In a mess and ashamed

JaJaNeo

Hi I'm new Nd ashamed to admit my situation

Basically I'm in a mess financially due to leaving my ex and I'm supporting him and the kids, I'm just getting deeper and deeper by the month. It has partly caused a nervous breakdown along with a few other issues and been off work since October with stress and depression, with the lowest point being considering suicide. I'm getting my life on track but my finances are an absolute mess, and I don't have any clue what to do anymore. I've done my SOA but really at a loss as to what to do here, a friend pointed me here to see if it was of any help at all


Household Information[/b]
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2000

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 350
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 17.4
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 50.5
Internet Services....................... 17.5
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 11
Car Insurance........................... 25
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...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 36
Entertainment........................... 40
Holiday................................. 50
Emergency fund.......................... 0
Solicitor............................... 100
Total monthly expenses.................. 1894.4


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1200
Other assets............................ 0
Total Assets............................ 1200


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 19000....(350)......0
Total secured & HP debts...... 19000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds.........................1000......12........0
Total unsecured debts..........1000......12........-


Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including HP & secured debts). 1,894.4
Available for debt repayments........... 105.6
Monthly UNsecured debt repayments....... 12
Amount left after debt repayments....... 93.6

Personal Balance Sheet Summary
Total assets (things you own)........... 1,200
Total HP & Secured debt................. -19,000
Total Unsecured debt.................... -1,000
Net Assets.............................. -18,800

A couple of loans have three years left, one has five. I'm also currently paying back a tax bill when they messed me up and I ended up underpaying tax of £2500 and having to pay it back monthly over the last year, so I'm £200 down. Any help in the short term would be great, as things will slowly improve ove the year

sourcrates

Hi,
You say :


"A couple of loans have three years left, one has five."


yet you've only listed two debts ?

JaJaNeo

Sorry I couldn't remember the exact payments, but the 350 is the total of the three loans I'm paying a month and the looses is a credit card

sourcrates

Ok,


I'm a little confused here.

Your SOA states that you pay rent, but you have listed a secured debt of £19000 ?

You cant have a secured debt on a rental property, should I assume all your loans are actually unsecured ?

If that's the case it makes it a whole lot easier to deal with.


It would really help if you could edit the SOA correctly, and include ALL the debts you are repaying just now.
It will just make it so much easier to offer you advice that will help you.

tomtontom

Are the above figures just for you, or do they include money for the ex and kids? Do you have a formal maintenance agreement?

As you are on long term sick, is there a time when your pay will decrease?

JaJaNeo

Household Information[/b]
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2000

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 41
Gas..................................... 41
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 17.4
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 50.5
Internet Services....................... 7.5
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 550
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 18
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 36
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Solicitor............................... 100
Total monthly expenses.................. 1917.4


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1200
Other assets............................ 0
Total Assets............................ 1200

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................11000.....155.......0
Loan...........................4000......100.......0
Loan...........................4000......100.......0
Credit card....................1000......12........0
Total unsecured debts..........20000.....367.......-


Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including HP & secured debts). 1,917.4
Available for debt repayments........... 82.6
Monthly UNsecured debt repayments....... 367
Amount short for making debt repayments. -284.4

Personal Balance Sheet Summary
Total assets (things you own)........... 1,200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -20,000
Net Assets.............................. -18,800

Sorry I can't think clearly, this is causing too much stress and anxiety, tried to amend

I have been on long term sick, get full pay for 6mths, so trying to get myself together to go back before pay is cut to half else I loose everything. Child maintenance is in other child related payments

sourcrates

Ah that's way better, unsecured is good, you would of had a problem had that been a secured debt, but as it isn't, its a lot easier to deal with.


Right, you need to get yourself together, this can be solved with a bit of thought.


Your priority debts are your rent, council tax, utility bills, and of course food and household expenses, your budget looks ok to me.
Everything else can wait in line, unsecured credit is the last thing you should pay when your struggling.

I would recommend you get in touch with stepchange, they are a national debt charity, who will be able to organise some kind of solution to this for you, they are free to use, and are impartial, lots of people on this forum have them to thank for helping them out of a rut.


http://www.stepchange.org/


Have a look on there website, see what solutions they recommend for you.

ViolaLass

Are groceries and haircuts covering the kids too? Otherwise those amounts are huge.

JaJaNeo

Groceries part time, it's shared care, this is an area I'm trying to cut down in and tracking my spending and budgeting, started looking at other supermarkets, using Aldi more now, it is a rough figure but going to calculate this one better this month.

JaJaNeo

I did end up looking at step change as well today and made contact with them for some help

firely2327

Hi. I'm not claiming to be an expert, but one area where I see a potential saving is on the tv/cable subscription. You can watch a lot online these days so your internet should cover some tv, unless you're really attached to sky etc. Over £600/year saving there. Plus, as someone who's been very low too (I really sympathise), lots of tv watching can have a negative effect. Get out there for some fresh air if you can and leave the goggle box. It could work wonders for your health. Best of luck, and hang in there