Rock Bottom - Near £30k of Debt - Now to Tackle it

TheLostSheep

This SOA does not include my partner's incoming salary. I was advised by nationaldebtline to exclude this in a SOA. It is only reflective of the situation IF I am left to tackle this myself. Hope that makes sense.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1650
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1650
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 155
Electricity............................. 25
Gas..................................... 40
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 21
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 19
Groceries etc. ......................... 120
Clothing................................ 20
Petrol/diesel........................... 40
Road tax................................ 16
Car Insurance........................... 19
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 200
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1268

Assets
Cash.................................... 400
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1900

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds TSB Loan 1..............7721......271.......12.7
Lloyds TSB Loan 2..............917.......92........21
Barclaycard....................2862......40........14.9
Lloyds Current AC..............2500......35........18
Lloyds TSB CreditCard..........15478.....360.......18
Total unsecured debts..........29478.....798.......-

Monthly Budget Summary
Total monthly income.................... 1,650
Expenses (including HP & secured debts). 1,268
Available for debt repayments........... 382
Monthly UNsecured debt repayments....... 798
Amount short for making debt repayments. -416
Personal Balance Sheet Summary
Total assets (things you own)........... 1,900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -29,478
Net Assets.............................. -27,578
Created using the SOA calculator at makesenseofcards.
Reproduced on Moneysavingexpert with permission, using IE browser.

TheLostSheep

Here it is with combined:

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1650
Partners monthly income after tax....... 400 (*Updated to show Joint Acc Contribution Only)
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2050
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 155
Electricity............................. 25
Gas..................................... 40
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 21
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 19
Groceries etc. ......................... 240 (I halved amount if it were just me)
Clothing................................ 20
Petrol/diesel........................... 40
Road tax................................ 14
Car Insurance........................... 20
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 200 (THESE ARE MY TRAVEL COSTS FOR WORK)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1389

Assets
Cash.................................... 400
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 3900

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds TSB Loan 1..............7721......271.......12.7
Lloyds TSB Loan 2..............917.......92........21
Barclaycard....................2862......40........14.9
Lloyds Current AC..............2500......35........18
Lloyds TSB CreditCard..........15478.....360.......18
Total unsecured debts..........29478.....798.......-

Monthly Budget Summary
Total monthly income.................... 2,050
Expenses (including HP & secured debts). 1,389
Available for debt repayments........... 661
Monthly UNsecured debt repayments....... 798
Amount short for making debt repayments....... -137
Personal Balance Sheet Summary
Total assets (things you own)........... 3,900 (2 x cars)
Total HP & Secured debt................. -0
Total Unsecured debt.................... -29,478
Net Assets.............................. -25,578
Created using the SOA calculator at makesenseofcards
Reproduced on Moneysavingexpert with permission, using IE browser.

TheLostSheep

Quite scarily, if I have to go this alone I am looking at a £500 shortfall a month there or there abouts.

I'll deal with getting pay put into other account tomorrow. I keep thinking this redundancy option might be best idea but its causing HUGE arguments between me and other half. Everything else is going to massively affect credit score.

I've messed things up for so many people but worst of all the person I love so much.

x

debrag

cg81 wrote: »

Here it is with combined:

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1650
Partners monthly income after tax....... 1050
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2700
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 155
Electricity............................. 25
Gas..................................... 40
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 21
Mobile phone............................ 50 - £25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 19
Groceries etc. ......................... 240
Clothing................................ 50
Petrol/diesel........................... 100 - £60
Road tax................................ 25 - £9
Car Insurance........................... 40 - £21
Car maintenance (including MOT)......... 50 - £20
Car parking............................. 0
Other travel............................ 300 - £100
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 - £10
Haircuts................................ 0
Entertainment........................... 100 - £50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1723

Assets
Cash.................................... 400
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 3900

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds TSB Loan 1..............7721......271.......12.7
Lloyds TSB Loan 2..............917.......92........21
Barclaycard....................2862......40........14.9
Lloyds Current AC..............2500......35........18
Lloyds TSB CreditCard..........15478.....360.......18
Total unsecured debts..........29478.....798.......-

Monthly Budget Summary
Total monthly income.................... 2,700
Expenses (including HP & secured debts). 1,723
Available for debt repayments........... 977
Monthly UNsecured debt repayments....... 798
Amount left after debt repayments....... 179
Personal Balance Sheet Summary
Total assets (things you own)........... 3,900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -29,478
Net Assets.............................. -25,578
Created using the SOA calculator at makesenseofcards
Reproduced on Moneysavingexpert with permission, using IE browser.

So I may have missed something here but where does her £100+ go? Montly cash etc?

TheLostSheep

perhaps the second SOA has confused things as I listed her salary but never accounted for all expenses. All I am saying is that as this is my problem, I can't expect her to provide funding to sort it. I think the first SOA is the most relevant.

BAILEYS6904

cg81 wrote: »

This SOA does not include my partner's incoming salary. I was advised by nationaldebtline to exclude this in a SOA. As mentioned previously we are looking at around £1000 if that is added, with a car asset of £2500. I have left these out as this debt is up to me to sort. Thanks.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1650
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1650
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450 is this the full rent amount, does ur partner not contribute???
Management charge (leasehold property).. 0
Council tax............................. 155 seems expensive, is this a true amount?? also, can you change payments to pay over 12 months instead of normal 10
Electricity............................. 25
Gas..................................... 40
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 21
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 19
Groceries etc. ......................... 240 for 2 of you??? This is a major area that can be cut, especially is partner contributes seperately too
Clothing................................ 20 cut this for now
Petrol/diesel........................... 40
Road tax................................ 16
Car Insurance........................... 19
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 200 is this ur partners expense?? if so, is she paying for it?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 50 sorry, this has got to go for now
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1388

Assets
Cash.................................... 400
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1900

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds TSB Loan 1..............7721......271.......12.7
Lloyds TSB Loan 2..............917.......92........21
Barclaycard....................2862......40........14.9
Lloyds Current AC..............2500......35........18
Lloyds TSB CreditCard..........15478.....360.......18
Total unsecured debts..........29478.....798.......-

Monthly Budget Summary
Total monthly income.................... 1,650
Expenses (including HP & secured debts). 1,388
Available for debt repayments........... 262
Monthly UNsecured debt repayments....... 798
Amount short for making debt repayments. -536
Personal Balance Sheet Summary
Total assets (things you own)........... 1,900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -29,478
Net Assets.............................. -27,578
Created using the SOA calculator at makesenseofcards.
Reproduced on Moneysavingexpert with permission, using IE browser.

Might help a bit. Its quite confusing as it seems you are adding your partners expenses, but not her income, unless its me getting confused

BAILEYS6904

sorry just to clarify, I understand your stance on 'its my fault, i'll sort it', however for people to understand how much money you are playing with, either show correct expense, just for you, or, show an income that she contributes to the household for bills and expenses

Hope this makes sense

Fiddlestick

Your SOA looks like you are accounting for all the household expenses yourself, whereas you said you contribute to a joint account with your partner for this.

Should you adjust your household outgoings by half to account for this maybe?

Well done for facing up to your debt though - actually admitting it to your partner and having a desire to sort it is the first step

tbourner

Your figures are almost identical to mine, right down to your age and salary and length of time with partner!!!!

I'm managing to scrape though because we pooled our resources and are clearing our debts together, if the wife left I wouldn't be able to cover everything myself.

woody01

Just a quick question really......
How did you manage to get £30K of unsecured debt on a low income? You have borrowed over your income, so did you tell a few porkies or were banks just too lenient?