Badly in debt with credit cards.

allydowd

"House Insurance £ 50.24"

Way too much. I pay £10 a month. Shop around. Try http://www.comparethemarket.com/home-insurance/ for more competitive quotes.

Rich22

I would like to add that OPUS have allowed me to reduce their payments to them. I now only pay £ 175 and 0% interest for the next six months.

Also certain items such as food, elec, and gas will be reduced as I will most likely be living on my own, instead of 4 people living here.

saterkey

Mortgage................................ 1015
Secured/HP loan repayments.............. 0
Rent.................................... 1015.66
Management charge (leasehold property).. 0

you seem to have put this twice for mortgage and rent??

you can get wet cuts from hairdressers/barbers to bring your hair bill down a bit.

MFWannabe

Rich22 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2 - Is this correct? Or will there just be you?
Number of children in household......... 2 - Do children live with you?
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2500

Monthly Expense Details
Mortgage................................ 1015
Secured/HP loan repayments.............. 0
Rent.................................... 1015.66 - What is this for? You've already entered a mortgage figure
Management charge (leasehold property).. 0
Council tax............................. 135 - If you are the only adult you can claim single person discount
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 19.92
Telephone (land line)................... 11.25
Mobile phone............................ 10
TV Licence.............................. 10.87
Satellite/Cable TV...................... 12.5
Internet Services....................... 13
Groceries etc. ......................... 200 - Depending how many are in the household; you could possibly reduce this
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 14.16
Car Insurance........................... 65.17 - Check comparison sites to see if you can get cheaper
Car maintenance (including MOT)......... 0 You need to put a figure in here to cover tyres; services etc
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 21.5 - What is this for? If prescriptions you could probably get cheaper yearly
Pet insurance/vet bills................. 0
Buildings insurance..................... 50.24 - Check comparison sites to see if you can get cheaper; this seems high
Contents insurance...................... 0
Life assurance ......................... 44.37 - Check comparison sites to see if you can get cheaper; this seems high
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0 - Do you really never go out?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2858.64


Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 12000 - You mention car finance of £280 per month in first post; but there's nothing entered for this in this soa
Other assets............................ 0
Total Assets............................ 262000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 151793...(1015).....5.84
Total secured & HP debts...... 151793....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card OPUS...............10500.....390.......2.91 - In your first post you say this has been reduced to £175 per month?
Credit Card Tesco..............4343......113.......1.67
Credit Card Abbey..............1337......61........2.52
Debenhams Store Card...........1113......35........2.49
Credit Card Barclays...........580.......15........2.49
Credit Card Capital 1..........1000......35........2.84
Credit Card MBNA ..............1085......61........2.52
Total unsecured debts..........19958.....710.......-


Monthly Budget Summary
Total monthly income.................... 2,500
Expenses (including HP & secured debts). 2,858.64
Available for debt repayments........... -358.64
Monthly UNsecured debt repayments....... 710
Amount short for making debt repayments. -1,068.64

Personal Balance Sheet Summary
Total assets (things you own)........... 262,000
Total HP & Secured debt................. -151,793
Total Unsecured debt.................... -19,958
Net Assets.............................. 90,249

Created using the SOA calculator

Hi
I've made some comments above in your soa; could you please edit your soa?
There is a possibility that you may be able to reduce some outgoings.
With reference to the car finance; how far into the finance are you? Is it possible car could be handed back? £280 per month is a lot of money that could be going towards paying off the debts.
Your mortgage is huge. Would it be possible to sell and get somewhere cheaper? Or do you have a spare room you could rent out

Rich22

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 2500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2500

Monthly Expense Details
Mortgage................................ 1015
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 19.92
Telephone (land line)................... 11.25
Mobile phone............................ 10
TV Licence.............................. 10.87
Satellite/Cable TV...................... 12.5
Internet Services....................... 13
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 14.16
Car Insurance........................... 65.17
Car maintenance (including MOT)......... 45
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 21.5
Pet insurance/vet bills................. 0
Buildings insurance..................... 50.24
Contents insurance...................... 0
Life assurance ......................... 44.37
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1887.98


Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 12000
Other assets............................ 0
Total Assets............................ 262000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 150000...(1015).....5.84
Total secured & HP debts...... 150000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
OPUS Credit Card...............10500.....175.......0
Tesco Credit Card..............4343......113.......1.67
Abbey Credit Card .............1337......61........2.52
Car Loan Fixd Payment..........9040......280.......8
MBNA Credit Card...............1085......61........2.52
Capital 1 Credit Card..........1000......35........2.84
Barclays Credit Card...........580.......15........2.49
Debenhams Store Card...........1113......61........2.49
Total unsecured debts..........28998.....801.......-


Monthly Budget Summary
Total monthly income.................... 2,500
Expenses (including HP & secured debts). 1,887.98
Available for debt repayments........... 612.02
Monthly UNsecured debt repayments....... 801
Amount short for making debt repayments. -188.98

Personal Balance Sheet Summary
Total assets (things you own)........... 262,000
Total HP & Secured debt................. -150,000
Total Unsecured debt.................... -28,998
Net Assets.............................. 83,002

Created using the SOA calculator

MFWannabe

Rich22 wrote: »

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 2500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2500

Monthly Expense Details
Mortgage................................ 1015
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 135 - Does this include single person discount?
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 19.92 - Check to see if it would be cheaper to get a meter
Telephone (land line)................... 11.25
Mobile phone............................ 10
TV Licence.............................. 10.87
Satellite/Cable TV...................... 12.5
Internet Services....................... 13
Groceries etc. ......................... 200 - You should be able to reduce this by approx £50
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 14.16
Car Insurance........................... 65.17- check comparison sites to see if you can get cheaper
Car maintenance (including MOT)......... 45
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 21.5
Pet insurance/vet bills................. 0
Buildings insurance..................... 50.24- check comparison sites to see if you can get cheaper
Contents insurance...................... 0
Life assurance ......................... 44.37 - check comparison sites to see if you can get cheaper
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1887.98


Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 12000 - Consider selling and paying off the car loan and buying a cheap run around while you are trying to sort out your debts
Other assets............................ 0
Total Assets............................ 262000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 150000...(1015).....5.84
Total secured & HP debts...... 150000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
OPUS Credit Card...............10500.....175.......0
Tesco Credit Card..............4343......113.......1.67
Abbey Credit Card .............1337......61........2.52
Car Loan Fixd Payment..........9040......280.......8
MBNA Credit Card...............1085......61........2.52
Capital 1 Credit Card..........1000......35........2.84
Barclays Credit Card...........580.......15........2.49
Debenhams Store Card...........1113......61........2.49
Total unsecured debts..........28998.....801.......-


Monthly Budget Summary
Total monthly income.................... 2,500
Expenses (including HP & secured debts). 1,887.98
Available for debt repayments........... 612.02
Monthly UNsecured debt repayments....... 801
Amount short for making debt repayments. -188.98

Personal Balance Sheet Summary
Total assets (things you own)........... 262,000
Total HP & Secured debt................. -150,000
Total Unsecured debt.................... -28,998
Net Assets.............................. 83,002

Created using the SOA calculator

Hi
That's better; although it's still showing a shortfall. Condsider selling the car as that is a lot of money to be paying out every month. Consider just getting a cheap run around for now while you are payign off debts. It is just a car and the sense of relief at paying off the finance will far outweigh the feeling of having a shiny car on the drive that's costing a HUGE amount of money every month. You are currently paying over £500 per month on and running a car!!
Would it be possible to take a mortgage break for a few months? That way you could pay a couple of the credit cards off and cut costs after by £100 per month; closing some of the shortfall you currently have.
Some of your payments such as car insurance and life insurance seem really high; check comparison sites to see if you can get cheaper

barbarawright

I know you need to make cuts but do think very carefully about your union membership. It's more impoertant than ever nowadays.

Rich22

Thanks guys for your input. Looking into reducing things as we speak....

NeverAgain_2

Sell the house and buy a smaller one.

A £1,000 a month mortgage is unsustainable on your income, even without the credit card debt.

iwillbedebtfreeinmylife

there is light at the end of the tunnel honestly! ( i can just about see it lol ) you will feel so much better when you are incontrol of your debts. good luck!