dont know where to start

heyboots

sick to my stomach, had my lbm a month or so ago and havent slept really since then, cant believe ive got my family into this mess.

ive got about £45k unsecured debt, plus £14k of family loans. most of it is now on 29% apr credit cards (of course they were only 0%/7/11% when i took them out.
God only knows how i'll pay it back.... I had a wee lift in spirits a couple of weeks ago where i read about debt arrangement schemes it seemed ideal, however ive contacted the money advice centre and citizens advice bureau and they say they are too busy to have anyone administer it.

Ive contacted a paid one and they actually seemed really efficient, id have to pay them 10% of the debt though and i just dont trust my own decision making, look where its got me so far ...

I feel like im no use here, my family would be so much better off without me - i cant believe my stupidity, ive no idea what to do.

Betty_Crumble

hiya, dont take this the wrong way but how would your family be better off without you? If you feel like this on your own how do you think they would cope?

Firstly, it's not the end of the world, please remember that.

Does your partner know? This may seem like more stress but they need to know and you need the support.

Write EVERYTHING down that you owe, if you are going to sort this you need to sort it all and be truthful with the amounts etc.

For now, while cab are busy, write to all the companies explaining your situation and offering them a nominal amount while you wait for assistance.

Please dont go down the 'paid for' help route, increasing your debt by 10% BEFORE youve done anything else is madness.

Sell everything you can live without and be totally ruthless, put this money to one side as it is going to be needed but where yet you will not know, dont wait to do this as there is nothing from stopping you being pro-active and it will divert some of your attention to doing something positive.

It won't be easy, it never is getting OUT of it, but take heart, it is do-able.

Do a SOA and put it up, you may feel like you are being ripped apart by the comments but if you are serious about getting this done then best take a bit of criticism/advice for nothing than give away control for 10%.
Good luck I'm rooting for you.

heyboots

Thankyou

how do i do a statement of affairs? ive seen some here but they are all in the same format, is there a link to this?

Betty_Crumble

http://www.makesenseofcards.com/soacalc.html there you go, make sure you format it for mse at the end and don't guess, get your paperwork out.

heyboots

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................ 1850
Partners monthly income after tax....... 840
Benefits................................ 135 (child benefit)
Other income............................ 650 (fluctuates but this is average)
Total monthly income.................... 3475
Monthly Expense Details
Mortgage................................ 581 (we are currently only paying interest, we need to add about £300 per month to this asap)
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 195
Electricity............................. 90 (we've switched to the cheapest supplier for gas and electricity, we've tried to reduce spend as well as it seems high, my husband works shifts so the house is rarely empty)
Gas..................................... 104 (as above)
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 11
Mobile phone............................ 45 (12 months to run)
TV Licence.............................. 12
Satellite/Cable TV...................... 49 (9 months of contract left)
Internet Services....................... 24 (9 months of conytract left)
Groceries etc. ......................... 400 (this could come down a lot i suspect!)
Clothing................................ 150 (this can come down a lot too although the kids grow ridiculously quickly and shoes alone are expensive!)
Petrol/diesel........................... 160
Road tax................................ 3
Car Insurance........................... 25
Car maintenance (including MOT)......... 0
Car parking............................. 75 (can reduce this by parking further away and walking)
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 8
Buildings insurance..................... 30
Contents insurance...................... 30
Life assurance ......................... 28
Other insurance......................... 21
Presents (birthday, christmas etc)...... 15
Haircuts................................ 15
Entertainment........................... 30
Holiday................................. 40
Emergency fund.......................... 0
Total monthly expenses.................. 2181

Assets
Cash.................................... 1000
House value (Gross)..................... 210000
Shares and bonds........................ 1000
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 217000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 115000...(581)......6
Total secured & HP debts...... 115000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Mint cc........................5100......117.......29
mbna cc........................8300......242.......29
lloyds tsb cc..................9750......262.......29
Family loan....................14000.....0.........0 (this doesnt need to be repaid anytime soon but i would feel better repaying it asap, doesnt look like i am able to though)
car loan.......................4000......140.......5
lloyds tsb loan................2200......170.......7.9
student loans..................4200......60........2
next...........................965.......104.......0
littlewoods....................675.......0.........0
overdraft......................850.......0.........0
Opus...........................2650......62........NaN
barclacard cc (wasegg..........1850......59........NaN
Barclaycard cc.................10866.....280.......29
Total unsecured debts..........65406.....1496......-

Monthly Budget Summary
Total monthly income.................... 3,475
Expenses (including HP & secured debts). 2,181
Available for debt repayments........... 1,294
Monthly UNsecured debt repayments....... 1,496
Amount short for making debt repayments. -202
Personal Balance Sheet Summary
Total assets (things you own)........... 217,000
Total HP & Secured debt................. -115,000
Total Unsecured debt.................... -65,406
Net Assets.............................. 36,594
[

HappyMJ

You need to choose the format results for disccusion boards "MSE" button then copy and paste.

From what I can decode it doesn't look too bad.

heyboots

sorry, properly formatted now! the "other" figure is income from my part time business which fluctuates monthly but thats the average figure based on the last 2 years

[Deleted User]

There are other agencies that will help you do a DMP without charging:

A lot of people here use CCCS, but here's the link to the sticky with the list of them:

https://forums.moneysavingexpert.com/discussion/2077631

PLEASE DO NOT PAY A COMPANY TO DO THIS - THIS WILL ONLY INCREASE THE LENGTH OF TIME YOU ARE IN DEBT

HappyMJ

heyboots wrote: »

sorry, properly formatted now! the "other" figure is income from my part time business which fluctuates monthly but thats the average figure based on the last 2 years

Thank you. It really doesn't look that bad. Your net worth is positive at £36,594...that's a good thing.

A DMP is probably going to be your best solution. You would pay £1 to each creditor for a few months. You must save the difference and use that for emergencies only as you will lose access to all credit. Then you write letters offering each creditor 2% of the outstanding balance and ask them all to freeze the interest. Most should agree.

With the SOA you provide to the creditors you must not show any luxury spending such as satellite TV or entertainment but you can increase some other expenses such as pet expenses can be put up to £20 per month and groceries can be increased to a higher figure. Doing that can effectively hide some expenses to Sky. If you are going to default on credit agreements you can also default on Sky as well if you really don't want it. The affect on your credit is exactly the same. You can also put £20 per person per month for holidays without any problem.

To get the figure you can use I would recommend going through Debt Remedy on the CCCS website and use those figures. https://debtremedy.cccs.co.uk/start.aspx

Are the student loans actual loans or are they repaid through the tax system?

And finally get a credit report from Equifax for £2. Just to check everything is as it should be. Sign up to Noddle to get the Callcredit report for free every month.

Betty_Crumble

heyboots wrote: »

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget SummaryAmount(£)
Total monthly income3,475
Monthly expenses (incl. HP & secured loans)2,181
Available for debt repayments1,294
UNsecured debt repayments1,496
Amount short for making debt repayments-202
Personal Balance Sheet SummaryAmount(£)
Total Assets (things you own)217,000
Total Secured & HP Debt-115,000
Total Unsecured Debt-65,406
Net Assets36,594

Household Information
Number of adults in household 2
Number of children in household 2
Number of cars owned 2

Income, Expense, Debt & Asset Details

IncomeAmount(£)
Monthly income after tax1850
Partners monthly income840
Benefits135
Other income 650
Total monthly income 3475

ExpensesAmount(£)
Mortgage 581
Secured/HP loan payments 0
Rent 0
Management charge (leasehold property) 0
Council tax 195
Electricity 90
Gas 104
Oil 0
Water Rates 0
Telephone (land line)11
Mobile phone 45
TV Licence 12
Satellite/Cable TV 49
Internet services 24
Groceries etc. 400
Clothing 150
Petrol/diesel 160
Road tax 3
Car Insurance 25
Car maintenance (including MOT) 0
Car Parking 75
Other travel 0
Childcare/nursery 0
Other child related expenses 40
Medical (prescriptions, dentists, opticians etc.) 0
Pet Insurance/Vet bills 8
Buildings Insurance 30
Contents Insurance 30
Life Assurance 28
Other Insurance 21
Presents (birthday, christmas etc.) 15
Haircuts 15
Entertainment 30
Holiday 40
Emergency Fund 0
Total monthly expenses2181

Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)
Mortgage115000 (581) 6
Secured & HP Debt totals115000 - -
Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)
Mint cc 5100 117 29
mbna cc 8300 242 29
lloyds tsb cc 9750 262 29
Family loan14000 0 0
car loan 4000 140 5
lloyds tsb loan 2200 170 7.9
student loans 4200 60 2
next 965 10 40
littlewoods 675 0 0
overdraft 850 0 0
Opus 265062
NaNbarclacard cc (wasegg185059NaNBarclaycard cc1086628029
Unsecured Debt totals 654061496 -

Asset DescriptionValue (£)
Cash1000
House Value (Gross) 210000
Shares and bonds1000
Car(s) 5000
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 217000
Comments on the results
You do not have enough monthly income to meet your expenses and your minimum monthly debt repayments. Seek ways to increase your income and/or reduce your expenditure by £202. Whatever your results show, it always pays to seek advice or comments from others. Why not post your SOA details on our Debt Management discussion board or on your preferred discussion forum elsewhere. Thankyou for using the SOA Calculator at.

i have tried my best to sort it out but its a mess at the end, dont know what went wrong but i think you should give it another go

Betty_Crumble

ah !!!!!!, too late lol