What to do????

Pixie5740

Here is the link to the statement of affairs.

http://www.stoozing.com/calculator/soa.php

hhermione666

Hi!
You have told your husband about this so your problem now is how to pay off the debts . This remind me once my husband and I had to pay our house , I took a part time job on weekends in the restaurant near my home. thrifty life even helped us make some of money. Those days were rough but all of this turn out to be an unforgettable memories.
There are ways out of debt for most people .hope you can keep yourselves out of trouble early!

p1nk18

oh blimey, just looking at all the sections to fill in looks overwhelming!! I have no idea how much water rates are or road tax coz stuff like that just gets paid off when the bill arrives

p1nk18

oh bloody hell, the more I look it the list the more stuff I'm remembering! TV License! Parking permit outside the house!

p1nk18

[tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 2604
Partners monthly income after tax....... 7500
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 10104

Monthly Expense Details
Mortgage................................ 3330
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 179
Electricity............................. 129
Gas..................................... 0
Oil..................................... 0
Water rates............................. 32.33
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 80.4
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 44.19
Car Insurance........................... 0
Car maintenance (including MOT)......... 84
Car parking............................. 37.5
Other travel............................ 0
Childcare/nursery....................... 1525
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 55.73
Contents insurance...................... 84.02
Life assurance ......................... 59.41
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 5652.7


Assets
Cash.................................... 0
House value (Gross)..................... 1100000
Shares and bonds........................ 0
Car(s).................................. 35000
Other assets............................ 0
Total Assets............................ 1135000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 600000...(3330).....0
Total secured & HP debts...... 600000....-.........-

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


Monthly Budget Summary
Total monthly income.................... 10,104
Expenses (including HP & secured debts). 5,652.7
Available for debt repayments........... 4,451.3
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 4,451.3

Personal Balance Sheet Summary
Total assets (things you own)........... 1,135,000
Total HP & Secured debt................. -600,000
Total Unsecured debt.................... -0
Net Assets.............................. 535,000

[/tt]

Pixie5740

I think you've missed some things off your SOA.

You've not added your unsecured debts (loans and credit cards)

There's zero for things like groceries, petrol, car insurance, entertainments, clothes, medical, presents which can't be right.

If you don't know what these amounts are then you need to dig out your bank statements (at least 6 months) and find out where your money is going.

p1nk18

[tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 2604
Partners monthly income after tax....... 7000
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 9604

Monthly Expense Details
Mortgage................................ 3330
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 179
Electricity............................. 65
Gas..................................... 65
Oil..................................... 0
Water rates............................. 32.33
Telephone (land line)................... 25
Mobile phone............................ 55
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 80.4
Groceries etc. ......................... 250
Clothing................................ 50
Petrol/diesel........................... 40
Road tax................................ 44.19
Car Insurance........................... 58.91
Car maintenance (including MOT)......... 84
Car parking............................. 37.5
Other travel............................ 0
Childcare/nursery....................... 1525
Other child related expenses............ 26.67
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 55.73
Contents insurance...................... 84.02
Life assurance ......................... 59.41
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 500
Emergency fund.......................... 100
Total monthly expenses.................. 6759.28


Assets
Cash.................................... 0
House value (Gross)..................... 1100000
Shares and bonds........................ 0
Car(s).................................. 35000
Other assets............................ 15000
Total Assets............................ 1150000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 600000...(3330).....0
Total secured & HP debts...... 600000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards...................20019.....900.......18
Credit Cards...................20000.....1000......18
Total unsecured debts..........40019.....1900......-


Monthly Budget Summary
Total monthly income.................... 9,604
Expenses (including HP & secured debts). 6,759.28
Available for debt repayments........... 2,844.72
Monthly UNsecured debt repayments....... 1,900
Amount left after debt repayments....... 944.72

Personal Balance Sheet Summary
Total assets (things you own)........... 1,150,000
Total HP & Secured debt................. -600,000
Total Unsecured debt.................... -40,019
Net Assets.............................. 509,981

[/tt]

p1nk18

Oh !!!!! It's actually a lot worse than I thought!

dktreesea

18% on credit cards is crazy when you have a much cheaper line of credit available. How about remortgaging your house? Is the £600k the whole of the principal? Has any been paid off since you bought your property or is it interest only?

Pixie5740

If they remortgage to pay off the credit cards they'd be turning unsecured debt into secured debt though and that could be bad news if their income dropped substantially again.