Help please...not sure what next

mummybear14_2

Please help I have added my SOA and been with SC for 1 year now paying token payments. I phoned them to say I had some extra money and what would be the best way to utilise it. They told me it wasn't enough to think about settlements and that was more or less all they said.

Please advise me the best way to use the money to make a tiny hole in my debt as I really haven't a clue. Also any advice on how to start sorting out my debt as SC seem to be very busy or else maybe I have just got through to the wrong person..


Many Thanks in advance

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details[/b]
Monthly income after tax................ 851
Partners monthly income after tax....... 0
Benefits................................ 136
Other income............................ 0
Total monthly income.................... 987

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 50
Gas..................................... 0
Oil..................................... 20
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 27
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 16
Car Insurance........................... 24
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 40
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 13
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 44
Other insurance......................... 11
Presents (birthday, christmas etc)...... 20
Haircuts................................ 12
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
School dinner........................... 10
Total monthly expenses.................. 911

Assets[/b]
Cash.................................... 3500
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 3500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................7992......0.........0
Mbna (Moorcroft)...............6290......0.........0
Creation.......................3992......0.........0
Santander DFS..................192.......0.........0
Lowell.........................229.......0.........0
Brecon.........................263.......0.........0
Robinson Way...................492.......0.........0
NCO............................492.......0.........0
RBS Mint.......................1192......0.........0
Zinc...........................1648......0.........0
Santander......................1992......0.........0
Total unsecured debts..........24774.....0.........-


Monthly Budget Summary
Total monthly income.................... 987
Expenses (including HP & secured debts). 911
Available for debt repayments........... 76
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 76

Personal Balance Sheet Summary
Total assets (things you own)........... 3,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -24,774
Net Assets.............................. -21,274

sourcrates

Assuming you don't own a property, use the cash to pay for your bankrupcy petition, and free yourself from the debt and make a new start.
That's what I would do.

mummybear14_2

I do have a mortgage but my husband makes the payments and pays the rates etc so they are all up to date.

lambda

Hi and welcome to the forum!

You've done the right thing, and congratulations for confronting your debt. The good news is that this can be solved. I'm sure other people will be along shortly to help you. In the meanwhile, I noticed a few things with your SOA that would immediately save you money.

mummybear14 wrote: »

Please help I have added my SOA and been with SC for 1 year now paying token payments. I phoned them to say I had some extra money and what would be the best way to utilise it. They told me it wasn't enough to think about settlements and that was more or less all they said.

Please advise me the best way to use the money to make a tiny hole in my debt as I really haven't a clue. Also any advice on how to start sorting out my debt as SC seem to be very busy or else maybe I have just got through to the wrong person..


Many Thanks in advance

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details[/b]
Monthly income after tax................ 851
Partners monthly income after tax....... 0
Benefits................................ 136
Other income............................ 0
Total monthly income.................... 987

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 50 you can probably reduce this by ditching your current supplier and switching
Gas..................................... 0
Oil..................................... 20 This doesn't seem very much?
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 27This is too high. Consider going on a sim only
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400 This is far too much. A household of 2 should need at most 150-200 a month.
Clothing................................ 20 anyway to reduce this?
Petrol/diesel........................... 150 seems high?
Road tax................................ 16
Car Insurance........................... 24
Car maintenance (including MOT)......... 20 how old is the car?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 40
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 13
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 0 no contents insurance?
Life assurance ......................... 44
Other insurance......................... 35 What is this for?
Presents (birthday, christmas etc)...... 0 you need to budget for this
Haircuts................................ 12
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 you need something here
School dinner........................... 20 anyway to reduce this? take in packed lunches?
Total monthly expenses.................. 911

Assets[/b]
Cash.................................... 3500
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 3500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................7992......0.........0
Mbna (Moorcroft)...............6290......0.........0
Creation.......................3992......0.........0
Santander DFS..................192.......0.........0
Lowell.........................229.......0.........0
Brecon.........................263.......0.........0
Robinson Way...................492.......0.........0
NCO............................492.......0.........0
RBS Mint.......................1192......0.........0
Zinc...........................1648......0.........0
Santander......................1992......0.........0
Total unsecured debts..........24774.....0.........-
what are the APRs for these debts?

Monthly Budget Summary
Total monthly income.................... 987
Expenses (including HP & secured debts). 911
Available for debt repayments........... 76
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 76

Personal Balance Sheet Summary
Total assets (things you own)........... 3,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -24,774
Net Assets.............................. -21,274

mummybear14_2

Thank you for kind words Lambda. Ill edit the SOA now..

amorge

mummybear14 wrote: »

Please help I have added my SOA and been with SC for 1 year now paying token payments. I phoned them to say I had some extra money and what would be the best way to utilise it. They told me it wasn't enough to think about settlements and that was more or less all they said.

Please advise me the best way to use the money to make a tiny hole in my debt as I really haven't a clue. Also any advice on how to start sorting out my debt as SC seem to be very busy or else maybe I have just got through to the wrong person..


Many Thanks in advance

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2 - sell a car ASAP

Monthly Income Details[/b]
Monthly income after tax................ 851
Partners monthly income after tax....... 0
Benefits................................ 136
Other income............................ 0
Total monthly income.................... 987

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 50
Gas..................................... 0
Oil..................................... 20
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 27
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400 - very high for only 4
Clothing................................ 20
Petrol/diesel........................... 150
Road tax................................ 16
Car Insurance........................... 24 - if you sell a car this will reduce
Car maintenance (including MOT)......... 20 - as will this
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 40? Why childcare costs when SOA shows only 1 person working
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 13 - surely on the above income these are free?
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 44 - look into reducing this
Other insurance......................... 35 - what is this for ?
Presents (birthday, christmas etc)...... 0
Haircuts................................ 12 - are these essential once a month
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
School dinner........................... 20 - again on above income is this not free?
Total monthly expenses.................. 911

Assets[/b]
Cash.................................... 3500 - use £2500 of this to pay off as many debts as possibly (assuming they are all )%, if not highest APR one)
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 3500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................7992......0.........0
Mbna (Moorcroft)...............6290......0.........0
Creation.......................3992......0.........0
Santander DFS..................192.......0.........0
Lowell.........................229.......0.........0
Brecon.........................263.......0.........0
Robinson Way...................492.......0.........0
NCO............................492.......0.........0
RBS Mint.......................1192......0.........0
Zinc...........................1648......0.........0
Santander......................1992......0.........0
Total unsecured debts..........24774.....0.........-


Monthly Budget Summary
Total monthly income.................... 987
Expenses (including HP & secured debts). 911
Available for debt repayments........... 76
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 76

Personal Balance Sheet Summary
Total assets (things you own)........... 3,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -24,774
Net Assets.............................. -21,274

Hi, just a few comments above. You've listed that you have 2 cars but they are not in the assets section?

Good luck

mummybear14_2

I'm going to look into switching my electricity today. There are two adults and two kids in the household how much would be average for groceries? My car is only 3 year old so put a little aside to pay for the service. My buildings and contents insurance is together costing £20. How much is reasonable for the emergency fund?
I've been really hopeless with money and then my hours were reduced at work and everything has just spiralled out of control to the stage that sleepless nites are every night...

lambda

Don't worry. We can help you budget and manage your money.

For groceries, I'd say about £40 a week. Make shopping lists before you go and don't buy items not on the list. Use supermarkets like Lidl and Aldi more as they are much cheaper. Make bulk meals from scratch with fresh ingredients. Buy food when it is reduced and freeze, etc. There are quite a few advice on this forum about how to shop on a tight budget.

Regarding you emergency fund. The idea is that when things happen you don't borrow to pay for them but take them from an emergency fund. How much you can put away will be related to how much you have left after your essentials come out of the budget. We can go through that.

In terms of managing money. You need to make up a budget. Do you use spreadsheets? Every month, when your pay comes in, draw up a budget for that month. Include all your direct debits, a budget for your groceries, shopping, and everything else on the SOA. What is left is how much you will have to pay off your debts. Everytime you spend, keep the receipt, and record it on your spreadsheet next to that category, and you will see immediately how and where you spend your money.

mummybear14_2

Hi Amorge
My husband and I both work full time so both need cars to travel to work as we work shifts. We don't get help with school meals etc
I have only my earning on the SOA as my hubby pays the mortgage, rates etc so we don't fall behind with these.

lambda

Sorry to pry, but is your husband aware of the financial situation? Do you have joint bank accounts?

amorge

mummybear14 wrote: »

Hi Amorge
My husband and I both work full time so both need cars to travel to work as we work shifts. We don't get help with school meals etc
I have only my earning on the SOA as my hubby pays the mortgage, rates etc so we don't fall behind with these.

Ahh that makes sense. Do you not have a phone line or internet etc? Are the bills halved and you've only included yours? Sorry to ask so many questions it's sometimes easier for people to advise when they have the full picture of income and outgoings

x