Debt relief options

ryanm8655

Willing2Learn said:

I **think** I have it right now 


[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1[b]

Monthly Income Details[/b]
Monthly income after tax................ 1208
Partners monthly income after tax....... 0
Benefits................................ 1199.44
Other income............................ 0[b]
Total monthly income.................... 2407.44[/b][b]

Monthly Expense Details[/b]
Mortgage................................ 403
Secured/HP loan repayments.............. 525
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 94
Electricity............................. 75
Gas..................................... 75
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 13.2
Satellite/Cable TV...................... 0
Internet Services....................... 53.96
Groceries etc. ......................... 250
Clothing................................ 30
Petrol/diesel........................... 250
Road tax................................ 300
Car Insurance........................... 64.18
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 128
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 8.26
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Gym..................................... 20[b]
Total monthly expenses.................. 2447.6[/b]
[b]

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 215000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0[b]
Total Assets............................ 215000[/b]
[b]

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 0........(403)......0
Secured Debt.................. 0........(351)......0
Hire Purchase (HP) debt ...... 0........(174)......0[b]
Total secured & HP debts...... 0.........-.........-   [/b]

[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
Littlewoods....................0.........50........0
Card...........................0.........50........0[b]
Total unsecured debts..........0.........100.......-  [/b]

[b]
Monthly Budget Summary[/b]
Total monthly income.................... 2,407.44
Expenses (including HP & secured debts). 2,447.6
Available for debt repayments........... -40.16
Monthly UNsecured debt repayments....... 100[b]
Amount short for making debt repayments. -140.16[/b]

[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 215,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0[b]
Net Assets.............................. 215,000[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]


Edit:  It is only MKII however.  It still needs a lot of work before it becomes realistic...

Road tax and clothing still look off versus what the OP said. Would edit myself but I’m on my phone, apologies.

OP - it would be useful to know the balances and APRs on your debt. It looks as though you have a bit of surplus, so should be able to make a decent dent during lockdown. If we know the balances and APR we can help you to plan a path forward. My approach has been to target the highest APRs first.

There are a few things in there that need adding, car maintenance for example. And I’d recommend looking to build an emergency fund, otherwise if something does come up you’ll be reliant on credit again.

Does your ex not pay maintenance or contribute to costs for the boys?

Willing2Learn

I do feel like I've just been mugged.   Still, in for a penny, in for a pound...

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1[b]

Monthly Income Details[/b]
Monthly income after tax................ 1208
Partners monthly income after tax....... 0
Benefits................................ 1199.44
Other income............................ 0[b]
Total monthly income.................... 2407.44[/b][b]

Monthly Expense Details[/b]
Mortgage................................ 403
Secured/HP loan repayments.............. 525
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 94
Electricity............................. 75
Gas..................................... 75
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 13.2
Satellite/Cable TV...................... 0
Internet Services....................... 53.96
Groceries etc. ......................... 250
Clothing................................ 30
Petrol/diesel........................... 250
Road tax................................ 2
Car Insurance........................... 0
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 128
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 8.26
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0[b]
Total monthly expenses.................. 2095.42[/b]
[b]

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 215000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0[b]
Total Assets............................ 215000[/b]
[b]

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 0........(403)......0
Secured Debt.................. 0........(525)......0[b]
Total secured & HP debts...... 0.........-.........-   [/b]

[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR[b]
Total unsecured debts..........0.........0.........-  [/b]

[b]
Monthly Budget Summary[/b]
Total monthly income.................... 2,407.44
Expenses (including HP & secured debts). 2,095.42
Available for debt repayments........... 312.02
Monthly UNsecured debt repayments....... 0[b]
Amount left after debt repayments....... 312.02[/b]

[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 215,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0[b]
Net Assets.............................. 215,000[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]



Edit:  At last.  We now have a £312.02 monthly budget surplus.  Budget for 'Clothing', 'Emergency Fund' and 'Entertainment' categories and things will work out nicely.

£100 each for the 'clothing', 'entertainment' (days out) £70 for the 'Emergency Fund' and £42.02 for 'car maintenance, mot, tyres, wiper blades, oil etc'  budget categories and it would all balance out....




Edit 2:  
Something for the OP to read (a short thread)  

https://forums.moneysavingexpert.com/discussion/6121638/the-value-of-building-an-emergency-fund-ef#latest


I do hope our key-worker OP has subscribed to her thread so that she sees this.

zippygeorgeandben

Where do you want your statue Willing2Learn - you should change your name to Willing2help!