Help, in deep do do

sarahg4242

Right my second attempt at this post - got cut off last time :-(

Hoping I can get some advice and mutual support here, please don't judge me and give me the 'you silly girl' talk, I've had all that already and I'm close to breaking down.

Here goes ... my current statement of affairs

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 £693.33 (paid 4 wkly paid @ £640.00)
Partners monthly income after tax £1,700.00
Benefits £-
Other income £-
Total monthly income £2,393.33

Monthly Expense Details
Mortgage £535.99 (Outstanding Balance £48441.00)
Secured/HP loan repayments £-
Rent £-
Management charge (leasehold property) £-
Council tax £121.00
Electricity £179.00 (Gas & Electric combined - inc. amount to cover DD they failed to take for 6 months)
Gas £-
Oil £-
Water rates £48.28
Telephone (land line) £-
Mobile phone £-
TV Licence £12.00
Satellite/Cable TV £104.00 (12 month contract Inc Phone & BB)
Internet Services £-
Groceries etc. £150.00
Clothing £-
Petrol/Diesel £216.00
Road Tax £10.09
Car Insurance £68.00
Car Maintenance (inc. MOT) £32.00
Car Parking £-
Other Travel £-
Childcare £-
Other Child Related Expenses £-
Medical (Prescriptions/Dentist etc) £30.00
Pet Insurance/Vet Bills £100.00 Pet Insurance, Vet Bills, Advocate, Food
Building & Contents Insurance £40.00

Life Insurance £59.00
Other Insurance £-
Presents (Birthdays, Christmas etc) £-
Haircuts £-
Entertainment £-
Holiday £-
Emergency Fund £-
Unnamed Other Expenses £85.00
Total monthly expenses £1,790.36


Assets
Cash £-
House value (Gross) £150,000.00
Shares and bonds £-
Car(s) £11,500.00
SG 7000
KG 4500
Other assets £-
Total Assets £161,500.00

Unsecured Debts
Description Repayment Debt %
Mobile Phone SG £17.00 £340.00 0
Mobile Phone KG £10.00 £50.00 0
Mobile Phone Tablet £19.00 £95.00 0
Car Loan SG £356.01 £12,637.59 16.9
Car Loan KG £165.19 £8,328.12 16.9
Egg £10.00 £300.98 19.95
Capital One £110.00 £3,426.88 19.95
Littlewoods £50.00 £451.49 0
Next £50.00 £740.90 22.9
Halifax - Card £10.00 £1,800.00 0
Halifax - Bank £10.00 £735.00 0
CCCS - LOAN £50.00 £20,279.85 0
CCCS - CDL LOAN £853.18 0
CCCS - Bank £545.21 0
CCCS - Card £1,715.95 0

TOTAL UNSECURED DEBTS £857.20

Monthly Budget Summary
Total monthly income £2,393.33
Expenses (including HP & secured debts) £1,790.36
Available for debt repayments £602.97
Monthly Unsecured debt repayments £857.20
Amount short for making debt repayments -£254.23


Looked into the IVA route but was advised against it as we have equity in our property.

Some debts will go before the end of the year - catalogues, mobile phone - but not yet

The biggest is the car finance, but we both work in locations where public transport is not available and hrs when buses etc. don't run anyway. I got my car a few years ago when I was in a good job but due to constant bullying I had no choice but to leave as it was making me very ill. Best decision for my health but not financially!

I did look into getting rid of both cars and replacing them with something older/cheaper but I would still be left with an outstanding balance and whilst the finance company would take a lump sum payment it would only reduce the term and not the existing repayment figures.

The guy I spoke to about the IVA suggested we re-mortgage to use some of the equity, but not sure if thats a good idea or not. Wont harm to look into it but not sure if thats the best idea.

Moving is an option but all the houses within the area cost more than ours so our only option would be renting but everyone we spoke to won't take pets and we have a dog.

I am looking at getting another job to boost my income but in the meantime Im getting stressed about finding the cash to meet monthly bills and finding with my hrs a second job isn't so easy to find

Help

Karonher

Can you pay your council tax over 12 months. Its not a saving but will lower your monthly outgoings. Can you speak to the satellite company explaining you are struggling?

Insurances seem high - I would look to cut them unless there is a reason for the cost.

£1200 for a dog is a very high amount. Can this be cut?

ratrace

Hi and welcome, dont worry no one is going to judge you here, we are a friendly lot who have also made silly money mistakes, and we are learning from them

Can i ask you to go over you soa as it seems ok but the layout is quite difficult to understand, im not sure if you formated it for mse you may have to do that

you have diffrent kg,sg payments going out, also are your carpayments secured with the cars if so then that is a secured debt not unsecured

also you have nothing for mobile phones on your monthly expenses but you have payments in the debt catagory

someone will post a link to the soa, and you need to fill it out correctly and format it for mse

spadoosh

Youre spending over a 3rd of your joint income on paying for and running cars. Over £10,000 a year.

I dont know enough about car finance to offer you a solution but thats exactly where the problem lies.

ratrace

sarahg4242 wrote: »

Right my second attempt at this post - got cut off last time :-(

Hoping I can get some advice and mutual support here, please don't judge me and give me the 'you silly girl' talk, I've had all that already and I'm close to breaking down.

Here goes ... my current statement of affairs

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 £693.33 (paid 4 wkly paid @ £640.00)
Partners monthly income after tax £1,700.00
Benefits £-
Other income £-
Total monthly income £2,393.33

Monthly Expense Details
Mortgage £535.99 (Outstanding Balance £48441.00)
Secured/HP loan repayments £- (your car payments need to go here)
Rent £-
Management charge (leasehold property) £-
Council tax £121.00 (is this 10 months or 12)
Electricity £179.00 (Gas & Electric combined - inc. amount to cover DD they failed to take for 6 months)
Gas £-
Oil £-
Water rates £48.28 (thats high why? )
Telephone (land line) £-
Mobile phone £- (monthly payment needs to go here even if payg)
TV Licence £12.00
Satellite/Cable TV £104.00 (12 month contract Inc Phone & BB) (this is very very high look to reduce asap)
Internet Services £-
Groceries etc. £150.00
Clothing £-
Petrol/Diesel £216.00
Road Tax £10.09
Car Insurance £68.00
Car Maintenance (inc. MOT) £32.00
Car Parking £-
Other Travel £-
Childcare £-
Other Child Related Expenses £-
Medical (Prescriptions/Dentist etc) £30.00
Pet Insurance/Vet Bills £100.00 Pet Insurance, Vet Bills, Advocate, Food
Building & Contents Insurance £40.00

Life Insurance £59.00
Other Insurance £-
Presents (Birthdays, Christmas etc) £-
Haircuts £- (do you cut your own hair if not put a figure here)
Entertainment £-
Holiday £-
Emergency Fund £-
Unnamed Other Expenses £85.00 (whats this for can it be cut?)
Total monthly expenses £1,790.36


Assets
Cash £-
House value (Gross) £150,000.00
Shares and bonds £-
Car(s) £11,500.00
SG 7000 (is this car vaule)
KG 4500 (is this car value)
Other assets £-
Total Assets £161,500.00

Unsecured Debts
Description Repayment Debt %
Mobile Phone SG £17.00 £340.00 0
Mobile Phone KG £10.00 £50.00 0
Mobile Phone Tablet £19.00 £95.00 0
Car Loan SG £356.01 £12,637.59 16.9 (is this what is owned on the car, can the interst rate be reduced)
Car Loan KG £165.19 £8,328.12 16.9
Egg £10.00 £300.98 19.95
Capital One £110.00 £3,426.88 19.95
Littlewoods £50.00 £451.49 0
Next £50.00 £740.90 22.9
Halifax - Card £10.00 £1,800.00 0
Halifax - Bank £10.00 £735.00 0
CCCS - LOAN £50.00 £20,279.85 0
CCCS - CDL LOAN £853.18 0
CCCS - Bank £545.21 0
CCCS - Card £1,715.95 0

TOTAL UNSECURED DEBTS £857.20 (this is not correct, total debt figure should be here)

Monthly Budget Summary
Total monthly income £2,393.33
Expenses (including HP & secured debts) £1,790.36
Available for debt repayments £602.97
Monthly Unsecured debt repayments £857.20
Amount short for making debt repayments -£254.23


Looked into the IVA route but was advised against it as we have equity in our property.

Some debts will go before the end of the year - catalogues, mobile phone - but not yet

The biggest is the car finance, but we both work in locations where public transport is not available and hrs when buses etc. don't run anyway. I got my car a few years ago when I was in a good job but due to constant bullying I had no choice but to leave as it was making me very ill. Best decision for my health but not financially!

I did look into getting rid of both cars and replacing them with something older/cheaper but I would still be left with an outstanding balance and whilst the finance company would take a lump sum payment it would only reduce the term and not the existing repayment figures.

The guy I spoke to about the IVA suggested we re-mortgage to use some of the equity, but not sure if thats a good idea or not. Wont harm to look into it but not sure if thats the best idea.

Moving is an option but all the houses within the area cost more than ours so our only option would be renting but everyone we spoke to won't take pets and we have a dog.

I am looking at getting another job to boost my income but in the meantime Im getting stressed about finding the cash to meet monthly bills and finding with my hrs a second job isn't so easy to find

Help

comments in red you ned to go over soa again and put the correct number is the right categories

Mnd

I struggled to understand you SOA as well
I thought the 857 was the outstanding amount, then worked out it was your payment

If I was spending more on a pet than feeding me then I know where I would be looking to economise