can someone help me sort my life out?

missminx007

I'm hoping someone on here might be able to help me turn things around and advise on the best course of action. All my finances are in a right pickle.
I'll try to explain as simply as possible. I have a husband and a daughter and am expecting another baby in June. We currently live in a flat that i half own and are struggling to keep up with payments on rent and service charges so as a result I am ecrueing £250 per month that is being put onto my mortgage so I will be in severe negative equity by now.
My husband earns about 14-16000 a year (he is self employed just to make things a little trickier!!) And we get £270 per month in child tax and working tax credits.
Now debt wise everything is in my name, I owe about 10-12000.
So my first question would be should I sell my flat and get some council housing (i dont know if we would then be entitled to housing benefit). Or should I let my house get reposessed? Then should I combine the whole lot i owe including the negative equity and make myself bankrupt?
I really dont want to put anything negative against my husbands name and get us both blacklisted for 6 years. Everything is so complicated I jut dont know where to begin so I find myself drifting along oping something will change.

curlytop12

missminx007 wrote: »

I'm hoping someone on here might be able to help me turn things around and advise on the best course of action. All my finances are in a right pickle.
I'll try to explain as simply as possible. I have a husband and a daughter and am expecting another baby in June. We currently live in a flat that i half own and are struggling to keep up with payments on rent and service charges so as a result I am ecrueing £250 per month that is being put onto my mortgage so I will be in severe negative equity by now.
My husband earns about 14-16000 a year (he is self employed just to make things a little trickier!!) And we get £270 per month in child tax and working tax credits.
Now debt wise everything is in my name, I owe about 10-12000.
So my first question would be should I sell my flat and get some council housing (i dont know if we would then be entitled to housing benefit). Or should I let my house get reposessed? Then should I combine the whole lot i owe including the negative equity and make myself bankrupt?
I really dont want to put anything negative against my husbands name and get us both blacklisted for 6 years. Everything is so complicated I jut dont know where to begin so I find myself drifting along oping something will change.

bless you.didnt want to read and run,tho no expert myself sorry.there will be some along soon tho,so make a start by doing s "statement of affairs" inc all ins,outs,APRs etc
good luck
G

dollybeads

missminx007 wrote: »

I'm hoping someone on here might be able to help me turn things around and advise on the best course of action. All my finances are in a right pickle.
I'll try to explain as simply as possible. I have a husband and a daughter and am expecting another baby in June. We currently live in a flat that i half own and are struggling to keep up with payments on rent and service charges so as a result I am ecrueing £250 per month that is being put onto my mortgage so I will be in severe negative equity by now.
My husband earns about 14-16000 a year (he is self employed just to make things a little trickier!!) And we get £270 per month in child tax and working tax credits.
Now debt wise everything is in my name, I owe about 10-12000.
So my first question would be should I sell my flat and get some council housing (i dont know if we would then be entitled to housing benefit). Or should I let my house get reposessed? Then should I combine the whole lot i owe including the negative equity and make myself bankrupt?
I really dont want to put anything negative against my husbands name and get us both blacklisted for 6 years. Everything is so complicated I jut dont know where to begin so I find myself drifting along oping something will change.

Welcome to the forum and well done for posting on here, I am sorry to hear about your troubles. I can't offer you any advice as just starting to sort out my mess. However you will shortly receive tons of really good achievable practice advice from all the lovely and knowledgable people on this site. Its amazing that in just a few short days I have made significant changes that have made a big difference already. Hang in there and someone will be along shortly with some help for you. Kind regards dolly x :j

Verbatim

Hi 007
Don't despair. The first thing you need to do is work out and post up a statement of income and expenditure. Sorting out finances needs planning and accurate info on where the money is going. When you've posted this yo'ull get loads of helpful suggestions.

January20

http://www.makesenseofcards.com/soacalc.html

Start with a SOA (statement of affairs) then people will be better able to help you.

missminx007

here is my soa, i think i have done it right. I havent put any apr's on my unsecures debts as theyhave all gone to debt collectors and I havent seen the values go up. Our gas and electricity rates are so high as we pay back £40 each month on each of these for money we owe.

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................ 1200
Partners monthly income after tax....... 0
Benefits................................ 350
Other income............................ 0
Total monthly income.................... 1550
Monthly Expense Details
Mortgage................................ 312
Secured/HP loan repayments.............. 0
Rent.................................... 150
Management charge (leasehold property).. 100
Council tax............................. 120
Electricity............................. 120
Gas..................................... 80
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 40
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 0
Petrol/diesel........................... 280
Road tax................................ 17
Car Insurance........................... 56
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................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1475

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 59000....(312)......5.49
Total secured & HP debts...... 59000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................6200......0.........0
bank overdraft.................3120......0.........0
Total unsecured debts..........9320......0.........-

Monthly Budget Summary
Total monthly income.................... 1,550
Expenses (including HP & secured debts). 1,475
Available for debt repayments........... 75
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 75
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -59,000
Total Unsecured debt.................... -9,320
Net Assets.............................. -67,320

So can anyone please help me with some advice?

missminx007

is there anyone who can please have a look, i really dont know which way to turn

samuel.s

missminx007 wrote: »

here is my soa, i think i have done it right. I havent put any apr's on my unsecures debts as theyhave all gone to debt collectors and I havent seen the values go up. Our gas and electricity rates are so high as we pay back £40 each month on each of these for money we owe.

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................ 1200
Partners monthly income after tax....... 0
Benefits................................ 350
Other income............................ 0
Total monthly income.................... 1550
Monthly Expense Details
Mortgage................................ 312
Secured/HP loan repayments.............. 0
Rent.................................... 150
Management charge (leasehold property).. 100
Council tax............................. 120
Electricity............................. 120(This seems very high for a flat)
Gas..................................... 80(Again this seems very high)
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 40(I think this could be reduced)
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 0
Petrol/diesel........................... 280(is this amount due to your husbands work travelling,if so is he claimin through the business)
Road tax................................ 17
Car Insurance........................... 56
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................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1475

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 59000....(312)......5.49
Total secured & HP debts...... 59000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................6200......0.........0
bank overdraft.................3120......0.........0
Total unsecured debts..........9320......0.........-

Monthly Budget Summary
Total monthly income.................... 1,550
Expenses (including HP & secured debts). 1,475
Available for debt repayments........... 75
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 75
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -59,000
Total Unsecured debt.................... -9,320
Net Assets.............................. -67,320

So can anyone please help me with some advice?

Hi i have hi lighted a couple of areas that seem rather high and maybe you may be able to make some reductions in these areas.
Your fuel seems very high as i awould imagine if its for your husbands business that it would be classed as a business expense.

honeybear68

having a look your gas, electric and petrol is rather high have you looked at the comparison sites to see if you could get gas and eletric any cheaper groceries only 160 per month is that enough I also noticed that you don't have any insurance, take another look and make sure you have listed absolutely everything what about any other benefit you may be entitled too it's worth checking.

honeybear68

missminx007 wrote: »

here is my soa, i think i have done it right. I havent put any apr's on my unsecures debts as theyhave all gone to debt collectors and I havent seen the values go up. Our gas and electricity rates are so high as we pay back £40 each month on each of these for money we owe.

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................ 1200
Partners monthly income after tax....... 0
Benefits................................ 350
Other income............................ 0
Total monthly income.................... 1550
Monthly Expense Details
Mortgage................................ 312
Secured/HP loan repayments.............. 0
Rent.................................... 150
Management charge (leasehold property).. 100
Council tax............................. 120 could you ct benefit
Electricity............................. 120 see if you reduce these
Gas..................................... 80
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 40 can you reduce this
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160 is this correct
Clothing................................ 0
Petrol/diesel........................... 280 high
Road tax................................ 17
Car Insurance........................... 56
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................. 0
Buildings insurance..................... 0 ?
Contents insurance...................... 0 ?
Life assurance ......................... 0 ?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1475

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 59000....(312)......5.49
Total secured & HP debts...... 59000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................6200......0.........0
bank overdraft.................3120......0.........0
Total unsecured debts..........9320......0.........-

Monthly Budget Summary
Total monthly income.................... 1,550
Expenses (including HP & secured debts). 1,475
Available for debt repayments........... 75
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 75
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -59,000
Total Unsecured debt.................... -9,320
Net Assets.............................. -67,320

So can anyone please help me with some advice?

worth checking these out to see if you could get them cheaper.

joeblack066

Hi,

no one seems to have noticed that you haven't put the value of your half of the property down?

Total monthly income.................... 1,550
Expenses (including HP & secured debts). 1,475
Available for debt repayments........... 75
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 75
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000 Value of your half should go here
Total HP & Secured debt................. -59,000
Total Unsecured debt.................... -9,320
Net Assets.............................. -67,320 reducing this accordingly!

Hope this helps :-)