What can anyone advise on this situation please?

in Debt-free wannabe
2 replies 694 views
Evening all.

This is hard so bear with me. I'm in a mess and i need help. Its a long story so will spare you a few hours reading!!! Basically - started my married life good, debts started to rack up due to previous problems for both of us, lots of years go by - nice house, nice cars, both working very hard indeed ( many many hours ) - family bereavements a plenty - stress, worry, and then bankruptcy for me. Luckily i have a very supportive family. Still dont know how i got in that situation but it was compound interest and burying my head in the sand that did it. It was the hardest thing ever and i was ashamed.

I am out of that now and have been for several years. Had a few jobs since always trying to better myself. The debts started again - holidays, nice things - nothing ott - just rewards we thought for hard work. These were not managed properly and we soon looked at selling and moving on. We did and it was a nightmare - hated the new house and it pushed us to breaking point - i'd pay a little off the totals here and there but all in all they were hanging over me again.

Well - i've recently lost my job and have been out of work for a few months now - again family are keeping me going. I do not know what to do. I am hopeful of a good job coming up again but this has left me on the brink again.

I'd appreciate anyone's help on this situation as i do not think i can face bankruptcy once again - and i fear for my marraige....

My SOA is below:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 800
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2800

Monthly Expense Details
Mortgage................................ 781
Secured/HP loan repayments.............. 35
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 50
Gas..................................... 60
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 35
Mobile phone............................ 55
TV Licence.............................. 12
Satellite/Cable TV...................... 28
Internet Services....................... 25
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 80
Road tax................................ 12
Car Insurance........................... 38
Car maintenance (including MOT)......... 10
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..................... 25
Contents insurance...................... 0
Life assurance ......................... 28
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 50
Emergency fund.......................... 20
Total monthly expenses.................. 2029


Assets
Cash.................................... 0
House value (Gross)..................... 148000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 158000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 136000...(781)......5.6
Hire Purchase (HP) debt ...... 1000.....(35).......0
Total secured & HP debts...... 137000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
egg............................3580......85........16
barclaycard....................4373......100.......6.9
alliance & leicester...........4225......100.......14.9
Next...........................400.......50........29
Total unsecured debts..........12578.....335.......-


Monthly Budget Summary
Total monthly income.................... 2,800
Expenses (including HP & secured debts). 2,029
Available for debt repayments........... 778
Monthly UNsecured debt repayments....... 335
Amount left after debt repayments....... 436

Personal Balance Sheet Summary
Total assets (things you own)........... 158,000
Total HP & Secured debt................. -137,000
Total Unsecured debt.................... -12,578
Net Assets.............................. 8,422



Many thanks

Replies

  • TixyTixy Forumite
    31.5K Posts
    Hi
    My SOA is below:

    Statement of Affairs and Personal Balance Sheet

    Household Information
    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned.................... 1

    Monthly Income Details
    Monthly income after tax................ 2000 Is this your old salary? if you don't currently have a job you need to look at what you get in now (presumably just JSA?)
    Partners monthly income after tax....... 800
    Benefits................................ 0 child benefit? do you get child tax credits or does partner get working tax credits? have you looked at www.entitledto.co.uk to see whether you can claim anything else?
    Other income............................ 0
    Total monthly income.................... 2800

    Monthly Expense Details
    Mortgage................................ 781 interest only or repayment? have you researched the government scheme for helping out unemployed people with their interest payments to see if you would qualify?
    Secured/HP loan repayments.............. 35
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 120
    Electricity............................. 50 is this with the cheapest supplier? cheapest tariff?
    Gas..................................... 60 as elec, have you tried reducing your usage where possible?
    Oil..................................... 0
    Water rates............................. 40 is this metered or unmeasured?
    Telephone (land line)................... 35 shop around for a cheaper deal (preferably combined with internet for around £20 for both)
    Mobile phone............................ 55 can you reduce this?
    TV Licence.............................. 12
    Satellite/Cable TV...................... 28 cancel and switch to using freeview or at least drop to a basic package only
    Internet Services....................... 25 can get much cheaper - especially if combined with landline
    Groceries etc. ......................... 400 aim for no more than £300 (should be possible on £200)
    Clothing................................ 50 keep to a minimum until you find work.
    Petrol/diesel........................... 80
    Road tax................................ 12
    Car Insurance........................... 38
    Car maintenance (including MOT)......... 10
    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..................... 25 shop around at renewal time
    Contents insurance...................... 0
    Life assurance ......................... 28 have you checked this is the cheapest around?
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10
    Haircuts................................ 10
    Entertainment........................... 40
    Holiday................................. 50 if not booked then suggest you go without until you find work.
    Emergency fund.......................... 20
    Total monthly expenses.................. 2029


    Assets
    Cash.................................... 0
    House value (Gross)..................... 148000
    Shares and bonds........................ 0
    Car(s).................................. 10000 could you trade in for a cheaper car?
    Other assets............................ 0
    Total Assets............................ 158000


    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 136000...(781)......5.6
    Hire Purchase (HP) debt ...... 1000.....(35).......0
    Total secured & HP debts...... 137000....-.........-

    Unsecured Debts
    Description....................Debt......Monthly...APR
    egg............................3580......85........16
    barclaycard....................4373......100.......6.9
    alliance & leicester...........4225......100.......14.9
    Next...........................400.......50........29
    Total unsecured debts..........12578.....335.......-


    Monthly Budget Summary
    Total monthly income.................... 2,800
    Expenses (including HP & secured debts). 2,029
    Available for debt repayments........... 778 need to recalc this without your income
    Monthly UNsecured debt repayments....... 335
    Amount left after debt repayments....... 436

    Personal Balance Sheet Summary
    Total assets (things you own)........... 158,000
    Total HP & Secured debt................. -137,000
    Total Unsecured debt.................... -12,578
    Net Assets.............................. 8,422

    Many thanks

    I assume if you have been bankrupt in the past then you have been used to living on a much tighter budget than you have posted here. I think there are a number of places you can cut back on your expenses/look for better deals, but its hard to see how much short you are each month as you have included your income even though you are not working.
    Do you have any PPI on any of your debts? have you made a claim due to being out of work?
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • tbournertbourner Forumite
    1.4K Posts
    As above.

    Plus, £20 for emergency fund? Put that onto credit cards instead and use one if you HAVE to when something catastrophic happens.
    Trev. Having an out-of-money experience!
    C'MON! Let's get this debt sorted!!
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