50k unsecured debt need help

dave73

ok here it goes i have 51k unsecured debt and 16k mortgage which 4mths in arrears im starting to get default notices and ive got a debt collectors letters it just seems to be mounting up and dont know what to do need some advice please

CH27

Post your SOA up & people will happily help you.

dave73

dont now whats soa

CH27

Sorry an SOA is a statement of accounts.

It lists all your incomings & outgoings as well as detailing your debts.

There is a link to a sample futher up the page.

dave73

all i can see is a budget planner is that it

CH27

The thread is called Help for first time posters & SOA calculator.
It's the last thread of the stickys.

consultant31

Hi Dave:) Here's the link for the SOA, don't forget to click the button at the bottom of it to format it for MSE use.
http://www.makesenseofcards.com/soacalc.html

dave73

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1200
Monthly Expense Details
Mortgage................................ 232
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 40
Gas..................................... 43
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 10
Satellite/Cable TV...................... 30
Internet Services....................... 0
Groceries etc. ......................... 60
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 20
Car Insurance........................... 83
Car maintenance (including MOT)......... 30
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 30
Contents insurance...................... 30
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 903

Assets
Cash.................................... 0
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 15000
Other assets............................ 0
Total Assets............................ 95000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 16500....(232)......0
Total secured & HP debts...... 16500.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................983.......38.64.....22.9
capital one....................2475......25........32.67
opus...........................2394......41........34.4
virgin.........................1224......25........0
tsb............................5482......50........0
santander......................2852......25........0
mbna...........................2892......25........0
halifax overdraft..............700.......0.........0
halifax........................4190......100.......0
halifax........................22900.....515.......0
halifax visa...................466.......57.71.....29.95
egg............................2000......25........0
coop...........................435.......17........0
opus...........................3386......60........22.9
Total unsecured debts..........52379.....1004.35...-

Monthly Budget Summary
Total monthly income.................... 1,200
Expenses (including HP & secured debts). 903
Available for debt repayments........... 297
Monthly UNsecured debt repayments....... 1,004.35
Amount short for making debt repayments. -707.35
Personal Balance Sheet Summary
Total assets (things you own)........... 95,000
Total HP & Secured debt................. -16,500
Total Unsecured debt.................... -52,379
Net Assets.............................. 26,121
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

CH27

Do you get single person discount on your Council Tax?

Your mobile & landline costs are high. Can you swap to pay as you go or reduce a tariff?

Your car insurance is high. When is it due for renewal?
Your buildings & contents insurance is also high. Can it be reduced?

Have you checked you are on the cheapest gas & electricity tariffs?

dave73

CH27 wrote: »

Do you get single person discount on your Council Tax?

Your mobile & landline costs are high. Can you swap to pay as you go or reduce a tariff?

Your car insurance is high. When is it due for renewal?
Your buildings & contents insurance is also high. Can it be reduced?

Have you checked you are on the cheapest gas & electricity tariffs?

yes done all that things except mobile phone is on contract

carlw

Hi Dave

How have you got this level of credit and run up the debts? Im asking because i think it is as important to nip the cause of this debt in the bud in order to rectify the problem.

At first glace you are fortunate that you have a very large amount of equity in your property which could be used to clear your debts.

Your current level of debt is clearly not managable and you are missing payments, so your obtions are likely to be an IVA or a debt management plan. It may be easier and quicker to look at clearing your debts by using some of the equity in your house. I would not do this without first understanding how you got to this point. If you have a gambling problem for example you need to seek help with this otherwise you could end up running the debt back up. If its just living beyond your means for a long period of time then there is plenty of advice on this website that should help you manage you finances better.

You have taken the first step in sorting yourself out. Well done.