£80,000

SpagBol

Thanks determined , I'll take a look.

thejames

I've had such good advice here, some amazing advice that I really should have realised/known a long time ago. I really want to look at my soa and post it properly, I do honestly believe we can get ourselves out of this without going down the bankrupsy route just yet.

quantic

Have completed the SOA again for you, wasn't totalling correctly:

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.............. 0
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.................. 1789.66


Assets
Cash.................................... 0
House value (Gross)..................... 240000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 242000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 215000...(267)......0
Total secured & HP debts...... 215000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest........................18713.....283.......0
Co-op..........................18416.....270.......0
Credit Cards...................44859.....1060......0
New Boiler.....................5400......97........0
Overdraft......................2500......0.........0
Car............................3000......100.......0
Total unsecured debts..........92888.....1810......-


Monthly Budget Summary
Total monthly income.................... 3,438
Expenses (including HP & secured debts). 1,789.66
Available for debt repayments........... 1,648.34
Monthly UNsecured debt repayments....... 1,810
Amount short for making debt repayments. -161.66

Personal Balance Sheet Summary
Total assets (things you own)........... 242,000
Total HP & Secured debt................. -215,000
Total Unsecured debt.................... -92,888
Net Assets.............................. -65,888

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

PinotGrigio41

The important thing is that you have realised now and can begin to make the changes. I agree just skimming through your diary you have been lucky with the advice you have received so far ! Believe me theres loads more where that all came from. My head was swimming with it all, but its lovely to know there are lots of people out there all more than happy to try and help out in whatever way they can !

Onwards and Upwards !!

DS4215

If you are starting a franchise, have you separated out your personal bills and debts and the business debts - the mobile phone, loan repayments, etc should be coming out of the business income first instead of your income. If you are not making enough to cover these costs and it is running at a loss then you need to re-examine how you are running it and see if you can improve things...

sam89

Hi just wanted to say we were in £104,000 of debt 4 years ago with similar income but higher mortgage payments and secured debt. We went for a DMP and now owe £30,000. It can definitely be done and I wish you loads of luck, x.

rising_from_the_ashes

You beat me too it quantic some of the debts weren't showing correctly as they had a . in the middle

thejames sorry if I've repeated things but wanted to comment on the latest SOP.... welcome to MSE - you've taken the first (and hardest step) by getting it all down in black & whie.

quantic wrote: »

Have completed the SOA again for you, wasn't totalling correctly:

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.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 55 On the high side - check consumption & comparison sites (do you switch things off / use a tumble drier etc / how big is your house? As a comparison I pay £64 (total) for gas & elec)
Gas..................................... 55 As above (how long is the heating on for? / esp bedrooms - turn off radiators except in the room you're in during the day)
Oil..................................... 0
Water rates............................. 26.54
Telephone (land line)................... 60 Huge - shop around for a better deal
Mobile phone............................ 120 Again, huge - cut contracts asap & switch to PAYG & emergency use only. As already suggested, you need to separate out business costs
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 600 As previous posters, you should be able to get this down to around £250/month without compromising on quality - try the Grocery Challenge on the Old Style board, loads of friendly people with great tips & some fantastic recipes
Clothing................................ 0
Petrol/diesel........................... 240 Are these all essential journeys?
Road tax................................ 22
Car Insurance........................... 85High - esp for one car - check comparison sites @ renewal
Car maintenance (including MOT)......... 10 Sorry this needs to be more - servicing / mot / repairs / tyres etc
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40 What are these?
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 0
Buildings insurance..................... 49 Assume incl contents? Even so, on the high side - check comparison sites (I appreciate it varies on location/house size but as a comparison I pay £15 total for both B&C)
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 Need something in here - even £20
Haircuts................................ 0 Need something in here - even £10
Entertainment........................... 0 Need something in here - even £20
Holiday................................. 0
Emergency fund.......................... 0 Need something in here to cover new appliances / things that crop up - even £30 would be a good starting point
Total monthly expenses.................. 1789.66


Assets
Cash.................................... 0
House value (Gross)..................... 240000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 242000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 215000...(267)......0
Total secured & HP debts...... 215000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest........................18713.....283.......0 How long does this last?
Co-op..........................18416.....270.......0 and this?
Credit Cards...................44859.....1060......0 and this?
New Boiler.....................5400......97........0 and this? Seems a huge amount?
Overdraft......................2500......0.........0 Do you pay any charges on this? How long does the 0% last?
Car............................3000......100.......0Is this really 0%?
Total unsecured debts..........92888.....1810......-


Monthly Budget Summary
Total monthly income.................... 3,438
Expenses (including HP & secured debts). 1,789.66
Available for debt repayments........... 1,648.34
Monthly UNsecured debt repayments....... 1,810
Amount short for making debt repayments. -161.66

Personal Balance Sheet Summary
Total assets (things you own)........... 242,000
Total HP & Secured debt................. -215,000
Total Unsecured debt.................... -92,888
Net Assets.............................. -65,888

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

You should be able to more than make up the shortfall from gradually reducing the grocery spend alone. Once the mobiles are cut down, this will help too. Shop around for other things are renewal time.

Why is your landline so high? (sorry if I missed this) - as a comparison, I get landline & internet for under £25 month.

I'm wondering if all the aprs are really 0% - if not, start flinging any extra money at the one with the highest interest.

HTH & Good luck

Happytogetdebtfree

Nice to see you back :-) you can easily trim the numbers so that you have no deficit I know you have lump summed yoir credit cards together what's the lowest amount on a credit card sometimes it helps to focus on small target for momentum ? X

thejames

After thinking i really need to look at my shopping bill! But I still don't know how you have a shopping bills at £200 is that on meat, fish, toiletries etc... This I'm finding it hard to get my head around.

I'm wondering if we should try for a loan to cover our credit cards or if this would make us more vulnerable?... Just thinking we may start paying it off then?

I'm still doing the soa to get it right, I have this awful feeling that we may be worse than this, I really appreciate all that have replied.

I'm just wondering if bankruptcy is our only option?

thejames

Also what's a DMP..?..