Drowning in debt, don't know where to start

Meagainsttheworld

stu12345_2 said:

redo your SAO with the clothes, gifts, holidays removed as you said you have stopped spending these per month

if the car is worth peanuts, let the car finance company take the hit, they did their future value wrong, their problem. EVs are worth peanuts second  hand and hand it back once you have paid the 3k
I'm sure you will find £3 k by not paying a creditor or two for a month 

make sure you don't just say please collect car, cos they will sell it and hound you for the difference they got at auction and the full total remaining. some have been caught out that way.
tell them you are exercising your right for voluntary termination under the cc act rules of 50% of grand total been paid 

In terms of not paying a creditor or two for a month - how is the best way to go about doing this? Should I write to them and explain I am having difficulty making minimum payments and ask for interest and charges to be frozen for one month whilst I seek further advice. Or do I just not pay them and wait for them to default?

FlorayG

Are you sure your vehicle and house insurance are monthly? That's what I pay yearly.£2,400 a year for buildings insurance would be for a listed mansion
From your details here it seems the best thing you can do is sell your (large?) house and buy a smaller one. If you live in an expensive area, move to a cheaper one. I know it's a massive undertaking but that will remove a huge amount of your debt.

stu12345_2

how much equity in house do you have

you are obviously a professional person who has enjoyed spending those good wages, but you can get into trouble as you have said and shown.
 if you have lot of equity downsizing could be a good choice

Meagainsttheworld

stu12345_2 said:

how much equity in house do you have

approximately 300-350k

stu12345_2

is that £182000 in equity and are your shares easy to sell as held in a ISA or stocks and shares trading account 

Meagainsttheworld

182k is in a SIPP so can't touch for few decades.
95k is in a stocks and shares ISA takes 6 business days to get into current account
300-350k equity in property
31k in cash in current account and online easy access saver

FlorayG

Sorry you have £31k in cash and massive debts? Why is that? Use £30k of it to pay some of them off, surely?

[Deleted User]

Meagainsttheworld said:

stu12345_2 said:

how much equity in house do you have

approximately 300-350k

You do know that any debts owed by the company are NOT your debts? Even though it may be ‘your’ company and you are the sole director it is an entirely different entity. Many people do not appreciate this. 

A private company whose owners are legally responsible for its debts only to the extent of the amount of capital they invested.

The ‘Limited’ in ‘limited company’ refers to the value of the original shareholding that you have. In other words your PERSONAL liability is limited to this amount. 

A limited company is a type of business structure where the company has a legal identity of its own, separate from its owners (shareholders) and its managers (directors). 

Your SOA (not SAO) needs to be altered to remove all debts pertaining to the company which, I repeat, is not you! 

Meagainsttheworld

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

Household Information[/b]

Number of adults in household........... 1

Number of children in household......... 0

Number of cars owned.................... 2[b]

Monthly Income Details[/b]

Monthly income after tax................ 10000

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

Benefits................................ 0

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

Total monthly income.................... 10000[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 2801

Secured/HP loan repayments.............. 844

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

Management charge (leasehold property).. 0

Council tax............................. 191

Electricity............................. 315.41

Gas..................................... 104

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

Water rates............................. 30

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

Mobile phone............................ 104

TV Licence.............................. 13.37

Satellite/Cable TV...................... 179.98

Internet Services....................... 0

Groceries etc. ......................... 200

Clothing................................ 1000

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

Road tax................................ 16.68

Car Insurance........................... 380

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

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

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

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

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

Medical (prescriptions, dentist etc).... 130

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

Buildings insurance..................... 200

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

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

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

Presents (birthday, christmas etc)...... 0

Haircuts................................ 0

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

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

Emergency fund.......................... 0

(Unnamed monthly expense)............... 0[b]

Total monthly expenses.................. 6509.44[/b]

[b]

Assets[/b]

Cash.................................... 31091.6

House value (Gross)..................... 950000

Shares and bonds........................ 95363.7

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

Other assets............................ 182686[b]

Total Assets............................ 1259141.3[/b]

[b]

Secured & HP Debts[/b]

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

Mortgage...................... 546779...(2801).....4.69

Hire Purchase (HP) debt ...... 46687.6..(844)......8.91<

Business PCP PG Car............0........(0)........0[b]

Total secured & HP debts...... 593466.6..-.........-   [/b]

[b]Unsecured Debts[/b]

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

Bonvoy Amex....................18361.4...400.......35.2

MBNA...........................14268.2...222.9.....34.54

Halifax........................7695......154.......25

Zopa personal loan.............12000.....309.6.....9.05

M&S............................6224.41...156.......20.9

Fluid..........................4628.56...203.4.....32.5

HSBC...........................10756.5...300.......24.9[b]

Total unsecured debts..........73934.07..1745.9....-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 10,000

Expenses (including HP & secured debts). 6,509.44

Available for debt repayments........... 3,490.56

Monthly UNsecured debt repayments....... 1,745.9[b]

Amount left after debt repayments....... 1,744.66[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 1,259,141.3

Total HP & Secured debt................. -593,466.6

Total Unsecured debt.................... -73,934.07[b]

Net Assets.............................. 591,740.63[/b]

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

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

Meagainsttheworld

that's without debts pertaining to the company