Worried Sick Of Debt

davidbuckley

My dad was a bank manager and as such he had a good dealing on my outgoings but now hes taking ill health and im really struggling I even had to hand a car back to finance.

My outgoings are £555 rent
£150 mobiles phones contracts from various upgrades to which now i have canceled but am worried cause no doubt they will be passed onto moorecroft finance as are o2 and orange.

I also have another two cars my main car £445 a month and her car £232 a month now the second car is about to be paid of about two grand owed on it.

But I have been struggling trying to find a loan that accepts me cause with my rent and that it basically's takes away my wage each month but i no i can make the repayments if had the main ones out of the way and paid off from a loan but the loan companies I have tired most of them.

I just really at my teather with debt if i had the car and the silly loans paid of like funiture etc i no I could at least manage and still have a thousand pound each month

Fmess

Hi

Just read your post and think you need to do a SOA to show exactly where your money goes. What you've said suggests you have a lot of big outgoings each month, although I'm not sure on your income and how this compares. You mention a car for her, does that mean you have two incomes? It seems you have a lot going out for cars, could you renegotiated the finance deals on these? Or sell one car, pay off the finance and buy a cheaper car.

Good luck with hunting for a loan

davidbuckley

I have already given one of the cars back so now I have only one car to deal with and my rent my wage is 1690 and no she pays half of the car off each month I pay half I no not the best arrangement their I saw a budge planner mentioned in the forums and see your we list their how do you come up with thoese their and track it better?

davidbuckley

One car I owe selttle ment figure of around 1,900 not allot like but cant even seem to get accepted for a five grand loan to help get these done and cause cars are on fiance the log book loans wont help me either and to risky chance of loosing my car that way which i need for work and so does she

davidbuckley

I also earn 23,000 a year as software developer and after tax my take home pay is usually 1,690 a month

sistafromanothermista

OP, your posts do not make a great deal of sense.

Post up an SOA http://www.stoozing.com/calculator/soa.php
and start again......

davidbuckley

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1690
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1690

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 555
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 20
Gas..................................... 0
Oil..................................... 30
Water rates............................. 0
Telephone (land line)................... 42
Mobile phone............................ 150
TV Licence.............................. 15
Satellite/Cable TV...................... 42
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 40
Petrol/diesel........................... 120
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1164


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,690
Expenses (including HP & secured debts). 1,164
Available for debt repayments........... 526
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 526

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0


Reproduced on Moneysavingexpert with permission, using other browser.[/i]

~Beanie~

You haven't included any of your debts on your soa, these need to be on there.

davidbuckley

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1690
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1690

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 555
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 20
Gas..................................... 0
Oil..................................... 30
Water rates............................. 0
Telephone (land line)................... 42
Mobile phone............................ 150
TV Licence.............................. 15
Satellite/Cable TV...................... 42
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 40
Petrol/diesel........................... 120
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1164


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Car............................24000.....445.......0
Car 2..........................2100......232.......0
Moorecroft O2..................170.......50........0
CREATION FIANCE................240.......60........0
Total unsecured debts..........26510.....787.......-


Monthly Budget Summary
Total monthly income.................... 1,690
Expenses (including HP & secured debts). 1,164
Available for debt repayments........... 526
Monthly UNsecured debt repayments....... 787
Amount short for making debt repayments. -261

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,510
Net Assets.............................. -26,510


That should be now main car just bought this year for focus that a must keep unfortunialityy as my main mot transport for work

jacques_chirac

If you have for some reason kept upgrading your phone, surely you have some pretty expensive phones that you could sell?

Is there a reason why you need such an expensive car?

Fmess

davidbuckley wrote: »

I saw a budge planner mentioned in the forums and see your we list their how do you come up with thoese their and track it better?

I looked at my spends for the month before I started budgeting. I kept my petrol budget the same, as I know I only do essential journeys. I then gave myself a misc budget big enough to go out once or twice for lunch/dinner with friends a month and some money for other bits that crop up like car parking etc. My food budget is actually just a random figure that I didn't want to go above. I chose £200 for 2 adults but I'm doing a challenge thread on here (this month it's called Just say NOvember) where last month they challenged you to spend £20 less than you wanted to, so it's now £180.

I find the challenge really useful as we all check in each day and report our progress so it keeps me focused.