50k unsecured debt need help

snookey

Hi how about taking in a lodger to help with the bills. Its tax free up a certain amount per year.

Sparklyfairy

Unless you can clear your debt with the co op, try to get a different current account with another company - HSBC look down their noses on basic account holders - maybe try RBS?

Hannah_10

dave73 wrote: »

ok ive updated my soa with all payments im making ive got some payment plans set up but have missed payments trying to pay everything else

Right so for arguements sakes lets say you've run this up over 10 years, that means you have spent a good £3k-£4k a year more than you've earned on average. (I say £3k-£4k rather than the £5.2k that seems more obvious because interest ramps up the debt like billy-oh.) Real life is never that tidy, you have your better times and your broke times, but it gives you an idea. Please understand I'm not saying this as a dig, look at my signature, I'm up the same creek myself. I'm saying it because when you first sit down with a calculator and add up what the scale of the problem is everyones first thought is "shiiiiiiiiit, what do I do now". Bitter experience tells me you also need to stop and think "where EXACTLY did I go wrong" because otherwise you're not gonna be able to get your house in order and even if by some wild fluke you did, you'd fall off the wagon at the next bump.

So this is why I asked if your SOA was right? It's not. I can tell you at least one figure is out for certain- TV licence. It's £12.13p a month if you're going by calander months or £11.16p a month if you're doing a 4 week month. It'd be easy right now to say so what, I'm a quid or two out... Yeah but that quid or two is the kind of fuzzy maths that got me into this hole and never helped anyone else stay out of it. Some of your round numbers are gonna be wrong. In fact I think most of them are going to be guestimates. This is why a spending diary for at least a fortnight but ideally a lot longer is essential. We have to not only get you out of debt but keep you out of it and we can't do either if your grip on your money stays vague. A quick phone call to the council/electric company/phone people etc. ought to get you a precise average for what you've been paying the last 12 months btw. Or you could pour through the bills and work it out.

Do you see what I'm getting at? There is a money control problem here. There is also a debt. I'm looking at the money control problem right at this second and saying start that spending diary. I will say more on the debt in another post.

curlytop12

dave73 wrote: »

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 VERY HIGH FOR 1 PERSON
Gas..................................... 43 AS ABOVE,DOES IT INCLUDE ARREARS?
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 10 THINK THIS SHOULD BE AROUND £12?
Satellite/Cable TV...................... 30 GET RID AND USE FREEVIEW?
Internet Services....................... 0
Groceries etc. ......................... 60
Clothing................................ 20 DO WITHOUT FOR A WHLE,OR BUY CHEAPER/USE EBAY?
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 EXTREMELY HIGH,MY HOUSE IS VALUED AT £120000 AND INSURANCE IS £15 FOR BOTH BUILDINGS AND CONTENTS!
Contents insurance...................... 30 AS ABOVE
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 ?SELL THE CAR,GET A CHEAPER ONE?
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.

feel for you!maybe contact one of the fee-free debt charities as you have such a shortfall.
good luck in this,there are ways to sort this out,keep positive.to be hobest,i think you should re-resd the posts written to you in 2009,stil good advice!
G

secretshopper75

Hope that you manage to get things sorted, yes it is a big debt but as long as you can manage to budget you'll get there in the end, good luck