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Help and advice please
Shotom
Posts: 8 Forumite
Hi,
I'm new to the forum and looking for some help and advice please. The debt has accumulated over a period of 7 years (no judgements please) and the majority of which has been caused by gambling on line. My husband has been fully supportive and we just want to get things sorted out. I have taken all the necessary steps to prevent myself gambling (betblocker etc). We are totally fed up at paying out each month and never having any to show for it.
Have been making the payments so far, with minimum payments being made to the credits card. I accept total responsibility for the state that we are in and realise how much I have to loose (family). I have not considered an IVA and doubt if I would be eligible for one considering that I am just about making the payments.
Any help, advice or recommendations would be greatly appreciated. We don't go out, smoke or drink and the third adult is out son, aged 24 who has a basic wage.
Many thanks
Shotom.
Statement of Affairs and Personal Balance Sheet
I'm new to the forum and looking for some help and advice please. The debt has accumulated over a period of 7 years (no judgements please) and the majority of which has been caused by gambling on line. My husband has been fully supportive and we just want to get things sorted out. I have taken all the necessary steps to prevent myself gambling (betblocker etc). We are totally fed up at paying out each month and never having any to show for it.
Have been making the payments so far, with minimum payments being made to the credits card. I accept total responsibility for the state that we are in and realise how much I have to loose (family). I have not considered an IVA and doubt if I would be eligible for one considering that I am just about making the payments.
Any help, advice or recommendations would be greatly appreciated. We don't go out, smoke or drink and the third adult is out son, aged 24 who has a basic wage.
Many thanks
Shotom.
Statement of Affairs and Personal Balance Sheet
Household Information[/b]
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details[/b]
Monthly income after tax................ 2084.76
Partners monthly income after tax....... 1760.31
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3845.07
Monthly Expense Details[/b]
Mortgage................................ 292
Secured/HP loan repayments.............. 289.10
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 125
Electricity............................. 80
Gas..................................... 40
Oil..................................... 0
Water rates............................. 47.56
Telephone (land line)................... 20
Mobile phone............................ 50
TV Licence.............................. 12.83
Satellite/Cable TV...................... 61
Internet Services....................... 8
Groceries etc. ......................... 440 (this is over a month and for three adults including lunches for work)
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 10
Car Insurance........................... 60
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 5
Life assurance ......................... 18.13
Other insurance......................... 15
Presents (birthday, christmas etc)...... 50
Haircuts................................ 30
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 100
Trade union............................. 13.7
HCPC.................................... 7.5
Total monthly expenses.................. 1974.82
Assets[/b]
Cash.................................... 0
House value (Gross)..................... 132000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 137000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 111000...(292)......0 (Interest only mortgage due to come to terms January 2030)
Hire Purchase (HP) debt ...... 4884.12..(289.1)....3.3 (Car for work)
Total secured & HP debts...... 115884.12
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA 1.........................6726.76...136.7.....27.93
MBNA 2.........................6291.39...97.53.....25.93
MBNA 3 ........................4627.41...122.5.....20.93
Halifax PL2....................16460.....454.1.....3.44
Halifax PL1....................4225.89...152.6.....14.9
Overdraft......................298.76....0.........0
Paypal.........................2198.67...100.......19.9
Barclaycard 2..................8577.06...192.9.....17.68
Barclaycard 1..................3925.4....136.3.....26.75
Halifax........................3846.28...12.8......30.2
Lloyds.........................1973.5....50........22.44
Tesco 2........................1340.19...44.64.....26.89
Tesco 1........................9243.28...250.......18.9
HSBC...........................5472.94...150.......21.9
1
Comments
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Your SOA is incomplete. Please try to copy & paste the SOA in its entirety.
Edit : And welcome to the forum
I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
2 -
You should be able to work on cutting down the grocery budget by switching to cheaper options. I'd be cancelling the tv when you can, you can always take out netflix and now tv and you're still saving over £40 a month there, the same with switching to cheaper phone contracts. You haven't mentioned if your son contributes anything?0
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Do you have any plan on how to repay your mortgage capital in 10 years time?How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)0
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Sorry please find completed SOA:
Statement of Affairs & Personal Balance Sheet
Summary
Monthly Budget Summary Amount(£) Total monthly income 3,845.07 Monthly expenses (incl. HP & secured loans) 1,974.82 Available for debt repayments 1,870.25 UNsecured debt repayments 1,900.07 Amount short for making debt repayments -29.82 Personal Balance Sheet Summary Amount(£) Total Assets (things you own) 137,000 Total Secured & HP Debt -115,884.12 Total Unsecured Debt -75,207.53 Net Assets -54,091.65 Household Information
Number of adults in household 3 Number of children in household 0 Number of cars owned 2 Income, Expense, Debt & Asset Details
Income Amount(£) Monthly income after tax 2084.76 Partners monthly income 1760.31 Benefits 0 Other income 0 Total monthly income 3845.07 Expenses Amount(£) Mortgage 292 Secured/HP loan payments 289.1 Rent 0 Management charge (leasehold property) 0 Council tax 125 Electricity 80 Gas 40 Oil 0 Water Rates 47.56 Telephone (land line) 20 Mobile phone 50 TV Licence 12.83 Satellite/Cable TV 61 Internet services 8 Groceries etc. 440 Clothing 20 Petrol/diesel 100 Road tax 10 Car Insurance 60 Car maintenance (including MOT) 25 Car Parking 0 Other travel 0 Childcare/nursery 0 Other child related expenses 0 Medical (prescriptions, dentists, opticians etc.) 20 Pet Insurance/Vet bills 0 Buildings Insurance 15 Contents Insurance 5 Life Assurance 18.13 Other Insurance 15 Presents (birthday, christmas etc.) 50 Haircuts 30 Entertainment 20 Holiday 0 Emergency Fund 100 Trade union 13.7 HCPC 7.5 Total monthly expenses 1974.82 Secured & HP Debt Description Debt(£) Monthly(£) APR(%) Mortgage 111000 (292) 0 Hire Purchase (HP) Debt 4884.12 (289.1) 3.3 Secured & HP Debt totals 115884.12 - - Unsecured Debt Description Debt(£) Monthly(£) APR(%) MBNA 1 6726.76 136.7 27.93 MBNA 2 6291.39 97.53 25.93 MBNA 3 4627.41 122.5 20.93 Halifax PL2 16460 454.1 3.44 Halifax PL1 4225.89 152.6 14.9 Overdraft 298.76 0 0 Paypal 2198.67 100 19.9 Barclaycard 2 8577.06 192.9 17.68 Barclaycard 1 3925.4 136.3 26.75 Halifax 3846.28 12.8 30.2 Lloyds 1973.5 50 22.44 Tesco 2 1340.19 44.64 26.89 Tesco 1 9243.28 250 18.9 HSBC 5472.94 150 21.9 Unsecured Debt totals 75207.53 1900.0700000000002 - Asset Description Value (£) Cash 0 House Value (Gross) 132000 Shares and bonds 0 Car(s) 5000 Other assets (e.g. endowments, jewellery etc) 0 Total Assets 137000 Comments on the results
You do not have enough monthly income to meet your expenses and your minimum monthly debt repayments. Seek ways to increase your income and/or reduce your expenditure by £29.82. Whatever your results show, it always pays to seek advice or comments from others. Why not post your SOA details on our Debt Management discussion board or on your preferred discussion forum elsewhere. Thankyou for using the SOA Calculator at www.LemonFool.co.uk
0 -
Are you really only paying £12.80 per month for your Halifax unsecured debt?I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job0 -
Hi Sea_Shell,
I am hoping that if I can get my debt cleared in 5 years then that leaves 5 years to pay off the mortgage.
Thanks0 -
Hi Willing2Learn,
Did say I was new to this , thanks for spotting error, 3rd attempt at SOA.Statement of Affairs & Personal Balance Sheet
Summary
Monthly Budget Summary Amount(£) Total monthly income 3,845.07 Monthly expenses (incl. HP & secured loans) 1,974.82 Available for debt repayments 1,870.25 UNsecured debt repayments 2,011.07 Amount short for making debt repayments -140.82 Personal Balance Sheet Summary Amount(£) Total Assets (things you own) 137,000 Total Secured & HP Debt -115,884.12 Total Unsecured Debt -75,207.53 Net Assets -54,091.65 Household Information
Number of adults in household 3 Number of children in household 0 Number of cars owned 2 Income, Expense, Debt & Asset Details
Income Amount(£) Monthly income after tax 2084.76 Partners monthly income 1760.31 Benefits 0 Other income 0 Total monthly income 3845.07 Expenses Amount(£) Mortgage 292 Secured/HP loan payments 289.1 Rent 0 Management charge (leasehold property) 0 Council tax 125 Electricity 80 Gas 40 Oil 0 Water Rates 47.56 Telephone (land line) 20 Mobile phone 50 TV Licence 12.83 Satellite/Cable TV 61 Internet services 8 Groceries etc. 440 Clothing 20 Petrol/diesel 100 Road tax 10 Car Insurance 60 Car maintenance (including MOT) 25 Car Parking 0 Other travel 0 Childcare/nursery 0 Other child related expenses 0 Medical (prescriptions, dentists, opticians etc.) 20 Pet Insurance/Vet bills 0 Buildings Insurance 15 Contents Insurance 5 Life Assurance 18.13 Other Insurance 15 Presents (birthday, christmas etc.) 50 Haircuts 30 Entertainment 20 Holiday 0 Emergency Fund 100 Trade union 13.7 HCPC 7.5 Total monthly expenses 1974.82 Secured & HP Debt Description Debt(£) Monthly(£) APR(%) Mortgage 111000 (292) 0 Hire Purchase (HP) Debt 4884.12 (289.1) 3.3 Secured & HP Debt totals 115884.12 - - Unsecured Debt Description Debt(£) Monthly(£) APR(%) MBNA 1 6726.76 136.7 27.93 MBNA 2 6291.39 97.53 25.93 MBNA 3 4627.41 122.5 20.93 Halifax PL2 16460 454.1 3.44 Halifax PL1 4225.89 152.6 14.9 Overdraft 298.76 0 0 Paypal 2198.67 100 19.9 Barclaycard 2 8577.06 192.9 17.68 Barclaycard 1 3925.4 136.3 26.75 Halifax 3846.28 123.8 30.2 Lloyds 1973.5 50 22.44 Tesco 2 1340.19 44.64 26.89 Tesco 1 9243.28 250 18.9 HSBC 5472.94 150 21.9 Unsecured Debt totals 75207.53 2011.0700000000002 - Asset Description Value (£) Cash 0 House Value (Gross) 132000 Shares and bonds 0 Car(s) 5000 Other assets (e.g. endowments, jewellery etc) 0 Total Assets 137000 1 -
I'm really sorry to be a pain, but I think that something does not add up.
You have said that you have "been making the payments so far, with minimum payments being made to the credits card". But your SOA shows that you have a £140.82/month shortfall, meaning you shouldn't have enough to make your contractual monthly payments.
I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job1 -
Hi Willing2Learn,
I have not included the £200 per month that I receive from my son for his room and board. This leave £59.18 left over,
Thanks0
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