What do I do now

taren

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.................... 2
Monthly Income Details
Monthly income after tax................ 2758
Partners monthly income after tax....... 500
Benefits................................ 134
Other income............................ 0
Total monthly income.................... 3392
Monthly Expense Details
Mortgage................................ 938
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 93
Electricity............................. 90
Gas..................................... 50
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 11
Mobile phone............................ 18
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 23
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 50
Road tax................................ 36
Car Insurance........................... 100
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 170
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 27
Pet insurance/vet bills................. 0
Buildings insurance..................... 8
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1931

Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 3500
Total Assets............................ 151500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 139405...(938)......2.5
Total secured & HP debts...... 139405....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan Lloyds....................12807.....452.......6.49
Lloyds CC......................13881.....330.......38.1
Barclaycard CC.................6399......83........3
Staff Loan OH..................3642......260.......4
Opus CC........................564.......9.........48.1
Coop CC........................1854......37........12.9
Barclaycard OH CC..............2186......31........3
Barclaycard/Egg CC.............5674......204.......0
Total unsecured debts..........47007.....1406......-

Monthly Budget Summary
Total monthly income.................... 3,392
Expenses (including HP & secured debts). 1,931
Available for debt repayments........... 1,461
Monthly UNsecured debt repayments....... 1,406
Amount left after debt repayments....... 55
Personal Balance Sheet Summary
Total assets (things you own)........... 151,500
Total HP & Secured debt................. -139,405
Total Unsecured debt.................... -47,007
Net Assets.............................. -34,912
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using IE browser.

It so scary when you put it like above, this is why when I look at it, if my redundancy & assets clears the debts we have, then we would be better off, and I really do think I would have to take a pay cut just to get a job. But if we dont have the debts then taking an easier job, would certainly help, plus if things pick up, we would have no debts other than the mortgage.

I have made so many cut backs and I continue to do so, in my job I have to have a car, as I took the car allowance rather than a company car, hence the two cars, but once I'm out of it the car will sold and the money used to clear some debts.

Still feel like a headless chicken, thanks again all for your support

dory22

you said theres few jobs in your career, any job you can get for the time being any job is better then no, its money coming you can always go back to your career at a later date.

edit, just saw the above post.

R_P_W

Hi. Your mortgage payment seems quite high for the balance you have left and with the interest rate @ 2.5%. My mortgage is £86k @ 4.9% and my payment is only £500.

Are you on a fairly short term.....is there any way you could maybe extend it to lower the monthly payments and then when you get a job and are able to pay off your debts you can maybe overpay to catch up?

I have not worked out the numbers - just looks high

dancingfairy

Hi - how many months do you think your money will sustain you for?
How long until your wife plans to go back to work? 6 months? 9 months? Does she have a job to go back to and how much would it pay?
Obviously going interest only on the mortgage would help a bit as well.
Best of Luck
df

[Deleted User]

Well done on posting your SOA, I think that is possible you should pay off the Opus debt - that's nearly 50% interest!!! At £9 a month you might be paying it forever!!

Also, you have done a current SOA which is very good, but now do one for after July, to see what it will be like then.

Then work out how much of your Redundancy you will need to use each month just to get by, and thus how long it will last.

When is your wife's plan to go back to work? Another 6 months?

D9

taren

R_P_W wrote: »

Hi. Your mortgage payment seems quite high for the balance you have left and with the interest rate @ 2.5%. My mortgage is £86k @ 4.9% and my payment is only £500.

Are you on a fairly short term.....is there any way you could maybe extend it to lower the monthly payments and then when you get a job and are able to pay off your debts you can maybe overpay to catch up?

I have not worked out the numbers - just looks high

Hi, just checked the figures with a few of the many online mortgage calculators, and the figure I am paying is pretty much spot on. I have 15years and 1 month remaining on my mortgage, and due to having no equity ( I remortgaged at the height of the market in 2007 ) nobody will touch me until there is a decent chunk of equity or the market starts to recover and the house prices go up, also until last month was paying £1195 due to being in a fixed deal at 6.49.

I will speak to C&G the mortgage provider again today, to see what they say.

15 years = £937 approx
20 years = £737 approx
25 years = £625 approx

taren

dancingfairy wrote: »

Hi - how many months do you think your money will sustain you for?
How long until your wife plans to go back to work? 6 months? 9 months? Does she have a job to go back to and how much would it pay?
Obviously going interest only on the mortgage would help a bit as well.
Best of Luck
df

If I can get intrest only on the mortgage then the redundancy money would last 12-15 months, and selling my assets would pay off approx £10k worth of debts, and make things even easier, but at the moment I need my car for work.
My wife was hoping to have 12mths off, but she now understands that she may have to return to work sooner than later. If we can manage for wife to go back at 9mths then I think we'll be ok. i think.

taren

Domino9 wrote: »

Well done on posting your SOA, I think that is possible you should pay off the Opus debt - that's nearly 50% interest!!! At £9 a month you might be paying it forever!!

Also, you have done a current SOA which is very good, but now do one for after July, to see what it will be like then.

Then work out how much of your Redundancy you will need to use each month just to get by, and thus how long it will last.

When is your wife's plan to go back to work? Another 6 months?

D9

Cheers D9 some great ideas there, I've managed to sell some of my stuff on ebay and have raised enough to clear my £1000 overdraft this month, i'm looking at other things I can now sell and this money will be used to clear the Opus CC.

Another 6mths yes, was the plan.

12-15mths the fund would allow me to find a job.

TeamNicholson

I think generally you need a fairly decent amount of equity before you can go interest only. Usually 20%??? This could be wrong, but best to double check before you rely on this being the case.

Anyway, I think you will be fine. You are approaching this the right way with a great attitude.

taren

Cheers TeamNicholson - ill speak to the mortgage company today and see what they say, great advice and its better to plan ahead.