Aeshna - Scared but determined!

chevalier

Aeshna wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1293
Partners monthly income after tax....... 0
Benefits................................ 272 this is just child benefit isn't it? What about working families tax credit?
Other income............................ 0 look forward to this changing once you really start selling things/doing clicks etc. You might also want to say to your children that maybe they want to sell some of their stuff too, to help pay for things, ie you get 50% and they get 50% or something. Could the older one get a Saturday job?
Total monthly income.................... 1565

Monthly Expense Details
Mortgage................................ 440 Is this interest only? I know they said they wouldn't capitalise the arrears but what about them extending the term on the mortgage, so that the repayments you are making are paying off some of the mortgage arrears.
Secured loan repayments................. 237 again can you extend the term here too?

Council tax............................. 96 are you entitled to any council tax benefit? If not ask to pay over 12 months not 10, to spread the load.
Electricity............................. 59 yep this is a bit high, but I think you have explained this in another post. Your older one needs to take a lesson from the younger one about this. Have you thought about signing up for paperless statements? I think this saves a bit each month.
Gas..................................... 26

Telephone (land line)................... 10
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 25 freeview is cheaper
Internet Services....................... 15
Groceries etc. ......................... 250 you can get this down honest! I pay this for an extra adult and two cats. I found shopping in the local market for fruit and veggies was much cheaper than the supermarket. Also down sizing a brand of stuff like tomatoes, beans etc can help too. Ie if you buy Delmonte pineapple chunks you buy Tesco's own, and save that way.

You also need to do an inventory of you cupboards and freezer to see what you can put together from there. Some people have found that they only need to shop for milk/fresh stuff for a couple of weeks once they new what was lurking about.

Then once you have used up some stuff start to meal plan for a week, and then do a shopping list from that. New rule in the supermarket, if it isn't on the list is doesn't go in the trolley (this if for the children lol!)
Clothing................................ 40
Petrol/diesel........................... 60
Road tax................................ 0
Car Insurance........................... 60 If you BF is not in the country for most of the year, then take him off the insurance. Have just you on, then when it come time for him to come over, just put him on for the length of time he is over here. Check on moneysupermarket.com to see if there is a cheaper quote and then go through a cashback site to get money back on the new deal
Other travel............................ 39
Childcare/nursery....................... 0
Other child related expenses............ 60
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0You REALLY need this, you may be in breach of your mortgage without it.
Contents insurance...................... 0 this too, but here the risk is just yours.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 20how much is the emergency fund? Is it enough to pay off one of the pay day loans?
Total monthly expenses.................. 1489

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 120000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 76000....(440)......6.3
Secured Debt.................. 16000....(237)......16.8
Total secured debts........... 92000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax Credit Card............495.......10........21.95
Halifax Credit Card............2590......56........21.95
Egg............................837.......17........21.9
Uncle Buck.....................530.......0.........0
Quickquid......................562.......0.........0
PTP............................569.......0.........0
RBoS overdraft.................1100......55........0
Shoe Tailor....................264.......25........0
Simply Be......................155.......38........0
Littlewoods....................451.......25........0
Welcome Finance................940.......54........0
Iqor...........................3800......60........0
Greenwoods ....................1100......128.......0
Vanquis........................619.......25........0
Total unsecured debts..........14012.....493.......- you need to find out the APR to all of these debts in order to prioritise which one to save to pay off first if you do a DMP.

Monthly Budget Summary
Total monthly income.................... 1,565
Expenses (including secured debts)....... 1,489
Available for debt repayments........... 76
Monthly UNsecured debt repayments....... 493
Surplus(deficit if negative)............ -417

Personal Balance Sheet Summary
Total assets (things you own)........... 120,000
Total Secured debt...................... -92,000
Total Unsecured debt.................... -14,012
Net Assets.............................. 13,988

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

======== Enter any other useful information below ========

I have 2 kids, aged 16 and 11, and my girls (2 kitties). My bf lives most of the year abroad at the moment until we get visa's etc sorted out and he pays for the car tax and maintenance (it's his car). The car insurance is higher than I'd like, but I shopped around - as bf is non UK citizen, we pay the price. I don't receive maintenance as the kids spend 3 nights a week with their father (overnight) plus usually most of Sunday and this arrangement was agreed at seperation. Mobile phones all PAYG, for the 3 of us, so that I keep in touch with kids mainly.
Can't think of anything else right now, although there's bound to be something....


Jeez, this is actually the first time I've really seen the incoming versus outgoings detailed like that. There's no way I'll get accepted for a DMP, my surplus just isn't enough! Oh hell, what am I going to do?!

Aeshna

Don't feel bad about this. YOu have taken control now. Before it got to the reposession stage on the house for example. But you definitely need to sort that pronto. I gather uncle Buck is a family member? Would it be possible to ask him to pay off the payday loans, it would save you so much interest if you could

Also if you have credit card charges, or store card charges, they have NOT been put on hold like bank charges, so you can go ahead and reclaim the last 6 years now.

Check to see if you are in the correct band of council tax. If you are in the wrong band, then you can reclaim the difference for ALL the years you have been in the house. Could be a fair bit!

good luck
chev

dancingfairy

Hi. I think the clothes need to go this month - not unless absolutely essential, sky - has gotta go really. If you pay all the unsecured debts 1 pound you should have a bit to pay off the mortgage arrears and the secured loan, these are you absolute priority and also obviously,council tax, electric,water and food etc.
Food - definitely set yourself a challenge to see what you can make from the bits in your cupboard as suggested already and only buy bread/milk/veg and stuff to make up meals with the other stuff in your cupboard.

What is other child related expenses?
What's other travel?

Best of Luck - you can get this sorted but you are right if you had left it much longer you would have a major problem.
Glad you are getting help from CCCS.
df

Aeshna

chevalier wrote: »

I gather uncle Buck is a family member? Would it be possible to ask him to pay off the payday loans, it would save you so much interest if you could. Unfortunately Uncle Buck is a payday loan company.

Also if you have credit card charges, or store card charges, they have NOT been put on hold like bank charges, so you can go ahead and reclaim the last 6 years now. I've asked my bank to continue to look at my bank charges claim under financial hardship, doubt it'll help but you never know - £5000 in bank charges, this refund would make me breath again. But I'll get on to the cc charges, thank you, sometimes I just need a push!

Check to see if you are in the correct band of council tax. Unfortunately am in correct band, but thanks for the pointer.

good luck
chev

Originally Posted by Aeshna

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1293
Partners monthly income after tax....... 0
Benefits................................ 272 this is just child benefit isn't it? What about working families tax credit? This is made up of £25 child tax credit and the rest is working tax credit. The family allowance/child benefit goes to my ex.
Other income............................ 0 look forward to this changing once you really start selling things/doing clicks etc. You might also want to say to your children that maybe they want to sell some of their stuff too, to help pay for things, ie you get 50% and they get 50% or something. Could the older one get a Saturday job? He's applied for a couple of Saturday/after school jobs already, just waiting to hear back. The plan this week is to gut all wardrobes and hit eBay.
Total monthly income.................... 1565

Monthly Expense Details
Mortgage................................ 440 Is this interest only? I know they said they wouldn't capitalise the arrears but what about them extending the term on the mortgage, so that the repayments you are making are paying off some of the mortgage arrears. Yeah, this is interest only already, my intention being to make life as easy for myself as possible initially then reviewing it later when I thought I'd have more cash. Nothing to be done here. This payment includes my B&C insurance though, having shopped around it's still the cheapest option.
Secured loan repayments................. 237 again can you extend the term here too? Not sure, as I didn't think about it - Welcome finance loan, so I'm not sure how amenable they'll be, but can only ask - I'm working through a statement I got from them actually, after finding that my balance has increased in the last year, despite no missed payments....

Council tax............................. 96 are you entitled to any council tax benefit? If not ask to pay over 12 months not 10, to spread the load. This is my reduced payment as single mother.
Electricity............................. 59 yep this is a bit high, but I think you have explained this in another post. Your older one needs to take a lesson from the younger one about this. Have you thought about signing up for paperless statements? I think this saves a bit each month. My electricity payment was £37 but as I fell into arrears, they've rescheduled for me and this is my new monthly payment. Will be trying to keep this as low as possible though for next review.
Gas..................................... 26

Telephone (land line)................... 10
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 25 freeview is cheaper Fair comment, I shall look at this....actually I think my son might have a freeview box under the bed he inherited from his grandmother many moons ago....
Internet Services....................... 15
Groceries etc. ......................... 250 you can get this down honest! I pay this for an extra adult and two cats. I found shopping in the local market for fruit and veggies was much cheaper than the supermarket. Also down sizing a brand of stuff like tomatoes, beans etc can help too. Ie if you buy Delmonte pineapple chunks you buy Tesco's own, and save that way.

You also need to do an inventory of you cupboards and freezer to see what you can put together from there. Some people have found that they only need to shop for milk/fresh stuff for a couple of weeks once they new what was lurking about.

Then once you have used up some stuff start to meal plan for a week, and then do a shopping list from that. New rule in the supermarket, if it isn't on the list is doesn't go in the trolley (this if for the children lol!) In reality, I have no idea how much I've been spending, so I'll do exactly as you have suggested and see how it goes, thankyou!
Clothing................................ 40
Petrol/diesel........................... 60
Road tax................................ 0
Car Insurance........................... 60 If you BF is not in the country for most of the year, then take him off the insurance. Have just you on, then when it come time for him to come over, just put him on for the length of time he is over here. Check on moneysupermarket.com to see if there is a cheaper quote and then go through a cashback site to get money back on the new deal I didn't know I could just add him temporarily! Thank you, I'll get some comparison quotes tonight!
Other travel............................ 39
Childcare/nursery....................... 0
Other child related expenses............ 60
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0You REALLY need this, you may be in breach of your mortgage without it. Included with mortgage payment
Contents insurance...................... 0 this too, but here the risk is just yours.Included with mortgage payment
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 20how much is the emergency fund? Is it enough to pay off one of the pay day loans? I have no emergency fund in place - these figures were taken from suggested CCCS expenses when I did my debt remedy, so it's a plan rather than the norm.
Total monthly expenses.................. 1489

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 120000

Secured Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 76000....(440)......6.3
Secured Debt.................. 16000....(237)......16.8
Total secured debts........... 92000.....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
Halifax Credit Card............495.......10........21.95
Halifax Credit Card............2590......56........21.95
Egg............................837.......17....... .21.9
Uncle Buck.....................530.......0.........0
Quickquid......................562.......0........ .0
PTP............................569.......0........ .0
RBoS overdraft.................1100......55........0
Shoe Tailor....................264.......25........0
Simply Be......................155.......38........0
Littlewoods....................451.......25....... .0
Welcome Finance................940.......54........0
Iqor...........................3800......60....... .0
Greenwoods ....................1100......128.......0
Vanquis........................619.......25....... .0
Total unsecured debts..........14012.....493.......- you need to find out the APR to all of these debts in order to prioritise which one to save to pay off first if you do a DMP. I know the payday loans are the worst, just couldn't lay my hands on the rates. Iqor froze interest and have actually offered me a F&F but I've explained I can't settle - they're willing to keep the offer open.

Monthly Budget Summary
Total monthly income.................... 1,565
Expenses (including secured debts)....... 1,489
Available for debt repayments........... 76
Monthly UNsecured debt repayments....... 493
Surplus(deficit if negative)............ -417

Personal Balance Sheet Summary
Total assets (things you own)........... 120,000
Total Secured debt...................... -92,000
Total Unsecured debt.................... -14,012
Net Assets.............................. 13,988

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

Aeshna

dancingfairy wrote: »

Hi. I think the clothes need to go this month - not unless absolutely essential, sky - has gotta go really. If you pay all the unsecured debts 1 pound you should have a bit to pay off the mortgage arrears and the secured loan, these are you absolute priority and also obviously,council tax, electric,water and food etc. Again, the likes of the clothing was never actually budgeted so it can certainly be dropped for the time being - kids are getting clothes/money from relatives at xmas and I can do without. Well, I can't do without clothes, but I don't need to buy anything new!!!!!!!!!!!!!
Food - definitely set yourself a challenge to see what you can make from the bits in your cupboard as suggested already and only buy bread/milk/veg and stuff to make up meals with the other stuff in your cupboard. Honestly don't know what's in the freezer.......

What is other child related expenses? Cost for supplying lunch, bus fares, eldest's athletics subscription and school trips - again, never previously budgeted for.
What's other travel? Bus Pass for travelling to work - I'm going to try to cut back on petrol, I do most of my running around in the car for the kids social life and their father doesn't drive so I have to get them there on the days/nights they're with him.

Best of Luck - you can get this sorted but you are right if you had left it much longer you would have a major problem.
Glad you are getting help from CCCS. Thank you for your good wishes, it means a lot.
df

I hope nobody minds the way I'm replying to these posts, I just find it easier but I'm not sure how it is on the eyes...

Aeshna

Jesthar

Aeshna wrote: »

I hope nobody minds the way I'm replying to these posts, I just find it easier but I'm not sure how it is on the eyes...

Aeshna

Heh, no worries - as long as everyone uses different colours I can keep track just fine, and it saves hunting for answers! :rotfl:

Dang, 5k in bank charges? :eek: You go girl, claim 'em back - with interest if you can! Definitely give the financial hardship case a try, you might get them back quite quickly, and that's bye-bye to the payday loans in one go - and then some! Suggest you could then take up the F&F offer with Iqor (just tell 'em you've managed to claw the money together so they don't get ideas about you paying them the full outstanding amount ) and/or and pay the rest off your mortgage arrears?

And, of course, the credit card charges - same goes for them. They will come through before the bank charges if you don't get financial hardship; let us know how much they add up to when you work it out?

Hope the e-baying foray goes well. One other thought - have you contemplated asking to just have money for Christmas as opposed to gifts? A tad embarrassing I know, but you could just say you need to get your finances in better order and it would be a big help?

*hugs*

~Jes

dancingfairy

supplying lunch ? who for? if it's your son - he may have to have packed lunches or pay for it out of his own money with his job etc. You can't really afford it.
Bus travel? for your eldest to go to school? can they get discounts or anything at all?
df

Dex

Hey,

I don't have anything to add just wanted to wish you luck

Dex

Aeshna

Thanks Dex, it's appreciated, trust me!

dancingfairy - you are perfectly correct, money for lunches is no longer an option, the relatively small amount needed for bus fares for them to get to their Dad's once (sometimes twice) a week while I'm working is neglible in the scheme of things and unavoidable.

In the meantime, some good news! I spoke to my bf earlier today and explained that I'm having a tough time making ends meet - I want to be totally honest with him, but doing it over the phone when he's hundreds of miles away isn't nice so I'm going to save that for when he's home at xmas.... some present huh? Anyhow, he's left a duplicate bank card here for his personal overseas account, tucked away in a drawer I knew nothing about. He's said to me to take £200 per month out of the account as he feels bad that he's not contributing to the household and doesn't want me struggling - despite the fact that he only currently spends about 3 months of the year here, and when he does, he pays for everything. However, I am not a proud person, so I've grabbed at the opportunity with both hands! When he goes back abroad again in February, he'll be in a better paying job and has already said he'll increase the money I can take, but for the moment it's been the boost I needed. As a matter of course, one of my work colleagues covers every Saturday, it's a habit and I don't usually cover for him unless he's off on holiday or sick. However, I'm going to talk to him tomorrow and see if he'd be happy to let me cover half of them - I don't want to take food out of his mouth (I know he struggles sometimes too) but at the same time I need to look out for myself, and the couple of days overtime is much needed.

I've reassessed my SOA based on the comments you've all given me here and gone back to redo the CCCS debt remedy. The £200 extra I'm going to have from the bf every month will cover the previously agreed payment towards my mortgage arrears, of which I have £1000 outstanding - so 5 months time I'll be clear on that and essentially still have access to that £200. The revised debt remedy gives me £134 surplus over and above everything else, so they've recommended a Low-Start DMP. At that rate it'll take 11 years plus to pay off my debts, but I know I can review it again in April, by which time I may actually be getting more from the bf, so things are most certainly looking up. I feel so relieved that I've clicked the button and will be getting my CCCS pack soon. I know that the hounds will no doubt soon be barking at my door/phone/letterbox, but for the moment I'm just happy that I'm dealing with this instead of hiding.

Thanks everyone, for being so supportive, hopefully I'm on my way now.....

Aeshna

Aeshna

[originally posted by Jestar] Heh, no worries - as long as everyone uses different colours I can keep track just fine, and it saves hunting for answers! :rotfl:


Great, I just find it so much easier to make sure I don't miss anything doing it this way!
Dang, 5k in bank charges? :eek: You go girl, claim 'em back - with interest if you can! Definitely give the financial hardship case a try, you might get them back quite quickly, and that's bye-bye to the payday loans in one go - and then some! Suggest you could then take up the F&F offer with Iqor (just tell 'em you've managed to claw the money together so they don't get ideas about you paying them the full outstanding amount ) and/or and pay the rest off your mortgage arrears?

Yeah tell me about it! Goes a long way to explaining why I've been struggling, but in retrospect I should have been paying attention - that's 5 years worth of charges from when I left the ex, I've now sent off my financial hardship paperwork to the bank, so fingers crossed - I'm not relying on it but it would be SUCH a HUGE boost!

And, of course, the credit card charges - same goes for them. They will come through before the bank charges if you don't get financial hardship; let us know how much they add up to when you work it out?

:eek: I didn't even think about the credit card charges, omg where has my head been?? Right, I'm on it!

Hope the e-baying foray goes well. One other thought - have you contemplated asking to just have money for Christmas as opposed to gifts? A tad embarrassing I know, but you could just say you need to get your finances in better order and it would be a big help?

I've sold a couple of silly bits n pieces on eBay, so this will be interesting, but I'm always suprised at stuff that sells. I've been through my wardrobe tonight and set aside everything that's going - some of it hasn't even been worn and I'm not really one for buying clothes, I usually wear them to death before giving in and getting something new. Re xmas pressies, brilliant idea, but I know that my parents have already done their xmas shopping so that's out, but I think I'll point them in that direction for next year, as let's face it, I'll still have plent of debt to repay at that point, may as well plan ahead if I can!

*hugs*

Thankyou for the hugs Jes, I've been in need of them (and no doubt will be again before this is all over!!) *hugs* right back!

Aeshna

Aeshna

Ok, sorry, I've got a couple of things going around in my head!

If I manage to raise money from selling on eBay, I know I'll be able to throw it at the current debts however I choose before the DMP starts. What happens after that though, am I right in saying that I can't just choose a creditor as they have to be treated fairly? If I gave CCCS extra one month, would that totally throw things if the creditors didn't get the same again the following month? Same applies re any overtime I work.....

Aeshna