Debts up to my eyeballs

fatrab · 1 February 2018 at 6:16PM

Definitely do a spending diary, when I did my first one back in December it seriously opened my eyes.

You're doing great.

JuniperPanda · 3 February 2018 at 7:03PM

Thank you for your help

I have been today with the husband and we have opened a virgin money basic bank account.

Other things I did was began my spending diary and I have just started the SOA, need to get it bottomed out and then I can post.

Its been busy with ironing, mending, and basic housework tasks but its now money time

JuniperPanda · 3 February 2018 at 7:38PM

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................ 2052.08
Partners monthly income after tax....... 1173.35
Benefits................................ 149.07
Other income............................ 267
Total monthly income.................... 3641.5
Monthly Expense Details
Mortgage................................ 426
Secured/HP loan repayments.............. 960
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 165
Electricity............................. 100
Gas..................................... 50
Oil..................................... 0
Water rates............................. 100
Telephone (land line)................... 60
Mobile phone............................ 140

JuniperPanda · 3 February 2018 at 7:40PM

TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 9
Groceries etc. ......................... 500
Clothing................................ 60
Petrol/diesel........................... 160
Road tax................................ 38
Car Insurance........................... 30
Car maintenance (including MOT)......... 40
Car parking............................. 40
Other travel............................ 160
Childcare/nursery....................... 120
Other child related expenses............ 160
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 40
Buildings insurance..................... 30
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 20
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 3510

JuniperPanda · 3 February 2018 at 7:41PM

Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 140000

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 73000....(426)......5.75
Secured Debt.................. 36000....(960)......31.77
Total secured & HP debts...... 109000....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Unsecured lending..............47417.....0.........0
Total unsecured debts..........47417.....0.........-

Monthly Budget Summary
Total monthly income.................... 3,641.5
Expenses (including HP & secured debts). 3,510
Available for debt repayments........... 131.5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 131.5
Personal Balance Sheet Summary
Total assets (things you own)........... 140,000
Total HP & Secured debt................. -109,000
Total Unsecured debt.................... -47,417
Net Assets.............................. -16,417

Lilith1980 · 3 February 2018 at 7:48PM

Welcome to the forum, and I'm so glad you're getting the help you deserve. We're all hear to listen and support

JuniperPanda · 3 February 2018 at 7:49PM

sorry for the fragmented reply - it said to wait between posts and I cant do an attachment with being a new poster.

My debt is grouped together as its with stepchange but I will do a debt breakdown as we go.

All is at zero % at the moment.

The only control I have on overpayments is the debt to my parents.

Happy to discuss and take comments, but right now I am going to list a couple of things on ebay! Spending diary, I am keeping an excel spreadsheet. Im splitting large recepits into categories and Im sure I will drill things down further moving forwards. Each week I will do a breakdown on a wednesday with the husband when we review the previous week.

Any other hints and tips will be very gratefully received. I will be making a huge pan of broth on Tuesday this should feed us for 2 meals - the four of us, and provide three extra portions for my husband lunch. Price of the broth is £3 for a large ham shank - veg - I use whats left in the fridge plus a turnip and a handful of potatoes, so around another 50p. I will make this once a fortnight to get us out of the rut.

JuniperPanda · 8 February 2018 at 7:07PM

Right I have been busy moving forwards.

1. Listed some ebay, currently over 160 live! On leave next week and decluttering and generating more listings.
2. final debt management plan appointment booked in for tomorrow!
3. Virgin money essential account opened.

About to browse the up your income board, and I will update my signatures and then move things forwards.

JuniperPanda · 19 February 2018 at 2:16PM

Hello!

Following a frantic week off we now have some hoops to jump through for stepchange but have made some massive steps forward.

Have over 200 active items on ebay! Sold 24! Have a credit balance on our new joint account, instead of a combined deficit of 1400.

Baby steps wise, made a chicken dinner, have another portion for tea tonight and have made soup from the bones, so another meal out of the chicken and the veg.

I am so busy ebaying and decorating my hallway - everything i am doing I am trying to do it smartly.

Example, need a new fitted bedsheet, and I know primark do good ones and also the son needs some new jogpants. So I am loading a card using my work site, where i get an extra 20% credit.

Started my spending diary, and doing the same with an average sainsburys spend over the month. (we only buy coffee and a few other brand names there) even if it saves a pound or 2 it has to help.

Better update and the sig once I get stepchange bottomed out totally, but feeling positive for the first time in a year.

enthusiasticsaver · 19 February 2018 at 2:33PM

That interest rate on your secured debt is really high. Was that loan from consolidating earlier debt?

Your mobile phone bills are really high. Are they in contract? Presumably there are three if your son is 17? Moving to sim only when contracts finish would be better than automatically getting a new phone. That would knock more than £110 off as you can get deals for £10. Groceries is quite high for 4 even though I realise 3 of you are adults. Buildings and contents insurance also looks high. Do you use comparison sites? The water rates are really high too and we live in the south west which is very expensive. Are you on a meter?

There does not appear to be a stepchange payment or details of your parents loan. Where does that come from?

Debts up to my eyeballs

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