30k debt and no idea where to start!

theoretica

£1200 a year building insurance? Shop around to see if you can drop that.

Is the rent you get for your property included in your income? I think it would be clearer if you separated out the rental property from your own living costs.

Any likelihood of moving somewhere that would cut your petrol bills?

Host25

Hi the 1200 is for all the service charges on rental property by management company as they include buildings insurance and thought it best place to put it, and nope stupidly I didn't include the rental income at all I forgot to include it i never think of it as income as it pays the rent and service with a litrle for emergency fund for rental property sorry .

Host25

r new]Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 550
Total monthly income.................... 2250

Monthly Expense Details
Mortgage................................ 344.9
Secured/HP loan repayments.............. 0
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 10
Petrol/diesel........................... 250
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
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..................... 100
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 2
Entertainment........................... 30
Holiday................................. 25
Emergency fund.......................... 50
Total monthly expenses.................. 1835.9


Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 103000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 76375.6..(344.9)....1.99
Total secured & HP debts...... 76375.6...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Tesco credit card..............8714.99...170.......16.62
Barclaycard....................8042.32...150.......18.9
Overdraft......................4300......0.........0
Total unsecured debts..........21057.31..320.......-


Monthly Budget Summary
Total monthly income.................... 2,250
Expenses (including HP & secured debts). 1,835.9
Available for debt repayments........... 414.1
Monthly UNsecured debt repayments....... 320
Amount left after debt repayments....... 94.1

Personal Balance Sheet Summary
Total assets (things you own)........... 103,000
Total HP & Secured debt................. -76,375.6
Total Unsecured debt.................... -21,057.31
Net Assets.............................. 5,567.09



Here is the revised SOA.

I will obviously try and reduce some of the outgoings such as fuel and food shopping but how do I deal with the loan and credit cards what is the best solution to try and start paying them off ? It’s just too much to deal with all together at the moment which was why I was looking at getting 1 loan with 1 smaller payment. I have also started writing down everything I buy and checking whether I actually need it to drastically cut costs straight away.

enthusiasticsaver

Your soa has very little room to cut back due to your relatively high rent for your income and high fuel charges. To repay those debts will mean you will have to get a second job or sell your rental property and use the equity to pay the majority of the cards off. Will you be entitled to any equity of your joint property with your ex?

fatbelly

You are clearly solvent in that (1) your assets exceed your debts and (2) you can afford to pay your bills as they fall due.

So this is about killing off interest as far as possible so that your payments bring down your debts.

Have you read these?

https://www.moneysavingexpert.com/banking/cut-overdraft-costs

https://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

https://www.moneysavingexpert.com/credit-cards/best-0-credit-cards

Nik_nik

Hello fatbelly,

Please can you help me with CCA agreement? Can I send you PM?

fatbelly

Nik_nik wrote: »

Hello fatbelly,

Please can you help me with CCA agreement? Can I send you PM?

It's all here

https://www.nationaldebtline.org/EW/factsheets/Pages/getting-information/credit-agreement-advice.aspx

no need for pm

Nik_nik

Thank you for your reply. I received CCA and how can I check if it’s enforceable please

fatbelly

They specialise a bit more in that on allaboutdebt.

If you end up being advised by Diana Mayhew, tell her we miss her on these boards.

Nik_nik

Thank you so much