Drowning in debt

wheezy57

I have just done the SOAStatement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1034
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1034

Monthly Expense Details
Mortgage................................ 96
Secured/HP loan repayments.............. 239
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 77
Electricity............................. 37
Gas..................................... 30
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 35
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 23
Internet Services....................... 0
Groceries etc. ......................... 30
Clothing................................ 10
Petrol/diesel........................... 35
Road tax................................ 7.5
Car Insurance........................... 15
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 12
Contents insurance...................... 0
Life assurance ......................... 1
Other insurance......................... 15
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 724.5


Assets
Cash.................................... 0
House value (Gross)..................... 180000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 182000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 65000....(96).......0
Secured Debt.................. 17000....(239)......0
Total secured & HP debts...... 82000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................5000......5.........0
Credit Card....................6000......5.........0
Credit Card....................2000......1.........0
Payday loan....................700.......129.......0
Total unsecured debts..........13700.....140.......-


Monthly Budget Summary
Total monthly income.................... 1,034
Expenses (including HP & secured debts). 724.5
Available for debt repayments........... 309.5
Monthly UNsecured debt repayments....... 140
Amount left after debt repayments....... 169.5

Personal Balance Sheet Summary
Total assets (things you own)........... 182,000
Total HP & Secured debt................. -82,000
Total Unsecured debt.................... -13,700
Net Assets.............................. 86,300

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

tiggerbodhi

You have come to the right place, no judgements made or spitefulness, just help and empathy, a lot of us have been there

I am no expert, there are so many options open to you with the equity in your house, BR may not be the way if you want to continue living there, first port of call would be the CAB or CCCS, have you thought about "equity release" as your age may be in favour of this.

Wishing you well in whatever you decide :)

churchill33

Hi Wheezy

You have only put £1 for life assurance on your soa, is that a typo??

wheezy57

churchill33 wrote: »

Hi Wheezy

You have only put £1 for life assurance on your soa, is that a typo??

No it wasnt a mistake. I dont have any life insurance. Cant afford it to be honest...

luvchocolate

and £30 month for food?

wheezy57

tiggerbodhi wrote: »

You have come to the right place, no judgements made or spitefulness, just help and empathy, a lot of us have been there

I am no expert, there are so many options open to you with the equity in your house, BR may not be the way if you want to continue living there, first port of call would be the CAB or CCCS, have you thought about "equity release" as your age may be in favour of this.

Wishing you well in whatever you decide :)

I was told that equity release is the last option I should take . How can I do that if I still have a current mortgage do you think? I am a little confused!

wheezy57

luvchocolate wrote: »

and £30 month for food?

I dont eat much and would rather be warm in the winter especially. I am also brilliant at left-overs (!). Spuds, cabbage and cheap bacon are particularly tasty!! Pasta is good with tuna and can be heated up the next day easily. I look around for stuff that I need rather than what I want. The only treat is a cup of coffee once a day when I get back from work. I cant remember when I last ate meat. This all sounds really pathetic - its not meant to be - its the truth of the matter. I have given up wine and gin. I dont smoke either.

luvchocolate

Hey that really worries me are you sure you are looking after yourself? I am your age and also live alone you do need to take care of your health, I still cannot get over such a small amount of money for food, please take care xxx

PippaGirl_2

If you do decide BR you need to put down a reasonable amount for food as groceries, what is seen as a normal amount. This needs to include loo rolls, cleaning things, toiletries etc. as well as food. I know it is possible to cope on little or cheap bulky foods, my (alcoholic) brother used to eat £2.50 of his benefit money a week on food so he had enough left over to drink but ultimately that is not healthy to eat like that.

But you have such a lot of equity in your house I doubt bankruptcy is your best option, do phone one of the organisations in the posts above and let us know how you get on with that.

wheezy57

PippaGirl wrote: »

If you do decide BR you need to put down a reasonable amount for food as groceries, what is seen as a normal amount. This needs to include loo rolls, cleaning things, toiletries etc. as well as food. I know it is possible to cope on little or cheap bulky foods, my (alcoholic) brother used to eat £2.50 of his benefit money a week on food so he had enough left over to drink but ultimately that is not healthy to eat like that.

But you have such a lot of equity in your house I doubt bankruptcy is your best option, do phone one of the organisations in the posts above and let us know how you get on with that.

Thank you for all your good wishes. Im so touched that you are out there and care. I am back at work tomorrow so I cant get the chance to speak to someone till much later on. But I will. I need all the help I can get.