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Help needed
Dm73
Posts: 4 Newbie
Hello
I don't know where to start or even if I'm on the right board, all I know is I'm in debt and just about keeping my head above water with the repayments, but for how much longer I don't know.
I don't even know what I want to ask or who can help as my head seems to be in a jumble.
I will just leave this post for the time being as I think I've made the first step just writing this.
Please move this post if it isn't on the correct board
Thanks DM
I don't know where to start or even if I'm on the right board, all I know is I'm in debt and just about keeping my head above water with the repayments, but for how much longer I don't know.
I don't even know what I want to ask or who can help as my head seems to be in a jumble.
I will just leave this post for the time being as I think I've made the first step just writing this.
Please move this post if it isn't on the correct board
Thanks DM
0
Comments
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Welcome to the boards, and yes, this is the right place for you.
Your first step is always to complete your SOA (Statement of Affair which can be found on THIS LINK - make sure you complete it openly and honestly, get as much detail in there as possible and remember it needs to reflect how things are for you right now - not what you think you should be spending, or what you imagine we expect to see. Format for MSE and post back in here and we can offer some ideas and suggestions. You might find it handy to get a years worth of bank/card statements handy before you start to make sure you don't miss anything, and remember to include things that you pay annually broken down as monthly figures - just make clear if you do pay annually whether you have actually been setting aside the money for this ahead of time.
You're right - you've made the biggest step by saying "help" - well done for that, and remember that we pretty much never see a situation that isn't fixable!🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Hello
I don't know where to start or even if I'm on the right board, all I know is I'm in debt and just about keeping my head above water with the repayments, but for how much longer I don't know.
I don't even know what I want to ask or who can help as my head seems to be in a jumble.
I will just leave this post for the time being as I think I've made the first step just writing this.
Please move this post if it isn't on the correct board
Thanks DM
What you need to do is complete a soa, I believe you can find it on the second sticky thread on this board, it will be linked to by another poster which it already has.
Contact 1 if the free debt charities, emphasis on the word free.
Stepchange, payplan are 2 but there are others.
Open up an account even a basic 1 with a bank that isn't of a banking group you currently hold an account with, Monzo or Starling aren't part of a group and move your salary over.0 -
Hi and welcome to the forum
Okay, so you have made the first baby step.
The next baby step is to list your income v expenses. And we have a simple form for you to complete, where you will be able to list everything. It does all the calculations for you. Once the form is completed you can post it up here for guidance and support. If there any expense amounts you are unsure about, you should be able to confirm by checking old bank and credit card statements.
Click on the link below to access the form:
http://www.stoozing.com/calculator/soa.php
Edit: Does everyone type faster than me lol I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
0 -
Haha W2L I always reckon we can't have enough people saying the "Fill in the SOA!" bit as it's pretty much always step 1, isn't it!🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Thank you all, I will fill the form in tonight when my wife is home from work0
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Hello again, here is the completed form plus we are constantly in our overdraft
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1586
Partners monthly income after tax....... 1070
Benefits................................ 0
Other income............................ 139
Total monthly income.................... 2795
Monthly Expense Details
Mortgage................................ 395
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 144
Electricity............................. 49
Gas..................................... 99
Oil..................................... 0
Water rates............................. 49
Telephone (land line)................... 0
Mobile phone............................ 91
TV Licence.............................. 39.87
Satellite/Cable TV...................... 30
Internet Services....................... 45
Groceries etc. ......................... 320
Clothing................................ 30
Petrol/diesel........................... 110
Road tax................................ 0
Car Insurance........................... 43
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 80
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 13
Buildings insurance..................... 12
Contents insurance...................... 0
Life assurance ......................... 12
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 15
Entertainment........................... 7.99
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1654.86
Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 1
Other assets............................ 0
Total Assets............................ 90001
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 70000....(395)......0
Total secured & HP debts...... 70000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
tesco loan.....................11120.....317.......0
creation loan..................10621.....226.......0
mbna credit card...............6459......172.......0
creation pc world..............1000......47........0
newday credit card.............4720......210.......0
Total unsecured debts..........33920.....972.......-
Monthly Budget Summary
Total monthly income.................... 2,795
Expenses (including HP & secured debts). 1,654.86
Available for debt repayments........... 1,140.14
Monthly UNsecured debt repayments....... 972
Amount left after debt repayments....... 168.14
Personal Balance Sheet Summary
Total assets (things you own)........... 90,001
Total HP & Secured debt................. -70,000
Total Unsecured debt.................... -33,920
Net Assets.............................. -13,9190 -
I've had a quick look - I reckon there's at least £200 pcm to save from what you've told us.Total monthly income.................... 2795
Monthly Expense Details
Mortgage................................ 395
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 144
Electricity............................. 49 This is quite high
Gas..................................... 99 This is incredibly high - for a three-bed sem you're looking at around 60-100 tops for both fuels
Oil..................................... 0
Water rates............................. 49 Again - are you on a meter - you could knock £20 off this a month on a meter.
Telephone (land line)................... 0
Mobile phone............................ 91 You KNOW you've done something you shouldn't have here, don't you....?
TV Licence.............................. 39.87 Should be about £12
Satellite/Cable TV...................... 30 Do you need this?
Internet Services....................... 45 This is expensive. I have Virgin's fastest service for a tenner less than this.
Groceries etc. ......................... 320 Too much - consider knocking £100 off this
Clothing................................ 30
Petrol/diesel........................... 110
Road tax................................ 0
Car Insurance........................... 43 This is high
Car maintenance (including MOT)......... 40 You spend £500 on maintenance a year? What's wrong with your car?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 80 per month??
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 13
Buildings insurance..................... 12
Contents insurance...................... 0 you need this. Building and contents shouldn't cost more than around £15-20
Life assurance ......................... 12
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 15
Entertainment........................... 7.99
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1654.86
Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 1
Other assets............................ 0
Total Assets............................ 90001
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 70000....(395)......0
Total secured & HP debts...... 70000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
tesco loan.....................11120.....317.......0
creation loan..................10621.....226.......0
mbna credit card...............6459......172.......0
creation pc world..............1000......47........0
newday credit card.............4720......210.......0
Total unsecured debts..........33920.....972.......-
Monthly Budget Summary
Total monthly income.................... 2,795
Expenses (including HP & secured debts). 1,654.86
Available for debt repayments........... 1,140.14
Monthly UNsecured debt repayments....... 972
Amount left after debt repayments....... 168.14
Personal Balance Sheet Summary
Total assets (things you own)........... 90,001
Total HP & Secured debt................. -70,000
Total Unsecured debt.................... -33,920
Net Assets.............................. -13,919This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
It does look tight, BUT there's a few savings to be made:
- TV licence - why is it so high?
- Satellite/Internet - Just pay for Internet buy a Chromecast/Fire Stick and cast everything to the tv. Or live with Freeview. (It's do-able, we only pay for a TV licence, Netflix and Broadband (Our monthly bill is no more than £45). download tv apps like Iplayer, Chanel 4 etc.
- Mobile phones: Options are to buy £10. p.m sims/2nd hand sets. Are you coming to the end of your contracts? Brazen it out and tell them your off if you don't get a better deal. You've got other options.
- Take the credit cards out of purses and wallets and put them away in a safe space. (Out of sight out of mind - it's amazing how quickly you forget about them and then realise you don't need them.).
- Look at Snowballing your debt. Are these the minimums you are paying? (Creation PC World, could you bump this up to £100 p.m with the savings from Satellite/TV? This would mean your paying off more than £50 p.m to the actual debt? http://www.whatsthecost.com/snowball.aspx
Hope this gives you a start!Just because I disagree with you, doesn't mean I hate you. We need to understand this as a Society :beer:
Each morning we are born again, what we do today is what matters the most.
Debt-free wannabe....
May 2016: £53k and counting down.;):T
April 2018: £34k and counting down :j0 -
OK - comments in red as usual:Hello again, here is the completed form plus we are constantly in our overdraft
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1586
Partners monthly income after tax....... 1070
Benefits................................ 0 Are you sure you're not entitled to anything here? Your income doesn't sound high enough to prevent you getting child benefit although I've not actually done the sums on this.
Other income............................ 139
Total monthly income.................... 2795
Monthly Expense Details
Mortgage................................ 395
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 144 Do you pay this over 10 months or 12? If still on the default 10, switching to 12 will help with budgeting.
Electricity............................. 49
Gas..................................... 99 Combined electricity and gas is high - check you're on the best tariff and also think about cutting use as even your electricity is very high for a household that heats the home using gas - even more so if you cook with gas as well.
Oil..................................... 0
Water rates............................. 49 Any chance you could save money here by going metered?
Telephone (land line)................... 0
Mobile phone............................ 91 Jeez - this is horrendous! Are you out of or near the end of your contracts by any chance? Check SIM only deals
TV Licence.............................. 39.87 Ahh this is the first few payments for a monthly plan, yes? How much longer? It'll drop to £12.83 when you're caught up, I think.
Satellite/Cable TV...................... 30 Shop around for cheaper phone/BB/TV packages. We're currently paying Sky £33 for all three, including line rental.
Internet Services....................... 45
Groceries etc. ......................... 320 You could drop this a bit - switch to shopping at Aldi/Lidl for a start
Clothing................................ 30 This needs to cut back to "essentials only" at the moment - think about charity shops or eBay for kids clothes, too - you can get some real bargains.
Petrol/diesel........................... 110 Read the guide on the main site to driving economically and think about how you can combine journeys to reduce mileage.
Road tax................................ 0 Zero-rated car?
Car Insurance........................... 43 On renewal check you're on the best deal here
Car maintenance (including MOT)......... 40 make sure you do stash this aside every month ready for any bills that arise.You're high-ish mileage by the look of the fuel bill so you'll have higher depreciative costs - anything left over at the end of the year can be thrown at the debt
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 80
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 13
Buildings insurance..................... 12
Contents insurance...................... 0 I hope this is included in your buildings cover? Double check as that is quite a low figure for both
Life assurance ......................... 12
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 make sure you do stash this aside each month and also check that you come in within your budget when buying
Haircuts................................ 15
Entertainment........................... 7.99 This is quite a specific amount - sure there's nothing else? Not the occasional coffee out, a quick trip to MaccyD's with the kids, a family day out here and there or an evening for one of you out with friends every now and again?
Holiday................................. 0
Emergency fund.......................... 0 You must start accounting for something here
Total monthly expenses.................. 1654.86
Assets
Cash.................................... 0 So where is the money you save for presents, clothing, car maintenance etc?
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 1
Other assets............................ 0
Total Assets............................ 90001
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 70000....(395)......0
Total secured & HP debts...... 70000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
tesco loan.....................11120.....317.......0
creation loan..................10621.....226.......0
mbna credit card...............6459......172.......0
creation pc world..............1000......47........0
newday credit card.............4720......210.......0
Total unsecured debts..........33920.....972.......-
Monthly Budget Summary
Total monthly income.................... 2,795
Expenses (including HP & secured debts). 1,654.86
Available for debt repayments........... 1,140.14
Monthly UNsecured debt repayments....... 972
Amount left after debt repayments....... 168.14 Do you actually have this left over?
Personal Balance Sheet Summary
Total assets (things you own)........... 90,001
Total HP & Secured debt................. -70,000
Total Unsecured debt.................... -33,920
Net Assets.............................. -13,919
OK - so you have a surplus which is always a good start - except of course you don't, do you? That's the first thing to track down - currently you have over £2000 a year spare on paper so you need to track that down, then correct the SOA accordingly.
I can't see the overdraft listed on the debts - you need to add that in and also be VERY aware of how dangerous an overdraft is - it can be recalled at any time with no notice so that's probably the first thing to focus on.
Are all the loans/cards really on 0% too? if not get the rates filled in as that indicates which ones you need to attack first.
What were the loans & cards used for - is there anything that was bought that could be sold? That's always worth a thought.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
I've had a quick look - I reckon there's at least £200 pcm to save from what you've told us.
“
Total monthly income.................... 2795
Monthly Expense Details
Mortgage................................ 395
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 144
Electricity............................. 49 This is quite high
Gas..................................... 99 This is incredibly high - for a three-bed sem you're looking at around 60-100 tops for both fuels.
] we live in a four bed 3 story house if we change supplier the monthly charges are start low but soon seem to shoot up
Oil..................................... 0
Water rates............................. 49 Again - are you on a meter - you could knock £20 off this a month on a meter. not on a meter
Telephone (land line)................... 0
Mobile phone............................ 91 You KNOW you've done something you shouldn't have here, don't you....?
this is for 3 phones wife 2 kids contracts up in december
TV Licence.............................. 39.87 Should be about £12 sorry put in quarterly amount
Satellite/Cable TV...................... 30 Do you need this?
Internet Services....................... 45 This is expensive. I have Virgin's fastest service for a tenner less than this.
this is for internet and my mobile
Groceries etc. ......................... 320 Too much - consider knocking £100 off this
Clothing................................ 30
Petrol/diesel........................... 110
Road tax................................ 0
Car Insurance........................... 43 This is high
cheapest I could get at the time up for renewal soon
Car maintenance (including MOT)......... 40 You spend £500 on maintenance a year? What's wrong with your car?
nothing it was a gift from my parents and not due to be serviced yet
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 80 per month??
both my boys train at a boxing club it keeps them off the street and healthy
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 13
Buildings insurance..................... 12
Contents insurance...................... 0 you need this. Building and contents shouldn't cost more than around £15-20
contents is included in the building cover
Life assurance ......................... 12
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 15
Entertainment........................... 7.99
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1654.86
Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 1
Other assets............................ 0
Total Assets............................ 90001
Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 70000....(395)......0
Total secured & HP debts...... 70000.....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
tesco loan.....................11120.....317.......0
creation loan..................10621.....226.......0
mbna credit card...............6459......172.......0
creation pc world..............1000......47........0
newday credit card.............4720......210.......0
Total unsecured debts..........33920.....972.......-
Monthly Budget Summary
Total monthly income.................... 2,795
Expenses (including HP & secured debts). 1,654.86
Available for debt repayments........... 1,140.14
Monthly UNsecured debt repayments....... 972
Amount left after debt repayments....... 168.14
Personal Balance Sheet Summary
Total assets (things you own)........... 90,001
Total HP & Secured debt................. -70,000
Total Unsecured debt.................... -33,920
Net Assets.............................. -13,919
Originally posted by Dm730
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