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

Loomie

Hi! Well done for doing your SOA, it's a horrid shock to see it all laid out but really useful. I would suggest cancelling your sky TV, getting much cheaper tariffs on both mobiles - can get good tariffs with lots of free mins and texts. Also do you have a pair of glasses? Might be worth making do with them and cancelling the contact lenses as they are quite expensive. Good luck and remember the hardship won't be forever x

NorthernLas

Do you have 3 cars or is that a typo?
You may have missed off contact lenses and phone ins from the latest SOA
Do you have overdrafts as well as they need to be included (as a debt I think) and are you still using any of the cards?
Others may have questions, but don't be put off, they only know what you have told them so may need more clarification to give you advice

Anna1701

Thanks NorthenLas, no typo we do currently have 3 cars and we will be selling one - will raise approx £800. Your right did miss off contact lenses and phone insurance, so will add £40 to monthly outgoings taking shortfall to £157 in total.

No overdraft, and not using cards as majority are maxed - struggling without them as SOA suggests.

pennypusher

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 Have you thought about selling your cars and getting a cheap reliable car.
Monthly Income Details
Monthly income after tax................
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 Turn the thermostat down, check you are on the cheapest tarriff, check everything not on stand by
Gas..................................... 45 as above
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 21
Mobile phone............................ 75 cut your mobiles down to £10 payg
TV Licence.............................. 12
Satellite/Cable TV...................... 78.5 get rid of this
Internet Services....................... 20
Groceries etc. ......................... 230 try to get this down to £200
Clothing................................ 20
Petrol/diesel........................... 300
Road tax................................ 25
Car Insurance........................... 80 check you are getting the cheapest
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 cut back and invite friends to you.
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


Hope the above ideas help, please choose the ones that you feel most comfortable with.

Anna1701

Thanks for your ideas guys, me and my partner are going to sit down and really cut this down.

Can I ask though, after looking at the SOA, do people think we need to consider bankrupcy or do we need to be be smarter with our money and then we can start paying more than the min payments on cc's. Then in 18 months the loan will be gone and that will be an extra £600 to pay off CCs.

For info we havent missed any payments.

debrag

Anna1701 wrote: »

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 - why 3 cars
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 - I find this high
Gas..................................... 45 - is this due to the cold weather?
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 21
Mobile phone............................ 75
TV Licence.............................. 12
Satellite/Cable TV...................... 78.5 - what deal is this as it doesn't even include internet - to get the biggest TV package with Sky+HD is cheaper add broadband unlimited and phone line & freecalls and it comes to a similer price. I would ask to change deal
Internet Services....................... 20 - add this to cable and get a etter deal
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.

I have added a few things

DVardysShadow

Anna1701 wrote: »

Thanks for your ideas guys, me and my partner are going to sit down and really cut this down.

Can I ask though, after looking at the SOA, do people think we need to consider bankrupcy or do we need to be be smarter with our money and then we can start paying more than the min payments on cc's. Then in 18 months the loan will be gone and that will be an extra £600 to pay off CCs.

For info we havent missed any payments.

Bankruptcy is for your situation and in my opinion totally the wrong solution. You want to buy your own house - but if you go bankrupt you will live with no possibility of a mortgage for 6 years and with higher interest rates for ever after. I think it was out of order to suggest it without even seeing your SoA.

I would suggest you keep the £800 car and sell one of the others to cut yourself some slack while you pay down the loan. But you need to budget for keeping that car on the road for say 2 years and also for replacing it without using credit if you can possibly avoid it.

Anna1701

Thanks for your ideas guys, me and my partner are going to sit down and really cut this down.

Can I ask though, after looking at the SOA, do people think we need to consider bankrupcy or do we need to be be smarter with our money and then we can start paying more than the min payments on cc's. Then in 18 months the loan will be gone and that will be an extra £600 to pay off CCs.

For info we havent missed any payments.

zarazara

Anna1701 wrote: »

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----can you rent a smaller place?
Management charge (leasehold property).. 0
Council tax............................. 144

---

what band is this? can you rent a smaller place and go don a band or two?
Electricity............................. 61

---

seems high
Gas..................................... 45

---

ditto
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 21
Mobile phone............................ 75

---

very high. cut down usage and go PAYG
TV Licence.............................. 12
Satellite/Cable TV...................... 78.5

---

this has to go
Internet Services....................... 20
Groceries etc. ......................... 230

---

see old style board, should be able t0 reduce this considerably
Clothing................................ 20
Petrol/diesel........................... 300

---

very high,can you move nearer to work?
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

---

reduce to £20 a month or less. Stop buying for adults,only buy for children.
Haircuts................................ 25

---

leave longer between cuts,try a college student who will do for cheap
Entertainment........................... 100

---

please break down into catagories,this figure is high
Holiday................................. 0
Emergency fund.......................... 0---you need something here
Total monthly expenses.................. 2173.73

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

---

can you sell a car or two? 3 seems excessive for 2 people
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.

Welcome to the board . I've made some suggestions on your SOA. Another idea is to take in a lodger,get other work eg bar work of an evening.

beanielou

Well I think its unrealistic to pay back 35k unsecured debt on the income you have with your essential expenditure.
At the end of the day the decision is yours.