Help..

FSCC

New member..
Any advise help welcomed... Looking into a debt management program with CAB is this of any help? feedback needed!
Thank you

Household Information[/b]
Number of adults in household........... 2 (partner is in full time work)
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1843
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 200 (From partner)
Total monthly income.................... 2043
Monthly Expense Details
Mortgage................................ 823.9
Secured/HP loan repayments.............. 300.4
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 38.5 (Partner pays half)
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 55
Telephone (land line)................... 12.5
Mobile phone............................ 40
TV Licence.............................. Partner pays
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... Partner pays
Clothing................................ Partner Pays
Petrol/diesel........................... 120
Road tax................................ 13
Car Insurance........................... 50
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 13.5
Contents insurance...................... 13.5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1620.3

Assets
Cash.................................... 0
House value (Gross)..................... 115,000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5115

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 128.677..(823.9)....7.69
Secured Debt.................. 16.275...(300.4)....23.2
Total secured & HP debts...... 144.95....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
apex...........................4133.44...175.......0
citi...........................7920.34...80.86.....7.18
nat cc.........................3330.95...280.......0
parents........................5000......193.2.....9
nat loan.......................16.421....294.......9.4
Total unsecured debts..........20401.15..1023.06...-

Monthly Budget Summary
Total monthly income.................... 2,043
Expenses (including HP & secured debts). 1,620.3
Available for debt repayments........... 422.7
Monthly UNsecured debt repayments....... 1,023.06
Amount short for making debt repayments. -600.36
Personal Balance Sheet Summary
Total assets (things you own)........... 5,115
Total HP & Secured debt................. -144.95
Total Unsecured debt.................... -20,401.15
Net Assets.............................. -15,431.1

WASHER

Firstly, welcome to MSE, You need to add groceries into your SOA and something for clothing.

Before I comments on the SOA, why is the natwest CC monthly payment £280 on a £3300 debt, this seems far too high.

FSCC

Hi thank you..
groceries and clothing are funded by my partner who is not included in the SOA. Its a nationwide cc and this high as its a ccj.

WASHER

Ok, I've had a quick look, if you add £300 per month for groceries, you are almost £1K short each month, there is no way on earth you are going to save that by reducing a wee bill here and there. You need professional help and very urgently I would say.

Offer token Payments to your unsecured creditors, you must pay the mortgage/secured loans/council tax/gas/electricity and water and buy food, that is your priority now, everyone else will have to take a token payment. I don't think you can add your parents loan into a DMP though?

WASHER

OK, you need to add your partners income into the SOA, do you jointly owned the house?

FSCC

ok thank you for your feedback will be seeking help this week.

FSCC

no i own the house they are not on the morgage.

WASHER

You can contact the CCCS (a debt charity) who will help you for free also, take a look at their website, a wealth of knowledge on there. Does your partner know about the debt?

FSCC

Yes thank you will take a look.. yes they have are now aware of all the debts.

Numpty_Monkey

FSCC wrote: »

New member..
Any advise help welcomed... Looking into a debt management program with CAB is this of any help? feedback needed! Well Done
Thank you

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1843
Partners monthly income after tax....... 0 can your partner get a part time job ?
Benefits................................ 0 check http://www.turn2us.org.uk/benefits_search.aspx
Other income............................ 200 Whats this from
Total monthly income.................... 2043
Monthly Expense Details
Mortgage................................ 823.9
Secured/HP loan repayments.............. 300.4
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 38.5 thats cheap?
Electricity............................. 30 fair but possibly reduce, use comparrison sites and cashback sites
Gas..................................... 30 as Electric
Oil..................................... 0
Water rates............................. 55 Look at getting a water meter
Telephone (land line)................... 12.5 Look at Bundle package, Phone/Internet
Mobile phone............................ 40 reduce to a lower tarrif if possible,cancel and go PAYG
TV Licence.............................. 0 Budget £12 Here
Satellite/Cable TV...................... 20 can't afford
Internet Services....................... 20 as phone
Groceries etc. ......................... 0 Budget £150 here
Clothing................................ 0 budget £5 here
Petrol/diesel........................... 120 is it worth having 2 cars?
Road tax................................ 13
Car Insurance........................... 50 same as electric
Car maintenance (including MOT)......... 0 ?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 13.5
Contents insurance...................... 13.5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1620.3

Assets
Cash.................................... 0
House value (Gross)..................... 115, 000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5115

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 128.677..(823.9)....7.69
Secured Debt.................. 16.275...(300.4)....23.2
Total secured & HP debts...... 144.95....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
apex...........................4133.44...175.......0
citi...........................7920.34...80.86.....7.18
nat cc.........................3330.95...280.......0
parents........................5000......193.2.....9
nat loan.......................16.421....294.......9.4
Total unsecured debts..........20401.15..1023.06...-

Monthly Budget Summary
Total monthly income.................... 2,043
Expenses (including HP & secured debts). 1,620.3
Available for debt repayments........... 422.7
Monthly UNsecured debt repayments....... 1,023.06
Amount short for making debt repayments. -600.36
Personal Balance Sheet Summary
Total assets (things you own)........... 5,115
Total HP & Secured debt................. -144.95
Total Unsecured debt.................... -20,401.15
Net Assets.............................. -15,431.1

Hi :hello:

The mortgage is the killer here and lack of budgeting for food,
There is no way I can get £600 a month extra, your OH needs to try and find some work

Put your numbers through this
https://debtremedy.cccs.co.uk/
it will give you an idea of what you can expect on a DMP

HTH:A

FSCC

Hi thanks for reply my partner has a full time job just have not included them in the soa as our money is seperate. Food and clothing are paid for by my parter as well as tv licence and half the council tax. 200 extra income is from my parter.morgage is up for review in july and should drop a reasonable amount.