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Please help

reecy_2
Posts: 29 Forumite
Hi everyone,
I'm hoping someone can help us out, I decided today to add up all of our outgoings and loan agreements and got the shock of my life at how out of our depth we actually are. I'm not even sure how we got ourselves in this mess but our total debt is £16,500 and right now it seems hopeless.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1479.89
Partners monthly income after tax....... 150
Benefits................................ 400.22
Other income............................ 0
Total monthly income.................... 2030.11
Monthly Expense Details
Mortgage................................ 192.9
Secured/HP loan repayments.............. 0
Rent.................................... 31
Management charge (leasehold property).. 50
Council tax............................. 115
Electricity............................. 68
Gas..................................... 46
Oil..................................... 0
Water rates............................. 47.33
Telephone (land line)................... 28.5
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 11.5
Internet Services....................... 20
Groceries etc. ......................... 280
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 26.1
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 45
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 22.05
Life assurance ......................... 29.38
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Cigarettes.............................. 150
Bank charge............................. 12.95
Kids investment fund.................... 10
Dinner money............................ 76
Total monthly expenses.................. 1381.71
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(192.9)....0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
over draft.....................3173.13...24.65.....NaN
car loan.......................5370......140.3.....6.94
car loan 2.....................5459......139.7.....7.9
loan...........................2500......76.86.....0
Total unsecured debts..........16502.13..381.51....-
Monthly Budget Summary
Total monthly income.................... 2,030.11
Expenses (including HP & secured debts). 1,381.71
Available for debt repayments........... 648.4
Monthly UNsecured debt repayments....... 381.51
Amount left after debt repayments....... 266.89
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,502.13
Net Assets.............................. -16,502.13
Many MANY thanks for any advice
I'm hoping someone can help us out, I decided today to add up all of our outgoings and loan agreements and got the shock of my life at how out of our depth we actually are. I'm not even sure how we got ourselves in this mess but our total debt is £16,500 and right now it seems hopeless.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1479.89
Partners monthly income after tax....... 150
Benefits................................ 400.22
Other income............................ 0
Total monthly income.................... 2030.11
Monthly Expense Details
Mortgage................................ 192.9
Secured/HP loan repayments.............. 0
Rent.................................... 31
Management charge (leasehold property).. 50
Council tax............................. 115
Electricity............................. 68
Gas..................................... 46
Oil..................................... 0
Water rates............................. 47.33
Telephone (land line)................... 28.5
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 11.5
Internet Services....................... 20
Groceries etc. ......................... 280
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 26.1
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 45
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 22.05
Life assurance ......................... 29.38
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Cigarettes.............................. 150
Bank charge............................. 12.95
Kids investment fund.................... 10
Dinner money............................ 76
Total monthly expenses.................. 1381.71
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(192.9)....0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
over draft.....................3173.13...24.65.....NaN
car loan.......................5370......140.3.....6.94
car loan 2.....................5459......139.7.....7.9
loan...........................2500......76.86.....0
Total unsecured debts..........16502.13..381.51....-
Monthly Budget Summary
Total monthly income.................... 2,030.11
Expenses (including HP & secured debts). 1,381.71
Available for debt repayments........... 648.4
Monthly UNsecured debt repayments....... 381.51
Amount left after debt repayments....... 266.89
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,502.13
Net Assets.............................. -16,502.13
Many MANY thanks for any advice

0
Comments
-
Hi everyone,
I'm hoping someone can help us out, I decided today to add up all of our outgoings and loan agreements and got the shock of my life at how out of our depth we actually are. I'm not even sure how we got ourselves in this mess but our total debt is £16,500 and right now it seems hopeless.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1479.89
Partners monthly income after tax....... 150
Benefits................................ 400.22
Other income............................ 0
Total monthly income.................... 2030.11
Monthly Expense Details
Mortgage................................ 192.9
Secured/HP loan repayments.............. 0
Rent.................................... 31
Management charge (leasehold property).. 50
Council tax............................. 115
Electricity............................. 68
Gas..................................... 46
Oil..................................... 0
Water rates............................. 47.33 This seems high, are you sure its correct per month? Thats £564 pa
Telephone (land line)................... 28.5
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 11.5
Internet Services....................... 20
Groceries etc. ......................... 280
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 26.1
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 45
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 22.05
Life assurance ......................... 29.38
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Cigarettes.............................. 150
Bank charge............................. 12.95
Kids investment fund.................... 10
Dinner money............................ 76
Total monthly expenses.................. 1381.71
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(192.9)....0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
over draft.....................3173.13...24.65.....NaN
car loan.......................5370......140.3.....6.94
car loan 2.....................5459......139.7.....7.9
loan...........................2500......76.86.....0
Total unsecured debts..........16502.13..381.51....-
Monthly Budget Summary
Total monthly income.................... 2,030.11
Expenses (including HP & secured debts). 1,381.71
Available for debt repayments........... 648.4
Monthly UNsecured debt repayments....... 381.51
Amount left after debt repayments....... 266.89
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,502.13
Net Assets.............................. -16,502.13
Many MANY thanks for any advice
Hello, please see above. Quick question - beneits above, how is that broken down? I think your figures seem average and not at all excessive. What is the HP/secured debt - which one is it? Can you please provide a breakdown of the debts?:beer: If I say something you like....Please hit the thanks button :beer:0 -
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1479.89
Partners monthly income after tax....... 150
Benefits................................ 400.22 Have you inc child benefit here?
Other income............................ 0
Total monthly income.................... 2030.11
Monthly Expense Details
Mortgage................................ 192.9
Secured/HP loan repayments.............. 0
Rent.................................... 31 is this because of sharedownership or an error
Management charge (leasehold property).. 50
Council tax............................. 115
Electricity............................. 68 seems high, have you compared?
Gas..................................... 46
Oil..................................... 0
Water rates............................. 47.33 I pay this too and a meter would cost me even more but you could check
Telephone (land line)................... 28.5
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 11.5
Internet Services....................... 20 there are cheaper deals out there
Groceries etc. ......................... 280
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 26.1
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 45 what's this for?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 is this inc in your mortgage payments?
Contents insurance...................... 22.05 this seems really high for just contents
Life assurance ......................... 29.38 this seems high too - some companies are offering 50k for £5 a month
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0there should be something here
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Cigarettes.............................. 150 hmmm:D
Bank charge............................. 12.95 what do you get for this?
Kids investment fund.................... 10
Dinner money............................ 76 packed lunches?
Total monthly expenses.................. 1381.71
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(192.9)....0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
over draft.....................3173.13...24.65.....NaN
car loan.......................5370......140.3.....6.94
car loan 2.....................5459......139.7.....7.9
loan...........................2500......76.86.....0
Total unsecured debts..........16502.13..381.51....-
Monthly Budget Summary
Total monthly income.................... 2,030.11
Expenses (including HP & secured debts). 1,381.71
Available for debt repayments........... 648.4
Monthly UNsecured debt repayments....... 381.51
Amount left after debt repayments....... 266.89
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,502.13
Net Assets.............................. -16,502.13
Many MANY thanks for any advice
Hi, there are a few questions and a few suggestions, its not a lost cause by a long shot and if you cut back on your outgoings they'd make a real dent in your debt.
Good luck!0 -
Hi everyone,
I'm hoping someone can help us out, I decided today to add up all of our outgoings and loan agreements and got the shock of my life at how out of our depth we actually are. I'm not even sure how we got ourselves in this mess but our total debt is £16,500 and right now it seems hopeless.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1479.89
Partners monthly income after tax....... 150
Benefits................................ 400.22
Other income............................ 0
Total monthly income.................... 2030.11
Monthly Expense Details
Mortgage................................ 192.9
Secured/HP loan repayments.............. 0
Rent.................................... 31
Management charge (leasehold property).. 50
Council tax............................. 115
Electricity............................. 68+ gas do comparisson awith cashback option
Gas..................................... 46
Oil..................................... 0
Water rates............................. 47.33 - does seem high general rule of thumb 2 or more ppl its not in best interst to get water meter. Can you have showers rather than baths?
Telephone (land line)................... 28.5 + internet we pay 16.48 pm for evening & weekend calls incl. I use "Say No to 0845 no's" site (link found on here, do a search) whenever I need to call a company in the day to get an 0800 no. I don't call mobs nd just text instead
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 11.5
Internet Services....................... 20
Groceries etc. ......................... 280 - could cut back here
Clothing................................ 0 - something needds to be here for kids?
Petrol/diesel........................... 100
Road tax................................ - surely something should be here?
Car Insurance........................... 26.1
Car maintenance (including MOT)......... 0 as above
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 45 -pocket money?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 22.05
Life assurance ......................... 29.38
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 -????
Haircuts................................ 0
Entertainment........................... 0-????
Holiday................................. 0
Emergency fund.......................... 0
Cigarettes.............................. 150 -if ur going to smoke can you cut back, find a cheaper source?
Bank charge............................. 12.95
Kids investment fund.................... 10
Dinner money............................ 76 -packed lunches I'm afraif if ur going to cut back
Total monthly expenses.................. 1381.71
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(192.9)....0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
over draft.....................3173.13...24.65.....NaN
car loan.......................5370......140.3.....6.94
car loan 2.....................5459......139.7.....7.9
loan...........................2500......76.86.....0
Total unsecured debts..........16502.13..381.51....-
Monthly Budget Summary
Total monthly income.................... 2,030.11
Expenses (including HP & secured debts). 1,381.71
Available for debt repayments........... 648.4
Monthly UNsecured debt repayments....... 381.51
Amount left after debt repayments....... 266.89
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,502.13
Net Assets.............................. -16,502.13
Many MANY thanks for any advice
Just some ideasDF as at 30/12/16
Wombling 2025: £87.12
NSD March: YTD: 35
Grocery spend challenge March £253.38/£285 £20/£70 Eating out
GC annual £449.80/£4500
Eating out budget: £55/£420
Extra cash earned 2025: £1950 -
Thank you both for replying,
The benefits are for working family tax credit (£267.42) and child benefit (132.80)
The rent (£31) is ground rent as our flat is a leasehold property.
The £45 child related expenses is for the kids karate club.
Birthdays are zero as they are going to be dropped for a couple of months! Luckily all the 'big' birthdays are out of the way until September.
The £12.95 bank charge is a maintenance charge for being overdrawn, at least I think thats what it's for?
I'm going to look at cheaper gas, electric and broadband deals tomorrow, the only thing that puts me off is the last time I changed gas suppliers there was a mix up and I got a bill for over £1000. We didn't have to pay it but it scared us enough to leave well alone, well it did until now anyway.
I think I may also have made a mistake with the debts too so some help would be veeeeeeery much appreciated. I'm going to write it exactly as it's written in the credit agreement.
Loan 1 taken out 20-10-05
Original amount of credit - £9,273.00
Duration of agreement - 86 months
Annual interest rate - 6.94%
Monthly payment - £140.30
Loan 2 taken out 21-06-08
Amount borrowed - £6957.82
Total amount payable (including interest) - £8,398.20
Duration of agreement - 60 months
Annual interest rate - 7.9%
Monthly payment - 139.97
20 months paid - £5,598.80 left to pay
I'm so embarrassed to write this as it's so basic but I really can't work out how much I have left to pay on loan 1 as I can't work out the interest.
Hope some of this makes sense
Thanks again in advance.0 -
I've found this loan calculator online - if the loan was over 7 years then this looks about right
Loan amount (£) 9273
Repayment period in years 7
Interest rate (%) 6.94
Number of payments per year 12
Results
Amount per repayment (£) 139.68
Total paid over the life of the loan (£) 11733.34
Total interest paid during loan (£) 2460.34
Its best to give them a ring to see how much is outstanding because as the amount of loan decreases so does the interest.
Don't be embarrassed we're all in the same boat!
What about the dinner money - you could save loads by switching to packed lunches:)0 -
Birthdays are zero as they are going to be dropped for a couple of months! Luckily all the 'big' birthdays are out of the way until September
Be careful taking that out your budget as you'll get hit in September if you don't have any money to buy presents at the time and you'll then be forced to turn to credit providers and undo all your good work. The point of an SOA is to budget not just what you need to spend this month but also what you need to be saving for in future months. Ideally your SOA should be an average cost per month over 12 months if it is to be of any value.Got my head out of the sand - 01/01/2010
Total debts to clear - [STRIKE]£18,886[/STRIKE] now £14,878
10k in 2010 challenge - £2,011
11k in 2011 challenge - £1,9970 -
Loan 1 taken out 20-10-05
Original amount of credit - £9,273.00
Duration of agreement - 86 months
Annual interest rate - 6.94%
Monthly payment - £140.30
One way of doing this calculation.
Loan ends December 2012, so you have 33 more repayments to make.
33 payments of £140 = £4620 to pay.
If you paid this off now with a lump sum it would probably be around £400 less because of interest- depending on the terms and conditions of the loan.But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
Hi Reecy
You need to find out exactly what the bank is charging you for. If you don't go overdrawn each month then switch banks! You could get cashback or a "golden hello" if you shop around.Find out who you are and do that on purpose (thanks to Owain Wyn Jones quoting Dolly Parton)0 -
Just wanted to say, check that monthly bank charge. My partner was encouraged to have an account with a monthly charge (£17). It's usually called a 'premium' or 'gold' account or something which makes you think you are a trusted customer & getting something really good. The only perk partner gets with this is 'free' AA membership, as we don't travel abroad so don't need travel insurance or any of the other bits & pieces they give you 'free' with these types of account. As he was paying £170 a year for the benefit of being a special customer, it actually worked out as bloody expensive car breakdown cover! He was overdrawn when he got this account and the 'overdraft fee' was also included in the monthly charge, but I was overdrawn at the same time and the interest my bank charged me on a normal no-fee current account didn't come anywhere near £17 a month, and as my overdraft came down, it became just pence. It's possible your account might be great and have loads of advantages, but if not, it's worth seeing if there is a no-fee version.2025's challenges: 1) To fill our 10 Savings Pots to their healthiest level ever
2) To read 100 books (46/100) 3) The Shrinking of Foxgloves 8.1kg/30kg
"Life can only be understood backwards but it must be lived forwards" (Soren Kirkegaard 1813-55)0 -
Hi and welcome to the boards all the beat on your dfw journey :-)I AM A MONEY MAGNET, THEY ARE MAKING MORE MONEY FOR ME AS WE SPEAK:pMIKES MOB, DFW NERD 1071, DFW LHS 132!MIRACLES HAPPEN I'VE SEEN IT WITH MY OWN EYES. LBM 08£77240.69 Current outstanding total £36083.01 Paid so far = £41157.680
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