Drowning in huge monthly payments advise please
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Without seeing a full soa it is difficult to advise but on the figures quoted I very much doubt there is an instant fix to your situation. September is almost 6 months away and with respect putting more debt on credit cards or borrowing more is the last thing you should do. I think you will need to look at some sort of debt management plan and focus on getting into full time work. Leave thinking about taking on a mortgage for now and just focus on getting the creditors you have now to accept lower payments and stop charging interest to stop the debt figure going higher. Ring stepchange.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0
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Hi BM,
Well done on leaving an abusive relationship. It must have taken great courage.
Debt isn't always accumulated through a lavish lifestyle and your situation is another example of that.
If you can post a SOA, we can cast some fresh eyes over it.
Make sure you do it 'as is' rather than a 'wish list' so the suggestions are tailored to your situation at the moment.
Grab a cuppa, get it posted and lets have a look
I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
Most posters on here will read your post and know that the majority of your debts have arisen because of a combination of many factors outside your control.
There are ways and means of reducing or getting rid of your debts, but as others have said, put up your SOA and let us know what assets you have, eg car worth more than £1.5k, home owner, etc.
When you have done this, then you will get plenty of good advice and assistance."There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock0 -
As you've mentioned that some of the debts have arisen as a result of financial abuse, it's relevant to note that there is a (voluntary) financial abuse code of practice (link) and that two of your creditors, Barclays and Virgin Money are among the participating firms implementing it.
Briefly reading the policy, there is a requirement for the lenders to assist you in regaining control of your finances. Both the Women's Aid charity, and Citizens Advice also have a certain amount of information on the subject. At the very least, their support may help in getting interest/fees/charges suspended until your settlement comes through.0 -
I hope this works!! SOA:
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 520
Partners monthly income after tax....... 0
Benefits................................ 1136
Other income............................ 460
Total monthly income.................... 2116
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 850
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 50
Gas..................................... 0
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 5
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 80
Road tax................................ 16
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 12
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1193
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Tesco..........................5894.79...59........0
Virgin.........................3417.44...34.52.....0
Amex...........................6144.09...228.......0
MBNA...........................7844.92...131.2.....0
Barclaycard....................7734......197.7.....0
Halifax........................1150......0.........0
Total unsecured debts..........32185.24..650.42....-
Monthly Budget Summary
Total monthly income.................... 2,116
Expenses (including HP & secured debts). 1,193
Available for debt repayments........... 923
Monthly UNsecured debt repayments....... 650.42
Amount left after debt repayments....... 272.58
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -32,185.24
Net Assets.............................. -31,185.24
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.0 -
Hi Bunny,
I don't have advice as I'm new myself and trying to figure everything out too - I just wanted to commend you on leaving an abusive relationship. I did it too but luckily didn't have children or a house to tie us together (one of the main motivators for me to leave before that happened!). I got into a lot of debt as a result and don't think people know just how hard it is to keep yourself going every day after it! To continue going and try to help yourself, and your daughter, shows your strength. Yes we've both been left in debt and with financial issues outside of our control - but that's the price of our freedom. It'll only get better from here.
Hope you get the advice you're looking for.Single woman doing it on my own... First house bought June 2021!
Mortgage end date: 2041. Goal: Anything less!
Mortgage currently paid off: 4%0 -
I hope this works!! SOA:
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 520
Partners monthly income after tax....... 0
Benefits................................ 1136
Other income............................ 460
Total monthly income.................... 2116
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 850
Management charge (leasehold property).. 0
Council tax............................. 100 Are you claiming single persons discount? Also is this over the standard 10 months or have you requested to spread it over 12? 12 months makes it easier to budget.
Electricity............................. 50
Gas..................................... 0
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 60 This is expensive - when you are out of contract go SIMO
TV Licence.............................. 0 You don't watch or record live TV/BBC iplayer?
Satellite/Cable TV...................... 0
Internet Services....................... 5
Groceries etc. ......................... 0 Nothing?
Clothing................................ 0 Never? Not even underwear?
Petrol/diesel........................... 80
Road tax................................ 16
Car Insurance........................... 0 No insurance?
Car maintenance (including MOT)......... 0 You never need wipers, oil, a bulb, tyres or an MOT?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 12
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 You need this.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 None at all?
Haircuts................................ 0 You never have your haircut?
Entertainment........................... 0 You don't ever go for a coffee or take the little one for an ice-cream?
Holiday................................. 0
Emergency fund.......................... 0 You need something in here - white goods are the most common things to breakdown so you need something to fall back on instead of credit.
Total monthly expenses.................. 1193
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Tesco..........................5894.79...59........0
Virgin.........................3417.44...34.52.....0
Amex...........................6144.09...228.......0
MBNA...........................7844.92...131.2.....0
Barclaycard....................7734......197.7.....0
Halifax........................1150......0.........0
Total unsecured debts..........32185.24..650.42....- Are every single one of your debts on 0%?
Monthly Budget Summary
Total monthly income.................... 2,116
Expenses (including HP & secured debts). 1,193
Available for debt repayments........... 923
Monthly UNsecured debt repayments....... 650.42
Amount left after debt repayments....... 272.58 What happens to this?
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -32,185.24
Net Assets.............................. -31,185.24
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
A couple of thoughts from me in red above.
You may benefit from keeping a spending diary to see exactly where every penny goes.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
Unless I have missed something about someone else paying for things there are a lot of gaps in the SOA.
There is nothing for food, car insurance - this would be disastrous if you were at fault for an accident, presents, entertainment, car maintenance and haircuts.Aiming to make £7,500 online in 20220 -
Slightly ammended!
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 520
Partners monthly income after tax....... 0
Benefits................................ 1136
Other income............................ 460
Total monthly income.................... 2116
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 850
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 50
Gas..................................... 0
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 5
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 80
Road tax................................ 16
Car Insurance........................... 0
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 12
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1423
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Tesco..........................5894.79...59........0
Virgin.........................3417.44...34.52.....0
Amex...........................6144.09...228.......0
MBNA...........................7844.92...131.2.....0
Barclaycard....................7734......197.7.....0
Halifax........................1150......0.........0
Total unsecured debts..........32185.24..650.42....-
Monthly Budget Summary
Total monthly income.................... 2,116
Expenses (including HP & secured debts). 1,423
Available for debt repayments........... 693
Monthly UNsecured debt repayments....... 650.42
Amount left after debt repayments....... 42.58
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -32,185.24
Net Assets.............................. -31,185.24
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.0
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