We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Can anyone help me?
Options

Mrs.Downie
Posts: 53 Forumite
Me and my DH are drowning in debts, I've done a statement of affairs breakdown below.
Can any of you provide me with advise on how to negotiate lower payments on things especially the catalogues...
TIA
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................ 1088.5
Partners monthly income after tax....... 1098.33
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2186.83
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 100.57
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 47
Gas..................................... 37
Oil..................................... 0
Water rates............................. 25.5
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 12.12
Satellite/Cable TV...................... 50
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0.01
Petrol/diesel........................... 120
Road tax................................ 0
Car Insurance........................... 53.68
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80
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)...... 5
Haircuts................................ 0
Entertainment........................... 32.99
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1334.87
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 905.35...(61.25)....0<
sofa...........................1061.64..(39.32)....0
Total secured & HP debts...... 1966.99...-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Littlewoods....................2100......70........0
additions......................2000......85........0
lloyds tsb card ...............3000......100.......15.9
Jacamo.........................500.......20........0
Barclays resolve loan..........1500......52.5......0
Lloyds Tsb loan................2100......34.92.....0
welcome loan ..................550.19....61.13.....0
Lloyds tsb loan................8323.99...236.......0
barclay card...................800.......35........39.9
vanquis........................500.......35........39.9
capital one....................600.......35........34.9
Total unsecured debts..........21974.18..764.55....-
Monthly Budget Summary
Total monthly income.................... 2,186.83
Expenses (including HP & secured debts). 1,334.87
Available for debt repayments........... 851.96
Monthly UNsecured debt repayments....... 764.55
Amount left after debt repayments....... 87.41
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -1,966.99
Total Unsecured debt.................... -21,974.18
Net Assets.............................. -23,441.17
Can any of you provide me with advise on how to negotiate lower payments on things especially the catalogues...
TIA
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................ 1088.5
Partners monthly income after tax....... 1098.33
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2186.83
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 100.57
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 47
Gas..................................... 37
Oil..................................... 0
Water rates............................. 25.5
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 12.12
Satellite/Cable TV...................... 50
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0.01
Petrol/diesel........................... 120
Road tax................................ 0
Car Insurance........................... 53.68
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80
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)...... 5
Haircuts................................ 0
Entertainment........................... 32.99
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1334.87
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 905.35...(61.25)....0<
sofa...........................1061.64..(39.32)....0
Total secured & HP debts...... 1966.99...-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Littlewoods....................2100......70........0
additions......................2000......85........0
lloyds tsb card ...............3000......100.......15.9
Jacamo.........................500.......20........0
Barclays resolve loan..........1500......52.5......0
Lloyds Tsb loan................2100......34.92.....0
welcome loan ..................550.19....61.13.....0
Lloyds tsb loan................8323.99...236.......0
barclay card...................800.......35........39.9
vanquis........................500.......35........39.9
capital one....................600.......35........34.9
Total unsecured debts..........21974.18..764.55....-
Monthly Budget Summary
Total monthly income.................... 2,186.83
Expenses (including HP & secured debts). 1,334.87
Available for debt repayments........... 851.96
Monthly UNsecured debt repayments....... 764.55
Amount left after debt repayments....... 87.41
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -1,966.99
Total Unsecured debt.................... -21,974.18
Net Assets.............................. -23,441.17
Ever feel like you take 2 steps forward and 8 back?
One day, I will be debt free!
One day, I will be debt free!
0
Comments
-
You need to get your APR figures where you are showing 0%. Then start paying off the highest APR first. The snowball calculator should help here http://makesenseofcards.com/snowcalc.html.If you put all of your surplaus into paying of vanquis - smallest credit, highest APR, after about 6 months you will have £35 more surplus to throw at the next debt - probably barclaycard. Your card interest rates are horrendous. Others will suggest how you can cut back on your spends. I don't think diddling around with your catalogues is going to do much apart from give you scope to get deeper in.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
-
Mrs.Downie wrote: »Me and my DH are drowning in debts, I've done a statement of affairs breakdown below.
Can any of you provide me with advise on how to negotiate lower payments on things especially the catalogues...
TIA
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................ 1088.5
Partners monthly income after tax....... 1098.33
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2186.83
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 100.57
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 47
Gas..................................... 37
Oil..................................... 0
Water rates............................. 25.5
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 12.12
Satellite/Cable TV...................... 50-CAN YOU GO FREESAT?
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0.01
Petrol/diesel........................... 120
Road tax................................ 0-NEED SOMETHING HERE?
Car Insurance........................... 53.68
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0-NO INSURANCE?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0
Entertainment........................... 32.99
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1334.87
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 905.35...(61.25)....0<
sofa...........................1061.64..(39.32)....0
Total secured & HP debts...... 1966.99...-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Littlewoods....................2100......70........0
additions......................2000......85........0
lloyds tsb card ...............3000......100.......15.9
Jacamo.........................500.......20........0
Barclays resolve loan..........1500......52.5......0
Lloyds Tsb loan................2100......34.92.....0
welcome loan ..................550.19....61.13.....0
Lloyds tsb loan................8323.99...236.......0
barclay card...................800.......35........39.9
vanquis........................500.......35........39.9
capital one....................600.......35........34.9
Total unsecured debts..........21974.18..764.55....-
Monthly Budget Summary
Total monthly income.................... 2,186.83
Expenses (including HP & secured debts). 1,334.87
Available for debt repayments........... 851.96
Monthly UNsecured debt repayments....... 764.55
Amount left after debt repayments....... 87.41
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -1,966.99
Total Unsecured debt.................... -21,974.18
Net Assets.............................. -23,441.17
good luck.
G0 -
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1088.5 (is there any way to up-your income, or your partners income? Overtime?)
Partners monthly income after tax....... 1098.33
Total monthly income.................... 2186.83
Monthly Expense Details
Secured/HP loan repayments.............. 100.57
Rent.................................... 450
Council tax............................. 101 (Are you paying this over 10 months? Can you switch this to 12 months, or throw this as extra payment towards one of the debts that's costing you a lot in interest during your Ctax free months)
Electricity............................. 47 (Check comparison sites and see if you are on the best deal - often online duel fuel tariffs are cheaper)
Gas..................................... 37 (as above)
Water rates............................. 25.5
Mobile phone............................ 20 (Is this for 2?, if so good, if for one, go PAYG or Sim only for less)
TV Licence.............................. 12.12 (12.37)
Satellite/Cable TV...................... 50 (Cancel and go free view, you need the extra for debt repayment)
Groceries etc. ......................... 200 (for 2 eople - you could cut this down by £50 or £75 - drop brands, meal plan, batch cook - see the old style board for ideas)
Clothing................................ 0.01 (what's 1p? and you probably need a little here for essentials, maybe £5 or £10)
Petrol/diesel........................... 120 (Is there any way to reduce this? car share, public transport?)
Road tax................................ 0 (need this)
Car Insurance........................... 53.68 (at renewal check comparison sites for cheaper)
Car maintenance (including MOT)......... 0 (need something here)
Other travel............................ 80 (what's this for? bus train? can you get it cheaper - weekly/monthly card? walk or cycle instead?)
Contents insurance...................... 0(Probably need something here)
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0 (never?)
Entertainment........................... 32.99 (what does this cover? and canyou get it cheaper?)
Total monthly expenses.................. 1334.87
Assets
Car(s).................................. 500
Total Assets............................ 500
Secured & HP Debts
Description....................Debt......Monthly...APR Are these both o%? Are they going to remain 0% until they are Paid?
Hire Purchase (HP) debt ...... 905.35...(61.25)....0< sofa...........................1061.64..(39.32)....0
Total secured & HP debts...... 1966.99...-.........-
Unsecured Debts
Description....................Debt......Monthly...APR (I have put these in the order of what they are costing you - highest APR, and the order that you should be paying any additional payments towards them)
barclay card...................800.......35........39.9
vanquis........................500.......35........39.9
capital one....................600.......35........34.9
lloyds tsb card ...............3000......100.......15.9
Littlewoods....................2100......70........0 Are the following debts all at 0%? If not what are they, if so when does the 0% end?
additions......................2000......85........0
Jacamo.........................500.......20........0
Barclays resolve loan..........1500......52.5......0
Lloyds Tsb loan................2100......34.92.....0
welcome loan ..................550.19....61.13.....0
Lloyds tsb loan................8323.99...236.......0
Total unsecured debts..........21974.18..764.55....-
Monthly Budget Summary
Total monthly income.................... 2,186.83
Expenses (including HP & secured debts). 1,334.87
Available for debt repayments........... 851.96
Monthly UNsecured debt repayments....... 764.55
Amount left after debt repayments....... 87.41 Hi, the good news it that before you have made any cutbacks, you are in surplus at the end of the month. Do you actually have this? If not keep a spending diary to see where all this goes.
If you do have this, combine it with the savings you can make from your SOA, and over pay this every month towards either Barclay card or Vanquis (they are costing you the most) and when one of them is gone move on to the other.
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -1,966.99
Total Unsecured debt.................... -21,974.18
Net Assets.............................. -23,441.17
Hi
I have made some comments above. Have you stopped spending on the cards and the catalogues? Make sur that you have.
Hope this helps,
Domino90 -
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................ 1088.5
Partners monthly income after tax....... 1098.33
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2186.83
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 100.57
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 47 - this is expensive, shop around.
Gas..................................... 37
Oil..................................... 0
Water rates............................. 25.5
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 12.12
Satellite/Cable TV...................... 50 - switch to freeview.
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0.01 - really? 12p a year?
Petrol/diesel........................... 120
Road tax................................ 0 - why no car tax?
Car Insurance........................... 53.68
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80 - whats this?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 - no insurance? you need this.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0 - nothing here?
Entertainment........................... 32.99 - is this realistic?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1334.87
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500
Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 905.35...(61.25)....0<
sofa...........................1061.64..(39.32)... .0
Total secured & HP debts...... 1966.99...-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Littlewoods....................2100......70....... .0
additions......................2000......85....... .0
lloyds tsb card ...............3000......100.......15.9
Jacamo.........................500.......20....... .0
Barclays resolve loan..........1500......52.5......0
Lloyds Tsb loan................2100......34.92.....0
welcome loan ..................550.19....61.13.....0
Lloyds tsb loan................8323.99...236.......0
barclay card...................800.......35........39.9
vanquis........................500.......35....... .39.9
capital one....................600.......35........34.9
Total unsecured debts..........21974.18..764.55....-
Monthly Budget Summary
Total monthly income.................... 2,186.83
Expenses (including HP & secured debts). 1,334.87
Available for debt repayments........... 851.96
Monthly UNsecured debt repayments....... 764.55
Amount left after debt repayments....... 87.41
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -1,966.99
Total Unsecured debt.................... -21,974.18
Net Assets.............................. -23,441.17DEBT FREE 3rd Sept 2011
(Debts at highest £15.8k Nov '08)
Student Loan paid off July 2014
First Direct Regular Saver #2: £2700 ** Santander 123: £13,106
Car Insurance/Tax Fund: £305 ** Present Savings: £525 ** Disneyworld Fund £1000 -
dreamdreamer wrote: »It doesn't look like you're drowning in debt, in fact it shows you have a surplus every month. However there seem to be a few categories missing that I suspect is eating up that surplus. Do a spending diary and find out where that £87 a month is going.
Electricity £47.00 per month for 2 people in a 3 bed house, is far from expensive, our shower and over and washing machine are all used daily.
Sky- We can't get out of our sky Contract until the Summer
Clothing- is bought as and when needed we dont save monthly for it???
Car tax is paid yearly and we usually take a payment holiday from a loan to pay for it
The other travel is my bus pass
Haircuts- my best mate is a hairdresser I dont pay her
Entertainment- that is Lovefilm and something else I cant remember now...Ever feel like you take 2 steps forward and 8 back?
One day, I will be debt free!0 -
Thank you to the others that have replied.
Our council tax free months, pay for the car MOT, we cant cancel sky we're contracted until summer, we cant save any more on petrol or bus fare (other transport) as that is how much it costs to get to work. £200.00 for food, we both pack lunch, and 10quid a week goes on the cats food and litter.
We dont have contents insurance because we just cant afford it.
I dont pay for haircuts, my best friend is a hairdresser Im lucky in that sense.Ever feel like you take 2 steps forward and 8 back?
One day, I will be debt free!0 -
Do you have anything you can sell?Breast Cancer Now 100 miles October 2022 100 / 100miles
D- Day 80km June 2024 80/80km (10.06.24 all done)
Diabetic UK 1 million steps July 2024 to complete by end Sept 2024. 1,001,066/ 1,000,000 (20.09.24 all done)
Breast Cancer Now 100 miles 1st May 2025 (18.05.2025 all done)
Diabetic UK 1 million steps July 2025 to complete by end Sept 2025. 114,256/1,000,000Sun, Sea0 -
I think the previous poster was correct in that you can save on the electric. I pay £35 per month for three people in a large 4 bed house. The account is also in credit. Switch everything off that you are not presently using. Shop around for a better deal. The little savings add up! The £200 for food can also be reduced. I spend less than £40 per week for two adults, one child and three cats. With a bit of effort you might be able to half that cost, giving you £100 to pay off your debts.0
-
Mrs.Downie wrote: »Electricity £47.00 per month for 2 people in a 3 bed house, is far from expensive, our shower and over and washing machine are all used daily.
In which case you need to seriously review your usage of them because you cannot afford to live like this. Either shower alternate days or share. Washing machine twice a week.
Sky- We can't get out of our sky Contract until the Summer
Maybe not but you can ring and reduce your package.
Clothing- is bought as and when needed we dont save monthly for it???
You need to start budgetting for it because this is why you have spent so much on catalogues and cards.
Sit down with all the statements and work out how much you spent last year, then divide by 12.
Car tax is paid yearly and we usually take a payment holiday from a loan to pay for it
Not a good idea. Divide by 12 and put that much money into a "savings" account so that it is there whan you need it.
The other travel is my bus pass
Thanks. You car costs are rather high, both insurance and petrol. You need to reduce both.
Haircuts- my best mate is a hairdresser I dont pay her
Good MSE
Entertainment- that is Lovefilm and something else I cant remember now..
They both need to be cancelled as you cannot afford them
.
Hi, you need to balance your budget and then start to reduce costs. If you have items missing from the budget like tax and clothes, you cannot even balance it.
It looks like you have bought a lot of stuff over the years? Go round the house and collect together all the thinfgs you no longer use or wear and work out how to sell them.
If there are only 2 adults in a 3 bedroom house, can you down-size to reduce your rent etc or take a lodger under the Rent e Room scheme?If you've have not made a mistake, you've made nothing0 -
Hi, you need to balance your budget and then start to reduce costs. If you have items missing from the budget like tax and clothes, you cannot even balance it.
It looks like you have bought a lot of stuff over the years? Go round the house and collect together all the thinfgs you no longer use or wear and work out how to sell them.
If there are only 2 adults in a 3 bedroom house, can you down-size to reduce your rent etc or take a lodger under the Rent e Room scheme?
Thanks for the points.
Shower alternate days is a huge no no! You gotta be clean!
The sky is for the net, landline and sky package, we're on the lowest tarriffs of them all.
You are right about the clothes, I do primarily use catalogues for clothing.
The insurance is as cheap as its going to get Hubby isnt 25 yet, he only has 3 years no claims and the car is a 1.8 there is no way to get cheaper insurance, we do shop around. Petrol is a necessity to enable Hubs to get to work and he does car share. It 6 quid a day to get him to and from work.
Ahh yeah the other entertainment is the Gym that Hubby goes to, its the cheapest in the area and he's contracted in. BUt we could save 10.99 on love filmEver feel like you take 2 steps forward and 8 back?
One day, I will be debt free!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.5K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards