Is there anyone who coud help me sort this mess out please?

mobrel

Hi

I'm not sure if I'm doing this right but I've had a go at my soa and putting it on here for the world to see.

I really want to try and get sorted and am not sure of the right way to go. My husband thinks maybe going down a debt management plan route might be best, but i'm not sure.

If we can manage to make all our repayments, just, even though we are living hand to mouth to do it, is that best?

My husband would rather we paid less off a month and had a better quality of life, but I just want to try and get rid of the debts as quickly as possible, then start living again.

I'd be grateful for any advice.

Thanks if you've taken the time to read this.

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 1150
Benefits................................ 176.2
Other income............................ 0
Total monthly income.................... 3076.2
Monthly Expense Details
Mortgage................................ 471.6
Secured/HP loan repayments.............. 15
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 153
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 42.55
Telephone (land line)................... 18.5
Mobile phone............................ 20
TV Licence.............................. 12.37
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 20
Petrol/diesel........................... 180
Road tax................................ 35
Car Insurance........................... 52
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 88
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 12.73
Buildings insurance..................... 0
Contents insurance...................... 16
Life assurance ......................... 20.3
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1817.05

Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 200
Other assets............................ 0
Total Assets............................ 250200

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 98478....(471.6)....2.5
Hire Purchase (HP) debt ...... 400......(15).......0
Total secured & HP debts...... 98878.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
capital one....................9461......284.......0
egg p..........................5002......151.......0
egg m..........................4113......0.........0
virgin m.......................2319......70........0
virgin p.......................2871......87........0
lloyds tsb.....................1000......214.......0
lloyds tsb.....................1150......0.........0
halifax........................4915......148.......0
first direct...................1700......155.......0
Total unsecured debts..........32531.....1109......-

Monthly Budget Summary
Total monthly income.................... 3,076.2
Expenses (including HP & secured debts). 1,817.05
Available for debt repayments........... 1,259.15
Monthly UNsecured debt repayments....... 1,109
Amount left after debt repayments....... 150.15
Personal Balance Sheet Summary
Total assets (things you own)........... 250,200
Total HP & Secured debt................. -98,878
Total Unsecured debt.................... -32,531
Net Assets.............................. 118,791



I've not put down the interest rates for the credit cards as I don't know how to work out an annual rate from the rate on my statement. (thickie emoticon!!) Any advice would be great!

pebbles88

mobrel wrote: »

Hi

I'm not sure if I'm doing this right but I've had a go at my soa and putting it on here for the world to see.

I really want to try and get sorted and am not sure of the right way to go. My husband thinks maybe going down a debt management plan route might be best, but i'm not sure.

If we can manage to make all our repayments, just, even though we are living hand to mouth to do it, is that best?

My husband would rather we paid less off a month and had a better quality of life, but I just want to try and get rid of the debts as quickly as possible, then start living again.

I'd be grateful for any advice.

Thanks if you've taken the time to read this.

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 1150
Benefits................................ 176.2
Other income............................ 0
Total monthly income.................... 3076.2
Monthly Expense Details
Mortgage................................ 471.6
Secured/HP loan repayments.............. 15
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 153
Electricity............................. 80 - £80 each for both gas & elec? seems really high, have you checked to see if you're getting the best deal you can? if you are, can you not cut down how much you are using? i/e use the heating a bit less, make sure everythings turned off not on standby. showers rather than baths etc. again the o/s threads have useful tips on there.
Gas..................................... 80
Oil..................................... 0
Water rates............................. 42.55
Telephone (land line)................... 18.5 - can you get a better deal for phone, tv?
Mobile phone............................ 20
TV Licence.............................. 12.37
Satellite/Cable TV...................... 20 - might be worth checking if you are in a freeview area and seeing if buying a set top box would save you money, one off payment for lots of free channels.
Internet Services....................... 0
Groceries etc. ......................... 400 this can certainly be cut right down - have a look on the os thread and check this site out http://www.cheap-family-recipes.org.uk/

that feeds a family for around £100 p/m and makes sure you get all your nutrients.
Clothing................................ 20 - for now can you make do & mend?
Petrol/diesel........................... 180 - seems high, is there any way you can reduce this at all?
Road tax................................ 35 - this must be yearly?
Car Insurance........................... 52
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 88
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 12.73
Buildings insurance..................... 0
Contents insurance...................... 16
Life assurance ......................... 20.3
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 10 - boring I know but this might have to go for a bit, but plenty of free fun you can have as a family.... parks, museums, board games etc
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1817.05

Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 200
Other assets............................ 0
Total Assets............................ 250200

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 98478....(471.6)....2.5
Hire Purchase (HP) debt ...... 400......(15).......0
Total secured & HP debts...... 98878.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
capital one....................9461......284.......0
egg p..........................5002......151.......0
egg m..........................4113......0.........0
virgin m.......................2319......70........0
virgin p.......................2871......87........0
lloyds tsb.....................1000......214.......0
lloyds tsb.....................1150......0.........0
halifax........................4915......148.......0
first direct...................1700......155.......0
Total unsecured debts..........32531.....1109......-

Monthly Budget Summary
Total monthly income.................... 3,076.2
Expenses (including HP & secured debts). 1,817.05
Available for debt repayments........... 1,259.15
Monthly UNsecured debt repayments....... 1,109
Amount left after debt repayments....... 150.15
Personal Balance Sheet Summary
Total assets (things you own)........... 250,200
Total HP & Secured debt................. -98,878
Total Unsecured debt.................... -32,531o
Net Assets.............................. 118,791



I've not put down the interest rates for the credit cards as I don't know how to work out an annual rate from the rate on my statement. (thickie emoticon!!) Any advice would be great!

hiya,

have put my suggestions in red above. i think you could easily shave quite a big chunk of your outgoings without notcing much, specifically in the food budget. the family receipes sight is a godsend! you could always do the drop a brand name down, ie rather than buying say nescafe coffee you try supermarket own, if you already get the supermarkets own range then try the value? some value products are great - some are awful but the price difference is crazy! better you have the difference in price than the supermarket!

i can understand what your dh says about paying less & living better. but i also too get what you say about paying it off asap to start living again. if you dont want to go down the route off dmp then try looking at the cccs site and do the debt remedy, that will give you a plan of how to tackle your debt.
http://www.cccs.co.uk/InfoCentre/EnglandandWales/Debtsolutions/Debtmanagementplan.aspx

i hope all this helps, im sure you will get lots of other replies soon too. remember the debts didnt happen overnight, so it will take some time to pay everything off too.

best of luck

MFWannabe

mobrel wrote: »

Hi

I'm not sure if I'm doing this right but I've had a go at my soa and putting it on here for the world to see.

I really want to try and get sorted and am not sure of the right way to go. My husband thinks maybe going down a debt management plan route might be best, but i'm not sure.

If we can manage to make all our repayments, just, even though we are living hand to mouth to do it, is that best?

My husband would rather we paid less off a month and had a better quality of life, but I just want to try and get rid of the debts as quickly as possible, then start living again.

I'd be grateful for any advice.

Thanks if you've taken the time to read this.

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 1150
Benefits................................ 176.2
Other income............................ 0
Total monthly income.................... 3076.2
Monthly Expense Details
Mortgage................................ 471.6
Secured/HP loan repayments.............. 15
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 153 - Is this over 10 months? See if you can pay over 12 instead
Electricity............................. 80 - this is high; check comparison sites to se if you can get cheaper
Gas..................................... 80 - this is high; check comparison sites to se if you can get cheaper
Oil..................................... 0
Water rates............................. 42.55
Telephone (land line)................... 18.5
Mobile phone............................ 20
TV Licence.............................. 12.37
Satellite/Cable TV...................... 20 - see if you can get landline and internet combined with this; it may be cheaper
Internet Services....................... 0
Groceries etc. ......................... 400- this is high; you could cut this by approx £100
Clothing................................ 20
Petrol/diesel........................... 180
Road tax................................ 35 - is this correct? This is £420 per year!
Car Insurance........................... 52 - this seems high; check comparison sites to see if you can get cheaper
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 88
Other child related expenses............ 20 - what is this for?
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 12.73
Buildings insurance..................... 0
Contents insurance...................... 16
Life assurance ......................... 20.3
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1817.05

Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 200
Other assets............................ 0
Total Assets............................ 250200

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 98478....(471.6)....2.5
Hire Purchase (HP) debt ...... 400......(15).......0
Total secured & HP debts...... 98878.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
capital one....................9461......284.......0
egg p..........................5002......151.......0
egg m..........................4113......0.........0
virgin m.......................2319......70........0
virgin p.......................2871......87........0
lloyds tsb.....................1000......214.......0
lloyds tsb.....................1150......0.........0
halifax........................4915......148.......0
first direct...................1700......155.......0
Total unsecured debts..........32531.....1109......-

Monthly Budget Summary
Total monthly income.................... 3,076.2
Expenses (including HP & secured debts). 1,817.05
Available for debt repayments........... 1,259.15
Monthly UNsecured debt repayments....... 1,109
Amount left after debt repayments....... 150.15
Personal Balance Sheet Summary
Total assets (things you own)........... 250,200
Total HP & Secured debt................. -98,878
Total Unsecured debt.................... -32,531
Net Assets.............................. 118,791



I've not put down the interest rates for the credit cards as I don't know how to work out an annual rate from the rate on my statement. (thickie emoticon!!) Any advice would be great!

Hi
I've made some comments above where you could make some cutbacks. Do you really have £150 per month left over? If not then keep spending diaries to see where this is being spent.
You need to find out your apr's so that we can advise which ones to start paying off first. If your statement says monthly rate put that in and state it is the monthly rate and someone will be able to work out the APR from them
If you can make payments to your debts and make some cutbacks so you can pay more off then i would pay them off this way; although it will probably take a long time. This way though you don't mess up your credit rating for years

mobrel

Thanks both of you.

I have already gone on a comparison site and am in the process of switching gas and electricity, I've also stopped using the tumble dryer completeley (2 weeks and counting!) and turned the thermostat down a notch.

The petrol and car insurance are high as I use my car for work but claim mileage which is included in my salary.

Other child expenses are school meals.

We don't actually buy clothes very often, but I thought I'd better put something in as children growing all the time.

The sky is going and I'm going to switch to a cheaper broadband and telephone package.

I'd thought about it, just needed a nudge!

I'm going to have a look at the rest of the site to see how to cut down on shopping too.

Freez, I don't know where the spare £150 is!!!! It seems that every month something goes wrong, the car or the boiler or the garden fence, something. I'm guessing that would explain it so far. You're right. I'm going to start keeping a spending diary.

Thanks both for your help.

Tixy

Hi

If you have the £150 surplus then you won't be eligible for a DMP with one of the charities. And your creditors are only going to consider freezing interest if you cannot meet your minimum payments which it seems that you can.

APRs - to convert monthly to annual use this calculator http://www.makesenseofcards.com/mon2yr.html

Have a look at the some of the suggestions others have made on your costs, particularly the grocery cost could be reduced. A lot on here manage a family of you size for £200-250 so even if you could manage a drop to £300 that would still be a nice extra chunk to put towards the debts.

If you could overpay by £250 a month then that would make a big dent in your debt free date. Once you have the APRs then use the snowball calculator to work out a DFD (same site as the SoA).