Debt help please

tixilixvix

Hi All,

Very new here and not sure where to begin. I have found myself in an unfortunate situation where I have have had to leave my partner and look to rent somewhere with my 2 year old son. I took out a loan in my own name to cover 'family debts' - which i am now left with.

I have done a SOA calculation, and I am wondering if I am better off speaking to someone about the debt (I dont think I will be in a position to buy a house any time soon).

[tt]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................ 1655
Partners monthly income after tax....... 0
Benefits................................ 600
Other income............................ 0
Total monthly income.................... 2255

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 30
Gas..................................... 60
Oil..................................... 0
Water rates............................. 60
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 25
Satellite/Cable TV...................... 50
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 30
Car Insurance........................... 30
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 663
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.................. 2058


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................2238.27...60........0
Barclaycard....................200.......15........0
Loan...........................16921.....351.7.....0
Total unsecured debts..........19359.27..426.7.....-


Monthly Budget Summary
Total monthly income.................... 2,255
Expenses (including HP & secured debts). 2,058
Available for debt repayments........... 197
Monthly UNsecured debt repayments....... 426.7
Amount short for making debt repayments. -229.7

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -19,359.27
Net Assets.............................. -19,359.27

[/tt]

MEM62

Just some initial thoughts;

I am assuming that the income you have detailed is salary & benefits? What about support from your child's other parent?

Satellite/Cable TV...................... 50
Cancel this & go Freeview

Petrol/diesel........................... 200
That is a lot. Are you sure it is correct? My fuel bill is less than £250 per month in a 320i (petrol) that is doing an 85-mile per day commute.

Mobile phone............................ 60
That is high. Go sim only and you can save a lot on your mobile bill.

Car maintenance (including MOT)......... 0
You need something here. Neglect servicing and it will eventually go bang and cost you eve more.

Haircuts................................ 0
You need something here also. Unless, of course, you do your own :-)

Entertainment........................... 0
No matter how tight things get, you need a treat once in a while.

Emergency fund.......................... 0
You definitely need something here.

I appreciate that things may be tough at present but there is a solution to most difficulties and I am sure that the good people here will give you some guidance. You do not mention whether you are married or not. That is important as it will impact on how any assets are divided when you split.

Your childcare is also a killer. Are you in a position to reduce the hours or share the cost with the child's other parent?

bradders1983

Road tax £30 a month? What on earth are you driving? Get a smaller car if possible, would reduce the fuel bill as well.

sourcrates

Moved to DFW.

Bookgal88

Is your car essential? I don't know where you live, but if you have decent access to public transport or the area is walkable, do you need it?

Unicorn_cottage

Hoping you will come back. You can get this sorted x

TheAble

Any maintenance income from the other parent?