Sinking Fast!!!

Tixy

Hi deb and welcome

debjan wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 708 any chance you could increase your hours at all? I know its not ideal if you were thinking of retiring fairly soon but it would help in the short term.
Partners monthly income after tax....... 0
Benefits................................ 89.78 have you checked if you are entitled to anything else on top of WTC?
Other income............................ 0
Total monthly income.................... 797.78
Monthly Expense Details
Mortgage................................ 59.14
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80 do you claim the 25% discount for single occupiers?
Electricity............................. 37 is this including arrears or your monthly usage?
Gas..................................... 50 as elec
Oil..................................... 0
Water rates............................. 0 do you not pay these?
Telephone (land line)................... 25
Mobile phone............................ 10
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150 -should be able to reduce this for 1 person. Do you meal plan for the week before you shop? try the drop a brand challenge. Like you I live alone and find batch cooking larger meals and freezing some helps keep costs down.
Clothing................................ 20 you are right to budget something but do keep to a bare minimum until your utility arrears are clear.
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 34.8
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 18.16 shop for cheaper B&C at next renewal, given the value of your house you should be able to get a little bit cheaper
Contents insurance...................... 10.63
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 541.85

Assets
Cash.................................... 0
House value (Gross)..................... 65000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 65000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 25000....(59.14)....0
Total secured & HP debts...... 25000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
store card.....................525.......21........27.9
store card.....................454.......18........26
store card.....................159.......6.........26.8
electricity arrears............150.......0.........0
gas arrears....................230.......0.........0
loan...........................9112......182.......15.9
credit card....................3397......103.......19.9
credit card....................3121......85........29.9
Total unsecured debts..........17148.....415.......-

Monthly Budget Summary
Total monthly income.................... 797.78
Expenses (including HP & secured debts). 541.85
Available for debt repayments........... 255.93
Monthly UNsecured debt repayments....... 415
Amount short for making debt repayments. -159.07
Personal Balance Sheet Summary
Total assets (things you own)........... 65,000
Total HP & Secured debt................. -25,000
Total Unsecured debt.................... -17,148
Net Assets.............................. 22,852


Thanks for your help. The cards have been cut up since he left and I've just been covering the minimum payments with the savings I had left, but now they're gone. I have contacted the energy advisory service to see if I am entitled to any grants towards a heating system, waiting to hear back from them. Just didn't know where to start, wasn't sure if a trust deed would be for me or bankruptcy or a repayment plan!!! My head is in turmoil!

If you haven't yet I think you really need to seek advice from one of the debt charities to find a way forward. I don't think bankruptcy is for you because of the house, but they will advise on other possible options.

Good luck

debjan

Thanks Raggs, i did put a notice for spare room for students in the local paper but have had no replies so far, our nearest uni is over 30 miles away though.

Willow_K

debjan wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 708
Partners monthly income after tax....... 0
Benefits................................ 89.78
Other income............................ 0
Total monthly income.................... 797.78
Monthly Expense Details
Mortgage................................ 59.14
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80 If this is over 10 months can you pay it over 12 instead? Are you getting single person discount?
Electricity............................. 37
Gas..................................... 50 This seems high - is it because your boiler is old? If you can get a grant for a new boiler this should hopefully come down
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25
Mobile phone............................ 10
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150 Try and get this down to £100 a month - see the Old Style board for some tips
Clothing................................ 20 This is a lot - try just using what you have for now
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 34.8
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 18.16
Contents insurance...................... 10.63
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 This is too much given your debts - who are you spending £240 a year on?
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 541.85

Assets
Cash.................................... 0
House value (Gross)..................... 65000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 65000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 25000....(59.14)....0
Total secured & HP debts...... 25000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
store card.....................525.......21........27.9
store card.....................454.......18........26
store card.....................159.......6.........26.8
electricity arrears............150.......0.........0
gas arrears....................230.......0.........0
loan...........................9112......182.......15.9 How long does this have left to run and is £9112 the balance or the original loan?
credit card....................3397......103.......19.9
credit card....................3121......85........29.9
Total unsecured debts..........17148.....415.......-

Monthly Budget Summary
Total monthly income.................... 797.78
Expenses (including HP & secured debts). 541.85
Available for debt repayments........... 255.93
Monthly UNsecured debt repayments....... 415
Amount short for making debt repayments. -159.07
Personal Balance Sheet Summary
Total assets (things you own)........... 65,000
Total HP & Secured debt................. -25,000
Total Unsecured debt.................... -17,148
Net Assets.............................. 22,852

Hi

I've put a few suggestions in you SOA. The only other thing is that it may be worth looking at transfering the store cards to the credit you have on your credit cards. Although the one credit card APR is higher than the store cards, it will consolidate the debt a little and you can throw the minimum payments from the store cards and any additional money at the 29% card.

If your credit rating is OK, it may also be worth seeing if you can get a 0% card and balance transfer some of the credit cards.

debjan

Thanks for the advice Tixy, tried to get extra hours at work but there's talk of redundancies so looking for something else in the meantime. Cutting back on all the luxuries and only focussing on the necessities just now. Our water rates are in with our council tax because i live in scotland and I am receiving single person rate. Thanks for your advice, much appreciated.

debjan

Thanks Willow, 9112 is the original loan and it has 46 months left to run

Moneytroubles_2

http://www.ef.com/Default.aspx?tc=IQ&bhcp=1

Above is a link for a company that organises study for students from oversees, some of which are 16 and at 6th form. I did this for a year and got £200 a month, I know it doesnt seem much but you have no responsbilities as such they are simply your lodger, and also as I lived on my own at the time I found I saved money in a way as I wasnt throwing food away.

You can also host more than one student (obv more money) and they can share a bedroom - hope this helps xxx

kissjenn

Hi,

How much is your endowment policy per month and where is it shown?

How much is it for, is it with profits or unit linked?

Have you had it valued on the 2nd hand market?

How much do they say it's worth now and how much do they estimate it will be worth at maturity?

It may be worth selling it now (only surrender if they offer more than 2nd hand mortgage buyers) but depends on if you'd use it to pay off debts or if you think you'd spend it and still have debts and a mortgage.

Can you claim Council Tax Benefit? Are you getting the single person discount?

Do you receive or need something like DLA, is your arthritis bad enough now that you're finding work a struggle?

£150 food for 1 can be reduced. Old style can easily shave off £50 per month.

Contents and Buildings Ins are very high for a house worth £65k unless you've claimed or are in a flood zone.

Do you have stuff you can ebay?

Tell us some more about yourself and maybe we can find some other ideas.

jennihen

Hi Debjan - just wanted to say hi! I got left with a lot of debt when the exOH upped sticks on us. Also I have an arthritus-like condition so I understand what a slog it all is.
One thing that really saved me was taking in ironing. I used to charge £10/hour and I still have people ringing me and begging me to iron their stuff!!
I also had an extra cleaning job that paid £20 (for about 2.5hrs light housework) Does sound much but over a year thats £1000. Obviously you have to declare it but I used to save it up and then use it to clear a bill.
There's some good suggestions here so best of luck
JH x

debjan

Thanks Jenni
Great idea I didn't think of doing that. Definitely going to start putting the word out
thanks again

CarineG

Hi Debjan,

Having a tenant is a good idea and if the university is too far, a professional may be interested in taking one of your rooms. It could be a good idea to advertise in a local paper/website and put some adds in your local shops.

Good idea with the ironing or cleaning, this could bring extra income too.

As for the grocery shopping, I would suggest the cheaper supermarkets for now, you could also try local markets, mine sells fruit and veggies at reduced price when it's closing time.
I have considerably reduced my food bill by making large meals on a Sunday evening (like pasta/rice with vegetables or soups). I make a large pot and I take it to work every day. You can also freeze it.

I would also talk to my energy suppliers, I'm sure by talking to them you can agree a reasonable sum you can pay each month as opposed to nothing.

Best of luck with everything. I hope everything goes well for you.