Need help please.

Shazza0410

Any advice would be gratefully recieved.

I want to pay my debts but i have found myself in serious financial trouble after my ex partner stopped paying regular maintenance because he became bankrupt. I am at my wits end and don't now where to turn.

I have done the SOA form and seeing my finances like that is frightning.

Does anyone have any info that will help me. I thought about remorgaging to pay off the debt, but don't think i will be approved. I have not missed any payments for anything yet, because my ex has been giving me anything he has, but not as much as he did previously.

Thanks Shazz




Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 430
Partners monthly income after tax....... 0
Benefits................................ 1280
Other income............................ 0
Total monthly income.................... 1710

Monthly Expense Details
Mortgage................................ 510
Secured/HP loan repayments.............. 245
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 15
Satellite/Cable TV...................... 60
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 10
Car Insurance........................... 40
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 40
Contents insurance...................... 0
Life assurance ......................... 8
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1813


Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 119000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 90000....(510)......4.69
Hire Purchase (HP) debt ...... 4000.....(245)......12
Total secured & HP debts...... 94000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................12000.....295.......11
CC.............................7500......150.......0
CC.............................4250......120.......0
CC.............................600.......17........0
Total unsecured debts..........24350.....582.......-


Monthly Budget Summary
Total monthly income.................... 1,710
Expenses (including HP & secured debts). 1,813
Available for debt repayments........... -103
Monthly UNsecured debt repayments....... 582
Amount short for making debt repayments. -685

Personal Balance Sheet Summary
Total assets (things you own)........... 119,000
Total HP & Secured debt................. -94,000
Total Unsecured debt.................... -24,350
Net Assets.............................. 650

katsu

Shazz, You may need to get advice from a debt charity like CAB, CCCS or Payplan as you have a big shortfall.

If your ex has gone bankrupt surely he should have more money as he no longer has to pay his debts so should be able to pay you? Am I missing something?

I can see things like - your gas and elec are way too high at £160 pcm for both, but I can't see how you can make up the whole shortfall by cutting back.

Best wishes

Shazza0410

Thanks Katsu.

My Ex lost a lot of money trying to keep his business afloat, but unforunately it failed after 1 of his customers went out of business. He is currently out of work and claiming benefits. If he gets back in work then he will pay what he can, but obviously im in a sticky situation now, and cant wait on him. I don't really want to rely on him as much as i did previously.

I am on pre pay Gas and Electricity that is why it is so high, i am £20 p/w for each.

Shazz

Nicky321

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 430
Partners monthly income after tax....... 0
Benefits................................ 1280
Other income............................ 0
Total monthly income.................... 1710

Monthly Expense Details
Mortgage................................ 510
Secured/HP loan repayments.............. 245
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 95 (are you able to pay over 12 months?)
Electricity............................. 80 (Check the comparison sites for a better deal)
Gas..................................... 80 (Same as above)
Oil..................................... 0
Water rates............................. 0 (something here?)
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 15
Satellite/Cable TV...................... 60 (Can this be downgraded?)
Internet Services....................... 0
Groceries etc. ......................... 400 (Cut back on this, cook from scratch, meal plan & make in bulk)
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 10
Car Insurance........................... 40 (Check comparison site for cheaper)
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 40 (Whats this?)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 40
Contents insurance...................... 0
Life assurance ......................... 8
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1813


Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 119000


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 90000....(510)......4.69
Hire Purchase (HP) debt ...... 4000.....(245)......12
Total secured & HP debts...... 94000.....-.........-

Unsecured Debts (are the monthly payments the minimum?)
Description....................Debt......Monthly.. .APR
loan...........................12000.....295...... .11
CC.............................7500......150...... .0
CC.............................4250......120...... .0
CC.............................600.......17....... .0
Total unsecured debts..........24350.....582.......-


Monthly Budget Summary
Total monthly income.................... 1,710
Expenses (including HP & secured debts). 1,813
Available for debt repayments........... -103
Monthly UNsecured debt repayments....... 582
Amount short for making debt repayments. -685

Personal Balance Sheet Summary
Total assets (things you own)........... 119,000
Total HP & Secured debt................. -94,000
Total Unsecured debt.................... -24,350
Net Assets.............................. 650

Just added a few comments. At first these SOA's are frightening, but at least you know where you are financially and people on here will help you with advice and links.

curlytop12

Shazza0410 wrote: »

Any advice would be gratefully recieved.

I want to pay my debts but i have found myself in serious financial trouble after my ex partner stopped paying regular maintenance because he became bankrupt. I am at my wits end and don't now where to turn.

I have done the SOA form and seeing my finances like that is frightning.

Does anyone have any info that will help me. I thought about remorgaging to pay off the debt, but don't think i will be approved. I have not missed any payments for anything yet, because my ex has been giving me anything he has, but not as much as he did previously.

Thanks Shazz




Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 430
Partners monthly income after tax....... 0
Benefits................................ 1280
Other income............................ 0
Total monthly income.................... 1710

Monthly Expense Details
Mortgage................................ 510
Secured/HP loan repayments.............. 245
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 80 way too high but i see its a prepay meter
Gas..................................... 80 way too high but i see its a prepay meter
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 15
Satellite/Cable TV...................... 60 reduce/cancel and use freeview
Internet Services....................... 0
Groceries etc. ......................... 400 drop a brand,menu plan,spending diary
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 10
Car Insurance........................... 40
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 40 what is this?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 40 really high for house value!should be able to get for below £20
Contents insurance...................... 0 something here?
Life assurance ......................... 8
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1813


Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 119000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 90000....(510)......4.69
Hire Purchase (HP) debt ...... 4000.....(245)......12
Total secured & HP debts...... 94000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................12000.....295.......11
CC.............................7500......150.......0
CC.............................4250......120.......0
CC.............................600.......17........0
Total unsecured debts..........24350.....582.......-


Monthly Budget Summary
Total monthly income.................... 1,710
Expenses (including HP & secured debts). 1,813
Available for debt repayments........... -103
Monthly UNsecured debt repayments....... 582
Amount short for making debt repayments. -685

Personal Balance Sheet Summary
Total assets (things you own)........... 119,000
Total HP & Secured debt................. -94,000
Total Unsecured debt.................... -24,350
Net Assets.............................. 650

think you need expert help(cccs,CAB etc)as such a large deficit,but a few tips anyway.
good luck,hope it all works out well for you.
p.s. the things you borrowed all that money for-anything to sell?
my CC's got wracked up on car repairs etc so i know there may be "nothing to show ":o

kezlou

Shazza0410 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 430
Partners monthly income after tax....... 0
Benefits................................ 1280
Other income............................ 0
Total monthly income.................... 1710

Monthly Expense Details
Mortgage................................ 510
Secured/HP loan repayments.............. 245
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 95 - could you ask the council if you can pay it over 12 months? i did this and they agreed.
Electricity............................. 80 could you lower this?
Gas..................................... 80could you lower this?
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 15
Satellite/Cable TV...................... 60 maybe drop down a package. i phoned virgin up and reduced mine form £80 down to £24.95
Internet Services....................... 0
Groceries etc. ......................... 400 you could reduce this half with careful planning, its hard but do-able
Clothing................................ 20 can you and kids make do for now, and only buy what you need. Again harsh but thats what we do now. We shop in second han places . They fab and cheap.
Petrol/diesel........................... 100
Road tax................................ 10
Car Insurance........................... 40
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 40
Contents insurance...................... 0
Life assurance ......................... 8
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 reduce this, you seriousyl can't afford to give pressies right now.
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1813


Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 119000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 90000....(510)......4.69
Hire Purchase (HP) debt ...... 4000.....(245)......12
Total secured & HP debts...... 94000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................12000.....295.......11
CC.............................7500......150.......0
CC.............................4250......120.......0
CC.............................600.......17........0
Total unsecured debts..........24350.....582.......-


Monthly Budget Summary
Total monthly income.................... 1,710
Expenses (including HP & secured debts). 1,813
Available for debt repayments........... -103
Monthly UNsecured debt repayments....... 582
Amount short for making debt repayments. -685

Personal Balance Sheet Summary
Total assets (things you own)........... 119,000
Total HP & Secured debt................. -94,000
Total Unsecured debt.................... -24,350
Net Assets.............................. 650

Hi Shazz, head over to the old style thread, get on the grocery challenge, you'll get loads of help there.


good luck x

Shazza0410

Hi Nicky and Gem

The council tax is over 12months.
The gas and lecky are pre pay, i am looking into monthly billing as i know it is cheper. I dont pay water rates here in rainy Scotland we get enough from the sky for free:).

The £60 is phone, internet and tv channels inclusive. It does seem a bit excessive, but the kids have only there xbox live as entertainment and i don't want to take it away from them unless i really have to.

The £40p/m other travel is the kids fares to and from school @ £1 per day each for 2 kids. I can pick them up some times when my shifts allow it. So it maybe is slightly less than £40 p/m and i dont pay it during all the holidays the kids get nowadays.

The buildings insurance includes Contents maybe why it seems a tad high.

The CC's were used (too much looking back) mainly to buy things for the house, because i moved recently it was a case of new house new things. Silly i know, but i guess i got caught up in the excitement of putting my own mark on the house.

As for food i have been really penny pinching lately, so that figure should be less than i posted.

The payments for the unsecured are all minimum payments.

Thanks so much for the reply's so far people, i am taking it all on board.

Thanks Shazz

[Deleted User]

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 430 (Any way to increase - overtime? Second job?)
Benefits................................ 1280
Other income............................ 0
Total monthly income.................... 1710

Monthly Expense Details
Mortgage................................ 510
Secured/HP loan repayments.............. 245
Council tax............................. 95 See if you can pay over 12 months instead of 10? - ask your council
Electricity............................. 80 both this this and below are very high - checi USwitch to see if you can get a cheaper tariff (and use cashbak sites if appropriate (Quidco, topcashback, Onepoll), also ensure your usage if efficient - switch of what you're not using, onlt have heating on in rooms you are in, switch thermostat down etc)
Gas..................................... 80 as above
Water rates............................. 0 Don't you pay this? (ignore if you are in Scotland as it's not relavant
Mobile phone............................ 10
TV Licence.............................. 15 (12.37)
Satellite/Cable TV...................... 60 cancel and go freeview
Internet Services....................... 0
Groceries etc. ......................... 400 can reduce - frop brands, meal plan, batch cook - check the old style board for ideas
Clothing................................ 20 essentials only for now
Petrol/diesel........................... 100 are all journey's essential for now
Road tax................................ 10
Car Insurance........................... 40 check comparison sites at renewal
Car maintenance (including MOT)......... 10
Other travel............................ 40 what does this cover?
Buildings insurance..................... 40 check comparison sites - even including contents ins. this might be cheaper elsewhere
Contents insurance...................... 0
Life assurance ......................... 8
Presents (birthday, christmas etc)...... 50 reduce
Haircuts................................ 0 never?
Entertainment........................... 0 Nothing?

Total monthly expenses.................. 1813


Assets
House value (Gross)..................... 115000
Car(s).................................. 4000
Total Assets............................ 119000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 90000....(510)......4.69
Hire Purchase (HP) debt ...... 4000.....(245)......12
Total secured & HP debts...... 94000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................12000.....295.......11
CC.............................7500......150.......0 Need to know APR's
CC.............................4250......120.......0
CC.............................600.......17........0
Total unsecured debts..........24350.....582.......-


Monthly Budget Summary
Total monthly income.................... 1,710
Expenses (including HP & secured debts). 1,813
Available for debt repayments........... -103
Monthly UNsecured debt repayments....... 582
Amount short for making debt repayments. -685

Personal Balance Sheet Summary
Total assets (things you own)........... 119,000
Total HP & Secured debt................. -94,000
Total Unsecured debt.................... -24,350
Net Assets.............................. 650

Hi,
I have mde some comments above- hopefully some of them will be of use. If you can't get your income to meet your expenditure you really need to speak to one of the debt charities (National Debtlin, CCCS, PAyplan, CAB)

HTH

D9

barbarawright

Well done for sorting yourself out - you've been through a hard time.

You say the kids only have their x-box live for entertainment. Is that really true? After all, none of us had computer games or multi-channel tv when we were growing up and we all survived by going to the library, doing our homework, watching the tv in the living room (no TVs in bedrooms back then), having hobbies, seeing friends, playing musical instruments etc. I'm not saying they should be whittling sticks or behaving like the Waltons but plenty of kids manage perfectly well without expensive tv packages and if they're old enough to play procey PC games, they're surely old enough to understand the situation.