Appreciate your help please...

dors1

So here goes...I did this last year but I don't seem to be getting any further forward and I would really appreciate your advice...

I know a big issue is the fact that salary is being paid into overdrawn account so I am constantly in the red...

I have a company car hence no mot; tax etc.

I don't live in the house that I pay the mortgage for...live with OH in another property. Though I do pay TV licence & sky on mortgaged property (family members live in mortgaged property plus this is where I'm registered hence three adults)

Bank aren't chasing o/d or mortgage o/d but I need to sort out. I can't think of anything else and in all honesty it's eating at my confidence. I did talk to the bank end of last year - wanted me to take further advance which didn't go ahead as secured loan would not release second charge - actually think it was a good thing. I'm beginning to think DMP but not sure. Feeling really down about it all; know I need to sort but can't seem to build confidence to face it head on. As you've probably guessed I've not shared this with anyone either (other than folks on here)..

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1750
Monthly Expense Details
Mortgage................................ 312
Secured/HP loan repayments.............. 360
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 19
Internet Services....................... 24.99
Groceries etc. ......................... 250
Clothing................................ 10
Petrol/diesel........................... 160
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 11
Pet insurance/vet bills................. 0
Buildings insurance..................... 13
Contents insurance...................... 13
Life assurance ......................... 66
Other insurance......................... 9
Presents (birthday, christmas etc)...... 10
Haircuts................................ 16
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1295.99

Assets
Cash.................................... 155
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 155

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 70.......(312)......0
Secured Debt.................. 43.......(360)......0
Total secured & HP debts...... 113.......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclays O/D...................1750......0.........0
Mort account o/d...............12.87.....0.........0
RBS Credit Card................791.......20........0
Barclays Loan..................7.5.......135.......0
Student Loan...................187.5.....75........0
Next ..........................51........10........0
Barclaycard....................6.5.......152.......0
Total unsecured debts..........2806.37...392.......-

Monthly Budget Summary
Total monthly income.................... 1,750
Expenses (including HP & secured debts). 1,295.99
Available for debt repayments........... 454.01
Monthly UNsecured debt repayments....... 392
Amount left after debt repayments....... 62.01
Personal Balance Sheet Summary
Total assets (things you own)........... 155
Total HP & Secured debt................. -113
Total Unsecured debt.................... -2,806.37
Net Assets.............................. -2,764.37
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

dors1

Thanks in advance.:)

dors1

Actually the first SOA that I posted didn't look quite right...decimal point problems - have adjusted - please accept my apologies:

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1750
Monthly Expense Details
Mortgage................................ 312
Secured/HP loan repayments.............. 360
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 19
Internet Services....................... 24.99
Groceries etc. ......................... 250
Clothing................................ 10
Petrol/diesel........................... 160
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 11
Pet insurance/vet bills................. 0
Buildings insurance..................... 13
Contents insurance...................... 13
Life assurance ......................... 66
Other insurance......................... 9
Presents (birthday, christmas etc)...... 10
Haircuts................................ 16
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1295.99

Assets
Cash.................................... 155000
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 155000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 70000....(312)......0
Secured Debt.................. 43000....(360)......0
Total secured & HP debts...... 113000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclays O/D...................1750......0.........0
Mort account o/d...............12.87.....0.........0
RBS Credit Card................791.......20........0
Barclays Loan..................7.5.......135.......0
Student Loan...................187.5.....75........0
Next ..........................51........10........0
Barclaycard....................6.5.......152.......0
Total unsecured debts..........2806.37...392.......-

Monthly Budget Summary
Total monthly income.................... 1,750
Expenses (including HP & secured debts). 1,295.99
Available for debt repayments........... 454.01
Monthly UNsecured debt repayments....... 392
Amount left after debt repayments....... 62.01
Personal Balance Sheet Summary
Total assets (things you own)........... 155,000
Total HP & Secured debt................. -113,000
Total Unsecured debt.................... -2,806.37
Net Assets.............................. 39,193.63
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

McKneff

Save quite a lot by telling the occupants of your own property to pay for their own Sky and TV Licence for starters.
Why do you do this.

Tixy

Hi Dors

Can you just clarify aside from mortgage sky & tv licence are the rest of the costs just yours? Do you and OH not keep joint finances?

dors1 wrote: »

Actually the first SOA that I posted didn't look quite right...decimal point problems - have adjusted - please accept my apologies:

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1750
Monthly Expense Details
Mortgage................................ 312
Secured/HP loan repayments.............. 360
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 19
Internet Services....................... 24.99 are you in a contract for this? can you look for a cheaper deal?
Groceries etc. ......................... 250 how many adults for? just you? Try to get this to £80 per adult.
Clothing................................ 10
Petrol/diesel........................... 160 do you have a car? no other car costs?
Road tax................................ 0 if you have a car budget for this
Car Insurance........................... 0 and this
Car maintenance (including MOT)......... 0 and this
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 11
Pet insurance/vet bills................. 0
Buildings insurance..................... 13
Contents insurance...................... 13 which property B&C? yours? have you shopped round for a cheaper deal?
Life assurance ......................... 66 looks very high? just for you? shop around
Other insurance......................... 9 whats this cover?
Presents (birthday, christmas etc)...... 10
Haircuts................................ 16
Entertainment........................... 0 never anything?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1295.99

Assets
Cash.................................... 155000
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 155000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 70000....(312)......0
Secured Debt.................. 43000....(360)......0 secured on your property? what was the debt from? doing up house? previous consolidation?
Total secured & HP debts...... 113000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclays O/D...................1750......0.........0 find all the APRs out
Mort account o/d...............12.87.....0.........0
RBS Credit Card................791.......20........0
Barclays Loan..................7.5.......135.......0
Student Loan...................187.5.....75........0
Next ..........................51........10........0
Barclaycard....................6.5.......152.......0
Total unsecured debts..........2806.37...392.......-

Monthly Budget Summary
Total monthly income.................... 1,750
Expenses (including HP & secured debts). 1,295.99
Available for debt repayments........... 454.01
Monthly UNsecured debt repayments....... 392
Amount left after debt repayments....... 62.01
Personal Balance Sheet Summary
Total assets (things you own)........... 155,000
Total HP & Secured debt................. -113,000
Total Unsecured debt.................... -2,806.37
Net Assets.............................. 39,193.63
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi
Obviously your situation is not straight forward so it might help if you can clarify which costs relate to where. Do you receive no rental income for your property? Could you sell your property? do you contribute anything to OHs household costs?

dors1

Hi thanks for your prompt responses

-reason I pay for sky etc is the occupants are my elderly disabled parents on very low income
- no I don't receive rental income - can't sell as home to parents - OH and I are not married - separate finances. In respect of my contrubition to OHs household costs - food.

Horace

If your parents are elderly they may be entitled to a free tv licence - I think you get them when you are 75.

Rather than keep being overdrawn and have your wages swallowed up by the overdraft, open a basic account in another bank that has noi connections to your current one and treat the overdraft in the original bank as another debt to be paid off.

Your grocery bill is high and can be reduced by meal planning and making a shopping list of what you need and not what you think you want.

Keep a spending diary.

foxgloves

Hi,
I don't think this is going to be helpful re the debt in itself, but I wanted to agree with you how hard it is to sort debt payments out when current account is always in overdraft. Both my partner & I (married but have separate current accounts, tho' joint finances) found it much easier to deal with the debts we'd had for years as soon as we managed to get our overdrafts cleared. That was the key thing for us, because so much of our monthly salary was just disappearing down a black hole that it was so much harder to budget. Recognising this was instrumental in getting the rest of it sorted.

monkeymo

Do you actually have £155k in cash? Or is this a decimal error?

dors1

monkeymo wrote: »

Do you actually have £155k in cash? Or is this a decimal error?

Sorry error - should be house value not cash - if only I had that in cash! Wishful thinking on my part..:)

dancingfairy

Well the good news is that your SOA is showing a surplus there also doesn't appear to be a lot to cut down on based on what you've given us.
However it does appear you may be able to save on the tv license according to the OP, petrol -can you claim any expenses from work for the petrol? claim tax relief on this?
Life assurance maybe could be re-looked at?
I did get a bit confused with your debts list to be honest as I guess there are some digits missing -I'm guessing you've done it in thousands?
Anyway - have you got anything to sell at all car boot? ebay?
Can you do overtime or get a second job at all?
Good Luck
df