£80,000

thejames

Thank you for your story I love hearing ppl experiences it's so motivating.

I will def contest the ticket it's just a pain, considering that was a major change to our lives and moving in the right direction to get that, was a bit of a blow. But I'll still go there.

hp48910

Wow getcontrolback, just the refreshing story us DFW's need. I have so much admiration for those who have become debt free and still stick around to support others. Well done on all the hard work :O)
x

thejames

Bit of a blow today I may have to leave my job, I'm not taking this decision lightly trust me, I don't know what will happen to us financially. Things were going so well.

Learning2Budget

Have just sat and read thus entire thread. Heard some very sound advice and some inspiring stories. Cass u are doing amazingly well to have paid that much of your cc and cut your food budget that much.

Sorry to hear of your news this evening though. Chin up chicken.
L2B.xx

psychopathbabble

thejames wrote: »

Bit of a blow today I may have to leave my job, I'm not taking this decision lightly trust me, I don't know what will happen to us financially. Things were going so well.

Whatever the cause, I hope you find a solution that works for you. Don't let it get you down, you are still far better off than a month ago as you are now starting to deal with your debts (already cut your shopping down etc etc). It might be a step back, but it won't be for long before you can take a step forward again and get back on the DFW wagon. Hope you are ok.

thejames

Hi all

I have decided to leave my job, now I've made that choice we have some very serious decisions to make. My husband brings home around £2100 a month, we cant pay our debts on this but we want to resolve as much as we can by ourselves, I have given us a 5 year period to pay it off and also rewire our spending habits. Would we have to go bankrupt or is there a softer option for us?

Thanks cass

elantan

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
Mobile phone............................ 120 this is very high .... can you not reduce tarrif
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 600 this is also high... try the os board and the grocery board for bargains... keep a note of how much you are spending ( use a diary) to see exactly what you are spending your money on
Clothing................................ 0
Petrol/diesel........................... 240 can you cut this down?
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 xmas comes round every year 25th december... you have two kids this may be worth budgetting for ... also birthdays etc
Haircuts................................ 0 do you cut your own hair?
Entertainment........................... 0 nothing at all?
Holiday................................. 0
Emergency fund.......................... 0you should be trying to put something into this ... even £5 a month is better than nothing ... so that if the fence gets blown down again or the washing machine breaks you have something there to help pay it
Total monthly expenses.................. 1826.66

Assets
Cash.................................... 0
House value (Gross)..................... 240 do you mean £240k?
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2240is this correct?

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 2150000..(267)......0
Hire Purchase (HP) debt ...... 0........(37).......0
Total secured & HP debts...... 2150000...-.........- you owe over £2 million?
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......- think your numbers are a bit out here

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

think your numbers are out here also


a couple of things for you to look at ... try a spending diary to find out exactly where your money is going .... try both the grocery board and the os board for cutting down a few bills... snowball your debts paying the highes interest ones first

you will get there it will take time,,, but it will be worth it when you do good luck all the best:j:beer:

thejames

Hi yes we've already made a start on that but it won't help if I have to leave my job. Just wanted to find some options on how to move forward with this, how vulnerable we are left.

cjd2206

Maybe an updated SoA?

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................ 2100
Partners monthly income after tax....... 0
Benefits................................ 138
Other income............................ 0
Total monthly income.................... 2238
Monthly Expense Details
Mortgage................................ 267
Secured/HP loan repayments.............. 100
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
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 140
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).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 49
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 50
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1587.54

Assets
Cash.................................... 0
House value (Gross)..................... 215
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2215

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 215......(267)......0
Hire Purchase (HP) debt ...... 2000.....(100)......0
Total secured & HP debts...... 2215......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
co-op..........................18.416....270.......0
natwest........................18.713....283.......0
credit cards...................44.859....1060......0
Total unsecured debts..........81.99.....1613......-

Monthly Budget Summary
Total monthly income.................... 2,238
Expenses (including HP & secured debts). 1,587.54
Available for debt repayments........... 650.46
Monthly UNsecured debt repayments....... 1,613
Amount short for making debt repayments. -962.54
Personal Balance Sheet Summary
Total assets (things you own)........... 2,215
Total HP & Secured debt................. -2,215
Total Unsecured debt.................... -81.99
Net Assets.............................. -81.99
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.