in a never ending spiral of debt and at my wits end help me pls!!

tricky32_2

Hi folks well I finally plucked up the courage to put all my debts in writing to see just how far in debt my partner and I are and really don't know what the next step is, I didnt realise just how much my partner was due to the credit cards and we are constantly changing the payment dates to suit. I see no way out of it and feeling really low at the moment. Have explained to my 15 yr old daughter not to expect too much for christmas. Thankfully my son is only 2 and would be happy with a cardboard box!! (which i feel we could all have to settle for if we don't get this sorted now!) Any advise greatfully appreciated:eek: I have tried to attach My SOA but it says as this is my first post I am not allowed to attach it something to do with spam but basically My total monthly income is 2050,and the amount we are short for debt repayments is -818.76, Total assets 116,500,total secured debt -82,876, total unsecured debt -24,279.10 net assets 9,344.90. We have missed a couple of payments on the credit cards basically robbing peter to pay paul. We are in the process of sending a financial statement to one of the cc companies but apart from that have stuck our heads in the sand for far too long and need some advice on where to go from here.

property.advert

Hi there. I was robbing Peter to pay Paul as well and I guess many here did. I think you can copy and paste a SOA into your post so people can see what you are paying for things like TV, food, transport etc. Have you got one of those ? If not, I'm sure someone will be kind enough to post a link.

I'm guessing the assets are your house, the secured your mortgage and the unsecured your credit cards ?

Assets - 116k
Secured - 83k
Unsecured - 24k

Really need the SOA to see where your £2050 a month is going. Very quickly, I reckon your CCs eat £500 a month and your mortgage at 6% is around £400 a month so something is eating £1000 a month and you reckon you're short £800 a month. Need the numbers to see the picture.

Foundational

Hi Tricky,

If you fill in your SOA using http://www.makesenseofcards.com/soacalc.html and then copy and paste it into your message, then just make sure you take out the link to make sense of cards and this should work.

If you are still stuck then perhaps find somebody else's SOA from a recent post that uses the same headings and take all their figures out and copy and paste that in and fill in your number, as much info as you can.

Then you'll get some good ideas and help from the good people on here.

Best wishes

Foundational

DaveMurphy

Have a look at the "Ask a CCCS counsellor a question" sticky at the top of this forum as well. There's a link to the CCCS Debt Remedy online tool in there which I found quite useful.

Sorry, I need a few more posts before I can be trusted to post links apparently :rolleyes:

Dave

tricky32_2

It says I can't attach anything to my replies as I am a new user as I tried to copy and paste my SOA anyway thanks for the quick reponse, I was visiting the ccs website but unfortunately the web advisors are only available mon-fri so will check back with them on monday morning. My main secured debt is the mortgage 82k, unsecured debt from 3 cc and loan 24k . .

tricky32_2

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 850
Partners monthly income after tax....... 1050
Benefits................................ 0
Other income............................ 150
Total monthly income.................... 2050
Monthly Expense Details
Mortgage................................ 535
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 160
Gas..................................... 0
Oil..................................... 41.6
Water rates............................. 0
Telephone (land line)................... 50
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 16
Internet Services....................... 20
Groceries etc. ......................... 350
Clothing................................ 20
Petrol/diesel........................... 200
Road tax................................ 15
Car Insurance........................... 20
Car maintenance (including MOT)......... 450
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 200
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 60
Buildings insurance..................... 10
Contents insurance...................... 0
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2354.6

Assets
Cash.................................... 0
House value (Gross)..................... 114000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 116500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 82876....(535)......5.99
Total secured & HP debts...... 82876.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
mint loan......................10662.7...200.......11.74
mint credit card...............6229.4....130.......6.7
I.F credit card................3430......41.16.....12.9
MBNA credit card...............2953......103.......2.207
cahoot credit card.............1004......40........13.03
Total unsecured debts..........24279.1...514.16....-

Monthly Budget Summary
Total monthly income.................... 2,050
Expenses (including HP & secured debts). 2,354.6
Available for debt repayments........... -304.6
Monthly UNsecured debt repayments....... 514.16
Amount short for making debt repayments. -818.76
Personal Balance Sheet Summary
Total assets (things you own)........... 116,500
Total HP & Secured debt................. -82,876
Total Unsecured debt.................... -24,279.1
Net Assets.............................. 9,344.9

tricky32_2

forgot to add child benefit £130 a month!

property.advert

Car maintenance £450 a month ?
Pets £60 a month ?
Electricity £160 ?
What is the other income ?
Petrol £200 ?

Add in the Child Benefit

I still see 4 cc and 1 loan - not 3+1 as you say

Can you have a look at these chunky amounts - the car one has to be wrong for sure and post up an amended one. Thanks.

tricky32_2

sorry its 450 a year for car maintenance including mot, the 60 a month for my pet is an outstanding vet bill that i have agreed to pay at said amount but will be paid off within the year unfortunately the cat is no longer with me as after her accident she devloped a cancerous tumour and had to be put to sleep anyway:( The electric bill is 100 a month for usage plus 60 toward the outstanding debt as they refused to budge on a smaller amount (they threatened to send me to debt recovery) and actually wanted 182!!! a month but I told them I can only afford 160! even thats too much(i'm with Eon)The other income is child maintenance payment from my ex Yeah I pay out 200 a month for petrol it costs 1.25 a litre up here and yes we do get ripped off, sorry I'm not very computer savvy.

tricky32_2

hopefully this is right this time folks sorry . . .
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 850
Partners monthly income after tax....... 1050
Benefits................................ 130
Other income............................ 150
Total monthly income.................... 2180
Monthly Expense Details
Mortgage................................ 535
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 160
Gas..................................... 0
Oil..................................... 41.6
Water rates............................. 0
Telephone (land line)................... 50
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 16
Internet Services....................... 20
Groceries etc. ......................... 350
Clothing................................ 20
Petrol/diesel........................... 200
Road tax................................ 15
Car Insurance........................... 20
Car maintenance (including MOT)......... 37.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 200
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 60
Buildings insurance..................... 10
Contents insurance...................... 0
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1942.1

Assets
Cash.................................... 0
House value (Gross)..................... 114000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 116500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 82876....(535)......5.99
Total secured & HP debts...... 82876.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
mint loan......................10662.7...200.......11.74
mint credit card...............6229.4....130.......6.7
I.F credit card................3430......41.16.....12.9
MBNA credit card...............2953......103.......2.207
cahoot credit card.............1004......40........13.03
Total unsecured debts..........24279.1...514.16....-

Monthly Budget Summary
Total monthly income.................... 2,180
Expenses (including HP & secured debts). 1,942.1
Available for debt repayments........... 237.9
Monthly UNsecured debt repayments....... 514.16
Amount short for making debt repayments. -276.26
Personal Balance Sheet Summary
Total assets (things you own)........... 116,500
Total HP & Secured debt................. -82,876
Total Unsecured debt.................... -24,279.1
Net Assets.............................. 9,344.9

mrs-d_3

Hi tricky well done for posting. Sorry I'm not an expert and I'm sure more experienced MSE-ers will be able to help much more. From reading other threads and peoples replies I'd say your food bill could go down to 200-250, also your telephone bill seems a bit high. If you can change have a look at Sky they do good packages that include phone (and line rental), TV and internet I'm sure it would be less then 86 a month for the three. Make sure to use one of the cash back sites if you do change. Do you pay your council tax over 10 or 12 month? If it's 10 find out if you can strach it to 12. The only other thing I can add is to try and earn extra through mistery shopping, surveys, daily clicks, bingo and matched betting. Hope this helps a bit. Be strong you've done a first big step and Faced up to it. There is always a way.