Deeper and deeper

bank_of_slate

Hi Guns and welcome to the board.
As others have said, you have come to the right place,
Why not phone CCCS and speak to someone about your options and what effects they'll have?
We're always here for you as well.

Please make sure you have a quick look at the notice to newcomers RE Trolls thread so you are aware of that.

...Linda xx

RAS

guns4 wrote: »

I think it works out about £60 per week before tax

So allowing for medication and a few spends, she could contribute £150-£180 per month towards your joint finances at the worst times?

So really you need to get the money out to match the money in. That means finding £226 per month, at the mo. Once you start to turn the situation round, and pay off the most expensive debts, you will have more slack and will be able to cope with the variable income.

That means skinning bits off the utilities, mobile phone, cutting food by £100 in poor months, reviewing you pet and house insurance to see if you can get this cheaper, and not putting aside money for clothes, haircuts or pressies when she is off sick. Also I would cancel the satelite TV.

To get things turned round, ask abour an interest only mortgage for 6 months, if they will accept it.

Then when she is well, she can put everything into helping pay off the higher interest debts. That way, if she is poorly again, you can cope with the reduced income.

Once things are sorted out, she can save a good percentage of her income into an ISA and that will act as a buiffer if she is sick again. As a starter, she should have 3 months salary tucked away and given her history, maybe 6 months.

guns4

Statement of Affairs and Personal Balance Sheet

I have just done a quick update on my SOA as it is today, any ideas how I can reduce my debt any quicker?


Monthly Income Details
Monthly income after tax................ 1699 1616
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0 500
Total monthly income.................... 1699 2116

Monthly Expense Details
Mortgage................................ 767 867
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 90 90
Electricity............................. 60 40
Gas..................................... 40 40
Oil..................................... 0
Water rates............................. 33 33
Telephone (land line)................... 15 15
Mobile phone............................ 35 35
TV Licence.............................. 12 12
Satellite/Cable TV...................... 26 21
Internet Services....................... 0
Groceries etc. ......................... 275 240
Clothing................................20 20
Petrol/diesel........................... 90 40
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5 7
Pet insurance/vet bills................. 24 25
Buildings insurance..................... 26 27
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 10 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1553 1507

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 130000

Secured Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 126000...(767)......6.59
Total secured debts........... 126000....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
HSBC Credit Card...............1300......60 50........15.9 1408
HSBC Loan......................11100.....205 205.......12.9 9869
HSBC Overdraft.................1500......12 14........13 1500
Abbey Credit Card..............1450......33 45 ........0 1840
Amex...........................3000......79 85....... .17.9 3218
Sygma Back.....................700.......21 0........19.9 0
Tesco Loan.....................8000......127 127......7.9 11337
Total unsecured debts..........27050.....537 526.......- 29172

Monthly Budget Summary
Total monthly income.................... 1,699
Expenses (including secured debts)....... 1,553
Available for debt repayments........... 146
Monthly UNsecured debt repayments....... 537
Surplus(deficit if negative)............ -391

Personal Balance Sheet Summary
Total assets (things you own)........... 130,000
Total Secured debt...................... -126,000
Total Unsecured debt.................... -27,050
Personal net worth...................... -153,046

piglet39

Just giving you a bump. Hope your oh is better now.

Piglet

LilDevil

guns4 wrote: »

Statement of Affairs and Personal Balance Sheet

I have just done a quick update on my SOA as it is today, any ideas how I can reduce my debt any quicker?


Monthly Income Details
Monthly income after tax................ 1699 1616
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0 500
Total monthly income.................... 1699 2116

Monthly Expense Details
Mortgage................................ 767 867
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 90 90
Electricity............................. 60 40
Gas..................................... 40 40 I'm sure these can be cut more - I'm paying £67 for both (still a lot in my opinion, but heyho!)
Oil..................................... 0
Water rates............................. 33 33
Telephone (land line)................... 15 15
Mobile phone............................ 35 35
TV Licence.............................. 12 12
Satellite/Cable TV...................... 26 21
Internet Services....................... 0
Groceries etc. ......................... 275 240
Clothing................................20 20
Petrol/diesel........................... 90 40
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5 7
Pet insurance/vet bills................. 24 25 This can still come down too - I'm paying £12 for 2 cats
Buildings insurance..................... 26 27 You should also be able to get this down - I'm paying about £15 (off the top of my head) for buildings and contents
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 10 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1553 1507

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 130000

Secured Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 126000...(767)......6.59
Total secured debts........... 126000....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
HSBC Credit Card...............1300......60 50........15.9 1408
HSBC Loan......................11100.....205 205.......12.9 9869
HSBC Overdraft.................1500......12 14........13 1500
Abbey Credit Card..............1450......33 45 ........0 1840
Amex...........................3000......79 85....... .17.9 3218
Sygma Back.....................700.......21 0........19.9 0
Tesco Loan.....................8000......127 127......7.9 11337
Total unsecured debts..........27050.....537 526.......- 29172

Monthly Budget Summary
Total monthly income.................... 1,699
Expenses (including secured debts)....... 1,553
Available for debt repayments........... 146
Monthly UNsecured debt repayments....... 537
Surplus(deficit if negative)............ -391

Personal Balance Sheet Summary
Total assets (things you own)........... 130,000
Total Secured debt...................... -126,000
Total Unsecured debt.................... -27,050
Personal net worth...................... -153,046

Just my two cents!! If you use comparision and cashback sites, you can make quite a bit from it. When I got my buildings/contents, I got £50 cashback from the Company plus another £27.50 cashback through Quidco, effectively making it about £75 for the whole year! :beer: :j (Post Office if anyone's interested)