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Lots of different debt added up to £30k

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Lots of different debt added up to £30k

4 replies 672 views
FluffyFlowFluffyFlow Forumite
10 posts
First Post
MoneySaving Newbie
Info to consider: All the debts are with different debt collection agencies, hence funny names. This debt is was all wracked up with my (soon to be ex) husband. He gives me the £400 a month to contribute to them. My income varies each month depending on hours worked and if wages clerk has put all overtime through!
[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]
Household Information[/b]
Number of adults in household........... 3 ( me and my partner live with my mum)
Number of children in household.........
Number of cars owned.................... 1[b]
Monthly Income Details[/b]
Monthly income after tax................ 1060
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 400[b]
Total monthly income.................... 1460[/b][b]
Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150 (pay to mum)
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 8.75 (sim only)
TV Licence.............................. 0
Satellite/Cable TV...................... 11.6 (split 3 ways)
Internet Services....................... 10 (split 3 ways)
Groceries etc. ......................... 150 (roughly)
Clothing................................ 15
Petrol/diesel........................... 30 (sometimes less, rarely more)
Road tax................................ 14
Car Insurance........................... 36.5 (£21 insurance, £15 breakdown)
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 12 
Pet insurance/vet bills................. 12.5 ( Put £25 away each month for kitten, split between me and partner)
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 7.5
Entertainment........................... 14.99 
Holiday................................. 35
Emergency fund.......................... 0
House ISA............................... 12.5[b]
Total monthly expenses.................. 545.34[/b]
[b]
Assets[/b]
Cash.................................... 55 (car needs a lot of work done to it so started saving spare money as MOT is in June, don't think it will pass)
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 950 (roughly)
Other assets............................ 0[b]
Total Assets............................ 1005[/b]
[b]
No Secured nor Hire Purchase Debts[/b]
[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
DSilverman.....................1110......20........0
Mortimer.......................2086......5.........0
LucasS.........................128.......10........0
Very...........................1273.06...100.......0
Capital1.......................178.97....25........30.34
Catalogue......................386.93....25........54.9
Sainsburys Card................1498.2....75........0
AmigoLoan......................5303.25...430.......49.9 (guaranteed by my mum, its £427.73 a month, have paid £430 since I can remember. Ends June 2021) 
Wilson.........................180.87....25........0
JDs............................1213......5.........0
SLL............................2590......30........0
JDW44..........................48........5.........0
JDW............................1564......5.........0
CredCard.......................1712......5.........0
Loan...........................5127......5.........0
MM.............................120.......5.........0
OD.............................1679......5.........0
QuickQuid......................190.......5.........0
shopD..........................815.......5.........0
Lantern........................904.......10........0
JDW3...........................81........50........0
JDA............................349.......5.........0
JDN............................1369......5.........0
Intrim.........................1942......5.........0
Ace............................262.......5.........0[b]
Total unsecured debts..........32110.28..870.......-  [/b]
[b]
Monthly Budget Summary[/b]
Total monthly income.................... 1,460
Expenses (including HP & secured debts). 545.34
Available for debt repayments........... 914.66
Monthly UNsecured debt repayments....... 870[b]
Amount left after debt repayments....... 44.66[/b]
[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 1,005
Total HP & Secured debt................. -0
Total Unsecured debt.................... -32,110.28[b]
Net Assets.............................. -31,105.28[/b]
[i]Created using the SOA calculator at www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
I hope I have done this correctly and it makes sense. Been advised to do this in another thread. I really am interested in hearing your thoughts and ideas in how to improve or help my situation. 
Please go easy on me, this wasn't easy...
Highest Debt - £35,180.37 (May 2020)
Paid Off - £564.82 ☺️
Current Debt - £34,615.55

Replies

  • JayRitchieJayRitchie Forumite
    483 posts
    Third Anniversary 100 Posts Name Dropper
    ✭✭
    Your soa looks really detailed. Couple of questions:

    does your partner not earn anything or are your finances separate?
    how much do you trust your ex to continue paying?
    any opportunities to up your income?
  • clairebethclairebeth Forumite
    237 posts
    Eighth Anniversary 100 Posts
    ✭✭
    Hello,  
    Well done on posting. If this SOA is truly accurate,  then keep living within your means according to this.  However,  how did the debt accumulate? Have you addressed those reasons?

    A couple of things:
    How many hours a week do you work? Your wages are low,  could you increase the amount of hours you work,  or work night shift/weekends for unsocial hours payments?

    Do you really need a car? It's currently costing you around £100 a month.  If you need it to get to work,  perhaps getting a better paying job closer to home would kill two birds with one stone?

    Some of the interest rates are really high, you MUST pay those ones off as a priority.  Use a snowball calculator to work out how to do it best.  
    http://mobile.whatsthecost.com/snowball.aspx

    Someone else will be along to advise you about formal debt management plans and what top expect from individual lenders,  but I'm afraid I'm not clued up on all that. 

    All the best!
  • prb1984prb1984 Forumite
    17 posts
    Sixth Anniversary 10 Posts Combo Breaker
    I'd be chucking that 35 quid going towards holidays on my debt. Also the 12.50 on house ISA. There's no need to save for a house at this stage. That's doubled your amount left after debt repayments just by cutting those two things.
  • Willing2LearnWilling2Learn Forumite
    6.2K posts
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    Hi FluffyFlow  :)

    Here are my thoughts on your SOA:

    When you say your income and overtime varies, what does the £1,060 represent?  Does it represent your average, minimum or maximum monthly salary?
    If you are putting aside £15/month toward car maintenance, then your cash assets should be a multiple of £15
    Have any of you (yourself, your partner and your mum) paid for home insurance?
    You cannot afford to put aside £35/month toward a holiday, or is it already booked?
    You need to be putting something aside each month toward your Emergency Fund (EF).  An EF is a vital component of all successful monthly budgets, as it coves you against unknown expenses that WILL occur from time to time.



    If it were me, I would either be looking to self-manage a DMP or a simple debt snowball.  Why self-managed?  Well because you need to overpay your Amigo finance to clear that debt asap.  All other debts could receive token payments while you clear the Amigo Loan.

    Is your Very account really @ 0% APR?  If so, then you are lucky as Very are only rarely supportive of customers in arrears.
    Since I am mentioning APRs, are all the other APRs that you have marked at 0% really frozen, or is it that you do not know how much interest is being charged?
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
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