Please help b4 i skip the country 4 10 yrs

davemtaylor

My S.O.A. Any advice would be appreciated cause I feel stuffed.
Bought house for £145,000 with £10,000 deposit (which was borrowed)
Worth about £155,000 now. Mortgage lender will only give a secured loan of £9,000. Can’t carry on living with £200/month. It’s a mess

Own house with partner so I’ve halved bills

Outgoings

Yorkshire Water - £15/month
Life Insurances - £23/month
Buildings Insurance - £26/month
Atlantis (Gas + Elec) - £35/month
02 - £35.00/month
Virgin Media (tv/phone/broadband)- £17.50/month
TC Licence - £34.14/quarter
Food - £100/month
Council Tax - £55/month

£16,000 Northern Rock Loan (in father’s name) - £226/month - over 7 yrs
£70,000 Halifax Mortgage - £365.5/month over 34.5 years (5.25% fixed for next 18 months)
£1,500 Secured Loan - £71.20/month (24 months)
£500 Capital One - £15/month
£5,000 AA Loan (in mother’s name for house deposit) – £57.50/month over 5 yrs

Total Outgoings - Approx £1000/month
Total Income - Approx £1200/month (after Tax + Insurance)

Thanks

chevalier

what are you doing with the £200 currently? What are the APR's on your debts? I would suggest that you have a look at https://www.whatsthecost.co.uk. They have a snowball calculator on there, which shows you how much interest you would pay if you paid that extra off the highest APR debt first.

I don't think that paying this debt back is undoable, but it may be painful.

Can you get a second job each the income from which could go straight to paying off debts? Have you got any bank charges that you can claim back? Do you have 'stuff' that you don't use that you could ebay/car boot etc?

best of luck
chev

cattie

Your buildings insurance sounds expensive for the value of your house. I pay £19 month with Halifax & my house is worth a lot more than yours, so shop around for a cheaper provider. Most companies give a generous discount of around 20% when you take it out online.

Sorry, cant help re the debts, but am sure somebody who is more in the know will be along soon with some info for you.

lynzpower

Are all the figures you have there halved- what doez your partner do? Whats thier income?

Is there any option to taking in a lodger?

Little_Miss_Winner

Hi if you live with your partner and halve all bills, why don't you get a joint account, and pay all the bills together...?

Are these debts yours alone or were they taken out jointly.

We need to know the apr of each debt, so we can look at the full picture..

Welcome to mse:T

findingmyownway

davemtaylor wrote: »

My S.O.A. Any advice would be appreciated cause I feel stuffed.
Bought house for £145,000 with £10,000 deposit (which was borrowed)
Worth about £155,000 now. Mortgage lender will only give a secured loan of £9,000. Can’t carry on living with £200/month. It’s a mess

Own house with partner so I’ve halved bills

Outgoings

Yorkshire Water - £15/month
Life Insurances - £23/month
Buildings Insurance - £26/month
Atlantis (Gas + Elec) - £35/month
02 - £35.00/month
Virgin Media (tv/phone/broadband)- £17.50/month
TC Licence - £34.14/quarter
Food - £100/month
Council Tax - £55/month

£16,000 Northern Rock Loan (in father’s name) - £226/month - over 7 yrs
£70,000 Halifax Mortgage - £365.5/month over 34.5 years (5.25% fixed for next 18 months)
£1,500 Secured Loan - £71.20/month (24 months)
£500 Capital One - £15/month
£5,000 AA Loan (in mother’s name for house deposit) – £57.50/month over 5 yrs

Total Outgoings - Approx £1000/month
Total Income - Approx £1200/month (after Tax + Insurance)

Thanks

I've read your other thread but if you post back on here Dave you might get more response.

Are the monthly amounts you give half of the total bill? eg is your building ins really £52/month? If so then they can definatly be cut down - saving you at least £100 a month i reckon. Have a look at Martins articles on getting the best deals.

Your total debt is around £23,000 excluding mortgage. You CAN pay this back if you choose to make changes with your life.

You say you 'can't live' on £200/month - but what do you actually spend this on?? food & phones are already accounted for. If its £200 on socialising then you can cut back if you really want to. It might not be fun, but paying back debt rarely is!

I see from you other thread you have already started Ebaying which is great. Have you made any progress with getting a second job?

What does you partner do? Do they have debts?

What did you spend the money on (esp £16K loan). Can it be sold to pay back some of debt?

Well done for making the first steps. You will find plenty of support on here should you choose to take it.

davemtaylor

thanks for your help.

sorry i meant buildings insurance is £26/month between us both.

Trying to sort out an extra income. Just not sure what to do yet?

I wasted all of the money on cars, socialising and women. Got nothing to show for it, or to sell.

Thank you again.

Crown

Hi Dave, I replied in your other thread,. Sorry but I didnt see this one

findingmyownway

davemtaylor wrote: »

thanks for your help.

sorry i meant buildings insurance is £26/month between us both.

Trying to sort out an extra income. Just not sure what to do yet?

I wasted all of the money on cars, socialising and women. Got nothing to show for it, or to sell.

Thank you again.

OK, assuming that’s the same for all your bills then your SOA becomes:

Yorkshire Water - £15/month
Life Insurances - £23/month
Buildings Insurance - £26/month
Atlantis (Gas + Elec) - £35/month
02 - £35.00/month
Virgin Media (tv/phone/broadband)- £17.50/month
TC Licence - £34.14/quarter
Food - £100/month
Council Tax - £55/month

Total = £341 bills + £365 mortgage = £706
split 2 ways = £352/month living expenses

Northern Rock Loan £226/month
Secured Loan - £71.20/month
Capital One - £15/month
AA Loan - £57.50/month

= £370/month on debt minimum payments


So if your income is £1200, then according to your SOA you should have £478/month remaining.


Clearly you don’t have this left. So your first step needs to be working out where the money really goes – check your bank statements and account for all the clothes / beer etc you have bought over the last few months. Then you can set a realistic budget for these items (you DON’T have to cut them out altogether, just be a bit sensible about it). Also consider keeping a spending diary - some of the obvisou things missing from your SOA are travel expenses, birthday presents etc. Also your food total is low - is this really all you spend?

Some info on your partners situation would be useful.