Help/ advice needed please

Brett88

Hi all
Just in need of some advice.

I have got so much debt  and literally dont no were to start.

sharpe106

Good a starting point as anywhere here, but people will need a lot more information to help. Try filling in a statement of affairs and are sure some people will be able to offer you some advice.

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

Brett88

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................ 1392

Partners monthly income after tax....... 0

Benefits................................ 820

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

Total monthly income.................... 2212[/b][b]

Monthly Expense Details[/b]

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

Secured/HP loan repayments.............. 319

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

Management charge (leasehold property).. 0

Council tax............................. 131

Electricity............................. 110

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

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

Water rates............................. 40

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

Mobile phone............................ 70

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

Satellite/Cable TV...................... 13

Internet Services....................... 35

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

Clothing................................ 50

Petrol/diesel........................... 120

Road tax................................ 0

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

Car maintenance (including MOT)......... 50

Car parking............................. 0

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

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

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

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

Pet insurance/vet bills................. 25

Buildings insurance..................... 22

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

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

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

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

Haircuts................................ 25

Entertainment........................... 50

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

Emergency fund.......................... 20[b]

Total monthly expenses.................. 2248[/b]

[b]

Assets[/b]

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

House value (Gross)..................... 140000

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

Car(s).................................. 1

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

Total Assets............................ 140001[/b]

[b]

Secured & HP Debts[/b]

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

Mortgage...................... 139500...(580)......0

Hire Purchase (HP) debt ...... 10900....(319)......0[b]

Total secured & HP debts...... 150400....-.........-   [/b]

[b]Unsecured Debts[/b]

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

Tesco loan.....................12000.....245.......0

Sainburys loan.................11300.....220.......0

Zopa loan......................303.......300.......0

Parent loan....................8500......230.......0

Creation.......................3000......110.......0[b]

Total unsecured debts..........35103.....1105......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,212

Expenses (including HP & secured debts). 2,248

Available for debt repayments........... -36

Monthly UNsecured debt repayments....... 1,105[b]

Amount short for making debt repayments. -1,141[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 140,001

Total HP & Secured debt................. -150,400

Total Unsecured debt.................... -35,103[b]

Net Assets.............................. -45,502[/b]

Brett88

I think this is right
not sure on the Interest rates like.

sharpe106

Try to find the interest rates if can. Very little between incoming and outgoings. Without addressing the debt part try to cut back on living expenses to start with. Places to start food, mobile phone, hair cut,  presents knock a few hundred a year from them and you will have a good starting point.

fatbelly

It looks like you could afford to live if you didn't have the debts, and that you will have some surplus income when the HP completes. When is that?
I have said in other posts that token payments are a waste of time. Long-term they are. But here they may be useful as a short-term strategy.

https://debtcamel.co.uk/token-payment-debt/
https://www.nationaldebtline.org/EW/sampleletters/Pages/Token-payments-or-no-offer-of-payment-%28sole-name%29.aspx

Brett88

Hi thank you
Stupidly took this out 4 month ago and its got another  32 months to go.
The zopa loan i  owe 9500  i did this wrong on the calculator thing.
In a bad place here atm mentally tbh
cant afford the car Wish I could
turn  Back time.

DCFC79

Why is mobile phone at £70 , does it cover just contract or more ?
Can you increase your income ?
Could your wife/partner find some work ?
Where do you do your shopping ?
You tried Lidl, Aldi ?
Youhave the Zopa loan as 303 and the monthly payment is 300, thats a mistake right ?
So the Zopa was for 9500, used it to buy a car right ?
Could you sell the car and clear the zopa loan ?
Depends what the car is as the loan could be more than what the car is worth so might not be a good idea.
What were the Sainsburys and Tescos loans for ?

Brett88

Hi mobiles are contracted
zopa loan was for something  else
other loans was for house stuff, we have constantly had loans for like forever
the car payment is hp.

Brett88

 We have 3 children under 3
so wife cant work  she has her hands full.

lulu650

Have you gone through this with your wife Brett? Getting her onboard with looking for ways of cutting expenses would help. Being the only wage earner with debts and a family to support, it's not surprising that you feel depressed and overwhelmed