Don't know where to start and it just gets worse and worse.

Karonher

Electricity seems very high, is that accurate and if so can it be reduced? Food is also high even with 2 teenagers. The same applies to life assurance.

TheAble

Maybe you and your partner should consider pulling together a bit more, as you've both got similar-ish levels of debt, own a house together and have a family. You're probably slipping up in common areas. Financial success is going to depend among other things on you working together - realistically, even if you manage to get on top of your own debts, if your partner does not it's going to be a problem for you both.

Moobag

Hi

the electricity is for gas too as they're dual and they take monthly readings so I think they use be accurate but yes they do seem high. The life insurance was re broke recently and is less than before and covers the mortgage.

My children are not my partners, he also has a son who does not live with us but he pays maintenance for and also helps his ex wife with his sons clubs - football etc and mobile phone. plus his income varies each week and as he works away from home, he has to pay for meals out five days per week so it just made sense for us to keep some things separate.

I'm going to do my single SOA and see if that shows it more accurately.

Moobag

Hi

here is the amended form with just my stuff. I've halved the shared bills and reduced the house value to show only my par of the equity. I couldn't find some of the interest rates so just did the best I could. Thanks again for looking.

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

Monthly Income Details[/b]

Monthly income after tax................ 2057

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

Benefits................................ 140

Other income............................ 425[b]

Total monthly income.................... 2622[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 355

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

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

Management charge (leasehold property).. 4

Council tax............................. 82.5

Electricity............................. 40

Gas..................................... 40

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

Water rates............................. 33

Telephone (land line)................... 10

Mobile phone............................ 80

TV Licence.............................. 6

Satellite/Cable TV...................... 33

Internet Services....................... 15

Groceries etc. ......................... 375

Clothing................................ 100

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

Road tax................................ 24

Car Insurance........................... 43

Car maintenance (including MOT)......... 25

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

Other travel............................ 100

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

Other child related expenses............ 120

Medical (prescriptions, dentist etc).... 25

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

Buildings insurance..................... 11.5

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

Life assurance ......................... 65

Other insurance......................... 25

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

Haircuts................................ 60

Entertainment........................... 0

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

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

Total monthly expenses.................. 1867[/b]

[b]

Assets[/b]

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

House value (Gross)..................... 205000

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

Car(s).................................. 500

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

Total Assets............................ 205500[/b]

[b]

Secured & HP Debts[/b]

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

Mortgage...................... 161000...(355)......1.77[b]

Total secured & HP debts...... 161000....-.........-   [/b]

[b]Unsecured Debts[/b]

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

HSBC...........................4954......150.......18.9

Halifax........................5214......125.......24

barclaycard 1..................5600......100.......0

Personal loan..................6000......136.......0

My overdraft...................1100......30........49

joint overdraft................650.......35........49

paypal credit..................1027......30........0

next...........................989.......50........29

very...........................400.......20........39

amazon.........................1500......50........24.99

aqua...........................6302......70........34.9

tesco..........................1738......65........25.9

barclaycard 2..................1213......30........21.9[b]

Total unsecured debts..........36687.....891.......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,622

Expenses (including HP & secured debts). 1,867

Available for debt repayments........... 755

Monthly UNsecured debt repayments....... 891[b]

Amount short for making debt repayments. -136[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 205,500

Total HP & Secured debt................. -161,000

Total Unsecured debt.................... -36,687[b]

Net Assets.............................. 7,813[/b]

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

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

fatbelly

Looks like a dmp to me. kill the interest and you can clear your debts in 4 years.

kimwp

How are you feeling @Moobag?

If your SOA truly reflects your spending, then you should have enough to pay your monthly obligations with a few cut backs where you have high expenses- mainly the energy bill (which is more than double what it seems to be for most people on here) and the phone bill. I'd consider if spending on presents is worth staying in debt or whether you could cut back on that too. 

Have you looked at what a DMP would involve?

TheAble

fatbelly said:

Looks like a dmp to me. kill the interest and you can clear your debts in 4 years.

Sounds about right. I make it roughly 6k a year in interest.

kaMelo

I know you've stated you keep finances separate and there is nothing wrong with that however I can't help but think this would be much better as a household plan considering both of you have significant and similar levels of debts. If one of you is living frugally and paying down what they owe whilst the other is just carrying on as before then surely, it's only a matter of time before other thoughts of the negative kind raise their ugly head.  
Another thought is the mortgage and is it joint? If it is then all the more reason to get your other half on board as this link and your debt management plan (if you set one up) will inevitably affect them also regarding any new credit applications.