High income but deep deep in debt-any advice?

debthelp100830

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....................

Monthly Income Details
Monthly income after tax................ 7915
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 7915

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1495
Management charge (leasehold property).. 0
Council tax............................. 140
Electricity............................. 80
Gas..................................... 25
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 45
Mobile phone............................ 25
TV Licence.............................. 15
Satellite/Cable TV...................... 44
Internet Services....................... 0
Groceries etc. ......................... 900
Clothing................................ 300
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 150
Childcare/nursery....................... 1240
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 4519


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 55000
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 55000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Payday loans...................3200......3200......1500
Credit cards...................24000.....550.......20
Overdraft......................5500......80........20
Total unsecured debts..........32700.....3830......-


Monthly Budget Summary
Total monthly income.................... 7,915
Expenses (including HP & secured debts). 4,519
Available for debt repayments........... 3,396
Monthly UNsecured debt repayments....... 3,830
Amount short for making debt repayments. -434

Personal Balance Sheet Summary
Total assets (things you own)........... 55,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -32,700
Net Assets.............................. 22,300

Wutang_2

you like your food?

gizmo111

Best thing to do is try to make an arrangement with payday loans to pay back over 6 months. Change your bank account so they can't access your salary. Are you really paying £900 per month on groceries? Even so if you cut back one month on clothes and groceries you should be able to clear the payday loans and start afresh.

debthelp100830

sorry, groceries include lunch at work and food and other grocies for 3 people and any other sunderies. some of the expenses are on high side like childcare and rent due also to pressure to keep marriage working. end of day, its my fault to have accumulated so much debt in the first place, and it would be last straw to break my marriage if i moved house or suggested to my wife that we changed my daughter's nursery.

as i said, lots of complications- all my own creation by adding up the debt. so pls request not to tease and advise how do i best get out if u can.

many thnx in advance.

debthelp100830

what kills me is i work for over 65-70 hrs a week in most stressful environment, earn what is at the very top end and still dont have cash to survive every month. if i get a consolidated loan with no outgoing for 6 mths, i am sorted. but seems no one wants to help. and i cant really let anyone know the real situation so dependent on a bank for help whom i can pay in 6 mths. but cannot as my credit score is awful with that debt history.

OneHubbyOneSon4Debts

Wutang wrote: »

you like your food?

and clothes by the look of it! :rotfl:


Would take me nigh on 6 months to munch my way through that much food!


Sorry, not teasing, I know how stressful debt can be, hope you find a solution that is right for you xxxx

talana

I am really on edge with my situation...........

With respect, you are so not on the edge.
This must be the most ridiculous SOA I've ever come across.
You have £55K in stocks and bonds - sell some and wipe the debts clean perhaps? Then start again
And you're burning money as if there's no tomorrow. If you weren't so profligate you could save £1000s every month

debthelp100830

sorry, should have mentioned but there was no place to mention in SOA

stock is "unvested"- i cannot sell the stock till 6 mths- thats why i keep on saying that i need loan only for 6 mths. thats obvious thing to do- will sell stock the day it vest and get rid of all debt. but my bank (natwest) refuses to acknowledge any value to unvested stock. 55000 is based on today's market value.

MyRubyRed

OP looking at your SOA I do think you have massive scope to reduce your outgoings. You are living outwith of your means and you need to get a handle on this as a priority. Ive commented below against the areas you could review

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....................

Monthly Income Details
Monthly income after tax................ 7915
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 7915

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1495
Management charge (leasehold property).. 0
Council tax............................. 140
Electricity............................. 80 (look at changing supplier?)
Gas..................................... 25
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 45
Mobile phone............................ 25
TV Licence.............................. 15
Satellite/Cable TV...................... 44(opt for Freeview)
Internet Services....................... 0
Groceries etc. ......................... 900 (this is way over the top to feed three)
Clothing................................ 300 (also way over the top)
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 150 (what is this made up of?)
Childcare/nursery....................... 1240
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30 (again way over the top)
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 4519

debthelp100830

also food and clothes is basically sum total of all sundry expenses for 3 people household including a child. thats why put 0 against other things like eating out, entertainment etc. 900/30 =30 per day. it costs me around £8-9 to buy breakfast, lunch, coffee etc work and rest around £10-11 per day is for our dinner, and my partner's daytime meals. remaining £10 per day is for all other expenses including occasional family eat out. similar clothes cover all sort of things like clothes, shoes, toys, gifts, washing, cleaning, etc etc.. have used it as £10 per day basis