Moneymoron1 SOA - It's a bad one

moneymoron1

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400
Monthly Expense Details
Mortgage................................ 594.2
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 50
Gas..................................... 33
Oil..................................... 0
Water rates............................. 13
Telephone (land line)................... 13
Mobile phone............................ 35
TV Licence.............................. 13
Satellite/Cable TV...................... 21
Internet Services....................... 13
Groceries etc. ......................... 120
Clothing................................ 20
Petrol/diesel........................... 150
Road tax................................ 12.5
Car Insurance........................... 80
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 5
Contents insurance...................... 5
Life assurance ......................... 7
Other insurance......................... 13
Presents (birthday, christmas etc)...... 25
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1338.7

Assets
Cash.................................... 0
House value (Gross)..................... 145000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 147000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 102000...(594.2)....4.69
Total secured & HP debts...... 102000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Card 1.........................2463......65........21.71
Card 2.........................1979.23...74.28.....26.5
Card 3.........................2234.2....51.2......19.13
Card 5.........................461.1.....14.67.....0
Card 4.........................745.35....16.77.....22.6

In addition to the following i have these

Overdraft 1 - £3100 (Halifax) £2 a day charges, but the charges have put me over and plenty £5 a days mean it is about 115 a month in charges (vicious cycle)

Overdraft 2 - £2750 (Santander) £10 a month, no interest
Overdraft 3 - £1500 (Lloyds Tsb) £5 a month, interest at about 15 a month

Charges - Lloyds - Currently struggling to get on top so about £100 a month
Charges - Santander - Same as above, about £100 a month

Spiralled out of control, so saw no alternative other than make the most stupid mistake of my life, payday loans

Payday Loan 1 - £1300 - 262.50 a month just in fees
Payday Loan 2 - £710 - 150 a month in fees

Owe family 1500

I'm in the !!!!, can't get a loan because of all the existing credit, would love a 5k loan, pay off payday loans, pay off overdraft causing most problems, and then i could manage. But can't get one.

Can't get something against the house because there isnt just me on the mortgage, there is a guarantor, who i guess would need to approve what i wanted to do, i would rather keep this private

Are there any companies that specialise in loans for people who have high credit, i dont mind paying higher interest, because it would be better than current situation, and i earn a decent wage so i would be able to manage that.

Looked at things like churchwoodfinance, or the like, but i am worried they are dodgy

tilly2484

I think it would be a good idea to call the CCCS. It's never a good idea to get more debt to cover debt. But I know in some circumstances it can be advised. Hopefully some more experienced people will comment as I'm pretty much a novice too.

I am dealing with the CCCS and they have been really helpful.

Best of luck :-)

HappyMJ

You simply have too low a income and too high a mortgage. To support a mortgage of £102,000 you need an income over £25,000 yet your income is below £20,000. You'll never get out of the cycle unless you either increase your income or sell and rent. Your general expenses seem quite reasonable. You won't be able to borrow any more on such a low income so you'll have to stop making normal repayments and pay them smaller amounts that you can afford...Don't use churchwood they charge a large percentage of each payment you make as a fee. It won't be used for reducing your debts.

moneymoron1

Thanks for the reply, i earn 28k a year with no scope for overtime

Soon to move to a job on 30k a year plus overtime, which i will do as much of as i can to sort it out

thechippy

Blimey,

According to the above and ignoring the additions below your soa,

You only have £62 per month left after essential outgings.
This leaves you £158 short of paying just the cards, let alone the additions.

Am I reading this correct?

moneymoron1

Yes, put simply i have much more going out than coming in, which is why i was looking for a loan to clear the charges, payday stuff, and get my halifax overdraft down below £2500 making the interest £1 a day instead of £2 a day, also meaning that i could clear the charges etc

That SOA, is a little out as i dont save £10 a month for home insurance, i pay it off in one go, same with car tax, car insurance (which is on a CC) and the presents thing i dont budget a month for them

thechippy

Trouble is though,

With just £62 pm to spare, you would not be even able to make the loan repayments!

You really need a dmp with the 62 being distributed on a pro rata basis.

HappyMJ

moneymoron1 wrote: »

Thanks for the reply, i earn 28k a year with no scope for overtime

Soon to move to a job on 30k a year plus overtime, which i will do as much of as i can to sort it out

Then why is your net income so low? On £28,000 you should be bringing home £1,800 per month.

thechippy

Sry,

Didn't read your reply properly.

I'd still suggest a dmp though..

angchris

if i was in your situation at the mo (and i was about 10 years ago) i would rent out my property and find a cheap room or move back in with family or have someone move in to share bills. i would get rid of the car as it is costing you £252 a month before you have even put new tyres on it or garage repairs. start using the bus or get yourself a bicycle and pretend you are doing it to get fit .
sell everything you can get your hands on including your car by car boot or ebay and try and throw all your money towards the halifax overdraught and your 2nd credit card.
you didnt get into this debt overnight, its gonna take time hard work persistance and perserverance on your part to get back out of debt...whatever you do please dont take out more loans or debt to try and solve this. best of luck my friend...you can do it!

barbarawright

Looks to me as if you have a choice between a mortgage and a car. Do you really need car? I know everyone on these boards says they live in the middle of nowhere and has to drive 50 miles to work but it does seem to me that car ownership is where a huge amount of debts start. Like others, I'm puzzled about your salary - there does seem to be £300 or £400 missing and it can't all be pension deductions.

You can get through this but you will need to make some major decisions. If getting rid of the car is an option, that would pretty much solve your problem, otherwise selling up or a DMP seem possibilities.