overwhelmed new member

Coco114 · 17 February 2012 at 3:44PM

Heres another one - went through old handbags , purses , coat pockets & under sofa cushions as well last night - it added £16.34 to my savings pot !! Bonus 
Happy hunting xx

purpleruby · 17 February 2012 at 4:46PM

Hi coco and welcome to the board. I am a single parent too so know how hard that can be. I am looking to be debt free by the end of 2012 but struggle to make ends meet each month. It's a hard and long journey but stick around and we can do it :T

Hovel_lady · 17 February 2012 at 8:40PM

Coco114 wrote: »

Hi All - good to know I am not the only one who is new to all this. I have noticed little changes already, like being 10 mins late for work today - I got in my car with my precious £3.00 ....... thinking its Friday and I would treat myself - then I got back out - went back and made porridge (I never normally eat breakfast) and made myself sandwiches to take with me. I am bound and determined to hang on to that £3.00 as long as I can
Am going to do my budget this weekend and also work out what I owe - not going to pretty, I am guessing at about £25,000 but will see.
One thing - what should I be realisticly allowing for a family of three and 3 cats, for groceries for a month ? i was thinking £300.00 but is that too much ?
Many thanks all xx

Hi Coco :hello:
Well done on making changes. The little ones really do add up.

Do you keep a spending diary? Best way of finding out where the money has gone.

Have you had a look at the OS (old style) board?
Lots of ideas there about making the pennies stretch particulary with regards to groceries.

Good luck with doing the budget x

Coco114 · 19 February 2012 at 10:40AM

Morning All

So following NS sat night , I supplied snacks from cupboard & friend brought the wine , this morning I have opened the dreaded "chuck post in here & don't look at it cupboard" ...wow don't know where to start to be honest !
Anyway , firstly this SOA will take a while as I have to work out what relates to what original debt but, one thing is beginning to worry me - whilst some of debt is mine - approx half is jt debt with my ex husband . I want to deal with it , but he has no intention (separation was not due to finances but I won't bore you all with that story!).
I am currently dealing with shelter ref : MRS. My ex has no intention of dealing with anything. What happens if I try to deal with jt debt & he refuses to get involved ? I am already paying (god knows how) 3/4 of mortgage & secured on my own - don't see why I should be entirely responsible for paying jt debts ! Not sure what to do here ?
Help ?!xx

Coco114 · 19 February 2012 at 10:49AM

As a rough guide - I earn £30k ish - mortgage & secured is at approx £198k , current value approx £165k. Ex earns £38k & gives me £500.00 per month. His rent/bills is less than 1/2 my mortgage/loan - my bills are £600 per month & I feed clothe etc the 2 kids. I would love nothing better than to not have to take a penny from ex but sadly don't have luxury of that. My take home is £1800 ish and outgoings are £1600 approx - his are £2300 and £1000 Inc what he gives me. Somethings not quite right here !
Can I just deal with my half of a jt commitment ?
Xx

cpjackso · 19 February 2012 at 11:04AM

Congrats on sitting down and going through everything - it will take a while but you will be much happier when you know that its being sorted.

A few initial questions/suggestions:

Split the debts into your name, joint names and his name.
Is the mortgage in joint names?
And if so - what is the mortgage share, eg. is it a 50/50 split?
Do you still have joint credit cards with the ex?

Try to be accurate with your SOA and its also best if you can get the exact APRs for each card/loan etc.

Hovel_lady · 19 February 2012 at 11:10AM

Hello

You say some of the debt is with your ex husband.
Was this not sorted out when you got divorced?

If the debts are in joint names and he won't pay you will be liable for the whole amount, this includes the mortgage if it is in joint names.

cpjackso · 19 February 2012 at 11:13AM

(You probably want to look at this once you've determined what your debts are)

I'm presuming the money from the ex ISNT organised through the CSA? If not - would suggest the mortgage, the bills and the money for the kids are all separate issues which each need certain amounts of money in/out.

Mortgage

If 50/50 mortgage split of mortgage at 165k @ 3% - monthly will be £789.63. His share = £394.82.

Mortgage calculator here.

Bills

Depends on if ex lives with you or not?

Money for kids

Use the salary calculator here to determine his NET weekly pay (column = take home / weekly).

Then use the CSA calculator here to determine how much the CSA would award you. Times the number by 52 (weeks) then divide by 12 to get months. (dont just times by 4!!).

Then add Mortgage payment + if any for bills + money for kids.

paulsad · 19 February 2012 at 11:15AM

Welcome to the club Coco! Some great people on here (as well as some that'll probably wind you up!) I've had some good help from parking fines to barbecue tips!

Coco114 · 19 February 2012 at 11:19AM

Ok thanks for that

yes mortgage is 50/50 - there are jt cards/loans etc though everything maxed out !
It will take me a while to get all info but will be as accurate as poss.
I never wanted to get into any nasty whose is what war - I would rather just deal with everything decently if I can.
It just doesn't seem fair that ( if we ever were able ) to pay mortgage off it would split 50/50 with me having paid 80% of it !
Bit worried about ringing up for APR as I am guessing they will all start hassling me for payment ?!
But I know I have to !
Thanks so much xx

overwhelmed new member

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