A New Determined Start (I hope)

worried_user

I am starting out from scratch attempting to sort out all of my money problems. My husband moved out 2 weeks ago and so now I finally have control of my money and can hopefully sort out all of the debts that have turned up since he left.
Here is my SOA and I would be greatful for any advice anyone might have.
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1056
Partners monthly income after tax....... 0
Benefits................................ 81.5
Tax Credits............................. 835
Total monthly income.................... 1972.5

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 315
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 73
Gas..................................... 0
Oil..................................... 45
Water rates............................. 32
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 11
Satellite/Cable TV...................... 36
Internet Services....................... 15
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 884
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 20
Other insurance......................... 4.75
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1762.75

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


Description....................Debt......Monthly...APR
Rent Arrears...................1400......100.......0
DMP............................7000......88........0
Total unsecured debts..........8400......188.......-

Monthly Budget Summary
Total monthly income.................... 1,972.5
Expenses (including secured debts)....... 1,762.75
Available for debt repayments........... 209.75
Monthly UNsecured debt repayments....... 188
Surplus(deficit if negative)............ 21.75

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -8,400
Net Assets.............................. -8,400

Created using the SOA calculator at www.makesenseofcards.com.
This is for myself and my 2yr old son, the shopping budget includes his nappies and wipes etc and the dog food.The Council tax is so high becuase I'm paying off arrears, thanks to hubby not paying it despite saying he was.The electric will be going down next month as I was paying arrears off on that too.

amyandjon

worried_user wrote: »

I am starting out from scratch attempting to sort out all of my money problems. My husband moved out 2 weeks ago and so now I finally have control of my money and can hopefully sort out all of the debts that have turned up since he left.
Here is my SOA and I would be greatful for any advice anyone might have.
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1056
Partners monthly income after tax....... 0
Benefits................................ 81.5
Tax Credits............................. 835
Total monthly income.................... 1972.5

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 315
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 73
Gas..................................... 0
Oil..................................... 45
Water rates............................. 32
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 11
Satellite/Cable TV...................... 36====is this sky ? if so reduce it to cheapest package
Internet Services....................... 15==if you have sky you can get broadband free !!
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 884====woosh !! can family help out ??
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 20
Other insurance......................... 4.75
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1762.75

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


Description....................Debt......Monthly...APR
Rent Arrears...................1400......100.......0
DMP............................7000......88........0
Total unsecured debts..........8400......188.......-

Monthly Budget Summary
Total monthly income.................... 1,972.5
Expenses (including secured debts)....... 1,762.75
Available for debt repayments........... 209.75
Monthly UNsecured debt repayments....... 188
Surplus(deficit if negative)............ 21.75

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -8,400
Net Assets.............................. -8,400



Hope thats of some help..... you could open a savings account and then pay chunks off your debt :P x

worried_user

Amy and Jon,

thanks for the advice. Unfortunately because I literally live in the middle of nowhere I can't get the free sky broadband, to add it to my package it goes up to £64! It isn't the cheapest package, but my son does love watching Thomas before bed every night and I rarely go out anywhere on my own its nice to watch some TV or films in the evenings, so I consider it my entertainment fund
Unfortunately I don't see my parents as there were some issues with my mum and illness and her behaviour around my son when he was about 6-8 months old and the in laws always have an excuse and would only look after him if they were paid anyway, so at least this way I get the £835 from the tax credits so I'm only technically paying £49 per month out of my wages. Unfortunately I have discovered if you rely on someone 100% to look after your child so you can earn a living you will just be let down unless its their job. These costs will come down by £12 per week in the new year, as this is what I'm having to pay the preschool from September for the 1st term as he turns 3 2 days after he starts. Unfortunately I can't put it off a term or he wont get a place as its a very popular preschool.

tealady

Hi If you are now the only adult in the house don't forget to contact the Council for your £25% discount on your Council Tax.
Electricity - make sure you are getting the best deal, switch off lights when you are not in a room and don't leave anything on standby.

worried_user

Thanks Tealady,

I have now got my 25% off of council tax, but because the money my husband was taking to 'pay' it apparently never made it to the council I now have to pay for the whole year. I should be paid off in March though so that will be more spare money to throw at some debts. I am waiting to hear about the electricity, they told me they were going to take a look at everything in a few weeks and knock it down as I'm finally in credit with them. Just waiting on them to confirm the amount.
Does anyone know with regards to my DMP if I would be better setting up a savings account and offerering some full and final settlements once I've got a fair bit in there, or whether I should just request an extra amount to be thrown in with my standard payment?

tealady

Hi If your son likes Thomas have you thought about signing up for free DVD rental trials or advertise on freecycle for them. if not try Amazon, ebay or charity shops.

lonestar1

I Think Sky would have to go and as already said the elctricity is high Im guessing there are a few children in the house ? If so I think its time to drop to just 1 tv in the house and get everyone watching the same channel (Hard but if you want to dig your way out of this you have to make sacrifices)

Obviosuly the childcare is your biggest outlay only you know if you can reduce that depending on where relatives are located can you ex's parents take them for a day a week or something ?

worried_user

I'm using a free DVD rental trial for 2 months with the sun which is pretty good, but they don't have thomas. Saying that I have picked up a lot of stuff including videos and DVD's from car boots and he has all of mine and my brothers old toys and books as we used to love thomas too. I've not heard of freecycle before, how does that work? Its his birthday in a few weeks so I'm struggling a bit on presents as I don't have a lot spare. My brothers taking us to a railway in Wales where they have one of the engines from the thomas books for his birthday which is great. I'm driving as I pay a standard company fuel allowance straight out of my wages so it doesn't cost me anything extra and then my brother is sorting the rest, so I don't have to feel guilty about not being able to afford much.

TeetersOnHeels

Hi....
Well done for posting, especially so soon after your split - things must be buzzing round your head lots at the moment!!
Is your DMP with one of the free charities, CCCS or Payplan? They may be worth contacting if not.

worried_user

there's just the one child, but the 73 was paying off arrears from the previous address due to a balls up on the electricity company's part so that will be going down to a normal level in the next couple of weeks. We already only have one tv in the house, which was won in a raffle which was great. Unfortunately the only relative I am in contact with is my younger brother who works full time anyway. There are a lot of issues at my ex's parents house at the moment and I have vowed in the last week as they looked after him on Wednesday that he is not spending any time there again after the way my ex's stepdad spoke to him. He's got quite enough confusion to be dealing with. I'm pretty sure if I cut down my childcare costs my tax credits would also reduce so not sure how much good it would do me. I believe my sky contract is up in October so thats definately something I could be looking at.

tealady

Hi Freecycle is where people advertise things they don't want or for things they want. I think you have to advertise a "give" 1st but it needn't be anything large.
There are currently free DVD trials with TESCO and Blockbuster on Quidco and I think Greasypalm, both of which are cashback websites.