In Debt big time,Help wanted Please

jeanniebeanie_2

Tottonian wrote: »

),we don't use the phone during the day now as after 6pm & weekends it's free.
Thanks Tottonian

Just a small thing, some providers, BT for instance, have moved the time to after 7pm for free calls. Wouldn't want you to get caught out.

missworks2jobs

OK lets all ignore the silly posts (people arguing about spelling etc) and get down to helping the Original Poster!

Any luck with a joint SOA? Have you called the national debt helpline? Also I see most of your costs are related to the car....have you looked into whether getting public transport combined with a bit of walking would be any cheaper or practical (you can use the carbon footprint/getting fit excuse if people become nosey). Sometimes local travel companies do "season tickets" or day/week passes which work out cheaper than the daily bus fare.

For the short term would it be worth selling up and downsizing, moving to a cheaper area or moving in with relatives/looking into social housing. I know its not ideal or what you want but it may be a "means to an end" just a temporary fix until you guys can get back on your feet. A house is a building, a home is where your family & heart live. (BTW i'm stuck living with family til we get back on our feet and its not ideal, its a bit of a pain sometimes but it means I can afford to pay my creditors and no harrassing phonecalls, threatening letters or ridiculous charges added on and on....so its a decent trade off).

whiteguineapig

please just ignore the rude person tottonian, there are some lovely people on here

Tottonian

Morning everyone & thanks for all the response, Have just done a SOA & this time is more realistic & includes my wife’s outgoings, She has had problems/debts of her own & written to Tesco’s loans department & asked them if she could have reduced payments for a period, they wrote back saying” It was totally unacceptable & no” but Northern Rock couldn’t do enough to help her & have just reduced payments to £50 a month for 6 months.


Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 1100
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 2320
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 50
Gas..................................... 60
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 40
Mobile phone............................ 20
TV Licence.............................. 16
Satellite/Cable TV...................... 30
Internet Services....................... 10
Groceries etc. ......................... 225
Clothing................................ 30
Petrol/diesel........................... 240
Road tax................................ 80
Car Insurance........................... 100
Car maintenance (including MOT)......... 50
Car parking............................. 20
Other travel............................ 25
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 25
Contents insurance...................... 20
Life assurance ......................... 110
Other insurance......................... 25
Presents (birthday, christmas etc)...... 40
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1396

Assets
Cash.................................... 0
House value (Gross)..................... 210000
Shares and bonds........................ 0
Car(s).................................. 2
Other assets............................ 0
Total Assets............................ 210002

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 145000...(0)........0
Total secured & HP debts...... 145000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Virgin c/c ...................1665......28........0
Nat West c/c...................3870......90........0
Llyods c/c.....................1450......28........0
Family Loan (Wife).............12000.....125.......NaN
NorthernRocLoan(Wife)..........3500......130.......0
Tesco's Loan (Wife)............6000......150.......0
HSBC Loan......................14000.....220.......0
Argos Store Card ..............1155......38........0
MBNA c/c.......................2055......38........0
Halifax c/c....................10200.....134.......0
Total unsecured debts..........55895.....981.......-

Monthly Budget Summary
Total monthly income.................... 2,320
Expenses (including HP & secured debts). 1,396
Available for debt repayments........... 924
Monthly UNsecured debt repayments....... 981
Amount short for making debt repayments. -57
Personal Balance Sheet Summary
Total assets (things you own)........... 210,002
Total HP & Secured debt................. -145,000
Total Unsecured debt.................... -55,895
Net Assets.............................. 9,107

Tottonian

jonjamie1970 wrote: »

Hi, just a point, what are your thoughts on a potential re-mortgage or sale of your property to clear your debts and start again ? you may still have enough if you sell at 210 to make another deposit on a smaller property, and be debt free apart from your mortgage ?

Remortgage is out the question at the mo as we did look at doing this but Direct Line (Now RBS) could only give us an extra £22k , thought about moving but down here (Southampton/New Forest) 2 beds are going for £150k + then there’s the solicitors/estate agents fee etc, The market is so slow down here & even though our house is valued at around £210k Id think if we wanted a quick sale it would only get £185-£190k, Even thought about renting privately but something similar to what we have is £950+ p/c/m & a 2 bed house is around £750+ p/c/m.

shamac

I am a little concerned about your dealings with Northern Rock, this person did the same thing with paying reduced payments and they have really messed her about-please ring them and double check the terms of this 6 months reduced payment.
https://forums.moneysavingexpert.com/discussion/3007636

RAS

Tottonian

Thanks for that. Next little task, i am afraid, is could you hunt out the current APRs on those debts, please, and the maximum limits on the cards. If you have any 0% deals, can you give us theend date and what it reverts to? Wityh the loans, it the debt you quote the original amount borrowed, the amount currently owed? And what are the end dates.

Going to ask some obvious questions on thwe SOA in a mo, just to get the answers close to the SOA.

julie2710

Tottonian wrote: »

Morning everyone & thanks for all the response, Have just done a SOA & this time is more realistic & includes my wife’s outgoings, She has had problems/debts of her own & written to Tesco’s loans department & asked them if she could have reduced payments for a period, they wrote back saying” It was totally unacceptable & no” but Northern Rock couldn’t do enough to help her & have just reduced payments to £50 a month for 6 months.


Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 1100
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 2320
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 50 Obvious but have you looked to switch?
Gas..................................... 60 Obvious but have you looked to switch?
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 40 )Could these be cut/combined?
Mobile phone............................ 20 )Could these be cut/combined?
TV Licence.............................. 16 Should be a few £ per month cheaper on DD
Satellite/Cable TV...................... 30 )Could these be cut/combined?
Internet Services....................... 10 )Could these be cut/combined?
Groceries etc. ......................... 225
Clothing................................ 30
Petrol/diesel........................... 240
Road tax................................ 80
Car Insurance........................... 100
Car maintenance (including MOT)......... 50
Car parking............................. 20
Other travel............................ 25
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 25
Contents insurance...................... 20
Life assurance ......................... 110 What does this cover seems high?
Other insurance......................... 25 What is this for?
Presents (birthday, christmas etc)...... 40
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1396

Assets
Cash.................................... 0
House value (Gross)..................... 210000
Shares and bonds........................ 0
Car(s).................................. 2
Other assets............................ 0
Total Assets............................ 210002

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 145000...(0)........0
Total secured & HP debts...... 145000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Virgin c/c ...................1665......28........0
Nat West c/c...................3870......90........0
Llyods c/c.....................1450......28........0
Family Loan (Wife).............12000.....125.......NaN
NorthernRocLoan(Wife)..........3500......130.......0
Tesco's Loan (Wife)............6000......150.......0
HSBC Loan......................14000.....220.......0
Argos Store Card ..............1155......38........0
MBNA c/c.......................2055......38........0
Halifax c/c....................10200.....134.......0
Total unsecured debts..........55895.....981.......-

Monthly Budget Summary
Total monthly income.................... 2,320
Expenses (including HP & secured debts). 1,396
Available for debt repayments........... 924
Monthly UNsecured debt repayments....... 981
Amount short for making debt repayments. -57
Personal Balance Sheet Summary
Total assets (things you own)........... 210,002
Total HP & Secured debt................. -145,000
Total Unsecured debt.................... -55,895
Net Assets.............................. 9,107

Been lurking for a bit and had a spare couple of minutes so thought I would add a few questions and suggestions. I'm sure more people will be along with more help.

Good luck

boo80

Do you get child benefit for both your children? I think it should be £134 every 4 weeks? Also, this SOA doesn't show your mortgage payment, so the end result isn't right. Well done for getting it all together. I started a DMP almost 2 years ago and it's the best thing I ever did. x x

Tottonian

julie2710 wrote: »

Been lurking for a bit and had a spare couple of minutes so thought I would add a few questions and suggestions. I'm sure more people will be along with more help.

Good luck

Hi, Phone/satellite & Internet are provided by Virgin, when we 1st joined up the combination of BT/Sky & Orange for the internet was around £120+ per month, we switched over back in October 2010 to Virgin media, at the time they made it sound very promising & they could cut this down to £73 p/m for all 3 combined, what we didn’t realise you pay 1 month up front, the billing system is also slightly confusing & never had a bill lower than £75 & a max of £105, what makes the bill shoot up is if you use the phone during the day, in the next month we going to just have a very basic package & aim to spend half that (£45).
Me & my wife are both on Vodafone Contracts of £10 p/m, have 400 txt & 100 minutes free call, before that both on pay as you go with the same phone & worked out £10-£15 p/m worse off.
We are with Southern Electric for both Gas & Electric & have asked for a Key Meter & Gas Card to be put in, I know that you will pay a slightly higher rate per unit but we feel if we can put in the same amount on throughout the year & also not having bills come in.
Insurance is on myself when I took a loan out in 1998 (HSBC) & was separate from the loan it self as I was told instead of it running just for the loan period it would run for 20 years & coverers me up to £25k & would be cheaper.