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I need help!!! I don't know where to turn

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  • BMG
    BMG Posts: 146 Forumite
    edited 12 December 2013 at 1:52PM
    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.................... 2
    Monthly Income Details
    Monthly income after tax................ 1500 this varies depending on when he works.
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1500
    Monthly Expense Details
    Mortgage................................ 510
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 145 over 12 months
    Electricity............................. 90 gas and electric combined on one account
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 34 water meter
    Telephone (land line)................... 30 includes line rental, broadband
    Mobile phone............................ 10.49
    TV Licence.............................. 12.12
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 200
    Clothing................................ 0
    Petrol/diesel........................... 200 this varies depending on where oh is working
    Road tax................................ 45
    Car Insurance........................... 50
    Car maintenance (including MOT)......... 43.11 this a service plan for the cars
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 16.5
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 10.83 includes contents
    Contents insurance...................... 0
    Life assurance ......................... 22
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 5
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    subscription............................ 2.7
    windowcleaner........................... 10
    Total monthly expenses.................. 1436.75

    Assets
    Cash.................................... 8000
    House value (Gross)..................... 301000
    Shares and bonds........................ 0
    Car(s).................................. 10000
    Other assets............................ 0
    Total Assets............................ 319000

    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 71000....(510)......4
    Total secured & HP debts...... 71000.....-.........-
    Unsecured Debts
    Description....................Debt......Monthly...APR
    card 0ne.......................1308.06...29.44.....7.9
    Card 2.........................3900......52.53.....NaN
    Card 3.........................10100.....227.......20.8
    card 4.........................4000......86........20.8
    Total unsecured debts..........19308.06..394.97....-

    Monthly Budget Summary
    Total monthly income.................... 1,500
    Expenses (including HP & secured debts). 1,436.75
    Available for debt repayments........... 63.25
    Monthly UNsecured debt repayments....... 394.97
    Amount short for making debt repayments. -331.72
    Personal Balance Sheet Summary
    Total assets (things you own)........... 319,000
    Total HP & Secured debt................. -71,000
    Total Unsecured debt.................... -19,308.06
    Net Assets.............................. 228,691.94


    The c/c have various rates on them so I have used the highest rate as this is the worst case position
  • BMG
    BMG Posts: 146 Forumite
    I forgot to mention that I can not work due to ill health but I am no entitled to any benefits because they don't think that I am ill!!!
  • Delree
    Delree Posts: 540 Forumite
    Part of the Furniture 500 Posts Combo Breaker Debt-free and Proud!
    Just a quick note because you sound like you feel guilty about this and that is ALL your fault. Your partner is equally to blame through wilful ignorance of the finances and now you two have to tackle this together.
  • BMG
    BMG Posts: 146 Forumite
    We have spoken and he has said that he is providing the money each month so I can do my share and sort it out. He never spends anything. I sort the cars, shopping, presents, holidays etc
  • AMILLIONDOLLARS
    AMILLIONDOLLARS Posts: 2,299 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    edited 12 December 2013 at 2:54PM
    We have spoken and he has said that he is providing the money each month so I can do my share and sort it out. He never spends anything. I sort the cars, shopping, presents, holidays etc

    He is supplying some of the money irregularly, but not all of it.

    Time to put the Credit Cards away for the New Year. Forget about Christmas, its just one day, give yourself the present of paying down your debts instead!

    You state you have 8k in cash. Do not keep it in savings, use it to pay off 2.5 cards, saving yourself about £100 per month that could be put toward paying of the remainder on the 4k card.

    AMD
    Debt Free!!!
  • BMG
    BMG Posts: 146 Forumite
    The £8000 is there for a major job we need doing to the house. It has been donated by parents. We have to use that for what it was given for otherwise they may ask for it back when they find out about the debts. I am from a very strict family that does not agree with credit cards or any debts. They weren't happy when we bought a house with a mortgage.
  • Is there any way you can up your income? Ie your OH getting a more reliable job or renting out a spare room?

    Do you have anything you can sell to generate some cash?

    Also if you're not working do you need two cars?

    In the worst case scenario?, would you be able to downsize and free up some equity from your property?
    Getting myself back on track! Pay off debt and save deposit time!
  • so he earns 1500 per month, but some months he does not.

    You have no income but no benefits - maybe look at applying for job seekers then you can look for a job that you would be able to manage ;)

    you have 2 cars - why?
  • Essentially two months of his wage are gone every year on council tax and electricity/gas

    another 4 months on mortgage

    the cars cost approx 4200 per year - lets round up to 4500 - thats another 3 months of his wages

    So assuming he earns 1500 per month every month for a year - he wont.....

    9 months of his wages are gone on Car/council tax/Gas/Electrcity/mortgage
    That leaves 3 months wages 4500 - at the VERY most

    for

    Inusrances/prescriptions/phones/tv/clothes/savings/water rates/presents/household repairs and any emergency that comes up.

    oh and food/toiletries and cleaning products

    I suspect you are having your Light Bulb moment.

    he is very far from it....

    You will need to speak to parents....and maybe step change
  • tiger_eyes
    tiger_eyes Posts: 1,006 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker Debt-free and Proud!
    Hi, struggling. Just trying to get a more detailed picture of spending. I've spotted a few gaps in your statement of affairs and would think that money is possibly trickling into these holes:
    Clothing................................ 0
    Car parking............................. 0
    Presents (birthday, christmas etc)...... 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0

    You're probably spending at least some money on clothing, presents and entertainment throughout the year. With two cars you might pay for parking occasionally, for example if you go out somewhere? Do you definitely not go on holiday ever? You have no emergency fund - I assume surprise expenses go on the credit cards at present but we may want to budget for an emergency fund from now on. If you're not sure what gets spent, it might be helpful to sit down with bank statements and/or keep a spending diary. :)

    As Martin Lewis says, all debt problems are fixable.
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