Hi everyone - £41,000 in debt - need support - emotional not financial

newmoneysaver_2

I hope you don't mind but I have just tied up you SOA and added my comments in red.

You have taken the first step in realising that you need to take a hold and make changes. Well done you! Please contact CCCS ~ I am sure you will feel a whole lot better after speaking to them.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1154
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1154

Monthly Expense Details
Mortgage................................ 270
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 88 ~is this payable over 10 months or 12?
Electricity............................. 47
Gas..................................... 33
Oil..................................... 0
Water rates............................. 34 ~would it be cheaper to change to a meter. I pay £18 per month, that for a couple in a 3 bed house
Telephone (land line)................... 0
Mobile phone............................ 30 ~can this be reduced or canceled and change to PAYG?
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 31 ~This seems high, does this include line renal? can it be reduced BT line rental is £12 a month and bb packages can be got for £7.50 a month.
Groceries etc. ......................... 270 ~how many is this for? Can it be reduced? Have a look at the ols style board for hints and tips.
Clothing................................ 10
Petrol/diesel........................... 8 ~this is a very small amounts, do you actually need the car?
Road tax................................ 10
Car Insurance........................... 33
Car maintenance (including MOT)......... 0 ~this needs to be included
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 3
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 15 ~What is this for? Can it go towards paying off debts?
Total monthly expenses.................. 975

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 200
Other assets............................ 0
Total Assets............................ 160200

Secured Debts
Description....................Debt......Monthly. ..APR
Mortgage...................... 75000....(270)......N/A
=Total secured debts........... 75000.....N/A.......N/A

Unsecured Debts
~Is there any cards with available balance so that you can move nbalances to cards with small aprs?

Description....................Debt......Monthly. ..APR
Amazon Mastercard..............4155......78........22
Barclaycard....................2625......59...... ..16
Egg............................1705......34...... ..21.9
stu loan not pay yet!..........3350......55........3.5
overdraft......................1300......20...... ..26
Lloyds TSB.....................3312......67........15
MBNA...........................7547......169..... ..28
M&S............................115.......5....... ..16
HSBC online card...............5812......116.......13
HSBC Gold......................4654......116.......17
MDSW...........................4100......99...... ..21
Beneficial HFC.................2788......55........16
Total unsecured debts..........41463.....873.......N/A

Monthly Budget Summary
Total monthly income.................... 1154
Expenses (including secure debts)....... 975
Available for debt repayments........... 179
Monthly UNsecured debt repayments....... 873
Surplus(deficit if negative)............ -694

Personal Balance Sheet Summary
Total assets (things you own)........... 160200
Total Secured debt...................... 75000
Total Unsecured debt.................... 41463
Personal net worth...................... 43737

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on The Motley Fool DWD Board with permission.

======== Enter any other useful information below ========

Reformed_Shopaholic_2

Thanks Jelly babies am going to eat have a hot bath then get to bed and will post again tomorrow. And thanks so much newmoneysaver I was in the middle of typing my SOA again when it logged me off! Aarrgghh..so I appreciate that.
I probably won't answer everything here but will try and you can pick me up on any more questions tomorrow and I'll answer after I get in from work...

Broadband includes the line rental and my stupid horrible mobile I am tied into a contract until end of May 07 - I wish I had never got it I actually haven't used the phone since getting it as have been so scared from the previous contract where I thought I had finished it and then kept getting bills so have used my phone with a payg sim for last 10 months, can't wait until the contract ends that will be extra to put towards my bills.
I do have some credit on some of the cards available but as I'm going to get in touch with CCCS this week to say I need to go on a DMP didn't think I should delay it by switching any balances...I wish I could switch them and try and pay off more on the highest aprs but not realistic at this point. The highest balance has told me they are increasing my minimum payment to 5% this month which is what has finally pushed me over the edge into facing up to the enormity of my debts. I'm definitely going to EBAY anything and everything just as soon as I've got the DMP confirmed am very scared about how that will go but the messages I have read in other posts have reassured me a little.

Lots of thanks to all of you for your kindness and support I already feel a little better (sick and increasingly hungry) but better...thank you

newmoneysaver_2

I forgot to mention in my post above - have a look at www.whatsthecost.com/snowball.aspx

It will give you a good idea of which card to tackle first.

Glad to hear you are going to get some food and a hot bath. Have a good nights sleep and I hope you feel much better about things in the morning.

Clariman

Hi Reformed

Well done for creating and posting your SOA. I think you have used the wrong format button in the calculator. It looks as if you have used the Format for The Motley Fool instead of the Format for MSE button. If you saved the data when you used it, then you could go back in, load the data back in and then format for MSE.

Clariman

Wol2

Hot baths...with plenty of nice smelly stuff...are very good!!!..Especially with a good book!!

Keep at it hon!!

Love
Wol2
xxx

Reformed_Shopaholic_2

Just a quick hello before I head off to work, really sorry I didn't post last night but I was banking (!) on my new bank account info. coming in the post so I can have that in place before I phone CCCS and it still hasn't come. The bank has emailed me to confirm that I have been approved for an account but I'm concerned as another poster (sorry can't remember who) was asking if this bank has links with MBNA and could then make a claim on my debt with them by taking it out of my bank?
Once the bank details arrive and I can transfer my essential direct debits to it I will feel a bit better.

I've just noticed that my electricity has gone up to £55.50 a month from £47!:mad: Doesn't seem much but it all adds to the current financial mess i'm in! I have a horrible feeling this will happen with the gas and water too?

I'm starting a spending diary and will try to stick to not spending on stupid things, getting through this first week will be the hardest I think. I will definitely be logging on after work each day to check the boards on saving money, making extra money and cooking on a budget.

Again a big thanks to everyone who was so friendly and reassuring after my first post - after I've spoken to CCCS (which I think will be Friday) should I start a new post and is it ok to re-post my SOA with new Electric costs etc. for your perusal and helpful advice?

Sorry if my questions have been asked a hundred times but there's just so much info. on here that I could spend the next year checking through it, but I must say that what I have found so far has been so uplifting and helpful I can't thank you guys enough for the support you give to everyone who plucks up the courage to finally put it all down :A you really are angels!

So please bear with me whilst I get going with this and forgive any mistakes I might make posting wise - will do my best not to - I have a probably asked a million times again question that I hope one of you can answer about the snowballing and what's the cost? Can I still do this once I'm (hopefully) allowed to go on a low start DMP? I know I won't get any balance transfer offers any more and it is only because I know I need to speak to CCCS and get this DMP set up that I'm not trying to shift bits of the highest apr debts to a card with a (slightly) lower apr - I just think it would stop me contacting CCCS and I really have got to the point where I need to...

Anyway, really sorry for the morning ramble i'm now running a wee bit late for work :eek: so better go.

Thanks to all of you again for your time and input and just for being there to read this.

Replies welcomed, it keeps me motivated to tackle this mountain i've created from a molehill of shopping and other silly spending x

Clariman

Again a big thanks to everyone who was so friendly and reassuring after my first post - after I've spoken to CCCS (which I think will be Friday) should I start a new post and is it ok to re-post my SOA with new Electric costs etc. for your perusal and helpful advice?

Yes, it would make sense to post an up to date SOA. If you do it on a new thread (rather than a reply to this one), then it might be worth posting a link to this one so that anyone can read what you originally said.

So please bear with me whilst I get going with this and forgive any mistakes I might make posting wise - will do my best not to

Don't worry about it. The important thing is that you've made a start and that you get the right numbers in front of everyone, but more importantly yourself.

Clariman