help !!

payneardo

Hi, sorry if I am in the wrong place but just wondered if anybody can help me with too much debt.

I am wondering what to do as I have over 40K of debt and loan & CC payments are over £1K a month. We can just afford to pay it but are struggling with monthly food bills etc. I want to pay the debts off but just want to re-structure to lower my monthly payments and have never missed a payment; But because I have so much debt the banks seem reluntant to help me (which I can understand in today's climate) but just wondered if anybody can give me advise on what to do. Do I phone and ask them if they can lower the payments ??? or go see the CAB ??

Thanks for viewing

[Deleted User]

could you do an SOA so we can see if we can help?

payneardo

woodbine wrote: »

could you do an SOA so we can see if we can help?

Sorry what is a SOA ???:o

Moneytroubles_2

Statement of Affairs xxx

Moneytroubles_2

http://www.makesenseofcards.com/soacalc.html xxx

payneardo

Cheers, here is the SOA :0


Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1930
Partners monthly income after tax....... 720
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2650

Monthly Expense Details
Mortgage................................ 493
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 20
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 40
Internet Services....................... 40
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 30
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 20
Buildings insurance..................... 20
Contents insurance...................... 20
Life assurance ......................... 30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 25
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 25
Total monthly expenses.................. 1490


Assets
Cash.................................... 0
House value (Gross)..................... 85000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 91000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 83000....(493)......6.9
Hire Purchase (HP) debt ...... 430......(0)........0
Total secured & HP debts...... 83430.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
First Direct Loans.............5300......220.......7.9
Northern Rock Loan.............18000.....299.......6.9
FD Credit Card.................3100......92........17.9
Overdrafts.....................500.......0.........12.9
Overdrafts.....................250.......0.........0
TSB Loan.......................5000......148.......14.9
Car Loan.......................6000......155.......0
Tesco Credit Card..............2500......70........12.9
Tesco Loan.....................15000.....255.......12.9
Total unsecured debts..........55650.....1239......-


Monthly Budget Summary
Total monthly income.................... 2,650
Expenses (including HP & secured debts). 1,490
Available for debt repayments........... 1,160
Monthly UNsecured debt repayments....... 1,239
Amount short for making debt repayments. -79

Personal Balance Sheet Summary
Total assets (things you own)........... 91,000
Total HP & Secured debt................. -83,430
Total Unsecured debt.................... -55,650
Net Assets.............................. -48,080

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

payneardo

Plus I have 2 overdrafts which I hope to pay off by selling electical goods very soon :0

WASHER

Can you include the overdrafts on your SOA, as it is a debt at this moment, and I will take alook at your soa and give some comments.

payneardo

WASHER wrote: »

Can you include the overdrafts on your SOA, as it is a debt at this moment, and I will take alook at your soa and give some comments.

Thanks, I have edited my orginal SOA post with the overdrafts added

WASHER

payneardo wrote: »

Cheers, here is the SOA :0


Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1930
Partners monthly income after tax....... 720
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2650

Monthly Expense Details
Mortgage................................ 493 - interest or repayment?
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 20
Mobile phone............................ 50 - reduce by half
TV Licence.............................. 12
Satellite/Cable TV...................... 40 - get rid of
Internet Services....................... 40 - this is high
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 30
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 40 - this is high too
Pet insurance/vet bills................. 20
Buildings insurance..................... 20
Contents insurance...................... 20
Life assurance ......................... 30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 25 - each month? Its alot
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 25
Total monthly expenses.................. 1490


Assets
Cash.................................... 0
House value (Gross)..................... 85000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 91000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 83000....(493)......6.9
Hire Purchase (HP) debt ...... 430......(0)........0
Total secured & HP debts...... 83430.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
First Direct Loans.............5300......220.......7.9
Northern Rock Loan.............18000.....299.......6.9
FD Credit Card.................3100......92........17.9
Overdrafts.....................500.......0.........12.9
Overdrafts.....................250.......0.........0
TSB Loan.......................5000......148.......14.9
Car Loan.......................6000......155.......0
Tesco Credit Card..............2500......70........12.9
Tesco Loan.....................15000.....255.......12.9
Total unsecured debts..........55650.....1239......-


Monthly Budget Summary
Total monthly income.................... 2,650
Expenses (including HP & secured debts). 1,490
Available for debt repayments........... 1,160
Monthly UNsecured debt repayments....... 1,239
Amount short for making debt repayments. -79

Personal Balance Sheet Summary
Total assets (things you own)........... 91,000
Total HP & Secured debt................. -83,430
Total Unsecured debt.................... -55,650
Net Assets.............................. -48,080

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

I have added comments in above, even with the suggested savings I have mentioned above, its a very tight soa, I would suggest you call the CCCS, a debt charity and see about a DMP (debt management plan). Take alook at the website, its very useful.

miss_missy

payneardo wrote: »

Cheers, here is the SOA :0


Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1930
Partners monthly income after tax....... 720
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2650

Monthly Expense Details
Mortgage................................ 493
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 40 can you get a cheaper deal same with gas
Gas..................................... 40
Oil..................................... 0
Water rates............................. 45 this is high
Telephone (land line)................... 20
Mobile phone............................ 50 reduce this
TV Licence.............................. 12
Satellite/Cable TV...................... 40 reduce
Internet Services....................... 40 wow!!! thats high you can get much cheaper
Groceries etc. ......................... 200 reduce
clothing................................ 50 use what you have
Petrol/diesel........................... 50
Road tax................................ 0 ?do you not need tax?
Car Insurance........................... 30
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 40 this is alot
Pet insurance/vet bills................. 20
Buildings insurance..................... 20 can you get cheaper
Contents insurance...................... 20 same as above
Life assurance ......................... 30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 reduce
Haircuts................................ 25 reduce
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 25
Total monthly expenses.................. 1490


Assets
Cash.................................... 0
House value (Gross)..................... 85000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 91000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 83000....(493)......6.9
Hire Purchase (HP) debt ...... 430......(0)........0 what is this debt your not paying anything??
Total secured & HP debts...... 83430.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
First Direct Loans.............5300......220.......7.9
Northern Rock Loan.............18000.....299.......6.9
FD Credit Card.................3100......92........17.9
TSB Loan.......................5000......148.......14.9
Car Loan.......................6000......155.......0
Tesco Credit Card..............2500......70........12.9
Tesco Loan.....................15000.....255.......12.9
Total unsecured debts..........54900.....1239......-


Monthly Budget Summary
Total monthly income.................... 2,650
Expenses (including HP & secured debts). 1,490
Available for debt repayments........... 1,160
Monthly UNsecured debt repayments....... 1,239
Amount short for making debt repayments. -79

Personal Balance Sheet Summary
Total assets (things you own)........... 91,000
Total HP & Secured debt................. -83,430
Total Unsecured debt.................... -54,900
Net Assets.............................. -47,330

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

you could make quite a few savings above which would help free up more cash to throw at the debts

by getting rid of clothes budget reducing your groceries by 20 and reducing present budget by 10 that would bring you back to breaking even
then we just have to find more money to throw at debts as most of them are loans i can really help with shuffling the debt

you need to throw as much money as you can at the fd cc first

hope some of that helps