My name is BanaMan and I am in debt

BananaMan

Hello and I big thankyou to this site and forum. Without it I would still have my head in the sand. Been ingoring debt for years I've just remortgaged and I didn't think I had debt problem until a "what can you borrow" calculated on a web site said "NO"
My mortage is instrest only and the endowment is worth 11k and I have paid 15k, do I keep throwing good money after bad or cash it in a reduce my debts?
Married with 2 (3yr & 4mths) OH income will be Zero in to months
Any tips greatly recieved

TIA

BananaMan

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2660
Partners monthly income after tax....... 800
Benefits................................ 127
Other income............................ 0
Total monthly income.................... 3587

Monthly Expense Details
Mortgage................................ 372
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 108
Electricity............................. 41
Gas..................................... 49
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 66
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 20
Petrol/diesel........................... 170
Road tax................................ 24
Car Insurance........................... 45
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 12
Contents insurance...................... 13
Life assurance ......................... 0
Other insurance......................... 8
Presents (birthday, christmas etc)...... 20
Haircuts................................ 12
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
reflexology............................. 50
Endowment............................... 132
Total monthly expenses.................. 1726

Assets
Cash.................................... 0
House value (Gross)..................... 218000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 224000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 94000....(372)......4.79
Total secured debts........... 94000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
first direct...................5740......172.......5.9
Tecco..........................4202......126.......0
Egg............................5996......120.......17.9
Total unsecured debts..........15938.....418.......-

Monthly Budget Summary
Total monthly income.................... 3,587
Expenses (including secured debts)....... 1,726
Available for debt repayments........... 1,861
Monthly UNsecured debt repayments....... 418
Surplus(deficit if negative)............ 1,443

Personal Balance Sheet Summary
Total assets (things you own)........... 224,000
Total Secured debt...................... -94,000
Total Unsecured debt.................... -15,938
Net Assets.............................. 114,062

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Nichelette

Firstly, well done for posting, the people on here are very friendly and will do al they can to help. I'm not an expert on this at all and I'm sure some people who are better able to help you will be along soon, but your food bill does seem like one thing you could reduce quite easily. My father feeds five people who are all basically adults for about £40/50 per week, we aren't starving or living off of rubbish food!

poorandindenial

Hi and welcome to the boards

BananaMan wrote: »

Hello and I big thankyou to this site and forum. Without it I would still have my head in the sand. Been ingoring debt for years I've just remortgaged and I didn't think I had debt problem until a "what can you borrow" calculated on a web site said "NO"
My mortage is instrest only and the endowment is worth 11k and I have paid 15k, do I keep throwing good money after bad or cash it in a reduce my debts?
Married with 2 (3yr & 4mths) OH income will be Zero in to months
Any tips greatly recieved

TIA

BananaMan

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2660
Partners monthly income after tax....... 800
Benefits................................ 127 (will this go up when your OH's income drops to nil??, any chance they could keep on working?)
Other income............................ 0
Total monthly income.................... 3587

Monthly Expense Details
Mortgage................................ 372
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 108
Electricity............................. 41
Gas..................................... 49 (are you doing everything you can to get these down? energy saving lightbulbs, turning things off not having them on standby, only having heating on when you really need to etc etc etc)
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 66 (this is high, revisit your tariff and provider to check you are getting the best deal for you?)
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400 (check out the old style board for tips on slashing this, have you done the drop a brand thing?? if you ususally (eg) get lurpack you try the stores on brand; if you use own brand you try the value version etc)
Clothing................................ 20
Petrol/diesel........................... 170 (this is quite a bit, could you downgrade your car? or cut some journeys out?)
Road tax................................ 24
Car Insurance........................... 45
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 12
Contents insurance...................... 13
Life assurance ......................... 0
Other insurance......................... 8
Presents (birthday, christmas etc)...... 20
Haircuts................................ 12
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
reflexology............................. 50 (as in a course to learn it or for someone to receive it??)
Endowment............................... 132 (there is a lot of discussion about endowment mis-selling and endowment shortfalls, it is probably worth a look around the specialist boards to see if there is anything that you can do)
Total monthly expenses.................. 1726

Assets
Cash.................................... 0
House value (Gross)..................... 218000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 224000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 94000....(372)......4.79
Total secured debts........... 94000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
first direct...................5740......172.......5.9
Tecco..........................4202......126.......0
Egg............................5996......120.......17.9
Total unsecured debts..........15938.....418.......-

Monthly Budget Summary
Total monthly income.................... 3,587
Expenses (including secured debts)....... 1,726
Available for debt repayments........... 1,861
Monthly UNsecured debt repayments....... 418
Surplus(deficit if negative)............ 1,443

Personal Balance Sheet Summary
Total assets (things you own)........... 224,000
Total Secured debt...................... -94,000
Total Unsecured debt.................... -15,938
Net Assets.............................. 114,062

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Surplus is good, use the snowball calculator at www.whatsthecost.com to see the best way of using this to reduce debts.

EDIT: if you get to the end of the month and have nothing left then you should keep a spending diary to find out where it is all going. I did one and it saved me a fortune each month.