My SOA

reallystuck

Anyone got any ideas?
I know my soa is incomplete but will fill in missing details later.
I rent the House I live in but have 5 buy to let flats which are all in negative equity, although only just and the the rents cover the mortgage payments.
I have not missed any payments yet but will have to soon as i have no savings left.
My income was a lot higher previously but have recently been very ill in hospital and will not be able to earn the same amount of money now I'm out.
Would I be allowed to go on a DMP and still keep the flats which are the best way of me being able to pay this money back (despite the current market conditions)?
Any advice would be greatly appreciated.

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 555
Benefits................................ 491
Other income............................ 3355
Total monthly income.................... 5201

Monthly Expense Details
Mortgage................................ 437
Secured/HP loan repayments.............. 2743
Rent.................................... 800
Management charge (leasehold property).. 0
Council tax............................. 260
Electricity............................. 63
Gas..................................... 62
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 54
TV Licence.............................. 12
Satellite/Cable TV...................... 36.25
Internet Services....................... 10
Groceries etc. ......................... 400
Clothing................................ 100
Petrol/diesel........................... 120
Road tax................................ 14
Car Insurance........................... 12
Car maintenance (including MOT)......... 15
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..................... 48
Contents insurance...................... 0
Life assurance ......................... 8
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 120
Holiday................................. 0
Emergency fund.......................... 40
Total monthly expenses.................. 5409.25


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 300


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 106000...(437)......4.84<
Mortgage.......................0........(651)......0<
Mortgage.......................0........(1152).....0<
Mortgage.......................125000...(503)......0<
Mortgage.......................107000...(437)......4.84
Total secured & HP debts...... 338000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
mbna...........................11959.....266.......0
B.o.S..........................6351......153.......23.9
Virgin.........................3454......84........0
RBS Loan.......................13470.....276.......0
Next...........................942.......78........0
HSBC...........................722.......18........0
Total unsecured debts..........36898.....875.......-


Monthly Budget Summary
Total monthly income.................... 5,201
Expenses (including HP & secured debts). 5,409.25
Available for debt repayments........... -208.25
Monthly UNsecured debt repayments....... 875
Amount short for making debt repayments. -1,083.25

Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total HP & Secured debt................. -338,000
Total Unsecured debt.................... -36,898
Net Assets.............................. -374,598

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

HappyMJ

How much negative equity are we talking about? It might be worth disposing of them all and repaying all the debts. If too much debt is left over then it might be worth considering bankruptcy. You have a shortfall of £200 per month before any debt repayments so you need to balance that first. Although the rent received is £3355 the mortgage repayments total £3180 leaving you only a £175 surplus to cover buildings insurance, gas safety certificates, maintenance etc... For 5 properties it's only £35 per month. It's not enough.

runninglea

Are the flats on fixed rate if so how long for?

reallystuck

Flats are all on SVR.
The neg equity is not too bad, if I sold up I may even be a couple of thousand ahead.
I do my own maintanence as i was in building trade before illness but still capable of most minor jobs. I get family member to provide gas safety cert in return for help on his house. They do not provide any extra income over what they cost on a monthly basis but If I am going to pay this debt of completely then I think I would be better of keeping them untill the market is better. I would only need a 5% lift in the market to allow me to pay back all of the money I am owe.
My main problem is the unsecured debt (creditcards /loan) which I can no longer pay on my reduced income.
Thanks for help.