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Help wanted, I have lots of debts and due to income changes, now struggling heaps!
Comments
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dancingfairy wrote: »Mortgage................................ 0
Secured/HP loan repayments.............. 55 (payments to next and great universal)
Rent.................................... 409
Management charge (leasehold property).. 0
Council tax............................. 174
Electricity............................. 42
Gas..................................... 36
Oil..................................... 0
Water rates............................. 0 (included in rent)
Telephone (land line)................... 15
Mobile phone............................ 65
TV Licence.............................. 12.2
Satellite/Cable TV...................... 40 (telephone,broadband and tv are all paid on one bill of 70ish a month)
Internet Services....................... 25
Groceries etc. ......................... 300 (this is a rough guidline as i give myself (75 a week allowance)
Clothing................................ need an amount here. (god only knows what this)
Petrol/diesel........................... 100
Road tax................................ 13.3 (based on 160 a year divieded by 12)
Car Insurance........................... 47
Car maintenance (including MOT).........15 (AA) + ? (included in the car insurance bit as its breakdown cover)
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 other half does have a dental expense he will need to pay in february of a total of £135) you probably need to budget a bit then in here for this.
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 Surely you have this? (nopes but something i know we need!)
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... nothing? Not really apart from an occational takeaway
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1333.5
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1900
Other assets............................ 0
Total Assets............................ 1900
Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(55).......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Personal Loan..................9268.4....232.......0
Mastercard.....................2497......62.61.... .19.9
Barclaycard....................3004......67.59.... .9.9
Holiday 55
Next (already accounted for as surely its concidered as HP?)
GU ? (ditto)
Activ Capital ? -( this isnt being paid at the moment O/H cancelled the DD after they shafted him over the phone by wanting more money he couldnt afford)
Council Tax Debt? due to being granted Benefit, then they withdrew it when they concidered the money my O/H was giving me when i was living alone as income
I think you need to explain how things work in your house - do you split the bills 50:50 and then each pay off your debts?
df
Basically he only has about 3 or 4 things that go out of his account, and at the moment he pays me £450 for the bills that come from my account, but until they are stable as only been living together for 3 full months, so once the new tax year starts we will have more of an idea where we stand bills wise eg the Council Tax, and with the CTC when we get our P60s0 -
Sorry I missed the Next and GU bit.
Um since you are saying it is the next month which is going to be difficult can your OH stop his savings for one month? , are you still paying for council tax or are you up to date for the year now - this will all help.
I am a bit confused as to how far short you think you will be.
Depending on how short you are going to be can you ebay anything or car boot it at all?
Food - if the freezer is stocked up then maybe you can try and stretch what you have in there and buy the minimum possible.
dfMaking my money go further with MSE :j
How much can I save in 2012 challenge
75/1200 :eek:0 -
Basically though your income is saying you have 2168 and this is a month when you are short , your bills come to 1300 ish and you debt repayments are 400 odd pound so somewhere there is about 400 odd pound which is going missing somewhere and on a normal month you should have more than that spare between you.
dfMaking my money go further with MSE :j
How much can I save in 2012 challenge
75/1200 :eek:0 -
we might just make ends meet this month if i have calculated things ok, the way i worked out the benefits is an average i think, as i get 50.10 a week CTC, and the usual for 2 children for CB but have not received a full months worth for my youngest yet, but will do very shortly, more than anything i'm sure im panicing over nothing. And as per usual O/H keeps wanting things we cant afford and have no way of affording anytime soon! and i have just realised in3 years and 3 months i'll be Personal Loan FREE! and i think i only have 2 or 3 more payments (just remembered its housing benefit i'm paying back not council tax) of that i'm paying back. and the council tax at 174 a month is what the payments were given for moving into the house in Nov-March and have been spread over the extra 2 months, as normally council tax is paid over 10 months, but i got my CT bill in the december so i have 3 months payemtns from jan feb and march to pay, hopefully the new CT bill in April will be more favourable for us.0
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I have redone this now, and think i have done it properly!
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 511.15
Partners monthly income after tax....... 1030
Benefits................................ 333.2
Other income............................ 67
Total monthly income.................... 1941.35
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 409
Management charge (leasehold property).. 0
Council tax............................. 174
Electricity............................. 42
Gas..................................... 36
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 65
TV Licence.............................. 12.2
Satellite/Cable TV...................... 75
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 13.3
Car Insurance........................... 47
Car maintenance (including MOT)......... 12.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 135
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 3.99
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 55
Emergency fund.......................... 50
Housing Benefit Repayment............... 35
Total monthly expenses.................. 1564.99
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1900
Other assets............................ 0
Total Assets............................ 1900
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC mastercard................2500......62.61.....19.9
Barclaycard....................3000......67.59.....9.9
Personal Loan..................9268.4....232.......14.9
Next...........................139.09....13.12.....26.49
Great Universal................262.......20........0
Total unsecured debts..........15169.49..395.32....-
Monthly Budget Summary
Total monthly income.................... 1,941.35
Expenses (including HP & secured debts). 1,564.99
Available for debt repayments........... 376.36
Monthly UNsecured debt repayments....... 395.32
Amount short for making debt repayments. -18.96
Personal Balance Sheet Summary
Total assets (things you own)........... 1,900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,169.49
Net Assets.............................. -13,269.49
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.0 -
so with that based on my other half receiving full pay, we are now £250 short this month!0
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ceejaydee23 wrote: »I have redone this now, and think i have done it properly!
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 511.15
Partners monthly income after tax....... 1030
Benefits................................ 333.2
Other income............................ 67
Total monthly income.................... 1941.35
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 409
Management charge (leasehold property).. 0
Council tax............................. 174
Electricity............................. 42
Gas..................................... 36
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 65 - you really need to downgrade the packages on these. Ring them up.
TV Licence.............................. 12.2
Satellite/Cable TV...................... 75 - whatever you say, he is going to have to stop this as you simply cannot afford it.
Internet Services....................... 0
Groceries etc. ......................... 300 - this is very high for your family size - you need to do a storecupboard challenge this month and reduce it
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 13.3
Car Insurance........................... 47 - this is high - do you have points?
Car maintenance (including MOT)......... 12.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 135 - why are you not using pre-payment certificates?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 3.99
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 55 - stop this this month
Emergency fund.......................... 50 and this. How much is in the mergency fund to cover your mat leave?
Housing Benefit Repayment............... 35
Total monthly expenses.................. 1564.99
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1900
Other assets............................ 0
Total Assets............................ 1900
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC mastercard................2500......62.61.....19.9
Barclaycard....................3000......67.59.....9.9
Personal Loan..................9268.4....232.......14.9
Next...........................139.09....13.12.....26.49
Great Universal................262.......20........0
Total unsecured debts..........15169.49..395.32....-
Monthly Budget Summary
Total monthly income.................... 1,941.35
Expenses (including HP & secured debts). 1,564.99
Available for debt repayments........... 376.36
Monthly UNsecured debt repayments....... 395.32
Amount short for making debt repayments. -18.96
Personal Balance Sheet Summary
Total assets (things you own)........... 1,900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,169.49
Net Assets.............................. -13,269.49
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.
What have you got that you can sell on e-bay, amazon or at a car boot sale?If you've have not made a mistake, you've made nothing0 -
Originally Posted by ceejaydee23
I have redone this now, and think i have done it properly!
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 511.15
Partners monthly income after tax....... 1030
Benefits................................ 333.2
Other income............................ 67
Total monthly income.................... 1941.35
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 409
Management charge (leasehold property).. 0
Council tax............................. 174
Electricity............................. 42
Gas..................................... 36
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 65 - you really need to downgrade the packages on these. Ring them up.
TV Licence.............................. 12.2
Satellite/Cable TV...................... 75 - whatever you say, he is going to have to stop this as you simply cannot afford it.
Internet Services....................... 0
Groceries etc. ......................... 300 - this is very high for your family size - you need to do a storecupboard challenge this month and reduce it - its only a rough estimate, as some weeks i can spend more than £75 but then only spend £40 on others- please bear in mind this also includes baby essentials like formula and nappies now! (it didnt a month ago! a tin of formula costing 7.19 a week and the mega box deals in asda on nappies at 2 for £18 which last approx 1 1/2 weeks each box! as we have nearly gone through 3 boxes in 5 weeks!
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 13.3
Car Insurance........................... 47 - this is high - do you have points? this is 32 a month car insurance and £15 a month for AA breakdown covering the car only not the driver as was cheapest option
Car maintenance (including MOT)......... 12.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 135 - why are you not using pre-payment certificates? its the cost of my other halfs dental treatment as he isnt covered by free dental treatment, has to pay £90 for a root canal privately as dentist doesnt cover that on NHS the other 45 is the NHS treatment isnt payable until end of feb though.
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 3.99
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 55 - stop this this month (thats the total cost of the holiday left to pay its one of those 9.50 hols through the sun)
Emergency fund.......................... 50 and this. How much is in the mergency fund to cover your mat leave? This is more than likely going to be used this month, its my O/H savings each month, not that its got anything in as we have been using each month
Housing Benefit Repayment............... 35
Total monthly expenses.................. 1564.99
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1900
Other assets............................ 0
Total Assets............................ 1900
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
HSBC mastercard................2500......62.61.....19.9
Barclaycard....................3000......67.59.... .9.9
Personal Loan..................9268.4....232.......14.9
Next...........................139.09....13.12.... .26.49
Great Universal................262.......20........0
Total unsecured debts..........15169.49..395.32....-
Monthly Budget Summary
Total monthly income.................... 1,941.35
Expenses (including HP & secured debts). 1,564.99
Available for debt repayments........... 376.36
Monthly UNsecured debt repayments....... 395.32
Amount short for making debt repayments. -18.96
Personal Balance Sheet Summary
Total assets (things you own)........... 1,900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,169.49
Net Assets.............................. -13,269.49
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.0 -
Cancel the AA and get one of the cheaper options martin recommends. Look in the travel and transport tab. I saved over £100 this way.Debt at highest: £8k. Debt Free 31/12/2009. Original MFD May 2036, MF Dec 2018.0
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Have you sat your OH down with your SOA and worked out how you will resolve the debts? Maybe if he sees it he will agree to do stuff like reduce the satellite that isn't currently affordable.
I also recommend a spending diary so you can refine your soa more accurately as it seems like you might be missing things.Debt at highest: £8k. Debt Free 31/12/2009. Original MFD May 2036, MF Dec 2018.0
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