Relisted post for more advice please help with advise on my debts!!

blu1974

Hi have posted a couple of days ago and had some good replies but not on my last post.I didnt explain myself all that well first time round so im going to do this again.
Firstly my income is £1200 a month plus i have a 8%pay rise due this year i also get usually a 3% pay rise ever year also but my flat rate take home at the min is £1200 but i usually do over time to bump it up slighty.
My partner she earns £1050 flat after tax.
Family tax credits £43 a month.
Family allowence £112 a month.
sub total income a month = £2405 a month as i said i can earn if i want upto a extra £350 to £600 on overtime when its there but im giveing you my flat figure on a flat month.

Now for the bad bits my debets.
Abbey national £453.84 a month repayment mortgage 5.79% outstandinding balance £75,034.89p
Firstplus a secured loan £653.61 a month 9.4%variable loan amount i took out to clear my debts was £60,300 they also put on the loan £14767.47p for this PPI insurance which i didnt really understand i have been paying this for 13 months exactly and the agreement is over 25years so this is like a seconded mortgage makes me feel sick.
Child care which is my motherin law i pay her £260 a month i have 2 kids and in my eyes shes worth ever panny i dont get no help with child care as she is not a registered child minder.
Loyds t.s.b loan for £6,000 i have had this 6 months i pay £118 a month.
My loyds T.S.B classic credit card balance i owe is £1800 i usually pay about £50 a month not sure of the intrest i pay.
House and buildings insurance £49
my mobile orange phone £25
cable tv broadband and phone line £25
my partner has 3x credit cards 1 i think is a virgin and the other a capital one etc one has been used to pay my motherin laws debts and she pays us £100 back out of her wages i pay her all the debt on that card is hers my partner has tryed to help her out also the other 2 cards min payment for both of the cards is about £30 on each one so £60 a month.
We do one big shop usually about £180 a month.
Extra food and nappies etc £50 a month.
Petty cash money to buy a paper etc at work and the odd sandwich £25 a month.
Now my gas,electric,water,tv licence,car taxand council tax i use secure home and make one payment a month and they pay it all for me my gas is estimated also my electric and now i look at the figure i pay which is £314 a month i think im paying way to much.
We have 2 cars insurance on one car is £290 paid on our card so i havent budgeted for this at all.
The other car is £240 paid just same as above .
Then theres petrol i would say i use about £25 a month maybe a bit less its only a small car(thinking of gettin rid of this and buying a bike)
thats the lot and as you can see its a lot i only blame myself for this and relise i have been very stupid and foolish some of the money has gone on my house new windows heating system bathroom driveway etc but some we have wasted and swore we wouldnt use our cards etc but as most of us do we carries on and now im in the rut im in.
Can i point out a small thing my abbey mortgage stands at £75,000 odd yeah £5,000 of this was a seperate loan on my mortgage when we bought the house.This was £31 a month yeah but when i took out the firstplus they put this £5,000 abbey loan and told me they will seattle that with abbey i had this in black and white of firstplus.I had my mortgage statement of abbey a few days back and it turns out that i am still paying for this £5,000 of abbey £31 a month on my mortgage i phoned abbey and they say that firstplus has not paid it off i am yet to speak to firstplus about this but somewhere this payment hasnt been made and i have been paying both abbey for it and firstplus so im yet to sort it out.

I have thought long and hard about my situation and i do intend to get myself out of it i currently have a finacal adviser working on gettin rid of first plus and maybe my other debts im still waiting to hear of him and he thinks he can help me but im not to sure.
I have had a valuation on my house and it came back at £130,000 tops or min £125,000 so there is equity there but there is negative equity also my options im considerin is either backrupts or my F.A remortgageing for me (if he can?) Or i have looked at doing it another way.On my firstplus loan they told me if i pay it for another 4 years i will get £15,000 back so in really its £15,000 in the bank in 4 years that way i will have paid more of my mortgage and more to firstplus and maybe my house may go up a touch more in value plus i can work on doing more to the house my self to improve its value.
Next is the secure homes payment of £314 a month im sure my council tax is £93 a month and i was going to ask the gas and electric to put meters in plus i could then start to budget myself with jams jars for each my water and tv licence and my water etc. This alone i think will save me money.
Next is my loan with tsb and my credit cards and my partners credit cards i have made an appiontment to see my bank manager to see if i can pay them less and if they will stop the intrest and my partner is going to ask her credit card people the same im not sure what they will say maybe you could shed some light on that for me.If they do agree i think i would be saveing on a whole well over £200 plus which would keep me on track for the 4 years when i get the first plus rebate then hopefully i could sell my house payback all my debts and at last live our lives it seems a lot to ask but im hopein it will go my way.I am going to seek advise also from citizens advice etc before i do anythink and im going to speak to firstplus and abbey about this £5,000 thats missing anyway guys and gurls as you can see i need your help and please be honest in if you think i can get through it with what i have said thanks again .

chevalier

Sorry to be a bit abrupt, but you post is a bit difficult to read because of the explanation around the figures. If you look at southerscousers sticky at the top of the forum, then perhaps you could redo it like this, ie the basic income and expenditure and then the debts with the apr's and minimum payments.
hope this helps you get more replies
chev

CLAPTON

the narrative is a completely confusing and its impossible to see the overall financial situation

you need to list the income, spending and the debts in a simple list so we can see the wood for the trees

something like this :

house value 130000

mortgage 75000
first plus 60300
total secured 135300

so equity is negative




Income 2405 but can get overtime

Spending:
mortgage 453
firstplus 654
childcare 260
h&c 49
mobile 25
tv/bb/phone 25
groceries 230
odds 25
bills 314
car insurance1 24
car insurance2 20
petrol 25

total spending 2104

so surplus available to pay unsecured debts is £301


ltsb loan 6000, paying 118
unsecured debt, monthly repayment and APR
ltsb 1800, 50, ????
perhaps you could list all the debts a bit more clearly


So please add the following

your income ...on average (take the last six or 12 months, how much extra do you earn

for each CC give the amount owed, minimum monthly payment and APR

blu1974

Hi sorry im not brillent at this ill try again.
my wage £1200 a month O/T is avaliable
my partners wage £1053.
Family tax £43 a month
Child benifit £112 a month
Total = £2408 a month (without O/T)

Monthly outgoings.
Abbey national (£453.84p)5.79% repayment
Firstplus (£653.61p)9.4%variable
Childcare (£260)
House and buildings contents insurance (£49)
Orange mobile phone contract (£25)
Cable t.v telephone and broadband (£25)
Loyds tsb loan (£118) 15.4%
loyds classic C.C £40 1.496% on purchases.
virgin c/c (£25) 1.8735%
mbna c/c £30 intrest freefeb 2007
capital one £30 2.549%
food £250 including nappies etc
petty cash £50

All the bellow is one payment.
gas
electric
water
council tax
car tax £314 (scure homes)


standing order £10 (for the kids)
car fuel £65
car insurance £533 (both paid in full by c/c for the year.)
kids football coachin £15.

My house value £130,000 to £125,000

abbey £75,034.89 i owe on house
firstplus £71,000 i owe
loyds t.s.b loan £5240 i owe
loyds c/c £1800 i owe
mbna c/c £2592.18 i owe
capital one £1,113.47p i owe
virgin£402 i owe

Sorry if i made it confusing as i said im not brill at this the intrest i have just copied of the statements thanks again and if i have done somethink elese wrong just tell me ill try re write it thanks

Wonder_Girl

Okie coke then! Howdy and welcome, as Clapton says your post is a little hard to read, but what i have managed to pull out is –

Incomings –
Your wage £1200
Partners wage £1050
Child Tax Credit £43
Child Benefit £126 (it’s paid 4 weekly so works out slightly more for the calendar month)
Total guaranteed monthly income = £2419

Outgoings –

Mortgage £454
Secured loan £654
Water (supply & waste) Secured loan £314 all inc
Council tax Secured loan £314 all inc
Gas Secured loan £314 all inc
Electricity Secured loan £314 all inc
Building and contents insurance £49
Landline £25
Mobiles £25
TV licence Secured loan £314 all inc
Childcare £260
Road tax Secured loan £314 all inc
Car insurance (budgeted monthly) £44
Fuel £25
Food, toiletries & cleaning £230
Meals at work etc £25

Total monthly outgoings - £2105
Leaving £314 towards debts

Before we can give you any further advice do you have any of the following?

Repairs, service contracts
Appliance rental
Pet food/insurance
Clothing and footwear
School trips/activities
Hairdressing
Professional/union fees
Laundry/dry cleaning
Medicines/prescriptions
Dentist
Opticians
Sports, hobbies and entertainment
Tobacco
Eating out/take aways
Children’s pocket money
Church/charity donations
Sundries and emergencies
Life insurance
Private pension
Medical/accident insurance
Vehicle finance
Spares/servicing
AA, RAC etc
School meals


Debts
Lloyds Loan £6000 - £118
Lloyds Credit card £1800 - £50
Partners 3 CC’s £????? - £100

Monthly repayment needed £268

So based on the above you should be able to manage this and have £46 left over, we need to work out what’s going wrong at the moment and see if that can be addressed before recommending anything else.

WG xx

Wonder_Girl

Oh you beat me to it lol!

spud30

Wonder_Girl wrote:

Oh you beat me to it lol!

You're back :T

I've been worried about you, not seen you here for ages.

Are you OK hun?

blu1974

Hi thanks
hairdresing i do my self lol
I dont smoke
Kids pocket money £3 a week
clothing £10 to £20 a month and thats my partner only not me.
My clothing £5 a month if that i dont really go out and buy stuff as i dont go out .
school clothing £30 on each term.
my partners hairdressing £120 a year
all our laudrey stuff we buy in our shopping washin powder etc.
Takeaways £25 a month
Break down cover is included on my bank account which charge me £10 a month.
Hobbies £50 only in the summer fishing that for 6 months.
My pension £63 a month this is out of my wages B.T pension (british telesom)
union £10.53 comes out my wage .
Dentist i havent been in a while.

Please note the b.t pension and union cost is not deducted from my £1200 salary this is taken out before that.

My first plus loan i mentioned about a rebate at the top this is for PPI insurance £15,000 rebate 3 years and 11 months left.

Thanks again to you all for your replys

lyndarling

whaen you say you get overtime, do you tell the family tax credit people ? as you`ll end up oweing them money like I do !
Lyn

blu1974

My girlfriend usually sorts it all out they have asked what i earn when ever its due to be checked they only give us £10 a week which is the most you can get for what we earn thanks lyn.

bikerqueen

I really would chuck securehomes and do it yourself instead of paying them £14 per month for doing something you can do for free.