Not sure if this is right..

Dizzaster

Hi, this is my second post, my first was on the thread for the Mental Health and Debt booklet. Long story but in a nutshell have been suffering with severe agitated depression for the past couple of years, been having counselling and medication for the past 12 months, got myself into a lot of credit card debt over the past two years. Was off sick for a couple of months last year which compounded the problem as wasn't on full pay. Family have disowned me because of my mental health problems, I'm frightened and it's starting to get me down again, kids live with their Dad over 200 miles away and I have to drive to see them, even though I've said I can't manage the finances the other half has taken no interest. I've written down what I think I owe I haven't got all the interest rates as I'm scared of ringing the companies, don't know where to start or what to do, even typing this is making me anxious and agitated and making me cry, so if anyone can help me with anything it would mean the world.

Dizz

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget SummaryAmount(£)Total monthly income2,771Monthly expenses (incl. HP & secured loans)2,116.7Available for debt repayments654.3UNsecured debt repayments595.97Amount left after debt repayments58.33Personal Balance Sheet SummaryAmount(£)Total Assets (things you own)86,200Total Secured & HP Debt-57,912Total Unsecured Debt-18,481Net Assets9,807Household Information

Number of adults in household2Number of children in household
Number of cars owned2Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax1214
Partners monthly income1557
Total monthlyincome2771
ExpensesAmount(£)
Mortgage282.4
Secured/HP loan payments199
Council tax77
Electricity35
Gas35
Water Rates43.76
Telephone (land line)10
Mobile phone50
TV Licence12.37
Satellite/Cable TV24.19
Internet services15
Groceries etc.320
Clothing20
Petrol/diesel250
Road tax22.5
Car Insurance55
Car maintenance (including MOT)50
Car Parking15
Other child related expenses120
Medical (prescriptions, dentists, opticians etc.)15
Pet Insurance/Vet bills40
Buildings & Contents Insurance26.72
Life Assurance46.56
Other Insurance51.53
Presents (birthday, christmas etc.)42
Haircuts5
Entertainment10
Holiday30
Newspapers6.67
Beer (other half)30
Cigarettes (me)152
Bank account charges25
Total monthly expenses2116.7
Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)
Mortgage55412 (282.4) 0
Hire Purchase (HP) Debt2500 (199)6
Secured & HP Debt totals57912 - -
Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)
Virgin CC 4712
Lloyds CC 2543
Capital 1 CC 2726
Loan8500
Unsecured Debt totals18,481.59Asset DescriptionValue (£)
Cash0House Value (Gross)75000
Shares and bonds0Car(s)10000
Other assets (e.g. endowments, jewellery etc) 1200Total Assets86200
Comments on the results
You have sufficient monthly income to meet your expenses and your minimum monthly debt repayments with £58.33 left over. You can use this to pay off your debts more quickly or to build/top-up an emergency fund.

Forgot overdrafts totalling £750

Clarie_2

Dizzaster wrote: »

Hi, this is my second post, my first was on the thread for the Mental Health and Debt booklet. Long story but in a nutshell have been suffering with severe agitated depression for the past couple of years, been having counselling and medication for the past 12 months, got myself into a lot of credit card debt over the past two years. Was off sick for a couple of months last year which compounded the problem as wasn't on full pay. Family have disowned me because of my mental health problems, I'm frightened and it's starting to get me down again, kids live with their Dad over 200 miles away and I have to drive to see them, even though I've said I can't manage the finances the other half has taken no interest. I've written down what I think I owe I haven't got all the interest rates as I'm scared of ringing the companies, don't know where to start or what to do, even typing this is making me anxious and agitated and making me cry, so if anyone can help me with anything it would mean the world.

Dizz

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget SummaryAmount(£)
Total monthly income2,771
Monthly expenses (incl. HP & secured loans)2,116.7
Available for debt repayments654.3
UNsecured debt repayments595.97
Amount left after debt repayments58.33

Personal Balance Sheet SummaryAmount(£)
Total Assets (things you own)86,200
Total Secured & HP Debt-57,912
Total Unsecured Debt-18,481
Net Assets9,807

Household Information
Number of adults in household2
Number of children in household
Number of cars owned2

Income, Expense, Debt & Asset Details

IncomeAmount(£)
Monthly income after tax1214
Partners monthly income1557
Total monthlyincome2771

ExpensesAmount(£)
Mortgage282.4
Secured/HP loan payments199
Council tax77
Electricity35
Gas35
Water Rates43.76
Telephone (land line)10
Mobile phone50
TV Licence12.37
Satellite/Cable TV24.19
Internet services15
Groceries etc.320
Clothing20
Petrol/diesel250
Road tax22.5
Car Insurance55
Car maintenance (including MOT)50
Car Parking15
Other child related expenses120
Medical (prescriptions, dentists, opticians etc.)15
Pet Insurance/Vet bills40
Buildings & Contents Insurance26.72
Life Assurance46.56
Other Insurance51.53
Presents (birthday, christmas etc.)42
Haircuts5
Entertainment10
Holiday30
Newspapers6.67
Beer (other half)30
Cigarettes (me)152
Bank account charges25
Total monthly expenses2116.7

Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)
Mortgage55412 (282.4) 0
Hire Purchase (HP) Debt2500 (199)6
Secured & HP Debt totals57912 - -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)
Virgin CC 4712
Lloyds CC 2543
Capital 1 CC 2726
Loan8500
Unsecured Debt totals18,481.59

Asset DescriptionValue (£)
Cash0House Value (Gross)75000
Shares and bonds0
Car(s)10000
Other assets (e.g. endowments, jewellery etc) 1200
Total Assets86200

Comments on the results
You have sufficient monthly income to meet your expenses and your minimum monthly debt repayments with £58.33 left over. You can use this to pay off your debts more quickly or to build/top-up an emergency fund. Whatever your results show, it always pays to seek advice or comments from others. Why not post your SOA details on our Debt Management discussion board or on your preferred discussion forum elsewhere.

Hi Dizzaster,
Fantastic! you've done exactly the right thing - you know you've got debt, you are here, asking for help, and you've filled in your Statement of Affairs so people can give you specific help. Well done on getting this far! :T
You certainly aren't the first to be here - have a look at all our signatures. From here on in it will get better!
Your next thing to do is find out those interest rates - wait untill you are feeling a bit more in control, and then dig out your last statements or check them out online if you don't want to phone the company .
Do you really have £58 left over each month?

Clarie

Dizzaster

No, but I can't work out where the £58 is going

Dizz

Tixy

If you don't know where the surplus money is going then start keeping a spending diary for a couple of months where you write down everything. You say your forgot your overdraft - I guess some will be on bank charges or interest for this.

Dizzaster wrote: »

Statement of Affairs & Personal Balance Sheet

IncomeAmount(£)Monthly income after tax1214
Partners monthly income1557
Total monthlyincome2771
ExpensesAmount(£)
Mortgage282.4
Secured/HP loan payments199
Council tax77
Electricity35
Gas35
Water Rates43.76 is this unmetered, consider getting a meter, it should work out cheaper than this for 2 people
Telephone (land line)10
Mobile phone50 can you reduce this? drop a tariff or switch contracts?
TV Licence12.37
Satellite/Cable TV24.19 could you cancel this to reduce outgoings and use freeview?
Internet services15
Groceries etc.320 This is very high for 2 people. Some manage on around half this, but if you could drop to 200 that would be a good saving
Clothing20
Petrol/diesel250 is all this essential miles?
Road tax22.5
Car Insurance55
Car maintenance (including MOT)50
Car Parking15 is there anywhere you could park for free instead?
Other child related expenses120
Medical (prescriptions, dentists, opticians etc.)15
Pet Insurance/Vet bills40
Buildings & Contents Insurance26.72
Life Assurance46.56 have you checked this is a good deal recently/shopped around
Other Insurance51.53 what is this? have you shopped around to see if you can get cheaper?
Presents (birthday, christmas etc.)42
Haircuts5
Entertainment10
Holiday30
Newspapers6.67
Beer (other half)30
Cigarettes (me)152 can you reduce the amount you smoke at all? or consider switching to roll ups?
Bank account charges25
Total monthly expenses2116.7

Dizzaster

Water Rates43.76 is this unmetered, consider getting a meter, it should work out cheaper than this for 2 people - next door is on a meter and they pay more! I think it's 11 payments a year not 12 will need to check that out.
Telephone (land line)10
Mobile phone50 can you reduce this? drop a tariff or switch contracts? - I'm stuck on a £30 tarif with Orange until October, the other £20 is the other halfs which he's looking about at now as his 12 mth contract is finished in the next couple of weeks.
TV Licence12.37
Satellite/Cable TV24.19 could you cancel this to reduce outgoings and use freeview? Yes we could, but as I said I am fighting a losing battle with the bf. If he doesn't help out soon and realise what we pay then I'm going to end up back in an ambulance.
Internet services15
Groceries etc.320 This is very high for 2 people. Some manage on around half this, but if you could drop to 200 that would be a good saving - also have the children 2 weekends a month, I always take out £60 a week for all the shopping, pet food, etc but it always goes over.
Clothing20
Petrol/diesel250 is all this essential miles? Yes I have a 400 mile round trip to see my children, my car is diesel and does 60mpg, bf's car also diesel and does 60mpg we work in different directions he does shifts, public transport would take me almost 2 hours to get to work!
Road tax22.5
Car Insurance55
Car maintenance (including MOT)50
Car Parking15 is there anywhere you could park for free instead? - no I work at the hospital and the streets around are all permit holders only I pay £8 a month for the parking the other 7 is for other times although we do try and use car parks where you can get your money back, I've put the worst case scenario
Other child related expenses120
Medical (prescriptions, dentists, opticians etc.)15
Pet Insurance/Vet bills40
Buildings & Contents Insurance26.72
Life Assurance46.56 have you checked this is a good deal recently/shopped around - just had it checked recently
Other Insurance51.53 what is this? have you shopped around to see if you can get cheaper? - this is British Gas Homecare, covers all the plumbing,heating, oven, dishwasher, fridge, freezer etc
Presents (birthday, christmas etc.)42
Haircuts5
Entertainment10
Holiday30
Newspapers6.67
Beer (other half)30
Cigarettes (me)152 can you reduce the amount you smoke at all? or consider switching to roll ups? - GP won't send me on smoking cessation at the moment, I have asked but he thinks it will be too much for me to cope with, can I get menthol filters?? Will have to look at that
Bank account charges25