please could you help - £19,000 of debts

bestrong

I really dont know where to turn - could someone please help with some advice on what to do next. I dont want to go down the dmp route as I am a proud lassie.

Thank you in advance xx

bestrong

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 1780
Monthly Expense Details
Mortgage................................ 548
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 63
Electricity............................. 8.2
Gas..................................... 48
Oil..................................... 0
Water rates............................. 28.84
Telephone (land line)................... 27.5
Mobile phone............................ 30
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 12
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 140
Road tax................................ 3
Car Insurance........................... 35
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 13
Contents insurance...................... 0
Life assurance ......................... 11.6
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 26
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1246.26

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 104000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 50000....(548)......0
Total secured & HP debts...... 50000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
tesco redit card...............890.97....50........16.9
barclaycard....................4767.87...130.......0
argos..........................493.29....15.45.....27.9
scs............................1100......47........0
debenhams......................110.......8.........29.9
barclays overdraft.............930.49....0.........0
creation.......................285.2.....12.4......24.9
mbna...........................4932.87...7.........10
alliance & leicester...........5869.62...308.9.....8.9
Total unsecured debts..........19380.31..578.75....-

Monthly Budget Summary
Total monthly income.................... 1,780
Expenses (including HP & secured debts). 1,246.26
Available for debt repayments........... 533.74
Monthly UNsecured debt repayments....... 578.75
Amount short for making debt repayments. -45.01
Personal Balance Sheet Summary
Total assets (things you own)........... 104,000
Total HP & Secured debt................. -50,000
Total Unsecured debt.................... -19,380.31
Net Assets.............................. 34,619.69

bestrong

The minimum payment for mbna is £70 not £7 making the total amount of monthly repayments up to £641.75:(

Moneytroubles_2

Hiya and welcome to the board, im not good with SOA's however someone will be along shortly to help you i'm sure xxx

DVardysShadow

bestrong wrote: »

Statement of Affairs and Personal Balance Sheet



Unsecured Debts
Description....................Debt......Monthly...APR
tesco redit card...............890.97....50........16.9
barclaycard....................4767.87...130.......0
argos..........................493.29....15.45.....27.9
scs............................1100......47........0
debenhams......................110.......8.........29.9
barclays overdraft.............930.49....0.........0
creation.......................285.2.....12.4......24.9
mbna...........................4932.87...70........10
alliance & leicester...........5869.62...308.9.....8.9
Total unsecured debts..........19380.31..578.75....-

Monthly Budget Summary
Total monthly income.................... 1,780
Expenses (including HP & secured debts). 1,246.26
Available for debt repayments........... 533.74
Monthly UNsecured debt repayments....... 641.75
Amount short for making debt repayments. -108.01

I'm looking at Alliance and leicester and thinking this is a loan and not a card. How long till it finishes? It looks like about 20 months.

Once this is paid off, you will be able to pay other debt down, but it looks like you will accumulate a further £2000 of debt in the process.

It may be that the advice you get on spending and income will allow you to make up the amount short for making debt repayments, in which case you may be able just to sit it out, perhaps just paying off the small high APR loans and also getting your overdraft paid off [this must cost you?], until you have the loan paid off. It would be a shame to totally smash your credit rating by going on a DMP if the loan will be paid off and leave you enough slack to tackle the remaining debts in 2 years. But the question is are you up for tightening your belt for so long with little apparent progress or let up?

joeblack066

Go to whatsthecost.com, and enter your details into the snowball.....you will find you can be debt free in 35 months....not too bad!
I can see that you have a small shortfall in your amount that you need to service the debts. You haven't included any Child Tax Credits in your SOA, and you should be entitled to £10.50 per week, which would cover your shortfall, so get it claimed! Then you can look at other ways to up your income, ie a lodger tax free on the Rent a Room scheme. You have had your Lightbulb moment now, and can set things in motion to get ris of these debts, and things will feel so much better when the positive steps have been taken. Joe

Tixy

Hi and welcome

bestrong wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 80 is this child benefit? do you get any tax credits? or any maintenance?
Other income............................ 0
Total monthly income.................... 1780
Monthly Expense Details
Mortgage................................ 548
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 63
Electricity............................. 8.2
Gas..................................... 48
Oil..................................... 0
Water rates............................. 28.84 have you considered looking to see if a meter would be cheaper (if this is unmeasured)
Telephone (land line)................... 27.5 looks quite high - do you make a lot of landline calls? maybe try to shop for something cheaper (including broadband)
Mobile phone............................ 30
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 12 see landline
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 140 are all journeys essential? is it mostly commuting? do you drive 'efficently' (slowly!)
Road tax................................ 3
Car Insurance........................... 35
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 13
Contents insurance...................... 0
Life assurance ......................... 11.6
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 26
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1246.26

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 104000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 50000....(548)......0
Total secured & HP debts...... 50000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
tesco redit card...............890.97....50........16.9
barclaycard....................4767.87...130.......0
argos..........................493.29....15.45.....27.9
scs............................1100......47........0
debenhams......................110.......8.........29.9
barclays overdraft.............930.49....0.........0
creation.......................285.2.....12.4......24.9
mbna...........................4932.87...7.........10
alliance & leicester...........5869.62...308.9.....8.9
Total unsecured debts..........19380.31..578.75....-

Monthly Budget Summary
Total monthly income.................... 1,780
Expenses (including HP & secured debts). 1,246.26
Available for debt repayments........... 533.74
Monthly UNsecured debt repayments....... 578.75
Amount short for making debt repayments. -45.01
Personal Balance Sheet Summary
Total assets (things you own)........... 104,000
Total HP & Secured debt................. -50,000
Total Unsecured debt.................... -19,380.31
Net Assets.............................. 34,619.69

Do you have any items you could sell to pay a chunk off your debts. Outgrown kids toys/clothes, old things you no longer use or wear? Every bit helps, if so you could target that little debenhams balance first - its a low balance but the highest APR, but its always a good feeling to clear the first debt.

Any chance you can increase your income (without increasing childcare costs?)
Perhaps try doing online reviews & surveys to earn enough vouchers for christmas presents this year (making a small saving on your monthly expenses).

Good luck

[Deleted User]

1) debenhams......................110.......8........ .29.9
2) argos..........................493.29....15.45.... .27.9
3) creation.......................285.2.....12.4..... .24.9
4) tesco redit card...............890.97....50........16.9
5) mbna...........................4932.87...7........ .10
6) alliance & leicester...........5869.62...308.9.....8.9
=7)barclaycard....................4767.87...130...... .0
=7)scs............................1100......47....... .0
=7)barclays overdraft.............930.49....0.........0

Are you currently paying the lowest you can to each of them?
If not, and you can, lower what you are paying to those with lower or 0% Apr's and pay of those with the higher APR's first - as ordered above

miss_missy

bestrong wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 80 this should be higher 86 child benefit per month as it 20 per week also do you not claim tax credits?? we earn more than you combine but still get 10 child tax credit a week you need to look into this
Other income............................ 0
Total monthly income.................... 1780
Monthly Expense Details
Mortgage................................ 548
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 63 is that paid 10 or 12 months
Electricity............................. 8.2
Gas..................................... 48 can you reduce this alittle
Oil..................................... 0
Water rates............................. 28.84
Telephone (land line)................... 27.5 reduce this
Mobile phone............................ 30 can you reduce this?
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 12
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 140
Road tax................................ 3
Car Insurance........................... 35 try to reduce this when its due for renewal change company use cash back site
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40 whats this?
Medical (prescriptions, dentist etc).... 0 you need something here
Pet insurance/vet bills................. 0
Buildings insurance..................... 13
Contents insurance...................... 0 is contents include with buildings?
Life assurance ......................... 11.6
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 26 this could be reduced your spending over 300 per year on haircuts
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0 need something here
Total monthly expenses.................. 1246.26

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 104000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 50000....(548)......0
Total secured & HP debts...... 50000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
tesco redit card...............890.97....50........16.9
barclaycard....................4767.87...130.......0 when does the 0% end?
argos..........................493.29....15.45.....27.9
scs............................1100......47........0
debenhams......................110.......8.........29.9
barclays overdraft.............930.49....0.........0
creation.......................285.2.....12.4......24.9
mbna...........................4932.87...7.........10 is this a special deal? that apr is low for mbna
alliance & leicester...........5869.62...308.9.....8.9
Total unsecured debts..........19380.31..578.75....-

Monthly Budget Summary
Total monthly income.................... 1,780
Expenses (including HP & secured debts). 1,246.26
Available for debt repayments........... 533.74
Monthly UNsecured debt repayments....... 578.75
Amount short for making debt repayments. -45.01
Personal Balance Sheet Summary
Total assets (things you own)........... 104,000
Total HP & Secured debt................. -50,000
Total Unsecured debt.................... -19,380.31
Net Assets.............................. 34,619.69

you have an extra £6 per month straight away from your child benefit as you need to work it out over 12 months for you budget and could have a possible extra of at least £40 from tax credits look into that as that combine would have you breaking even

saxysarah

are you sure your electric figure is correct? only 8.20 a month? seems very low - maybe you could switch your mortgage payments to interest only for a short term to clear some of the CC debt to get you back on track. apart from that its just a case of really tightening ur belt 2 get them paid off and keep thinking of having over £500 quid spare every month when you do! The amount you are short by isnt unmanagelable and i def think its worth trying to get back on track before going down the dmp route. is your income from work? have you checked if your entitled to working tax credit as well as child tax credit.?

gonzo127

as everyone has pointed out you need to check the benifits http://www.entitledto.co.uk/Default.aspx?AspxAutoDetectCookieSupport=1 fill it in and this should tell you what you should be getting

check you mobile and find out if you are actually using all your mins and texts, if not phone them up and see if you can reduce your tarrif, - the worst they can say is no!

your landline is also a lot, do you have itemised billing? do you pay for any extras do you get direct debit discount? do you phone only at the weekend, evening and weekends or anytime, check out the bundle add ons which can give you free calls to see if these would be worth while

as above as well are you on a interest only mortgage or repayment? might it be worth while to go for a interest only one for a short while to help pay of some of the more expensive debt
1) debenhams......................110.......8........ .29.9
2) argos..........................493.29....15.45.... .27.9
3) creation.......................285.2.....12.4..... .24.9
4) tesco redit card...............890.97....50........16.9