Don't know where to start, lost cause I think - please help me.

Anna1701

Things have been getting increasingly harder over the last few months for me and my partner, but I guess we have just been ignoring it. Reality hit today when the car has broken down and we have no money and no credit available on any cards to fix it. Have been reading debt advice on here all day and decided to go home and face it.

Wrote down all outstanding debt and it totals £36k to credit cards and loans, no wonder we can only manage to pay minimum payment on cards but the debt just isnt decreasing.

Both have good jobs and good salaries but it's not enough to pay more than the minimum payments each month.

We both want a family and to buy our own home but this is never gonna happen if we don't act on this debt.

Please someone show me where to start, i need your help.

Anna

dancingfairy

Ummm not sure where my reply went but
1) don't panic - there are always solutions as Martin says
2) contact one of the debt charities Martin recommends - some of the recommended places are National Debtline , CCCS or your local CAB
3) the debt charities will need an SOA (statement of affairs) from you basically a list of all your income, all your outgoings and all your debts - there's a template at what's the cost so you don't forget anything.
4) if you post it up here (the SOA) people will all chip in and make lots of suggestions about possible ways forward but without the SOA as a starting point it's hard to give advice.
Good Luck
df

beanielou

Hi & welcome.
You owe 35k inn unsecured debt?
You dont have your own home?
If I was you I would look at bankrupcy.
Pop up your SOA though meantime & we can have a look.

3Dogs

I agree, you need to post up your SOA (statement of affairs) and people will then be able to come up with some solutions/advice

You can do your SOA here: http://makesenseofcards.com/soacalc.html

Best of luck

NorthernLas

https://forums.moneysavingexpert.com/discussion/107280
This is a link to the sticky at the top of DFW which has lots of good info on where to start

Anna1701

Thanks, SOA Below.

My salary - £1,987.73
Partners salary - £1243.15


Total - £3230.88

Monthly Outgoings:


OutgoingsAmountRent795Council Tax144A&L Loan685Sky78.5TV License12Food230Gas45House Insurance10.23Partners Phone35My Phone45Electric62Contact Lenses30Pet Insurance15Fuel300Spends200Partners MBNA CC Min101My MBNA CC Min59Tesco CC Min102Phone insurance10RAC14Egg CC Min39Captial one CC Min160BT40Total3211.73


Egg CC – Balance £1,200 (limit £1,250) APR 17.9%
Captal One CC – Balance £6,250 (limit £6,500) APR 14.9%
MBNA Partners - Balance - £8,200 (limit £8,500) APR 14% Account frozen for purchases
MBNA Mine - Balance -£4500 (limit £4,500) APR 14% Account frozen for purchases.
Tesco - Balance - £5500 (limit £6000) APR 19.9%
Alliance & Leicester Loan – Balance £11,200 APR 14.9% Length of term 36 months, 18 months to go

Anna1701

Sorry didn't come out very well, SOA Below.

My salary - £1,987.73
Partners salary - £1243.15


Total - £3230.88

Monthly Outgoings:


Outgoings
Rent 795
Council Tax 144
A&L Loan 685
Sky 78.5
TV License 12
Food 230
Gas 45
House Insurance 10.23
Partners Phone 35
My Phone 45
Electric 62
Contact Lenses 30
Pet Insurance 15
Fuel 300
Spends 200
Partners MBNA CC Min 101
My MBNA CC Min 59
Tesco CC Min 102
Phone insurance 10
RAC 14
Egg CC Min 39
Captial one CC Min 160
BT 40
Total 3211.73


Egg CC – Balance £1,200 (limit £1,250) APR 17.9%
Captal One CC – Balance £6,250 (limit £6,500) APR 14.9%
MBNA Partners - Balance - £8,200 (limit £8,500) APR 14% Account frozen for purchases
MBNA Mine - Balance -£4500 (limit £4,500) APR 14% Account frozen for purchases.
Tesco - Balance - £5500 (limit £6000) APR 19.9%
Alliance & Leicester Loan – Balance £11,200 APR 14.9% Length of term 36 months, 18 months to go

NorthernLas

Anna - There is a bit at the end of the SOA that you haven't included (it's the bit that summarises whether you earn less than you pay out). If you use the one on make sense of cards and then format for MSE, there are instructions as to how to get it on here with all of the info. Well done so far ... keep going

beanielou

Wow the A&L loan is high.
As is your rent.
Could you move somewhere cheaper?
Fuel is very high too.
As are your personal spends.

Anna1701

Revised SOA.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 3
Monthly Income Details
Monthly income after tax................ 1987
Partners monthly income after tax....... 1243.15
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3230.15
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 800
Management charge (leasehold property).. 0
Council tax............................. 144
Electricity............................. 61
Gas..................................... 45
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 21
Mobile phone............................ 75
TV Licence.............................. 12
Satellite/Cable TV...................... 78.5
Internet Services....................... 20
Groceries etc. ......................... 230
Clothing................................ 20
Petrol/diesel........................... 300
Road tax................................ 25
Car Insurance........................... 80
Car maintenance (including MOT)......... 42
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 10.23
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 25
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2173.73

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 11000
Other assets............................ 0
Total Assets............................ 11000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Egg............................1200......39........17.9
Capital One....................6250......190.......14.9
MBNA...........................12700.....160.......14
A&L Loan.......................11000.....683.......14.9
Tesco..........................5500......102.......19.9
Total unsecured debts..........36650.....1174......-

Monthly Budget Summary
Total monthly income.................... 3,230.15
Expenses (including HP & secured debts). 2,173.73
Available for debt repayments........... 1,056.42
Monthly UNsecured debt repayments....... 1,174
Amount short for making debt repayments. -117.58
Personal Balance Sheet Summary
Total assets (things you own)........... 11,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -36,650
Net Assets.............................. -25,650
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Anna1701

This explains why we can only pay the min off the CC each month and why we are only just surviving.