Cleaning up for parents. Loans + SOA Calculator

kylos

Hello there! :j

I already started a thread in the Mortgage-Free Wannabes section (it's titled Cleaning Up For My Parents by 2024), but was asked to come here after filling out a Statement of Affairs.

Luckily my parents and other adults in the house have been very receptive of me handling what has become quite a mess. Behind on the mortgage, several loans (including a nasty consolidation), plus a credit card adds a few headaches to the pot. It's been like this for several years and needs cleaning up before the mortgage can't be paid on time and the house repossessed by 2024.

So after going through some details and getting the numbers (some are estimates), I believe I have what I need to slot them in and share a SOA here. However, I have a couple of questions. Firstly, I just want to make sure this is the right place to ask for such help? I'm really new here, so if this is the wrong section please let me know and I'll go in whichever direction you point me in. Thank you

enthusiasticsaver

I think this would be best on the main DFW board rather than the diaries section. Shall I move it for you?

kylos

Yes please! I wasn't completely sure. Thanks very much.

kylos

Should I start up a new thread there and abandon this one?

elsien

No need, enthusiasticsaver can shift it to the right place for you. Saves having another one with answers all over the place.

ETA - just seen you're in the right place now so stick up the SOA and the nice people here will be along shortly.

kylos

Before I do, after going through some details and getting the numbers (some are estimates), I believe I have what I need to slot them in and share a SOA here. However, I have a couple of questions first.

1) Is it acceptable to combine some finances together in the fields, ie: putting my Father's income in to one field, then putting my Mother's and other adults incomes in to the other combined? Also TV Landline and Satelite TV combined? Pet food with the pet insurance? etc.

2) Would the loan for solar paneling be considered a secured, or unsecured debt?

3) As I'm struggling to find the house value, do I need to get an absolute evaluation, or would an estimate from Zoopla be enough to slot in to the calculator?

Thanks

DCFC79

kylos wrote: »

Before I do, after going through some details and getting the numbers (some are estimates), I believe I have what I need to slot them in and share a SOA here. However, I have a couple of questions first.

1) Is it acceptable to combine some finances together in the fields, ie: putting my Father's income in to one field, then putting my Mother's and other adults incomes in to the other combined? Also TV Landline and Satelite TV combined? Pet food with the pet insurance? etc.

2) Would the loan for solar paneling be considered a secured, or unsecured debt?

3) As I'm struggling to find the house value, do I need to get an absolute evaluation, or would an estimate from Zoopla be enough to slot in to the calculator?

Thanks

Regarding the income, theres a box for other income so you could add up both parents income and put it in the income box then put any other income in other income, not sure it really matters.

Im also sure theres a box for other so maybe put pet food here.

Re 2 so a personal loan wasn't taken out for the panels, could you find the agreement ss it should be mentioned in there.

MovingForwards

Should be a space for dads income, mom's income and other income.

Pet food goes in food or vets.

Cable / internet can go together if they are a package.

Solar panels, is it a secured loan against the property or a personal loan agreement? Former goes in the secured loan section, latter it goes under unsecured debt.

Zoopla estimate will do, unless a neighbour has sold within the last year?

kylos

The landline and broadband is a package deal, but they are not tied to the Sky deal. In terms of the solar panel, it seems to be a property improvement thing he set up with Martin Dixon Limited, getting statements with Barclays showing the progress; so I'm not entirely sure.

Unicorn_cottage

Can you get the house valued?

kylos

Possibly. At this point I may have to guess that the Solar panel thing is a secured debt, and will just have to use an estimate from Zoopla about the house value. We can always do another calculation later right? It's not going to skew things too badly?