Please help

Sugar1990

Hiya newbie here!!
Please could  i have some advise, in major debt (44k)
consisting of loans and credit card.
I will  post a soa but not sure how to do x

DrEskimo

Hey, this link here will take you to a website where you can complete your SoA.

https://www.lemonfool.co.uk/financecalculators/soa.php

Once you have filled in all the sections click the 'Calculate' button. Then under that, ask for it to be in 'MSE' format and it should open another window with your completed SOA. You can then copy and paste the SOA from that new window to a reply in this thread.

At this stage, try to be as accurate as possible. It might be worth looking over a few months worth of statements just to see where every £ you spend is going. Also don't forgot to factor in annual spends. Simply take the annual amount and divide it by 12.

Sugar1990

Thank you.
Really scared i am going to lose my  home

Household Information[/b]

Number of adults in household........... 2

Number of children in household......... 2

Number of cars owned.................... 1[b]

Monthly Income Details[/b]

Monthly income after tax................ 1500

Partners monthly income after tax....... 286

Benefits................................ 463

Other income............................ 0[b]

Total monthly income.................... 2249[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 553

Secured/HP loan repayments.............. 0

Rent.................................... 0

Management charge (leasehold property).. 0

Council tax............................. 116

Electricity............................. 70

Gas..................................... 40

Oil..................................... 0

Water rates............................. 58

Telephone (land line)................... 0

Mobile phone............................ 50

TV Licence.............................. 13

Satellite/Cable TV...................... 0

Internet Services....................... 50

Groceries etc. ......................... 450

Clothing................................ 40

Petrol/diesel........................... 140

Road tax................................ 12

Car Insurance........................... 70

Car maintenance (including MOT)......... 40

Car parking............................. 5

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 9

Pet insurance/vet bills................. 0

Buildings insurance..................... 20

Contents insurance...................... 0

Life assurance ......................... 15

Other insurance......................... 0

Presents (birthday, christmas etc)...... 50

Haircuts................................ 20

Entertainment........................... 40

Holiday................................. 40

Emergency fund.......................... 0[b]

Total monthly expenses.................. 1901[/b]

[b]

Assets[/b]

Cash.................................... 0

House value (Gross)..................... 150000

Shares and bonds........................ 0

Car(s).................................. 3000

Other assets............................ 0[b]

Total Assets............................ 153000[/b]

[b]

Secured & HP Debts[/b]

Description....................Debt......Monthly...APR

Mortgage...................... 13300....(553)......1.99[b]

Total secured & HP debts...... 13300.....-.........-   [/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Loan ..........................22000.....469.......19.9

Loan joint.....................13500.....272.......3.5

Loan partners..................7500......300.......11

Cc.............................1100......60........0[b]

Total unsecured debts..........44100.....1101......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,249

Expenses (including HP & secured debts). 1,901

Available for debt repayments........... 348

Monthly UNsecured debt repayments....... 1,101[b]

Amount short for making debt repayments. -753[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 153,000

Total HP & Secured debt................. -13,300

Total Unsecured debt.................... -44,100[b]

Net Assets.............................. 95,600[/b]

On_my_way

Get on You Tube and binge listen to Dave Ramsey- he is quite hard hitting but will help you make a plan. This will involve putting by a £1000 emergency fund, selling things etc. 
From what I can see already you can seriously cut your grocery budget - that's a lot of money for a family of 4 in that much debt. You should be able to get this down to £50 per week with some serious planning. 
Your household income is actually quite good as your mortgage payment and groceries is pretty much covered without using the main salary of the house. 
You can do this. 

Sugar1990

Thank you
i wad thinking an iva 
but not 100% sure

On_my_way

Sugar1990 said:

Thank you
i wad thinking an iva 
but not 100% sure

I wouldn't if you've got a mortgage as that will affect your future. You can probably trim your budget enough to pay off large amounts of debt - but you both have to be on board with it and go for it. 

Sugar1990

I dont fink this is possible but im no expert
just duno what to do moving forward.

my minimum payments are  around 1100 to my creditors.

On_my_way

Sugar1990 said:

I dont fink this is possible but im no expert
just duno what to do moving forward.

my minimum payments are  around 1100 to my creditors.

You need to make a plan - with your partner and decide to sort this out once and for all. 
Have you got things that you could sell as well? Can the partner who is part time work more hours? 

DrEskimo

What were the loans for?

There are cuts you can make, for example cheaper energy suppliers and reducing your food shopping bill, but really you need to concentrate on increasing your income as you have a large shortfall.

I'm afraid I don't know much about your personal situation, but would it be possible for you or your partner to increase your income?

Sugar1990

Hi he is  on carers allowance for our son and he's a stay home father.
we have it pretty rough at home and he is sevely depressed.
he had to give up is job off 12 years because of this.
Should i offer token payments to creditors for now.

Sugar1990

Hi nope its not possible at the moment.
would a iva suit.
The loans r from  home improvments and getting loans after loan to get buy over time.
its just got out of control
and with my partner  being had to give up work
its just caught up with us