Debt Help

jbatista

Ok here goes my financial situation is dire....

I am on Esa, have a mortgage and payments have now ceased...
What now, the bank overdraft is creeping up and basically cant cope any longer,
My husband is also ill, esa for the 2 of us and CTC for our 2 kids is just killing me slowly...
Please help

Thankyou
Jane

wornoutmumoftwo

Can you post up a statement of your ingoings and outgoings and someone will be along to help you.

Tixy

Hi

To be able to give advice on your situation we really need to see your income and outgoings, as suggested above if you could post a statement of affairs using this link - http://www.makesenseofcards.com/soacalc.html people will be able to advise on possible options open to you.

jbatista

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 774
Other income............................ 0
Total monthly income.................... 774

Monthly Expense Details
Mortgage................................ 235
Secured/HP loan repayments.............. 110
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 75
Gas..................................... 70
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 14
Satellite/Cable TV...................... 90
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 10
Petrol/diesel........................... 10
Road tax................................ 17
Car Insurance........................... 38
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 15
Total monthly expenses.................. 867


Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 134500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 18000....(235)......0
Hire Purchase (HP) debt ...... 0........(110)......0
Total secured & HP debts...... 18000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 774
Expenses (including HP & secured debts). 867
Available for debt repayments........... -93
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -93

Personal Balance Sheet Summary
Total assets (things you own)........... 134,500
Total HP & Secured debt................. -18,000
Total Unsecured debt.................... -0
Net Assets.............................. 116,500

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Tixy

Well done for posting

jbatista wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3 who is the 3rd adult? do they work? do they contribute?
Number of children in household......... 2 how old are the children?
Number of cars owned.................... 1 is a car essential if you are not working? could you manage without this and use public transport?

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 774 are you getting all you are entitled to here? have you checked recently on entitledto.co.uk?
Other income............................ 0
Total monthly income.................... 774

Monthly Expense Details
Mortgage................................ 235
Secured/HP loan repayments.............. 110
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 75 this is very high, do you have arrears? have you tried to reduce your usage? minimise use of expensive appliances such as tumble driers, elec heaters, immersion heaters etc. Have you looked to see if another provider would be cheaper? or if a different tariff would be better?
Gas..................................... 70 as elec this is a bit high, try turning heating down a little and wearing extra layers etc.
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 14
Satellite/Cable TV...................... 90 this is really high, reduce to a lower tariff or switch to freeview and just get a landline/internet deal for around £24pm.
Internet Services....................... 0
Groceries etc. ......................... 80 is this right? for a family of 5 £200 to £250 would be more usual
Clothing................................ 10
Petrol/diesel........................... 10 you are doing hardly any miles but spending a lot of the HP and other car costs. Consider using taxis/buses etc and selling the car
Road tax................................ 17
Car Insurance........................... 38
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 you need this if you own a property
Contents insurance..................... 0 and this - you can get basic B&C cover very cheap using the guides on here an utilisting cash back sites
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 do you buy nothing at all all year?
Haircuts................................ 0 never?
Entertainment........................... 0 nothing?
Holiday................................. 0
Emergency fund.......................... 15
Total monthly expenses.................. 867


Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 134500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 18000....(235)......0 what APR? would it be feasible to downsize to a cheaper property to pay off the mortgage?
Hire Purchase (HP) debt ...... 0........(110)......0 how much do you owe? how soon does it finish?
Total secured & HP debts...... 18000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Need to include your overdraft here
Do you have any other debts at all?
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 774
Expenses (including HP & secured debts). 867
Available for debt repayments........... -93
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -93

Personal Balance Sheet Summary
Total assets (things you own)........... 134,500
Total HP & Secured debt................. -18,000
Total Unsecured debt.................... -0
Net Assets.............................. 116,500

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

I've put a few comments against your SoA. You obviously have a shortfall each month but there would seem to be a few areas you can make some cutbacks etc to help. Thought if your grocery bill is a typo you may still have a shortfall.

Looking_Walking

How do you suggest they cut back? How far have you seen others cutback?