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I need help!!! I don't know where to turn
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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 position0 -
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!!!0
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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.0
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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 etc0
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struggling_to_cope wrote: »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.
AMDDebt Free!!!0 -
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.0
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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!0 -
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?0 -
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 change0 -
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:struggling_to_cope wrote: »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.0
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