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Drowning in huge monthly payments advise please

edited 30 November -1 at 1:00AM in Debt-Free Wannabe
42 replies 10K views
245

Replies

  • edited 3 May 2019 at 4:31PM
    SystemSystem
    177.7K posts
    10,000 Posts
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    edited 3 May 2019 at 4:31PM
    Shashy wrote: »
    There's a certain irony in your tantrum.


    I think you need to learn the difference about expressing an opinion and being abusive. Even after your previous abuse was deleted by moderators, you can't help calling my post a 'tantrum'. Learn to debate without losing your head Shashy.
  • enthusiasticsaverenthusiasticsaver Forumite, Board Guide
    10.2K posts
    10,000 Posts Seventh Anniversary Name Dropper I've been Money Tipped!
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    Without seeing a full soa it is difficult to advise but on the figures quoted I very much doubt there is an instant fix to your situation. September is almost 6 months away and with respect putting more debt on credit cards or borrowing more is the last thing you should do. I think you will need to look at some sort of debt management plan and focus on getting into full time work. Leave thinking about taking on a mortgage for now and just focus on getting the creditors you have now to accept lower payments and stop charging interest to stop the debt figure going higher. Ring stepchange.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected]
  • DobbibillDobbibill Forumite, Board Guide
    3.9K posts
    Sixth Anniversary 1,000 Posts Mortgage-free Glee! Name Dropper
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    Hi BM,

    Well done on leaving an abusive relationship. It must have taken great courage.
    Debt isn't always accumulated through a lavish lifestyle and your situation is another example of that.

    If you can post a SOA, we can cast some fresh eyes over it.
    Make sure you do it 'as is' rather than a 'wish list' so the suggestions are tailored to your situation at the moment.

    Grab a cuppa, get it posted and lets have a look ;)
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [email protected]. Any views are mine and not the official line of MoneySavingExpert.com.

    It's not about being the best -
    It's about being better than you were yesterday.
  • poppasmurf_bewdleypoppasmurf_bewdley Forumite
    5.7K posts
    Part of the Furniture 1,000 Posts
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    Most posters on here will read your post and know that the majority of your debts have arisen because of a combination of many factors outside your control.

    There are ways and means of reducing or getting rid of your debts, but as others have said, put up your SOA and let us know what assets you have, eg car worth more than £1.5k, home owner, etc.

    When you have done this, then you will get plenty of good advice and assistance.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
  • As you've mentioned that some of the debts have arisen as a result of financial abuse, it's relevant to note that there is a (voluntary) financial abuse code of practice (link) and that two of your creditors, Barclays and Virgin Money are among the participating firms implementing it.

    Briefly reading the policy, there is a requirement for the lenders to assist you in regaining control of your finances. Both the Women's Aid charity, and Citizens Advice also have a certain amount of information on the subject. At the very least, their support may help in getting interest/fees/charges suspended until your settlement comes through.

  • edited 15 May 2019 at 9:53PM
    bunnymtgbunnymtg Forumite
    53 posts
    edited 15 May 2019 at 9:53PM
    I hope this works!! SOA:

    Statement of Affairs and Personal Balance Sheet

    Household Information

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

    Monthly Income Details

    Monthly income after tax................ 520
    Partners monthly income after tax....... 0
    Benefits................................ 1136
    Other income............................ 460
    Total monthly income.................... 2116


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 850
    Management charge (leasehold property).. 0
    Council tax............................. 100
    Electricity............................. 50
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 20
    Telephone (land line)................... 0
    Mobile phone............................ 60
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 5
    Groceries etc. ......................... 0
    Clothing................................ 0
    Petrol/diesel........................... 80
    Road tax................................ 16
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 12
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1193



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1000
    Other assets............................ 0
    Total Assets............................ 1000


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Tesco..........................5894.79...59........0
    Virgin.........................3417.44...34.52.....0
    Amex...........................6144.09...228.......0
    MBNA...........................7844.92...131.2.....0
    Barclaycard....................7734......197.7.....0
    Halifax........................1150......0.........0
    Total unsecured debts..........32185.24..650.42....-



    Monthly Budget Summary

    Total monthly income.................... 2,116
    Expenses (including HP & secured debts). 1,193
    Available for debt repayments........... 923
    Monthly UNsecured debt repayments....... 650.42
    Amount left after debt repayments....... 272.58


    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -32,185.24
    Net Assets.............................. -31,185.24


    Created using the SOA calculator at https://www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
  • JennyJukesJennyJukes Forumite
    314 posts
    100 Posts I won, I won, I won!
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    Hi Bunny,

    I don't have advice as I'm new myself and trying to figure everything out too - I just wanted to commend you on leaving an abusive relationship. I did it too but luckily didn't have children or a house to tie us together (one of the main motivators for me to leave before that happened!). I got into a lot of debt as a result and don't think people know just how hard it is to keep yourself going every day after it! To continue going and try to help yourself, and your daughter, shows your strength. Yes we've both been left in debt and with financial issues outside of our control - but that's the price of our freedom. It'll only get better from here.

    Hope you get the advice you're looking for.
    Saving for:
    Emergency Fund: Complete :j
    House Deposit: On-Going
    Second-Hand Replacement Car: On-Going
    And whatever else the future brings... :)
  • edited 15 May 2019 at 10:20PM
    DobbibillDobbibill Forumite, Board Guide
    3.9K posts
    Sixth Anniversary 1,000 Posts Mortgage-free Glee! Name Dropper
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    edited 15 May 2019 at 10:20PM
    bunnymtg wrote: »
    I hope this works!! SOA:

    Statement of Affairs and Personal Balance Sheet

    Household Information

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

    Monthly Income Details

    Monthly income after tax................ 520
    Partners monthly income after tax....... 0
    Benefits................................ 1136
    Other income............................ 460
    Total monthly income.................... 2116


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 850
    Management charge (leasehold property).. 0
    Council tax............................. 100 Are you claiming single persons discount? Also is this over the standard 10 months or have you requested to spread it over 12? 12 months makes it easier to budget.
    Electricity............................. 50
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 20
    Telephone (land line)................... 0
    Mobile phone............................ 60 This is expensive - when you are out of contract go SIMO
    TV Licence.............................. 0 You don't watch or record live TV/BBC iplayer?
    Satellite/Cable TV...................... 0
    Internet Services....................... 5
    Groceries etc. ......................... 0 Nothing?
    Clothing................................ 0 Never? Not even underwear?
    Petrol/diesel........................... 80
    Road tax................................ 16
    Car Insurance........................... 0 No insurance?
    Car maintenance (including MOT)......... 0 You never need wipers, oil, a bulb, tyres or an MOT?
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 12
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0 You need this.
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0 None at all?
    Haircuts................................ 0 You never have your haircut?
    Entertainment........................... 0 You don't ever go for a coffee or take the little one for an ice-cream?
    Holiday................................. 0
    Emergency fund.......................... 0 You need something in here - white goods are the most common things to breakdown so you need something to fall back on instead of credit.
    Total monthly expenses.................. 1193



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1000
    Other assets............................ 0
    Total Assets............................ 1000


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Tesco..........................5894.79...59........0
    Virgin.........................3417.44...34.52.....0
    Amex...........................6144.09...228.......0
    MBNA...........................7844.92...131.2.....0
    Barclaycard....................7734......197.7.....0
    Halifax........................1150......0.........0
    Total unsecured debts..........32185.24..650.42....-
    Are every single one of your debts on 0%?


    Monthly Budget Summary

    Total monthly income.................... 2,116
    Expenses (including HP & secured debts). 1,193
    Available for debt repayments........... 923
    Monthly UNsecured debt repayments....... 650.42
    Amount left after debt repayments....... 272.58
    What happens to this?

    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -32,185.24
    Net Assets.............................. -31,185.24


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


    A couple of thoughts from me in red above.

    You may benefit from keeping a spending diary to see exactly where every penny goes.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [email protected]. Any views are mine and not the official line of MoneySavingExpert.com.

    It's not about being the best -
    It's about being better than you were yesterday.
  • KaronherKaronher Forumite
    767 posts
    Eighth Anniversary 500 Posts
    ✭✭✭
    Unless I have missed something about someone else paying for things there are a lot of gaps in the SOA.

    There is nothing for food, car insurance - this would be disastrous if you were at fault for an accident, presents, entertainment, car maintenance and haircuts.
    :snow_laug Getting ready for Christmas 2020:snow_laug

    Aiming to make £5,000 online in 2020.
  • edited 15 May 2019 at 10:35PM
    bunnymtgbunnymtg Forumite
    53 posts
    edited 15 May 2019 at 10:35PM
    Slightly ammended!

    Statement of Affairs and Personal Balance Sheet

    Household Information

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

    Monthly Income Details

    Monthly income after tax................ 520
    Partners monthly income after tax....... 0
    Benefits................................ 1136
    Other income............................ 460
    Total monthly income.................... 2116


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 850
    Management charge (leasehold property).. 0
    Council tax............................. 100
    Electricity............................. 50
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 20
    Telephone (land line)................... 0
    Mobile phone............................ 60
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 5
    Groceries etc. ......................... 150
    Clothing................................ 0
    Petrol/diesel........................... 80
    Road tax................................ 16
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 10
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 12
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 10
    Entertainment........................... 40
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1423



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1000
    Other assets............................ 0
    Total Assets............................ 1000


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Tesco..........................5894.79...59........0
    Virgin.........................3417.44...34.52.....0
    Amex...........................6144.09...228.......0
    MBNA...........................7844.92...131.2.....0
    Barclaycard....................7734......197.7.....0
    Halifax........................1150......0.........0
    Total unsecured debts..........32185.24..650.42....-



    Monthly Budget Summary

    Total monthly income.................... 2,116
    Expenses (including HP & secured debts). 1,423
    Available for debt repayments........... 693
    Monthly UNsecured debt repayments....... 650.42
    Amount left after debt repayments....... 42.58


    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -32,185.24
    Net Assets.............................. -31,185.24


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