Newbie SOA - Be gentle, is there hope?

MummyOnAMission_2

Hi there as it states Im new but a long time lurker, heres my SOA to see if theres any advice I need to do.

We are a family of five. 2 adults 3 children (2 are babies). I dont work as i look after the babies and childcare is too expensive and wouldnt get much help towards as partner earns above the limit so only get child tax credit. he also works away alot so wouldnt be able to work evenings etc.

Ok, gulp, here it is -
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 2071.33 (SE so less if takes a hol)
Benefits................................ 656.16
Other income............................ 70
Total monthly income.................... 2797.49

Monthly Expense Details
Mortgage................................ 433.04
Secured loan repayments................. 531.25
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 93
Electricity............................. 49 (bill added to amount)
Gas..................................... 40(bill added to amount)
Oil..................................... 0
Water rates............................. 12.8 (12 mthly)
Telephone (land line)................... 20
Mobile phone............................ 75 (2 contracts)
TV Licence.............................. 11.61
Satellite/Cable TV...................... 0
Internet Services....................... 13.97
Groceries etc. ......................... 240 (includes toietries and baby milk and nappies)
Clothing................................ 10
Petrol/diesel........................... 40
Road tax................................ 15
Car Insurance........................... 39.46
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
School Dinners and snack at sch............ 38
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 39.51
Contents insurance...................... 0 (inc in buildings)
Life assurance ......................... 0 (in wth building)
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0 (none at mo due to funds)
Holiday................................. 0 (had none for 2 years)
Emergency fund.......................... 0
national Insurance...................... 9.53 (self employed)
Total monthly expenses.................. 1721.17

Assets
Cash.................................... 0
House value (Gross)..................... 95000 (could be worth less at mo)
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 97000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 55500....(433.04)...0
Secured Debt.................. 40000....(531.25)...0
Total secured debts........... 95500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Blair Oliver and scot..........1700......120.......0 (had for about 5 years)
Mum............................1700......25........0
overdraft......................555.......35........0
Royal Bank Os Scotlan..........1450......32........0
Cahoot.........................7000......176.......0
Liverpool Victoria.............3000......70........0
Mint...........................2200......49........0
Capital One....................600.......17.5......0
Yorkshire Bank.................9500......262.......0
Ikea...........................927.......28........0
Topshop........................135.......5.5.......0
Next...........................2900......155.......0
Capital One....................1800......90........0
Littlewoods....................3000......96........0
partners o/draft..............2000.................0
Total unsecured debts..........38467.....1161......

Monthly Budget Summary
Total monthly income.................... 2,797.49
Expenses (including secured debts)....... 1,721.17
Available for debt repayments........... 1,076.32
Monthly UNsecured debt repayments....... 1,161
Surplus(deficit if negative)............ -84.68

Personal Balance Sheet Summary
Total assets (things you own)........... 97,000
Total Secured debt...................... -95,500
Total Unsecured debt.................... -36,467
Net Assets.............................. -34,967

So there it is. My husband gets paid weekly so when worked out his wage did it as if was monthly. Hope thats right. We've not missed any payments yet but only because we borrow from family each week to help pay them then obviously pay them back so end up really short each week.

Hope you can help with some of the wonderful advice you have given others.
Off to hide in embarrassment but relieved Ive finally took a step forward

thanks in advice
MummyOnAMission

moo2moo

Congratulations on taking the first step, thats always the hardest.

If you haven't already done it chuck out your catalogues. Your bills all seem fairly reasonable and there aren't many places you can cut back. Perhaps sandwiches instead of school lunches and a reduction on the mobile phone bills?

What are the APRs on your debts? Particularly Top Shop and the like, are you actually paying any more than the interest at £5.50 a month?

MummyOnAMission_2

Hi Moo, thanks for advice.
Yes we are going to cut up catalogues. We have no excuse for why they are so high we just have used then because we've had no money to buy clothes and guess bought them the silly way.

Sch dinners ive just put my daughter back on to as she isnt a very good eater and she will eat at sch.

The phone bills we cant reduce for another 8 months unfortunately.

I dont know any apr's (thats bad i know). The topshop interest is about 4.20 or something so yup that hardly goes down.

bargainbetty

MummyOnAMission wrote: »

Monthly Expense Details
Mortgage................................ 433.04
Secured loan repayments................. 531.25
Council tax............................. 93
Electricity............................. 49 (bill added to amount)
Gas..................................... 40(bill added to amount)
Water rates............................. 12.8 (12 mthly)
Telephone (land line)................... 20 - can this be reduced, as you both have mobiles..Virgin do a monthly deal for £10
Mobile phone............................ 75 (2 contracts) can these tariffs be reviewed?
TV Licence.............................. 11.61
Internet Services....................... 13.97- again, can this be reduced by shopping around?
Groceries etc. ......................... 240 even with everything included, could this be brought down by cooking from scratch, meal planning and reducing waste - check out the Old Style Savings board - they're ace!
Clothing................................ 10 - I know it's hard with growing kids.. this needs to stay in place.
Petrol/diesel........................... 40 - can this be reduced?
Road tax................................ 15
Car Insurance........................... 39.46 - have you shopped around for the cheapest option?
School Dinners and snack at sch............ 38 - see if taking packed lunches might work out cheaper...
Buildings insurance..................... 39.51 - shop around for more cheap options
national Insurance...................... 9.53 (self employed)

I hope this helps. Good luck honey x

TotallyBroke

Is you petrol amount correct for the month. My tank holds about £40 but that will only last me a week & 1/2 maybe two weeks and that is only driving two and from work, bit of shopping etc.
I'm just thinking that if your OH works away he must have to travel quite far how does he do this if not by car only there are no other travel expenses.
If £10 per week is all you do spend on petrol then maybe consider giving up the car.
You really do need to find out about interest rates on the debts and maybe look into 0% balance transfers on some of the higher ones.
You must also remember that once your babies turn one year your tax credits will drop drastically.
Try and shop online, this saves you picking up extras along the way. You can also look around for the best deals on nappies at the different sites/supermarkets.
All those old clothes get them sold. Either ebay or for the kids clothes check out NCT sales in your area. You do have to donate 25% to the charity but don't get the hassles of selling at a boot sale.

Don't be embarrassed a lot of people are in the same boat. Myself included although with my added problems I'm too chicken to post a SOA.
Good luck

Sorry almost forgot.. Could you consider mystery shopping or some questionairre work other boards here offer this advice. It's not great money straight away but could help in the long run.

MummyOnAMission_2

Thanks Totally broke.
The petrol is right yes, I tend to not venture out much to save on petrol. I need to start doing though really. My family dont live near so we use the car to go see them as well.

My husband gets a van from work. Hes self employed but a sub contracter for the same company. And they provided the van for him so his petrol is paid for.

We've tried to get some 0% cards to balance transfer but was turned down, i'm presuming because of the amount we owe already we are a risk to them.

Ebay, well yes its like my second home lol. I ebay anything I can. This week was used mouisturisers that i got as a pressie and hardly used. Made £20 so its a start. And starting to get a little pile of baby clothes mounting to sell soon.

Ive put myself down for mystery shopping but heard nothing yet. And i do mums opinions and valued opinions.
I collect tesco, nectar and boots points as well and hopefully will use them for xmas food shop and presents.

Thanks for reminding me about the tax credits dropping. i'd forgot they dropped once they were one!

Thank you all again!!

tyllwyd

I think your SOA looks incredibly tight - you are already falling behind by £85 a month and there is no leeway if a big bill comes in or your partner has a week off work. I think you should stop borrowing from your family NOW because it is going to build up to a level where you just won't be able to pay them back.

I think you need to talk to one of the debt advice charities (CCCS, PayPlan etc) to see what they recommend. But I'd do it sooner rather than later, because I can't see that things are going to improve in the short term.

MrOrchard

Well done on taking the first steps, the hardest part is being hard on yourself. That's what you have to do now. It's not fun, but I did it a few years ago, and it was the best thing I have ever done.

1. Shop around for your insurance, you can cancel at anytime and move to a cheaper deal.

2. Your Groceries seem high, you could save a lot here, buy the raw ingredients and cook from scratch. Buy your staples at Lidl or switch to the value range at your local supermarket.

3. Leccy and gas seem very high, turn off every socket before bed, make sure lights are off, have the heating on for a short while before you wake up, then an hour or two at night if you really can't live without it. Cook more than one thing in the oven at once, mix your veg in pots on the hob etc - I saved 60% doing this. Use blankets, jumpers etc.

4. Mobile phone - it's a luxury not a necessity, drop to PAYG and allow yourself £10 a month credit.

5. "I collect tesco, nectar and boots points as well and hopefully will use them for xmas food shop and presents." - convert them to vouchers for deals, they're worth about 4 times more than the £2.50 discount off of shopping - ideal for christmas

6. With regards to kids clothes - Freecycle often has this sort of thing on there, it can't hurt to join, and you might find other things you're looking for.

Above all, keep your head up and stay focused and you'll look back on this time and motivate yourself in the future!