new and in need of some help :(

ambercharlie10

Hi everyone

Am kind of new here, have read posts in the past but havent actually ever posted but, i really need to sort my money out.

I have a total of £12,000 debt (shock to me but thats what it is)

they arent actually credit as such more rent, council tax gas elec for current house.

i have been so stupid and now i have no idea what to do to make it better? we struggle to live on what we have without paying the debts? i have recently got my credit report and on there found £5000 of phone bills, old banks (which i owe are fees) and a old loan i took out with a old friend (in the days i could get credit) to help him i was second name he has now died few years ago

i have over £3000 owed on council tax and a new year coming and now bailiff letters also owe on rent

can anyone help me on where i start with all this?

(sorry if i have posted in the wrong bit)

clair

Nickyj

Hi hun,
I'm no expert on this but you have come to the right place. I've had some great advice from people on here and I'm sure someone who can advise will be along shortly. Probably best if you do an soa so people can see what's what. Good luck xxx

jonjamie1970

Hi, I'm sure we can get you on the road to sorting this all out. While your doing your statement of affairs and posting on here, face up to the bills, put them in piles for what you owe with most recent on top.
Priority is to keep a roof over your head and the council tax sounds like it needs urgent attention.

Look forward to seeing your SOA

=booboo=

Hi there and good luck on your journey, its a fantastic start to have come here.

Please go to http://www.makesenseofcards.com/soacalc.html so we can see where your money goes and comment on what you should be able to cut back on.

From the things i have read here, hopefully youll soon realise your situation is neither unique or that bad. It may require you to go onto a Debt Management Plan but im sure someone whos a little more experienced than myself will be along to point youi in the right direction shortly.

jonjamie1970

Fill this in accurately, divide car tax by 12 months etc etc

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

ambercharlie10

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................ 1100
Partners monthly income after tax....... 0
Benefits................................ 788
Other income............................ 0
Total monthly income.................... 1888

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 105
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 52
Gas..................................... 52
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 50
Mobile phone............................ 70
TV Licence.............................. 12.12
Satellite/Cable TV...................... 35
Internet Services....................... 0
Groceries etc. ......................... 320
Clothing................................ 0
Petrol/diesel........................... 240
Road tax................................ 19
Car Insurance........................... 98
Car maintenance (including MOT)......... 5
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..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 0
Entertainment........................... 80
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1218.12


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
rent...........................2000......20........0
council tax....................3448......0.........0
Total unsecured debts..........5448......20........-


Monthly Budget Summary
Total monthly income.................... 1,888
Expenses (including HP & secured debts). 1,218.12
Available for debt repayments........... 669.88
Monthly UNsecured debt repayments....... 20
Amount left after debt repayments....... 649.88

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,448
Net Assets.............................. -5,448


Reproduced on Moneysavingexpert with permission, using other browser.[/i]


Have not included council tax as very long story but was single (still am kind off) but partner looking at moving back in to help with this and my mental state!!! so have had council tax paid for, the council tax debt are from me been young and stupid,so have based this on what i have already done with debtline. Have spoke to council tax and they have put all action on hold for 3 weeks while i seek advice, debtline have advice i do a debt relief order, but i really feel that better managment with out money we can sort this? i have based all money on monthly but we get all money weekly which i think is where the problems lie? i dont know it seems from above we have money but we dont where are wwe going wrong

GlynD

You're doing the right thing AmberCharlie. A year ago I was in debt to the tune of £11,500. I'm debt free now but I had to start somewhere to do that and I, like you, chose here. You're just doing the hardest part now. Once you've got it under control you'll see the debts falling.

ambercharlie10

I just dont get that everytime i do a budget planner we should have £600/£700 left over yet we seem to be not spending more than we need and still end up with nothing we both smoked but have now beenn quit for 4 weeks, still not seeing a difference

vasseur

ambercharlie10 wrote: »

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................ 1100
Partners monthly income after tax....... 0
Benefits................................ 788 What are these? Are they child related benefits?
Other income............................ 0
Total monthly income.................... 1888

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 105
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 52
Gas..................................... 52
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 50
Mobile phone............................ 70 How much longer are you in contract for? Need to cancel these and go PAYG for emergencies only
TV Licence.............................. 12.12
Satellite/Cable TV...................... 35 Can you get rid of this and have freeview?
Internet Services....................... 0
Groceries etc. ......................... 320 You can reduce this a bit - check out the Old Style board for tips
Clothing................................ 0 You'll need a figure in here if only for the children - say £20
Petrol/diesel........................... 240
Road tax................................ 19
Car Insurance........................... 98
Car maintenance (including MOT)......... 5
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..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 You need to cut this down a bit
Haircuts................................ 0
Entertainment........................... 80 You can't really afford this much every month when you are in arrears with so many things
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1218.12


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
rent...........................2000......20........0
council tax....................3448......0.........0
Total unsecured debts..........5448......20........-


Monthly Budget Summary
Total monthly income.................... 1,888
Expenses (including HP & secured debts). 1,218.12
Available for debt repayments........... 669.88
Monthly UNsecured debt repayments....... 20
Amount left after debt repayments....... 649.88

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,448
Net Assets.............................. -5,448


Reproduced on Moneysavingexpert with permission, using other browser.[/i]


Have not included council tax as very long story but was single (still am kind off) but partner looking at moving back in to help with this and my mental state!!! so have had council tax paid for, the council tax debt are from me been young and stupid,so have based this on what i have already done with debtline. Have spoke to council tax and they have put all action on hold for 3 weeks while i seek advice, debtline have advice i do a debt relief order, but i really feel that better managment with out money we can sort this? i have based all money on monthly but we get all money weekly which i think is where the problems lie? i dont know it seems from above we have money but we dont where are wwe going wrong

I have put a few comments in above.

If you don't know where your money is going keep a spending diary to find out. A magazine here, a coffee and a chocolate bar there all adds up.

You really need to sort out the council tax and whether it will be for a single person or you as a couple. Do the children live with you?

Someone more knowledgeable than me will probably be along later with more advice.

GlynD

Smoking is a key expense. Stopping that should have reduced your outgoings considerably. Have you thought of keeping a list of everything you spend your cash on as well as household bills? Do you check the bank accounts retrospectively to see if there's been frivolous spending? Is your husband on board with you on this?

GlynD

Time to start shopping in Aldi or Lidl. No matter what anyone tells you Tesco/ASDA/Morrisons etc are all quite a bit more expensive.