Pulled head out of sand now I want to put it back

Bagpuss741

idlikemymoneybackplease wrote: »

I defo do not have 331 left at the end of each month will have to start aspending diary me thinks

There's an online one here: www.spendingdiary.com

cat4772

idlikemymoneybackplease wrote: »

ok here it is I will update as soon as i check aprsStatement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 950
Partners monthly income after tax....... 0 We keep seperate incomes and bank accounts. He is very good with money and knows nothing of my mess
Benefits................................ 110 Child benifit I was overpaid by working tax so now get 0 from them
Other income............................ 500
Total monthly income.................... 1560

Monthly Expense Details
Mortgage................................ 570
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 30 this seems low Gas..................................... 20 this seems low
Oil..................................... 0
Water rates............................. 10 this seems low
Telephone (land line)................... 35 this includes broadband and line rental
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 I thought you'd said £240 (£40 for the dog's diet)
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 0 Oh pays
Car Insurance........................... 0 OH pays
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 25
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 12
Buildings insurance..................... 0 OH pays
Contents insurance...................... 0OH pays
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 Not been able to afford since christmas I cut the kids and OH
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1074

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 0 In OHs name
Other assets............................ 0
Total Assets............................ 160000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(570)......0
Total secured debts........... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................1176......60........NaN Need to check on these
capitol one....................500.......25........NaN
aqua...........................500.......25........NaN
next...........................200.......30........NaN
asda...........................250.......15........NaN
Total unsecured debts..........2626......155.......-

Monthly Budget Summary
Total monthly income.................... 1,560
Expenses (including secured debts)....... 1,074
Available for debt repayments........... 486
Monthly UNsecured debt repayments....... 155
Surplus(deficit if negative)............ 331

Personal Balance Sheet Summary
Total assets (things you own)........... 160,000
Total Secured debt...................... -0
Total Unsecured debt.................... -2,626
Net Assets.............................. 157,374

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

Hello and welcome, I've put a couple of comments up there.

My biggest concern is that your husband doesn't have a clue; do you not think it would be worthwhile to speak to your husband about the family finances? Does he really think £500 a month is enough of a contribution?

I would talk openly to your husband about the money situation and find out what his outgoings are and what your joint income is so you can get a better understanding of how much you have left to repay debts. You'll need to find out your interest rates to accurately work out your debt free date on what'sthecost.com.

Remeber that knowledge is power.

Good luck

Cat.x

RAS

Looking at your debts, the likely APRs are such that even if you pay off the minimum each month, your debt will increase over time, so you need to tackle these urgently, as a couple.

Unsecured Debts
Description....................Debt......Monthly.. .APR
barclaycard....................1176......60....... .likely to be about 25%
capitol one....................500.......25........more likely to be around 30\%
aqua...........................500.......25....... .this one about 30-35%
next...........................200.......30....... .ditto
asda...........................250.......15....... .ditto
Total unsecured debts..........2626......155.......-

idlikemymoneybackplease

Sorry elec and gas are on a prepayment meter I pay half he pays the other. I m worried about talking to him as the mear mention of money problems makes him angry missed off the dog food, so will update that when I do the APRs. I do not buy clothes for myself and the children get about 10 a month spent when the sales are on and put away for next year. Christmas means not paying other depts working overtime and quidco pigsback morrisons petrol vouchers saved throughout the year.
Birthday pressents are bought in sales and overtime worked to pay.
All my CC and bank statments are sent to my dads so that he does not see them

RAS

ILMMBP

Thanks for the explanation.

I am really sorry that you are in this situation. Long-term, you simply cannot got on like this. How long is it since he increased the money he contributes to the household?

Can you work out where that supposed surplus is going, because it sure enough is not going on luxeries.

RAS

Hi

You may be doing much of this already but have you read this http://www.moneysavingexpert.com/protect/make-money

And are you signed up for the local group of www.freecycle.org - like e-bay but you get stuff free?

What happens when work needs doing on the hosue? You need furniture, a new fridge?

alicemary

Dear ILMMBP,
As the OH of an ostrich, I advise you to have an honest, open heart to heart with your husband/partner.
The worst thing for me has been pulling my husband's head out of the sand every few months when something comes and bites us on the bum because he's been hiding from it (and hiding it from me!).
Take a day to sit round the dining table with your payslips, account details, credit card statements etc etc... and work out how to sort it out. You share a home and you share your lives, so share the strain too. he may be angry, and I realise that relationships can become very strained over these issues, but believe me it is better to get it out in the open than to leave it until it all falls apart and he has to bail you and the kids and pets out urgently.
If you are worried about how to approach it, do the preliminary work if you can. Show him this SOA, get all your paperwork together, and be prepared to lay out a strategy that includes him.
If you need help, we are here for you!

suzialwaysbroke

I agree that his £500 contribution seems poor. Can you sit down & add up everything that it costs to run a home & then divide it up? I must admit, I am not a fan of the divided finances group. Me & my OH are a unit & all bills/money in/out comes out of one pot (IYKWIM).
If you do want to make equal payments then how about a housekeeping account for everything, mortgage, bills food etc & you both put in half each, then you & he can see how much it costs to run a home. Also it would hopefully open his eyes as to how much food etc really costs. If he is paying fixed costs items only, it leaves you vulnerable to increasing food/energy/travel costs.

Sorry to witter on, hope you understand what I mean & good luck with everything,

Love Suzi xx

idlikemymoneybackplease

Thanks RAS I am a member of freecycle although everything seems to be gone before I have even replied. I cant change my CC as my credit rating is shot dead and buried. Will have a good look at the other stuff though thanks for the link. The house should be good for a few years yet I spent all my inheritance doing it up. OH paid for the roof and is good at all things DIY. Anything else would have to go on a Marshal ward or choice account. There is something else I missed of my SOA Marshal ward is 15 a month interest free and only 60 left to go. Choice is clear.
Oh dear I think I'm going to dig up the tarmac and put my head back again

RAS

Hi love, please leave that tarmac down. If you do not tackle this now, it will get worse.

A few thoughts for action.

1. Do you have any charges or PPI on any of those cards and loans? You could reclaim them.

If you can post up the list of cards and APRs, plus their maximum amounts, it may be opossible to fiddle your debts and to reduce the amount you are paying each month.

Please can you talk to one or more of the debt charities about your situation?

And do you have a credit union near you? Their APR will be lower than you are paying on those cards, so even if you can only get the most expensive one moved it would help.

Have a look at Money Saving Old Style to see if you can cut you costs at all.