I’ve got myself in quite a mess

fatbelly

haggyloops said:

[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................ 2830

Partners monthly income after tax....... 2000

Benefits................................ 223

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

Total monthly income.................... 5053[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 1590

Secured/HP loan repayments.............. 620

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

Management charge (leasehold property).. 0

Council tax............................. 202

Electricity............................. 150

Gas..................................... 150

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

Water rates............................. 24

Telephone (land line)................... 20

Mobile phone............................ 55

TV Licence.............................. 13.25

Satellite/Cable TV...................... 40

Internet Services....................... 25

Groceries etc. ......................... 600

Clothing................................ 75

Petrol/diesel........................... 175

Road tax................................ 2

Car Insurance........................... 54

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

Car parking............................. 5

Other travel............................ 10

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

Other child related expenses............ 100

Medical (prescriptions, dentist etc).... 11

Pet insurance/vet bills................. 10

Buildings insurance..................... 39

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

Life assurance ......................... 34

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

Presents (birthday, christmas etc)...... 75

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

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

Holiday................................. 50

Emergency fund.......................... 50[b]

Total monthly expenses.................. 4279.25[/b]

[b]

Assets[/b]

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

House value (Gross)..................... 360000

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

Car(s).................................. 3000

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

Total Assets............................ 363000[/b]

[b]

Secured & HP Debts[/b]

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

Mortgage...................... 214000...(1590).....5.7

Secured Debt.................. 21000....(375)......21.49

Hire Purchase (HP) debt ...... 2613.....(245)......10.8[b]

Total secured & HP debts...... 237613....-.........-   [/b]

[b]Unsecured Debts[/b]

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

MBNA...........................6057......137.......17.93

Halifax loan...................2648......150.......13.97

PayPal credit..................4997......158.......21.9

Halifax Overdraft..............1000......20........0

HSBC overdraft.................750.......10........0

Friend.........................4000......300.......0

Fund ourselves.................436.......218.......93.7

Newday.........................852.......62........0

PayPal Credit..................1628......59.35.....59.35

Windows loan...................3000......70........0

Novuna.........................5275......326.3.....8.8

Littlewoods....................267.......9.........0

Argos..........................1106......48........34.9

Next...........................2591......140.......24.9[b]

Monthly Budget Summary[/b]

Total monthly income.................... 5053

Expenses (including HP & secured debts). 4279.25

Available for debt repayments........... 773.75

Monthly UNsecured debt repayments....... 1707.65[b]

Amount left after debt repayments....... -933.90[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 360000

Total HP & Secured debt................. -237613

Total Unsecured debt.................... -34607[b]

Net Assets.............................. 87780[/b]

Completed it for you!

enthusiasticsaver

haggyloops said:

Oh - just one more question, my husband is reluctant to go into a dmp with me. Can I do this alone for my debts only? 

Which of the debts are yours and which are his? You can do it alone but his credit record will be shot anyway from being financially linked and he will not have the benefit of more affordable payments or frozen interest so it may not help.  Depends on how the debts are split though. 

theoretica

One thing which stands out for me is you say you have crisis teams involved - can tell them that you need to be put in touch with someone who can help you sort out the debts and deal with your creditors? This happened for a friend of mine and really helped her.

enthusiasticsaver

If you decide to do the DMP alone then you will need to split finances and do an soa based on your income and expenditure only. 

The highest interest debts are 

Fund ourselves.................436.......218.......93.7

PayPal Credit..................1628......59.35.....59.35

Argos..........................1106......48........34.9

Next...........................2591......140.......24.9

plus possibly the overdrafts. Fund ourselves is presumably a payday loan. 

The most unaffordable due to high monthly repayments are 

MBNA...........................6057......137.......17.93

Halifax loan...................2648......150.......13.97

PayPal credit..................4997......158.......21.9

Friend.........................4000......300.......0

Novuna.........................5275......326.3.....8.8

If the majority of those debts are in your name then it is perfectly possible for it to be done just on your own.  Does your husband see you as responsible for the debts due to your alcoholism or is there another reason for him not wanting to do the DMP? If you are struggling in recovery please reach out to either mental health charities, AA or your GP. 

NeverendingDMP

Apologies if I gave the impression 600 a month for food is to high. Sourcrates is completely right. If you want to live out of the cupboards, be really very careful for three months to hammer a debt then yes that's fine but you are going to need a longer term plan of action so it needs to be a budget that is sustainable andwill last. Many years ago I did what sourcrates is advising you about. I put everything into paying the dmp and was left in a real pickle. Now I pay debts slower but survive alongside them.
Family of five here too. If you decide a debt management route I would advise increasing clothes, having an allowance for specialist shoes etc. You are about to have. A second child go to highschool and the uniforms are v expensive!

haggyloops

Thank you so much everyone. I really do appreciate your help. I am currently being supported through AA, social services, the GP and the hospital psychiatric service. My husband is brilliant, he has never said he blames me for anything - I’m not sure I would be so supportive if the situation was reversed. Big girl pants are on - lots of phone calls to make tomorrow.

enthusiasticsaver

Good luck and I am pleased your husband is being supportive. Remember your mortgage and secured loan are the priority. If your rate has only recently gone up they have to help you by restructuring or whatever. 

fatbelly

The  new rules re mortgage difficulties, for info, are here:

https://www.gov.uk/government/news/chancellor-agrees-new-support-measures-for-mortgage-holders
https://www.moneysavingexpert.com/news/2023/06/mortgage-lenders-agree-forbearance-martin-lewis/

strawb_shortcake

Hi, 

Just wanted to chip in regarding mobile phones, I pay £42 a month for 5 mobile phones via Tesco, 4 are £7.50 a month and mine is £12 a month all include the handset so there are cheaper options out there. 

Good luck

ladyholly

Just read through this and can I ask do your childrens schools  have a uniform shop selling 2nd hand uniforn. If so it might be worth considering. I do agree that uniform prices are stupid and I have a real grouse over sports uniform when a t shirt and a pair of shorts plus perhaps a cheap tracksuit is all thats needed. When  I was at school (many many years ago) we wore a PE skirt which we made in needlework and a polo shirt both summer and winter. I made mine last all 5 years years at secondary school despite growing 7inches although it was slighlty indecent by the end.