Help :(

Emilylouise90

Hiya im Em
New to the forum , just wondering if i could get some advice  as we are so much in debt, just really worried  tbh and dont know were to start
Ill do one of those soa  thingzys  xx

Emilylouise90

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

Household Information[/b]

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

Number of children in household......... 3

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

Monthly Income Details[/b]

Monthly income after tax................ 1390

Partners monthly income after tax....... 710

Benefits................................ 208

Other income............................ 250[b]

Total monthly income.................... 2558[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 580

Secured/HP loan repayments.............. 250

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

Management charge (leasehold property).. 0

Council tax............................. 120

Electricity............................. 120

Gas..................................... 0

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

Water rates............................. 55

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

Mobile phone............................ 62

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

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

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

Groceries etc. ......................... 400

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

Petrol/diesel........................... 130

Road tax................................ 3

Car Insurance........................... 55

Car maintenance (including MOT)......... 30

Car parking............................. 10

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

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

Other child related expenses............ 250

Medical (prescriptions, dentist etc).... 0

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

Buildings insurance..................... 25

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

Life assurance ......................... 10

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

Presents (birthday, christmas etc)...... 40

Haircuts................................ 30

Entertainment........................... 30

Holiday................................. 0

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

Total monthly expenses.................. 2303[/b]

[b]

Assets[/b]

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

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

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

Car(s).................................. 0

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

Total Assets............................ 150000[/b]

[b]

Secured & HP Debts[/b]

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

Mortgage...................... 140000...(580)......0

Hire Purchase (HP) debt ...... 17000....(250)......0[b]

Total secured & HP debts...... 157000....-.........-   [/b]

[b]Unsecured Debts[/b]

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

Loan...........................19000.....270.......0

Loan...........................12000.....300.......0

Family.........................18000.....150.......0[b]

Total unsecured debts..........49000.....720.......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,558

Expenses (including HP & secured debts). 2,303

Available for debt repayments........... 255

Monthly UNsecured debt repayments....... 720[b]

Amount short for making debt repayments. -465[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 150,000

Total HP & Secured debt................. -157,000

Total Unsecured debt.................... -49,000[b]

Net Assets.............................. -56,000[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

Willing2Learn

Hi and welcome forum 


My thoughts on your SOA:

Is your council tax payments spread across 10 or 12 months?
Is your water rates spread across 10 or 12 months?  Are you on a meter?
Have you joined MSE Cheap Energy Club to check if you can get a better deal for your electricity?
Your mobile phone costs are very expensive. Have you checked out the prices for a family SIM-only deal?
You should be able to shave £100 off of your monthly grocery costs, if you were to shop at Aldi or Lidl.
What are your 'other child related expenses' for?
You should be able to trim a little fat off your home insurance, combining it with contents cover for a better deal.
Can you 'trim' a little off of the haircut budget by using a pair of trimmers?
You need to allocate something toward your Emergency Fund (EF) each month.

You should have enough income to pay toward a debt management plan (DMP).  Just need to reduce some of your expenses as set out in the bullet points above.  You would have to default on all unsecured accounts by withholding payment for the first 6-9 months.

Robin9

In addition to your SOA  keep a diary and record every £ you spend - children's sweets, papers, coffees, bus fare, take away ……...

Emilylouise90

Hiya
Council tax is over 12
water  is just the rate they give me when we bought the house    not a meter.
mobiles are contracted sadly.
electricty we signed up to a deal [its a cold
house)
Food shopping we do shop at aldi  this includes nappys, we have 6month old    4  and 3
my eldest is still in nappies but  he is autistic and non verbal.
Hair cuts  is once a month for children , my husband uses clippers   And i rarely have my hair 1-2 year.
child related expense is my sons dla money.

The car is on hp which i got 4month ago but its essential for our lives  so i want to try not to part with it.

were in a bad situation arent we

Willing2Learn

I do not think you can afford the car...What did you use instead before you got the car?

Emilylouise90

We had cheap cars always breaking.
when my youngest was born we needed a good reliable 7 seater.
We did however have
more money coming in  at the time .
A just dont no were to go from
here.

Willing2Learn

If you were to give the car back and go back to your runabout then this might all be more affordable.  You would not be losing much money by returning the car.  It would make everything else affordable and reduce the timescale of your debt management plan by a significant number of years.

The thing is, you just cannot afford to pay for the car... if you really want a realistic repayment plan for all your other unsecured debts.

This could be doable.

Emilylouise90

I get that  but we have no money to buy a car.
I think it would be at least 3-4k for half decent 7 seater.
my lifes a mess

Willing2Learn

But in the real world, you quite simply do not have the £250 a month to pay for a car.

If you were to also withhold payments for all your unsecured debts for 6-9 months, then you would be able to afford a cheap runabout motor to tide you over for a wee while.  You would also be able to put some money aside toward your EF.

The solution is staring you in the face...

The 6-9 months would also give you a little breathing space.  Everything can work out nicely... 

Emilylouise90

Hi thank you 
you do make so much sense
Its just really hard.
Will i get a ccj because of this  withholding payments ,  This is another fear i have.