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Advice on debt (especially Amex)
howmuchdebt?
Posts: 11 Forumite
Hi
I took advice on a separate post a few weeks ago and was advised to post this here. I left a very well paid job recently, my new job is better for my health but pays less than half what I was on previously. Our debts are unmanageable on my new salary. I've listed everything below. We are being contacted daily by Amex as we stopped this month's DD payment to them.
I took advice on a separate post a few weeks ago and was advised to post this here. I left a very well paid job recently, my new job is better for my health but pays less than half what I was on previously. Our debts are unmanageable on my new salary. I've listed everything below. We are being contacted daily by Amex as we stopped this month's DD payment to them.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household.........
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 2200
Partners monthly income after tax....... 1747
Benefits................................ 0
Other income............................ 0[b]
Total monthly income.................... 3947
Monthly Expense Details[/b]
Mortgage................................ 1540
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 250
Electricity............................. 110
Gas..................................... 110
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 0
Mobile phone............................ 120
TV Licence.............................. 11
Satellite/Cable TV...................... 70
Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 25
Car Insurance........................... 80
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 60
Buildings insurance..................... 33
Contents insurance...................... 0
Life assurance ......................... 150
Other insurance......................... 64
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0[b]
Total monthly expenses.................. 3544
Assets
Cash.................................... 0
House value (Gross)..................... 395000
Shares and bonds........................ 0
Car(s).................................. 7500
Other assets............................ 0[b]
Total Assets............................ 402500
Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 177000...(1540).....5.5[b]
Total secured & HP debts...... 177000....-.........- [/b]
[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
Halifax loan...................4000......272.......0
Halifax loan...................7400......250.......0
Barclaycard....................5588......500.......0
American Express...............21788.....1000......0
American Express...............17656.....900.......0
Santander credit card..........3611......220.......0[b]
Total unsecured debts..........60043.....3142......- [/b]
[b]
Monthly Budget Summary[/b]
Total monthly income.................... 3,947
Expenses (including HP & secured debts). 3,544
Available for debt repayments........... 403
Monthly UNsecured debt repayments....... 3,142[b]
Amount short for making debt repayments. -2,739[/b]
[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 402,500
Total HP & Secured debt................. -177,000
Total Unsecured debt.................... -60,043[b]
Net Assets.............................. 165,457[/b]
[i]Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
Thanks for any help you can give
Thanks for any help you can give
0
Comments
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If you go down to the woods today you better not go alone.0
-
Defaulting on the debts is a good first step.
You then need to look at dmp and IVA.
At first glance the latter seems more suited to you. A car worth up to 8k shouldn't be a problem0
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