£80,000

thejames

Ok this is the third time Ive started this and lost it so, Im not going on about it as Im now getting irritated of repeating my sorry story....

However again please dont judge I will give a brief idea but Im not writing war and peace again just to have it delete its self.

So my husband and I are in £80,000 worth of debt, no that isnt a typo! Apparently we have been told that we can afford to pay our debt so we dont need help, which is fine as we know we spend the money so we want to pay it back, but my question is how???

We currently have two huge loans, 10 credit cards, and over draft on our joint account, a boiler loan that being paid back to British Gas, Next account, etc...

So these are the brief reasons how this happened, however Im still not quite sure what that acctually is.

My husband and I met, after two months he proposed, three weeks later we found out we were having a baby, very bad pregnancy, suffered with PND, went back to work after three months to help pay for wedding, (didnt save because suffered with PND and spend to ease pain of not bonding with baby, drank to much as I thought I was a bad mum etc...) had wedding, no help paying from either parents as they were not in a possition to. Had a miscarrage, due to supervisors bulling and me not being in great health, decided that we were getting into a lot of debt so decided to move out of home into parents (mine) home, got pregnant with second baby, marrage suffered due to living with parents, had baby, marrage still suffering, moved back into home, work messing me about, didnt go back for a month after I was due to because of this, got into more debt. Decided to take on a franchise to ease financial burden, bad Idea now in more debt and business hasnt taken off. Im now off sick as work has been less than kind, over paying me around £300 per month more, brought it to there attention the first month, continued to over pay me, and closed the case, third time this has happend.

So as you can see not an easy 6 years, however my husband and I went to marrage councling and we are finally on the same wave length, we are no longer blaming each other and want to get out of this mess, if we can, at one point we felt that we could only sit and wait till that snowball had finally taken us in and landed us in bankrupsy, so if anyone knows what we can do without going down this route, I would be forever thankful.

How do we pay more than the minumum (which is all were paying now and can actually afford to pay) food, clothes, petrol, etc and my problem is what if something happened, like our fences have recently fallen down in the high winds, £400 straight on credit card as we have no facility to pay that.

Our credit score I think is fine, so how do we start to deal with this???


Thank you so much.

debtfreewannabe321

Hi thejames, have you filled out an soa on here? That will show you where you can cut back, and also how much money you have left over. i'm sorry to hear you've had a rough few years, well done on facing up to it all though and trying to sort it out

debtfreewannabe321

http://www.makesenseofcards.com/soacalc.html

if you fill that out and post it up here people can give you advice on it....and have a look at the snowball calculator. It will tell you where to start, which debt to pay first.

thejames

Its a bit hard, as my work have been over paying me and they havent got it sorted so I genuinly have no idea how much I should be bringing home, infact once I do finally know, Im fairly sure we will have a very big choice to make but I can fill one out and see how it looks from this point. We are very scared, but we have each others back now and that is a big achievement for us.

wannabee_in_credit

Hi
First thing is that you need to make the conscious decision that you're going to reduce your debts, and then you need to find the money to overpay on the debts. That means cutting back or cutting out some things. It's hard, but ultimately worth it (I think). I get nearly the same joy from saving money as I used to from spending it. No doubt you've had a tough time, but good on you for facing up to things and wanting to deal with it.
As above poster says, go to sticky thread and post us your statement of affairs. The brilliant people on here will offer you advice on how to cut back and overpay on debts to get rid.

oldtractor

Welcome to the board. PND is an awful thing. You have my sympathy. Can you fill out the SOA? Then we can all see where to help you.

thejames

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 2100
Benefits................................ 138
Other income............................ 0
Total monthly income.................... 3438
Monthly Expense Details
Mortgage................................ 267
Secured/HP loan repayments.............. 37
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 55
Gas..................................... 55
Oil..................................... 0
Water rates............................. 26.54
Telephone (land line)................... 60
Mobile phone............................ 120
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 0
Petrol/diesel........................... 240
Road tax................................ 22
Car Insurance........................... 85
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 0
Buildings insurance..................... 49
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1826.66

Assets
Cash.................................... 0
House value (Gross)..................... 240
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2240

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 2150000..(267)......0
Hire Purchase (HP) debt ...... 0........(37).......0
Total secured & HP debts...... 2150000...-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Nat west.......................18.713....283.......0
Co Op..........................18.416....270.......0
Credit cards...................44.859....1060......0
Total unsecured debts..........81.99.....1613......-

Monthly Budget Summary
Total monthly income.................... 3,438
Expenses (including HP & secured debts). 1,826.66
Available for debt repayments........... 1,611.34
Monthly UNsecured debt repayments....... 1,613
Amount short for making debt repayments. -1.66
Personal Balance Sheet Summary
Total assets (things you own)........... 2,240
Total HP & Secured debt................. -2,150,000
Total Unsecured debt.................... -81.99
Net Assets.............................. -2,147,841.99

Ive had to bulk the CC together for quickness, but when I get a minute to do it properly I will.

Sammy246

You have made good progress already in sorting your debt out...knowing how much debt you have and telling people, seeking advice and help is such an achievement in itself...there will be many people on here ready to help and advise the best they can, you've come to the right place!!!

Wish you all the best!!!

thejames

Sorry missed three things...


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 2100
Benefits................................ 138
Other income............................ 0
Total monthly income.................... 3438
Monthly Expense Details
Mortgage................................ 267
Secured/HP loan repayments.............. 37
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 55
Gas..................................... 55
Oil..................................... 0
Water rates............................. 26.54
Telephone (land line)................... 60
Mobile phone............................ 120
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 0
Petrol/diesel........................... 240
Road tax................................ 22
Car Insurance........................... 85
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 0
Buildings insurance..................... 49
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1826.66

Assets
Cash.................................... 0
House value (Gross)..................... 240
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2240

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 2150000..(267)......0
Hire Purchase (HP) debt ...... 0........(37).......0
Total secured & HP debts...... 2150000...-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Nat west.......................18.713....283.......0
Co Op..........................18.416....270.......0
Credit cards...................44.859....1060......0
Car............................3000......100.......0
Over draft.....................2500......0.........0
New Boiler.....................5400......97........0
Total unsecured debts..........10981.99..1810......-

Monthly Budget Summary
Total monthly income.................... 3,438
Expenses (including HP & secured debts). 1,826.66
Available for debt repayments........... 1,611.34
Monthly UNsecured debt repayments....... 1,810
Amount short for making debt repayments. -198.66
Personal Balance Sheet Summary
Total assets (things you own)........... 2,240
Total HP & Secured debt................. -2,150,000
Total Unsecured debt.................... -10,981.99
Net Assets.............................. -2,158,741.99

oldtractor

thejames wrote: »

Sorry missed three things...


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 2100
Benefits................................ 138
Other income............................ 0
Total monthly income.................... 3438
Monthly Expense Details
Mortgage................................ 267
Secured/HP loan repayments.............. 37
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 55
Gas..................................... 55
Oil..................................... 0
Water rates............................. 26.54
Telephone (land line)................... 60

---

this is high
Mobile phone............................ 120

---

this is high. can you reduce?different tarif? PAYG?
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 600

---

very high. should be about 300 take a look on the old style board for recipes
Clothing................................ 0
Petrol/diesel........................... 240
Road tax................................ 22
Car Insurance........................... 85
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 0
Buildings insurance..................... 49
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1826.66

Assets
Cash.................................... 0
House value (Gross)..................... 240
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2240

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 2150000..(267)......0
Hire Purchase (HP) debt ...... 0........(37).......0
Total secured & HP debts...... 2150000...-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Nat west.......................18.713....283.......0
Co Op..........................18.416....270.......0
Credit cards...................44.859....1060......0
Car............................3000......100.......0
Over draft.....................2500......0.........0
New Boiler.....................5400......97........0
Total unsecured debts..........10981.99..1810......-

Monthly Budget Summary
Total monthly income.................... 3,438
Expenses (including HP & secured debts). 1,826.66
Available for debt repayments........... 1,611.34
Monthly UNsecured debt repayments....... 1,810
Amount short for making debt repayments. -198.66
Personal Balance Sheet Summary
Total assets (things you own)........... 2,240
Total HP & Secured debt................. -2,150,000
Total Unsecured debt.................... -10,981.99
Net Assets.............................. -2,158,741.99

have put in a couple ofideas. hope this helps.

redpete

You should be able to save a lot of the £120 mobile cost as soon as you can get out of the contracts.

£600 groceries would give plenty of scope for saving - I'd suggest saving target of £150 to start with.