In a spot of bother!

xFedUpx

Hiya long time lurker of this forum finally made an account.

What is the best way to go about my debts what i have stupidly racked up over the years. Our income is not great.
Any advice  Jade x

sourcrates

Welcome to the forum jade, how long is a piece of string ?

In order to answer your question, you first must give us a run down of your income/expenditure/debts etc, you do this by going to the sticky thead and clicking on the SOA button taking you to stoozing.com (statement of affairs) fill it in as accuratly as you can, then format it for MSE when it asks you, then post it on this thread.

We need figures and circumstances in order to be able to offer advice, as with debt solutions, one size does not fit all.

xFedUpx

Hiya thank you.
I have done the best i can, sadly i am unsure of the aprs, they are low thou apart from the credit cards and little woods. X

xFedUpx

[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......... 2

Number of cars owned.................... 0[b]

Monthly Income Details[/b]

Monthly income after tax................ 0

Partners monthly income after tax....... 1405

Benefits................................ 740

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

Total monthly income.................... 2145[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 650

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

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

Management charge (leasehold property).. 0

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

Electricity............................. 90

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

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

Water rates............................. 35

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

Mobile phone............................ 65

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

Satellite/Cable TV...................... 15

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

Groceries etc. ......................... 350

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

Petrol/diesel........................... 0

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

Car Insurance........................... 0

Car maintenance (including MOT)......... 0

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

Other travel............................ 200

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

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

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

Pet insurance/vet bills................. 15

Buildings insurance..................... 0

Contents insurance...................... 22

Life assurance ......................... 0

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

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

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

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

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

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

Total monthly expenses.................. 1791[/b]

[b]

Assets[/b]

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

House value (Gross)..................... 160000

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

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

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

Total Assets............................ 160000[/b]

[b]

Secured & HP Debts[/b]

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

Mortgage...................... 150000...(650)......0[b]

Total secured & HP debts...... 150000....-.........-   [/b]

[b]Unsecured Debts[/b]

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

Zopa Loan......................7800......240.......0

Tesco loan.....................17500.....302.......0

Littlewoods....................2300......70........0

Family.........................6500......200.......0

Mbna cc........................6300......120.......0[b]

Total unsecured debts..........40400.....932.......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,145

Expenses (including HP & secured debts). 1,791

Available for debt repayments........... 354

Monthly UNsecured debt repayments....... 932[b]

Amount short for making debt repayments. -578[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 160,000

Total HP & Secured debt................. -150,000

Total Unsecured debt.................... -40,400[b]

Net Assets.............................. -30,400[/b]

[i]Created using the SOA calculator at www.stoozing.com. 

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

kazwookie

Hi

What did you use the large loan money for?

You can cut food, pop over to the old style board for thoughts and ideas, als oshop a brand below what you normally do.

Good luck

RobM99

Electricity seems high, try another supplier.

fatbelly

A homeowner with 40k debt and £350 pcm available. Getting deja vu as it's very similar to my previous post.
Safest strategy is a debt management plan but it will take a long time - over 9 years.
You can use Stepchange or Payplan (neither charge a fee) or do-it-yourself

Fatsdom

Knocking a tenner off clothes and haircuts would be a great start. 

xFedUpx

I will try better with food, we do have twins 3year old which is added cost.
electricity is low  it was 130 at one point
we live in a very cold house.
I am also trying to find a part time job, just hard when my partner leaves the house at 7am and only return home gone 6pm and we dont drive.
Would an iva be suitable, if so would they allow us to keep  payIng   partner parents as we still
owe them money x

RAS

If you do an IVA you aren't allowed to pay anyone including the partner's parents any more than the percentage allowed to the other creditors, about 40% of expected payment. 

Talk to a debt charity namely stepchange or national debt line. Not a fee charging compamy

natlie

Hi

I think given the difference between your income and outgoings that changes to you spending aren't going to help much and you are better off speaking to StepChange or similar about a DMP. I started my DMP this month and I now have money going in to pots for clothing and haircuts and things that i have never been able to afford, plus i am making a monthly payment to all my creditors. Its been life changing for me. I know it affects your credit rating but you already have your own house and so you are in a good place. 
A DMP will also let you pay back your family debts. 
I think you also need to review your spending habits too though as that is a significant amount of debt and you need to understand how it happened and how you can stop it happening again
Nat