The Never Ending Story

Toffee261104

Thought I'd start my journey will a thread, I will probably be the only one who reads it but at least i can keep a progress on my thoughts and feelings and maybe someone else will give me their pennysworth now and again.

My brother recommended this site to me a while back after I broke down at his dinner table over a glass of wine. I just blabbed out all my money troubles and he was excellent about it.

After a few more weeks of burying my head in the sand and making excuses, I thought I better sort myself out, and here I am!

So Im 22 years old, married with 2 gorgeous boys and we live in a privately rented house. My husband has a good job as a train conductor and we do get by. But things start propping up. i wanted the whole big white wedding and things spiralled out of control and before I knew it I was signing my life away for a loan with a 32% APR I borrowed about £8000 and if i stayed in that loan would have eventually paid back £28,00.

So me and my husband recently took out another loan to pay that one off. Now we have five years of paying back this loan with a big chunk of our monthly income. And still we find that the debts are creeping back in, the overdraft, the credit card, the store cards.

Just had a nosey round on this site and worked out me and my husband currently owe £24843.99 in total and i have just literally burst into tears. its amazing what a reality check can do for you.

I sort out all the money in our house and my husband just goes along with what I want, which i think is half the problem.

I have just phoned him actually to say that i'm waiting up for him (he will be home from work at 11pm) because 'we need to talk about money' he just groaned and said ok. but i know deep down he's burying his head in the sand like I have been up until about an hour ago.

So the journey begins...i hope I can stick to it, because I always seem to fail at things and my temptation just eats at me till I give in.

If at first you don't suceed...let's hope I try again!



Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 463
Partners monthly income after tax....... 1200
Benefits................................ 193
Other income............................ 0
Total monthly income.................... 1856

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 89
Electricity............................. 26
Gas..................................... 36
Oil..................................... 0
Water rates............................. 38.91
Telephone (land line)................... 25
Mobile phone............................ 15
TV Licence.............................. 11.61
Satellite/Cable TV...................... 36
Internet Services....................... 30
Groceries etc. ......................... 270
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 16
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 18
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1111.52

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Abbey loan.....................21844.6...383.2.....19.9
Barclaycard....................851.98....15........29
Argos..........................222.43....10........27
Overdraft......................1250......13........0
Littlewoods....................674.98....61........0
Total unsecured debts..........24843.99..482.2.....-

Monthly Budget Summary
Total monthly income.................... 1,856
Expenses (including secured debts)....... 1,111.52
Available for debt repayments........... 744.48
Monthly UNsecured debt repayments....... 482.2
Surplus(deficit if negative)............ 262.28

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -24,843.99
Net Assets.............................. -24,843.99

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

angelflower_2

just encouraging words for you and the hubby tonight...hope all goes well.

Toffee261104

aww thanks, me too, money seems to be the root of all our problems at the minute!

You've been really nice Angel...so thank you

MYLITTLESISTERLOLA

If you post you SOA www.makesenseofcards.com/soacalc.html and some of the peeps will be along to see what ideas we have to reduce your outgoings, a spending diary is useful to see where your money goes and you'll get lots more advise if you just stick in there ( by the time hubby comes home you should be fully armed with loads of ways to save !!)

Toffee261104

yeah my SOA has been posted already thanks somewhere way down yonder!

angelflower_2

Toffee261104 wrote: »

yeah my SOA has been posted already thanks somewhere way down yonder!

why dont you copy it into your diary too so others can see everything in one place? Might help....

pixiechick99

Hiya,
I just wanted to say hello and good luck - I'll keep reading your diary so keep posting!
I have 2 children too, on my own with them. When I was with their dad we were dreadful at ignoring the money problems - if we'd stayed together I dread to think what state our finances would be in! We both merrily spent, racked up debt, remortgaged, took out loans etc! So now we've sold our house, I paid off my credit card and just have a loan of almost £5k to pay back. But as I'm on my own I know I must be careful now, sticking to budgets isn't my strong point but I have to now! Cutting back on spending I just have to do.

Anyway, good luck!:o

Burlesque_Babe

good luck - even adding it all up is a huge leap forward.

Toffee261104

phewww done it thanks guys

Toffee261104

Thanks so much for the words of encouragment I do feel like I've really opened my eyes today! I also feel that i'm less likely to give up if I somewhere like this place to come to if i'm having a down day or whatever, dont get me wrong I love me hubby to bits...lets just say his shoulder isnt very soft!!!

GhostHunter_3

:hello: Hi Toffee HUGZCongratulations on facing your demons and admitting your lightbulb moment. :idea:

We all start in a similar situation and trying to tread water then someone like Martin Lewis :money: comes along in his little lifeboat and throws us a line so we all join the same MSE boat and chug along towards the same goals. :A

Welcome aboard and hold on tight as it may be a bumpy ride but were all here to support each other and learn as we go along.

Keep posting as we all like to keep reading. Were all human all make mistakes (those who say they dont just havent found their lightbulb switch yet!)

:rotfl:

Take care and sorry for the :eek: post im not normaly like this just had a :mad: frustrating day so trying to end it on a :rotfl: note.

Anything I can do to help just ask I can either say no, admit I have no clue or do my best to help.:T :j

HUGZ Speak soon :beer::rolleyes: :wave: