can someone see if i can do things different???

blisteringblue

starnac wrote: »

I understand that this situation has hit a nerve with some people but complaining about the benefit system is not going to help the OP. She needs advice and guidance on how to improve her debt situation

Yes but the overriding advise is obviously to release the equity in the house. However the OP always seems to skirt over this one.

While not making light of their situation (I think I was called ignorant earlier on, thanks for that) this does seem to be a case of accepting 50k a year in benefits and keeping the 120k equity in the house? Hmm, no wonder it hits a nerve.

There comes a time when people need to accept the position they are in, they have equity so they will just have to use it.

Better to do it on their own terms than being forced Bankrupt from the Creditors!

NeverAgain_2

The problem is that any suggestion the OP may have to swallow a bitter pill is immediately seized on by some as an attack on benefits scroungers.

Had the OP put the £2,900 down as earned income, the solution would be the same, but the answers on here would have been very different.

rdchick

I think either way you need to find a way of handing your house over without perhaps moving - I'm not sure if that can actually happen... I understand that having disabled children can cause a lot of stress when moving as autistic children need structure and routine but you also need to get yourself in a better financial position

somethingcorporate

I agree with the majority of the posters here. You have been living well beyond your means so you have two choices:

1) up your income (which is likely to be reduced under the current government if you continue to rely on benefits alone).

2) decrease your costs - there have been lots of good ideas on the boards as to how to do this.

Ultimately, the debt is going to continue to cost you and punish your family for your poor financial decisions. Cut the cord, sell the house, clear the debts and start afresh with a decent deposit on a new place. Otherwise you will continue to spiral into debt, have the house repossessed anyway when a creditor forces you bankrupt. The longer you delay the more you are paying in interest...

Whilst it may be disruptive to your family it would still be better doing it on your terms than being turfed out by the bank!

Good luck, it appears you need some.

snookey

Oh I see the op comes on here for advice and gets a load of flack for being on benefits. If you were to put three autistic kids in care how much would that cost, thousends per week. Get off your high horses and if you can not give constructive advice dont bother giving any.
The woman is doing her best and Id like to see some people on here cope with what her family do.

oldtractor

sajaralu wrote: »

[]Statement of Affairs and Personal Balance Sheet[/b]
Household Information
Number of adults in household........... 3
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 2900
Other income............................ 0
Total monthly income.................... 2900
Monthly Expense Details
Mortgage................................ 817

---

this is high,consider selling house and moving to a smaller property,even if someone has to sleep in the living room. my family of 4 manage in a tiny 2 bed ,my adult sons share a very small box room,way too small for them but its what we can afford.
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 20
Electricity............................. 45
Gas..................................... 45
Oil..................................... 0
Water rates............................. 64
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 21

---

get rid of the telly,watch on iplayer
Satellite/Cable TV...................... 57

---

get rid of this,its an extravagance
Internet Services....................... 0
Groceries etc. ......................... 500

---

see old style thread,make do and mend,make bread,rubber chicken etc
Clothing................................ 20
Petrol/diesel........................... 250

---

high,maybe you could cut down?
Road tax................................ 15

---

is it possible to sell car and get bus or taxis for journeys. cost it out, might be cheaper than running a car.
Car Insurance........................... 28
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 15
Buildings insurance..................... 50

---

seems high
Contents insurance...................... 0
Life assurance ......................... 45

---

seems high
Other insurance......................... 20---?
Presents (birthday, christmas etc)...... 20--reduce to £10,
Haircuts................................ 5
Entertainment........................... 40

---

£reduce to £20
Holiday................................. 10

---

not necessary
Emergency fund.......................... 20
Total monthly expenses.................. 2127

Assets
Cash.................................... 0
House value (Gross)..................... 210000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 215000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 96000....(817)......0
Total secured & HP debts...... 96000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
g p...................11232.....288.......0
j m...................13000.....344.......0
citroen........................6000......160.......0
n m................4000......100.......0
smile..........................421.......10........0
barclaycard....................1000......34........0
hitachi........................0.........117.......0
Total unsecured debts..........35653.....1053......-

Monthly Budget Summary
Total monthly income.................... 2,900
Expenses (including HP & secured debts). 2,127
Available for debt repayments........... 773
Monthly UNsecured debt repayments....... 1,053
Amount short for making debt repayments. -280
Personal Balance Sheet Summary
Total assets (things you own)........... 215,000
Total HP & Secured debt................. -96,000
Total Unsecured debt.................... -35,653
Net Assets.............................. 83,347
this is my soa .I have ME and am currently very depressed due to a lot of family issues.Im also in a lot of debt.can someone help me out.or maybe reassure me.

thanks

I've made some suggestions on your SOA. Hope things work out ok for you.

pelirocco

iamana1ias wrote: »

I guess as one is in sheltered accommodation they're only providing full time care for 2. And one is an adult.

There are plenty of countries around the world where you don't get paid to be incapacitated or to look after challenging children.

And as for having a nice £120k cushion to fall back on, should the £50k equivalent benefits not be enough, well..........

Then thank god we dont live there !!
Actually I dont think you get paid to be incapacitated anywhere ? , its not really a life style choice is it