Feel sick

happppydays

Please please help me.
I owe £27000. It’s built up over time. It’s affected my eating, my mental health and everything else in my life. I’m not enjoying life and it’s affecting my relationship with my family.
I don’t know where to start.
Thanks.

suki1964

Welcome back


The first place to start is to fill in a SOA and post it here so you can see where your money is actually going, and we can help you see where to start to make cuts and reduce your debt and sort out a budget

RhiBi

Hi, well done on recognising the problem and reaching out for help.

As Suki1964 says, post you SOA and there will be lots of people who can help.

Good luck xx

sourcrates

Hi,

So you started off last year by posting in the diary section, i take it things have gone down hill since then ?

Post your SOA, then we know what we are dealing with.

Link to calculator here :

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

enthusiasticsaver

As sourcrates has done I have just looked at some previous posts of yours last summer and it does indeed appear that your debt has increased. You seem to have separate finances from your DH which may be an issue. Hand on heart can you say the debt has arisen from things you are buying for yourself or some sort of addiction or are you borrowing for food or other things for the family? If it is the latter it may be the balance of what you are both contributing to the joint account. Please remember childcare costs are not just your responsibility but your husbands too.

The key to managing debt is living within a budget. That involves posting an soa as others have suggested. You put a very basic one up last year but it appeared the bulk of your income went into a joint account to cover household bills and a lot of your disposable income was going on debt repayments. You may now have reached crunch point where you cannot borrow any more. I strongly urge you to cut the cards up. You cannot borrow your way out of debt.

You may need to consider a DMP and contacting stepchange may be a good idea for you. They are non judgemental and can give you advice on which debt solution to go for. This would mean that your creditors would be asked to freeze interest and a monthly payment would be set which is affordable to you. You do not have to include your husbands finances but it would be best for you to close all joint accounts so you are no longer financially linked. This may be an issue if you have a mortgage. This does mean you will get no further access to credit.

happppydays

yes, I did post last year. I do have a major problem with money and its come to a head. I will post a poa as accurately as possible. It is the same as before though. I put money into joint account and the rest is 'mine'. I think my debt was worse than I stated last time as I was too scared to add it all up properly. Thanks for comments so far

happppydays

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 1900
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3500

Monthly Expense Details
Mortgage................................ 1450
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 210
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 15
Mobile phone............................ 50
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 100
Clothing................................ 30
Petrol/diesel........................... 75
Road tax................................ 12
Car Insurance........................... 32
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 800
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 18
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 15
Entertainment........................... 30
Holiday................................. 45
Emergency fund.......................... 0
Total monthly expenses.................. 3086


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 180000...(1450).....3
Total secured & HP debts...... 180000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
virgin.........................3000......35........0
sainsburys.....................15000.....289.......7
barclaycard....................4000......80........22
lloyds.........................5000......0.........0
Total unsecured debts..........27000.....404.......-


Monthly Budget Summary
Total monthly income.................... 3,500
Expenses (including HP & secured debts). 3,086
Available for debt repayments........... 414
Monthly UNsecured debt repayments....... 404
Amount left after debt repayments....... 10

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -180,000
Total Unsecured debt.................... -27,000
Net Assets.............................. -207,000

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

happppydays

Ive done this as accurately as possible.Thank you

Therese1

Hi,

Well done in pulling your SOA together and for deciding to "stop the debt bus" and get off.

There will be plenty more able advisors along soon but I just had a couple of thoughts.

Is your groceries spend really just £100 per month? Or are you spending this on the cards and not "counting" it accurately?

Also you'll need to think about car maintenance and an emergency fund.

Perhaps a spending diary for the month of April...with every penny being noted will help highlight your full amounts and then you'll be able to see where cut backs can be made.

Good luck and stay here for lots of good ideas, support and advice

Tx

happppydays

whoops no, Thanks for pointing that out. Grocery spend is £100 per week so I filled that out wrong. Sorry. Sometimes its £75 but when I add up all the extra times I go it usually equals £100.

System

If your groceries are £100 per week, then that's another £300 on your SOA so you are spending more than you are earning by about £300 per month . Or does your OH pay for the rest.

Your mortgage payment is huge, could you change the term of your mortgage ?