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magic_fairies
Posts: 8 Forumite
Please Help
#1053
19th Jan 19, 12:17 PM
HI
first of all I didn't even know how to post. hope fully im in the right place.
where do i start?
ok here goes, im in debt to around £17000, which includes
mortgage £5500
Car Loans £4200
Personal Loans £1000
Credit Cards £4000
Family loan £2000
it seems like im digging deeper and its making me ill.
ive looked on these posts and ive realised my debt is probably lower than most but that doesnt mean its any easier.
what the eck do i do.... i cant release equity in my house because im in debt with mortgage, which in all honesty the equity could clear the lot. i cant take out a big loan to pay it off as my credit rating is really bad. where do i turn
please help
#1053
19th Jan 19, 12:17 PM
HI
first of all I didn't even know how to post. hope fully im in the right place.
where do i start?
ok here goes, im in debt to around £17000, which includes
mortgage £5500
Car Loans £4200
Personal Loans £1000
Credit Cards £4000
Family loan £2000
it seems like im digging deeper and its making me ill.
ive looked on these posts and ive realised my debt is probably lower than most but that doesnt mean its any easier.
what the eck do i do.... i cant release equity in my house because im in debt with mortgage, which in all honesty the equity could clear the lot. i cant take out a big loan to pay it off as my credit rating is really bad. where do i turn
please help
0
Comments
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You need to look at your spending every month. I’m doing an SOA, someone recommended it in here. It’s an honest account of your spending each month. There are some on here you can complete for yourself (so you don’t forget anything) If you post it people will offer tips on where you may be able to save money.
Are you able to make at least the minimum payments on your debts? If not it may be worth speaking to a debt management group to help you speak to each company you owe money to about manageable repayments/freezing interest etc. This is a free service so don’t go to one that asks for a fee. There are lots of success stories on here, so rest assured that with positive action you will get back in control.0 -
okay so this is my SOA. next month feb 26th my partners income goes up to £1000 should I update that SOA now or next month
I had an idea of possibly getting a secured loan on the house to cover all debts. then in 6 months once credit rating improved, then to remortgage releasing equity to pay off the secured loan. which means a clean slate mortgage and normal bills . is this a stupid idea?
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly income after tax............. ... 0
Partners monthly income after tax....... 491
Benefits...........................… .. 920
Other income......................... ... 0
Total monthly income............. ....... 1411
Monthly Expense Details
Mortgage................. .........… ... 100 (whilst were in a mess)
Secured/HP loan repayments...… ...… .. 0
Rent............................. ....... 0
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 60
Gas..................................... 60
Water rates......................... .... 70
Telephone (land line).........… ....... 0
Mobile phone......................... ... 38 (mine and my sons. sim only)
TV Licence............................. . 12.5
Satellite/Cable TV...................... 40 (in contract)
Internet Services...................... . 29 (in contract)
Groceries etc. ......................... 250
Clothing............................. ... 50
Petrol/diesel........................... 180
Road tax................................ 30
Car Insurance........................... 82
Car maintenance (including MOT)......... 6.6
Car parking............................. 25.6
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 80
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance....... .............. 28
Contents insurance...................... 22
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc).. .... 100 (only jan feb n march.. all birthdays done then)
Haircuts................................ 30
Entertainment........................... 0 (we haven't done anything for months)
Holiday................................. 0 ( I wish)
Emergency fund.......................... 0 (from where)
Total monthly expenses................. . 1448.7
Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 5000 (both financed.)
Other assets............................ 0
Total Assets............................ 135000
Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 5500.....(100)......0
Total secured & HP debts...... 5500......-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
credit cards...................3900......130.......0
car loans......................4200......180.......0
personal loan..................1000......183.......0
family loan....................2000......0.........0
Total unsecured debts..........11100.....493.......-
Monthly Budget Summary
Total monthly income.................... 1,411
Expenses (including HP & secured debts). 1,448.7
Available for debt repayments........... -37.7
Monthly UNsecured debt repayments....... 493
Amount short for making debt repayments. -530.7
Personal Balance Sheet Summary
Total assets (things you own)........... 135,000
Total HP & Secured debt................. -5,500
Total Unsecured debt.................... -11,10
Net Assets.............................. 118,4000
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