I'm realy worried

bellrooster

Monthly Budget Summary
Total monthly income.................... 1,770
Expenses (including secured debts)....... 1,567
Available for debt repayments........... 203
Monthly UNsecured debt repayments....... 405
Surplus(deficit if negative)............ -202

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total Secured debt...................... -0
Total Unsecured debt.................... -3,860
Net Assets.............................. -2,860

Does this mean that theres not enough left to pay anything? or is the £203 what I've got left to make offers to the creditors

climbgirl

Try reading the Old Style boards for help on getting that food bill down. It doesn't seem outrageously high at the moment but the people on that board are incredible - they'll have you living off the smell of an oily rag! I thought I did well at keeping my food bills low until I read that board...

One thought about your husband's job - it's a very tough time for small businesses at the moment, particularly in the construction industry. If he can find regular work with an employer, I'd jump at it. It'll make life a lot easier for you if you can predict what's coming in each month. I know he might be unwilling to walk away from his own business but in these current economic times, only the very well-run small businesses will survive. It's not going to be easy to convince him but you do need to try.

Having clients not pay seems a bit odd and unfair - as one poster has suggested, he needs to consider money upfront or deposits for the work he's doing, this is quite standard practice. I'd consider threatening legal action on non-payers too - you can guarantee any big business would chase unpaid debts!

It concerns me that he isn't sure how much he's owed for the work being done. For the business to work, he's GOT to make sure it's run smartly and efficiently and this to me doesn't indicate he's doing that. I'd really urge you to try and convince him to look for regular work. It's not going to be easy for small businesses in a recession.

Please keep posting with any questions you might have - the people on these boards are so helpful and very kind (mostly!) if you need any support. Remember, most of us have been in similar situations so you're not alone. There is help out there for you, you just need to ask where to get it.

climbgirl

bellrooster wrote: »

Does this mean that theres not enough left to pay anything? or is the £203 what I've got left to make offers to the creditors

It means that your monthly outgoings (what you spend on food, rent and debts) are £203 more than what's coming in. Which obviously isn't good. You'll need to take steps to try and get the spending down even more or to try and get the incoming money up a bit more (or better still, both!).

Is it possible for you to get a part-time job, maybe bar work, night filling at the supermarkets, something like that? To help with the main income.

climbgirl

The Littlewoods debt seems strange to me - you've got it down as £450 but £250 per month? Is that really right? If that's the case, it would mean it'd be gone in two months! Are you sure it's not £25 or £2.50 per month?

That would mean your incomings and outgoings would balance a lot more!

RAS

What this means is that you do not have enough to pay the stuff in your budget (monthly expenditure) and your unsecured debts.

there are a few ways to deal with this, particularly as some of your debt could be very short -term.

I need a bit more information to really help you.

Is the car used for OH business? and are the petrol, insurance and etc for the vehicle he uses for work?

Is the mobile for work purposes?

Have you any tax and NI provision in here or is this the home budget, based on what he takes out of the business afte rhe has made tax provision?

have you ever heard of a credit union?

And can you check whether you are entieled to any benefits by having a look on www.entitledto.com?

piptom&AndyPandy

Hi
Looks like a deficit to me, are you sure you're not entitled to more benefits, if you google there is a website that will let you know - http://www.moneysavingexpert.com/protect/benefits-check

might be worth checking, what did you think to work suggestions?
Make sure you sign up for surveys with a little one you'd be able to put points aside for crimbo.

Pip
x

In_Search_Of_Me

In haste as just off out but didnt want to not say anything...Can you sit down with your oh and show him the above and help him see sence as you cannot go on as you are as will keep sinking more and more into debt that will get harder to get out of...?
Just a couple of quick suggestions... Is there any way you can do part time work or work in the eves when he can babysit to boost the household income? Thankfully your debts arent huge but it sounds like they are creeping up as you get more behind and pay more interest? Is your council tax monthly or over 10m as you can do it over 12 which helps. Are either of you able to get a 0% cc deal that you could transfer catalogues to as they are v. expensive in interest...also worth checking credit reports to see... I would get in touch with one of the free debt agencies for help and advice before things get too bad but would think the first thing if for you and oh to work things through as a couple...this wont go away and I promise both of ou will feel 100% better when youve tackled it as calmly as possible...

climbgirl

Can you please check you've got the monthly debt amounts right? £250 per month for the £450 total LIttlewoods debt can't be right and that would bring it down so you're not spending more than you earn each month!

Double check those figures for us!

bellrooster

The littlewoods one is correct as it includes arreas, I paid £30 last month and they charged me £24 in charges so effectivly i only paid off £6! It's come down from £1200 to £450 as I was paying a lot more, but now we're struggling it's just mounted up.

I will double check the figures when the little one is in bed!

thanks guys - it realy is helpful

RAS

Hiya

Are you aware that you can recalim the charges made by catalogue companies in the same way as for bank charges? And even better that there is no court case and therefore no halt on reclaim cases?