Massively in Debt and Sad

slowlyfading

Newyorkdreams wrote: »

Here is my SOA:

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2500
Partners monthly income after tax....... 1500
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4000
Monthly Expense Details
Mortgage................................ 509
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 13
Council tax............................. 120
Electricity............................. 65
Gas..................................... 35
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 25
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 32
Internet Services....................... 0
Groceries etc. ......................... 200 - look at reducing this, go to the Old Style board for lots of tips!
Clothing................................ 100 - every month?! Stop this.
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 26
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 2
Pet insurance/vet bills................. 0
Buildings insurance..................... 6
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 80 - every month...?
Haircuts................................ 20
Entertainment........................... 300 - WOW! Half this, seriously. Me and DH are newly weds, and we spend about £50 a month on entertainment, if that.
Holiday................................. 150 - stop this in the short term, you can't afford it, sorry.
Emergency fund.......................... 50 - good to see this here! do you actually save this somewhere every month?
Total monthly expenses.................. 1922

Assets
Cash.................................... 500 - do you have this?
House value (Gross)..................... 100000
Shares and bonds........................ 2000
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 110500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 91000....(509)......4.99
Total secured & HP debts...... 91000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan - Tesco...................6060......203.......6.8
Barclaycard x1.................4795......110.......24.9 - aim to clear this one first!
Barclaycard x 2...............11400.....250.......6.8
Mum............................3335......0.........0
Dad............................8500......500.......0
Nationwide x 2.................1209......29........19.9 - aim to clear this quickly too!
Nationwide x1..................3847......100.......19.9
Creation.......................3863......100.......18.9
Halifax x 2....................9495......93........9.95
Halifax x 1....................2843......40........15.9
Total unsecured debts..........55347.....1425......-

Monthly Budget Summary
Total monthly income.................... 4,000
Expenses (including HP & secured debts). 1,922
Available for debt repayments........... 2,078
Monthly UNsecured debt repayments....... 1,425
Amount left after debt repayments....... 653 - do you have this spare each month? I suspect not!
Personal Balance Sheet Summary
Total assets (things you own)........... 110,500
Total HP & Secured debt................. -91,000
Total Unsecured debt.................... -55,347
Net Assets.............................. -35,847
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using IE browser.

Any advice would be gratefully received. Thanks x

I've made some comments above - you have areas where you can make quite significant cut backs too, if you are willing

Do you have the money left at the end of the month? Get a spending diary and write down everything you spend, down to the last penny. It'll be eye opening, I'm sure!

You're in the right place, you can do this

[Deleted User]

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2500
Partners monthly income after tax....... 1500
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4000
Monthly Expense Details
Mortgage................................ 509
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 13
Council tax............................. 120
Electricity............................. 65 - Try comparison sites, and turn off things you aren't using
Gas..................................... 35
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 25 - A take it this includes Internet? If not, you can get cheaper.
Mobile phone............................ 30 - Reduce to £10-ish PAYG, ASAP
TV Licence.............................. 12
Satellite/Cable TV...................... 32 - Get rid. Go Freeview/Freesat
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 100 - You are spending £1,200 pa on clothes. :eek: Cut drastically.
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 26
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 2
Pet insurance/vet bills................. 0
Buildings insurance..................... 6
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 80 - Reduce this a lot
Haircuts................................ 20
Entertainment........................... 300 - You're spending £3,600 pa on entertainment? :eek: :eek: Slask this, big style
Holiday................................. 150 - £1,800 for a holiday? Reduce this
Emergency fund.......................... 50
Total monthly expenses.................. 1922

Assets
Cash.................................... 500
House value (Gross)..................... 100000
Shares and bonds........................ 2000
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 110500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 91000....(509)......4.99
Total secured & HP debts...... 91000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan - Tesco...................6060......203.......6.8
Barclaycard x1.................4795......110.......24.9
Barclaycard x 2...............11400.....250.......6.8
Mum............................3335......0.........0
Dad............................8500......500.......0
Nationwide x 2.................1209......29........19.9
Nationwide x1..................3847......100.......19.9
Creation.......................3863......100.......18.9
Halifax x 2....................9495......93........9.95
Halifax x 1....................2843......40........15.9
Total unsecured debts..........55347.....1425......-

Monthly Budget Summary
Total monthly income.................... 4,000
Expenses (including HP & secured debts). 1,922
Available for debt repayments........... 2,078
Monthly UNsecured debt repayments....... 1,425
Amount left after debt repayments....... 653
Personal Balance Sheet Summary
Total assets (things you own)........... 110,500
Total HP & Secured debt................. -91,000
Total Unsecured debt.................... -55,347
Net Assets.............................. -35,847
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using IE browser.

Any advice would be gratefully received. Thanks x

The main concern is the insane amount you are spending on entertainment.

If you reduced it to say £50, just from that you would have a further £3,000 pa, to put toward your debts.

Hatecreditors.com

Newyorkdreams wrote: »

it upsets me that the banks keep refusing us.

NYD xxx

You have £55,000 worth of debt and it ‘upsets’ you that the banks won’t offer you any more? Incredible.

katejo

Hatecreditors.com wrote: »

You have £55,000 worth of debt and it ‘upsets’ you that the banks won’t offer you any more? Incredible.

You may earn 4K a month now but what would happen if one of you were to be ill or lose your job ? I could not bear to have debts like that hanging over me. In your position I would put all available money into clearing the debt not applying for new cards.

heartbreak_star

Newyorkdreams wrote: »

Here is my SOA:

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2500
Partners monthly income after tax....... 1500
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4000
Monthly Expense Details
Mortgage................................ 509
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 13
Council tax............................. 120
Electricity............................. 65Quite high check tariffs
Gas..................................... 35
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 25Includes internet?
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 32Can you go Freeview?
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 100Extremely high. Halve, or better, quarter this.
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 26
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 2
Pet insurance/vet bills................. 0
Buildings insurance..................... 6
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 80Halve it.
Haircuts................................ 20
Entertainment........................... 300
Holiday................................. 150I'm sure you can get a holiday for less than £1800 a year :eek:
Emergency fund.......................... 50
Total monthly expenses.................. 1922

Assets
Cash.................................... 500
House value (Gross)..................... 100000
Shares and bonds........................ 2000
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 110500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 91000....(509)......4.99
Total secured & HP debts...... 91000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan - Tesco...................6060......203.......6.8
Barclaycard x1.................4795......110.......24.9
Barclaycard x 2...............11400.....250.......6.8
Mum............................3335......0.........0
Dad............................8500......500.......0
Nationwide x 2.................1209......29........19.9
Nationwide x1..................3847......100.......19.9
Creation.......................3863......100.......18.9
Halifax x 2....................9495......93........9.95
Halifax x 1....................2843......40........15.9
Total unsecured debts..........55347.....1425......-

Monthly Budget Summary
Total monthly income.................... 4,000
Expenses (including HP & secured debts). 1,922
Available for debt repayments........... 2,078
Monthly UNsecured debt repayments....... 1,425
Amount left after debt repayments....... 653Do you actually have this? If not, start a spending diary.
Personal Balance Sheet Summary
Total assets (things you own)........... 110,500
Total HP & Secured debt................. -91,000
Total Unsecured debt.................... -55,347
Net Assets.............................. -35,847
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using IE browser.

Any advice would be gratefully received. Thanks x

Okey dokey, a few bits from me in purple. Sorry if I've not been diplomatic, I'm nice really!

£653 is a heck of a surplus to just be falling through the cracks. First, cancel all your credit cards except one, so you can't pay off/re-spend. Start a spending diary - track even 50p for a choccy bar.

Also - though some people don't advocate this - I found paying for EVERYTHING on debit card and checking my Internet banking at least once a day helped me control things.

Good luck - you can do it! :beer:

HBS x

dancingfairy

If you clear the Nationwide one first a) you'll have one less card :T and b) they may offer you a balance transfer deal to keep you (in which case you can then transfer the Barclaycard across).
Best of Luck
df

YORKSHIRELASS

Hi and welcome. I guess in many ways we all have a similar story. Like you I was incredibly stupid with money when I was younger and thought a magic wand was going to appear from somewhere and wipe those debts away. I so regret that now.

The question is moving forward are you prepared to make drastic changes to your lifestyle for a time to get these debts cleared? Do you accept that there is no easy solution and no magic wand? I sometimes think the more you earn the harder this is.

There are two things you need to do immediately. One is to stop using credit and cut up the cards. If you dont have cash for it you cant afford it. Two is to start keeping accurate records of your income and outgoings, every single penny. Your husband needs to be on board with this too.

With that level of debt no matter how much you earn you cant afford expensive holidays, lots of nights out, nice clothes etc. I was like you earning good money in a professional job until my son became seriously ill and I had to give up the job to be a full time carer. Very very scary. Do it now before its too late.

Good luck with it, I hope my comments dont come across as being harsh, I just can really relate to your post.

kerri_gt

A lot of good advise has already been posted about areas to cut back and review etc. I would deff keep a spending diary, i started one a few years back and got a real shock about how all those little £1/£2 added up. On the back of that I joined the NSD (No Spend Day) challenge here - by setting myself a target of days I wasn't allowed to spend, it made me evaluate whether I really did need X / Y / Z and check at home. It also stopped those lunchtime forays into Te$co etc where you'd come out spending £20 on goodness knows what.

Also, I know it's a small thing but do you really need to buy lunch on a Friday? Add that up over the course of a year x 2 (you and your OH) and then think what that could help pay off. Out of small acorns grow mighty oaks and all that.

Best of luck on your Debt Free Journey x

Newyorkdreams

Thanks for your support MM. It means a lot.
NYD x;)

Newyorkdreams

Thank you Slowly Fading for your input and insight. I think that it's important to note that these figures are for 2 e.g. clothes, presents etc - we don't spend £100 each month but we tend to do a big shop in summer and one in winter which adds up to about £600 a year.

I've already shopped around for the best gas, elec, broadband etc

Thanks again

NYD