Desperate, am I in the wrong place?

GeorgeUK

You should be able to click the edit button at the bottom right of the post to edit.

I think NaN is because of either a field left blank or has a 0 entry - Egg & Virgin?

Forgetmenot68

Keith, that's something we'll have to look at I agree. 4 children don't make that easy, but I guess it's better than the alternatives of uncontrollable debt...

Forgetmenot68

Thanks GeorgeUK, I found it.

Keith

Forgetmenot68 wrote: »

Keith, that's something we'll have to look at I agree. 4 children don't make that easy, but I guess it's better than the alternatives of uncontrollable debt...

With £250,000 in the bank and a mortgage on another property, your kids will be very happy.

Where I live, commuting distance from London, £200k buys a 4 bed house, leaving 50k over.

judy2357

Electricity and car insurance monthly payments seem really high to me.

MrsTinks

Forgetmenot68 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1830
Benefits................................ 217
Other income............................ 0
Total monthly income.................... 2047

Monthly Expense Details
Mortgage................................ 715
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 199 This seems pretty high to me? Is this a massive house or are you paying off arrears?
Electricity............................. 115 Ouch! This is WAY high! Combination of changing suppliers and being more energy aware should help here.
Gas..................................... 51 This again needs to be checked for cheapest rates. Use Uswitch and then change using quidco for cashback.
Oil..................................... 0
Water rates............................. 58 This too is high - can you check your readings and if they are right start being conscious of water usage - put half a brick in the toilet cistern to save water etc
Telephone (land line)................... 40 Can this be reduced?
Mobile phone............................ 35 Can this be changed to PAYG?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20 On top of your Landline? Look at getting a cheaper price for this too
Groceries etc. ......................... 400 OUCH!!! This can DEFINITELY be reduced! Visit the Old Style board for some great advice on how to reduce your grocery bills
Clothing................................ 20
Petrol/diesel........................... 150
Road tax................................ 22
Car Insurance........................... 76 Check you are getting the best deal and use Quidco for changing for the cashback!
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 70
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 36 Is this pet insurance? If so how many and what type of pets?
Buildings insurance..................... 23
Contents insurance...................... 23
Life assurance ......................... 17
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2152

Assets
Cash.................................... 0
House value (Gross)..................... 400000
Shares and bonds........................ 0
Car(s).................................. 9000
Other assets............................ 0
Total Assets............................ 409000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 105000...(715)......5.99
Total secured debts........... 105000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
A & L overdraft................1000......tbc.......0
Capital One cc.................7228......217.......14
Egg............................10,130....207.......0
Virgin cc......................15,110....274.......0
Lloyds TSB.....................2255......46........16
HSBC cc........................4000......100.......0
Halifax cc.....................2411......48........20
First Dir overdraft............4250......tbc.......11
First Dir cc...................2910......88........19.9
Total unsecured debts..........49,294....980.......-

Monthly Budget Summary
Total monthly income.................... 2,047
Expenses (including secured debts)....... 2,152
Available for debt repayments........... -105
Monthly UNsecured debt repayments....... 980
Surplus(deficit if negative)............ 1085

Personal Balance Sheet Summary
Total assets (things you own)........... 409,000
Total Secured debt...................... -105,000
Total Unsecured debt.................... -49,294
Net Assets.............................. 254,706

Scary reading, but at least I've done it. Thank you for any advice.

Forgetmenot 68

A few suggestions above

GeorgeUK

I think you may ned expert help from one of the free debt charities, but we'll go through some of the SOA first.

Mortgage................................ 715
Don't suppose they'd let you switch to interest only? Probably a bit late for that.

Council tax............................. 199
If you are paying over 10 months, can you ask to pay it over 12?

Electricity............................. 115
Gas..................................... 51
Both too high. Try switching provider. Look at https://www.moneysupermarket.com or https://www.uswitch.com

Water rates............................. 58
Is this metered? Do you use a water hippo or similar to reduce amount used in cisterns?

Groceries etc. ......................... 400
Should be able to cut this quite a bit. Have a look at the old style board for meal plans and other ideas.

Might be worth doing the debt remedy questionairre on the CCCS website to give you an idea of what you may be facing. Remeber there is no quick fix for these things. It's taken years to get into debt and could take as long to get out of it.

(Taken from Fermi's signature)

Professional, free and impartial advice on debt problems can be obtained from several charitable and 'not for profit' organisations. They never make a penny from the advice they give, which means it will be given with only your best interests at heart. You can contact:

Your local CAB Office and ask to speak to a 'money advisor'
The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111
National Debtline - Tel: 0808 808 4000
Payplan - Tel: 0800 917 7823

mizmir

Welcome - and well done on posting your SOA. Even for 6 groceries are high - the old style board will give you loads of ideas for getting that down. And given the equity in your house I would be giving serious consideration to moving - at least check out what would be possible and weigh up if it is worth the upheaval.

Best of luck - you will be able to turn this around - these boards are amazing!

brummiebabe

Hi & well done for doing your SOA - had a quick look - have posted my ideas in Pink!

Forgetmenot68 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1830
Benefits................................ 217
Other income............................ 0
Total monthly income.................... 2047

Monthly Expense Details
Mortgage................................ 715
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 199
Electricity............................. 115 This is HUGE!!!! Could you cut down on using tumble dryer, turning off lights, appliances etc?
Gas..................................... 51
Oil..................................... 0
Water rates............................. 58
Telephone (land line)................... 40
Mobile phone............................ 35 Ditch this for PAYG?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 400 Some will say this is a lot (but I budget this for family of 5) - however - there is definately chance to reduce this - go tho 'Money Saving Old Style' for tips - they're a fab friendly bunch!! The grocery challenge is a good place to start!
Clothing................................ 20
Petrol/diesel........................... 150
Road tax................................ 22
Car Insurance........................... 76 Have you shopped around for a cheaper deal?
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 70 What's this for?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 36 Again - could you shop around for this?
Buildings insurance..................... 23
Contents insurance...................... 23
Life assurance ......................... 17
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2152

Assets
Cash.................................... 0
House value (Gross)..................... 400000
Shares and bonds........................ 0
Car(s).................................. 9000
Other assets............................ 0
Total Assets............................ 409000 Any chance of downsizing? Would release much needed funds????

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 105000...(715)......5.99
Total secured debts........... 105000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
A & L overdraft................1000......tbc.......0
Capital One cc.................7228......217.......14
Egg............................10,130....207.......0
Virgin cc......................15,110....274.......0
Lloyds TSB.....................2255......46........16
HSBC cc........................4000......100.......0
Halifax cc.....................2411......48........20
First Dir overdraft............4250......tbc.......11
First Dir cc...................2910......88........19.9
Total unsecured debts..........49,294....980.......-

Monthly Budget Summary
Total monthly income.................... 2,047
Expenses (including secured debts)....... 2,152
Available for debt repayments........... -105
Monthly UNsecured debt repayments....... 980
Surplus(deficit if negative)............ 1085

Personal Balance Sheet Summary
Total assets (things you own)........... 409,000
Total Secured debt...................... -105,000
Total Unsecured debt.................... -49,294
Net Assets.............................. 254,706

Scary reading, but at least I've done it. Thank you for any advice.

Forgetmenot 68

I'm not very experienced at this....there'll be others with better advice along soon!! I wish you well x -

Edit: Oh...there you go...others have already beaten me to it!!! You've had some good advice - good luck!

Forgetmenot68

Thank you to all of you for your detailed advice. I'm sitting here reading through it and my head is spinning from all that's happened today. I have to sleep now but will reply properly to all your suggestions tomorrow. Thanks so much for taking the time to reply. You make me feel slightly less stupid and alone. Well, I still feel very stupid....

Forgetmenot68