...................... 0
Life assurance ......................... 20.89 will check comparison websites

Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 10
Entertainment........................... 80 General spends including kids clubs
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2270.32

Assets
Cash.................................... 0
House value (Gross)..................... 165950
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 12455
Total Assets............................ 181905

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 147000...(968)......7.68
Hire Purchase (HP) debt ...... 6931.12..(217.7)....21.2
Total secured & HP debts...... 153931.1.-Unsecured Debts

Description....................Debt......Monthly.. .APR
Barclaycard....................6019.65...0........ .19.9
Barclays Loan..................7804.16...288.8.....7.765
Scotcall - Next................769.81....0.........0
Electric.......................600.92....0........ .0
Gas............................694.18....0........ .0
Council Tax....................447.65....0.........0
Ibuyeco........................206.52....0........ .0
Chancery Estates...............425.......0.........0
Scotcall - Orange..............1246.69...0.........0
Scotcall - BT..................549.44....0.........0
Scotcall - Grattan.............557.01....0.........0
Total unsecured debts..........19321.03..288.8.....-


Monthly Budget Summary
Total monthly income.................... 2,630.17
Expenses (including HP & secured debts). 2,270.32
Available for debt repayments........... 359.85
Monthly UNsecured debt repayments....... 288.8
Amount left after debt repayments....... 71.05

Personal Balance Sheet Summary
Total assets (things you own)........... 181,905
Total HP & Secured debt................. -153,931.12
Total Unsecured debt.................... -19,321.03
Net Assets.............................. 8,652.85

My comments are in purple and thank you so much for your comments. I have just found out that my bank loan is for 7 years and got another 3 years to run but most of what I owe is for payment protection. Could I drop the payment protection and then just pay the loan off ???????

DGJsaver

mommyme wrote: »

2 kis and 2 adults in my house and we only pay £17.72 a month and im afraid we arent very water conscious

you do well there :beer:

RAS

Hi

No, you start by reclaiming the mi-sold PPI. Go voer to the reclaim forum, as this is almost certainly a single premium PPI which the OFt have now pretty much outlawed.

What you have not explained is how much are you in arrerers on the mortgage?

janerak

Mortgage arrears are £6479.00 over £1000 in charges !!!!!! I am paying them off at £100 a month. Have been thinking of selling the house and renting somewhere as the mortgage is a sub- prime mortgage although I didnt know what I was signing for I was just relieved i could buy my ex out of the house - I know i'm stupid !!!!!!!

RAS

You have to pay off the mortgage arrears and CT before you deal with the Consumer debt.

ARe you absolutely sure that you have so much equity (that the house is now worth £170,000? What are other houses in the street selling for?

janerak

A house near me without a garage went for £169,950 two weeks ago so thought mine should be about the same, mine has a garage.

RAS

That explains why the creditors are after the charging order, they want to secure their debt ASAP in front of other creitors.

Do you have a CCJ for this debt? How much is it for each month?

janerak

That's the worrying thing I dont have a CCJ its just gone to a charging order. I cant profess to being any kind of expert in this field, if I was im sure I wouldnt be in this mess !!!!!!! Also just checked my bank account and due to a banking error my mortgage which was due on the 1st hasnt gone out as my salary is now 4 wkly not monthly so it means i won't get my wage till a week on Friday - I only got the court to agree to a suspended repo order two weeks ago - What do I do??? Does it mean they will repo the house even if I pay it next wk on payday ?????? This is getting me down think it would be easier to die then my debts would die and the kids would get the house.

katsu

I'm not an expert on this - other people here, in the debt charities - CAB, CCCS, Payplan etc - will be able to help you. You didn't get into this overnight so you won't get out of it overnight.

I just had to respond to say it is never worth leaving your kids over - they need you not the house. Please don't think like this - if necessary go talk to your GP. Try the daily chat threads etc - people will support you in moving forward to deal with your debt.

MSE Martin says he's never seen a debt problem that can't be solved.

Take care

Verbatim

janerak wrote: »

That's the worrying thing I dont have a CCJ its just gone to a charging order. I cant profess to being any kind of expert in this field, if I was im sure I wouldnt be in this mess !!!!!!! Also just checked my bank account and due to a banking error my mortgage which was due on the 1st hasnt gone out as my salary is now 4 wkly not monthly so it means i won't get my wage till a week on Friday - I only got the court to agree to a suspended repo order two weeks ago - What do I do??? Does it mean they will repo the house even if I pay it next wk on payday ?????? This is getting me down think it would be easier to die then my debts would die and the kids would get the house.

Don't even think like that. And actually your estate would still be liable for your debts, they only die with you if you have no assets when you die.