Please advise me....

littlechickpea

OK have bitten the bullet and completed the SOA, phew, painful. Now I am about to phone cccs people as we are unable to pay these bills for much longer, all resources have been maxed or drained... Is this the right thing to do, ie before the poo hits the oscillating thing, or can I sort this out by serious money saving? Please advise me oh wise people.
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 50
Partners monthly income after tax....... 1500
Benefits................................ 354.64
Other income............................ 0
Total monthly income.................... 1904.64

Monthly Expense Details
Mortgage................................ 393
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 16.67
Council tax............................. 102
Electricity............................. 71
Gas..................................... 76
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 15
Mobile phone............................ 40
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 720
Road tax................................ 21.67
Car Insurance........................... 135
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 15
Other insurance......................... 15
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 10
Emergency fund.......................... 0
Total monthly expenses.................. 1962.34


Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 15000
Other assets............................ 0
Total Assets............................ 115000


Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 63000....(393)......5.4
Total secured debts........... 63000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin card....................4700......130.......17.9
Egg Card.......................3829......80........16.9
Nationwide Card................689.......50........17.9
A&L Overdraft..................500.......50........19.9
HSBC Overdraft.................1300......70........19.9
Total unsecured debts..........11018.....380.......-


Monthly Budget Summary
Total monthly income.................... 1,904.64
Expenses (including secured debts)...... 1,962.34
Available for debt repayments........... -57.7
Monthly UNsecured debt repayments....... 380
Surplus(deficit if negative)............ -437.7

Personal Balance Sheet Summary
Total assets (things you own)........... 115,000
Total Secured debt...................... -63,000
Total Unsecured debt.................... -11,018
Net Assets.............................. 40,982

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

Now I wouldn't call myself dim, but I really don't understand the above, but am assuming the minus 1711 bit is v serious, right?
*wails*
Helppp

SmileyG_2

£2500 per month to run a £15,000 car (or cars)? Is that correct?

littlechickpea

OOOOPs sorry I said I was dim didn't I? The insurance figure is for a year, shall I do it again...

beanielou

The figures you are showing for car tax , insurance & petrol ~ are they really monthly?

littlechickpea

OK to explain high car costs; partner is taxi driver so spend 30 a day on diesel, the car needs mot every 6 months and replating every year.
Sorry to be a prat I just so desperate to sort it I'm getting all mixed up

savingholmes

littlechickpea wrote: »

OK have bitten the bullet and completed the SOA, phew, painful. Now I am about to phone cccs people as we are unable to pay these bills for much longer, all resources have been maxed or drained... Is this the right thing to do, ie before the poo hits the oscillating thing, or can I sort this out by serious money saving? Please advise me oh wise people.
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 50
Partners monthly income after tax....... 1500
Benefits................................ 354.64
Other income............................ 0
Total monthly income.................... 1904.64

Monthly Expense Details
Mortgage................................ 393
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 16.67
Council tax............................. 102put spare money from Feb and March against repaying debt...
Electricity............................. 71These are both high - check prices via a cash back site like quidco and get paid to switch and to compare prices
Gas..................................... 76
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 15 Combine with internet - we switched to talk talk £17 pcm for 10gig and free evening and weekend calls - one cash back site was paying £50 to switch...
Mobile phone............................ 40 Try to change to pay as you go or lower your contract - ring them up and haggle let them know you can't afford it and that you are trying to be up front with them
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 15See phone above
Groceries etc. ......................... 200 Look at old style board for ideas, especially meal planning. Better than us tho:rolleyes:
Clothing................................ 10
Petrol/diesel........................... 720 Wow - why?
Road tax................................ 260 2 cars? Do you need 2?
Car Insurance........................... 1550 Is this a year rather than a month?
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 15
Other insurance......................... 15
Presents (birthday, christmas etc)...... 20 Try the £10 a day challenge to fund this - and release this money for debt repayment
Haircuts................................ 0 Really?
Entertainment........................... 0 Really?
Holiday................................. 10
Emergency fund.......................... 0
Total monthly expenses.................. 3615.67


Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 15000 - Sell? Downgrade to £2K car or less
Other assets............................ 0
Total Assets............................ 115000


Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 63000....(393)......5.4
Total secured debts........... 63000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin card....................4700......130.......17.9
Egg Card.......................3829......80........16.9
Nationwide Card................689.......50........17.9
A&L Overdraft..................500.......50........19.9
HSBC Overdraft.................1300......70........19.9
Total unsecured debts..........11018.....380.......-
Can you switch any of these to lower interest rates?

Monthly Budget Summary
Total monthly income.................... 1,904.64
Expenses (including secured debts)...... 3,615.67
Available for debt repayments........... -1,711.03
Monthly UNsecured debt repayments....... 380
Surplus(deficit if negative)............ -2,091.03
Is this because you have made a mistake in the car insurance line?
Personal Balance Sheet Summary
Total assets (things you own)........... 115,000
Total Secured debt...................... -63,000
Total Unsecured debt.................... -11,018
Net Assets.............................. 40,982

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

Now I wouldn't call myself dim, but I really don't understand the above, but am assuming the minus 1711 bit is v serious, right?
*wails*
Helppp

Ditch the car and you can repay your debt - seems most obvious solution? I've made some comments - hope you find them helpful... Welcome, and congrats on having the courage to post. I found it very scary when I posted my soa...

savingholmes

I wrote my reply while others answered... on the car - this is a business expense then really? Are you off setting that against tax? also have you looked at whether if your car is costing you quite so much to run - whether the taxi driving is paying its way sufficiently? I know that is a big question. Perhaps you need to review that as it seems to me most of your partner's income is going on funding the car so really he is bringing less than £500 home for his hard work IYSWIM? I don't know whether it is me that doesn't understand numbers now...:p

It might be worth seeing a business adviser through business link to talk through his business and how he is costing things etc...?

I wouldn't rush into the CCCS thing yet... You could perhaps ring them for advice... I think there is a business debtline as well as the normal one - perhaps you could talk to both?

littlechickpea

The car is the income...
Thanks tho Saving Holmes.
I will look at quid co but the money shown for elec is including a dd to pay off a massive bill so won't be able to switch til thats paid I guess. Gas again is wrong as thats the 1/4ly payment, sorry.
No haircuts - mine is like a witches with scraggy split ends, and partner gets his lopped off with clippers by me
No entertainment, sad I know but partner works nights so we never spend any time togther anyway.
Will do phone and internet asap, got tied into a blimmib bt contract which was v annoyed about - lack of comminication with partner as we were both unknowingly trying to sort it out. Grr!
I am having trouble switching debts as we can't get any low or 0% deals due to poor credit score.
Thanks though, will look into quidco

littlechickpea

Thanks again. Very good point now I can see the figures, the thing is some days are great for him, I have based the figure for his income on 50 a day which is a bad day. Its so hard to get an accurate picture as its so variable, I don't know how to crunch the numbers when they are so unpredictable...:(

chunkytfg

lets put it this way. with a partners income of 1500 but a monthly expense of £916.67 your partner is earning less than 600 a month.

I hate to say it but a full time job(35 hours a week) @ £6 per hour would earn him more( 840 a month)

You have to ask yourself is it really worth it really?

huntersc

Tell your fella to quit the taxi driving.

Taking into account the business cost you'd probably get more working on the till at ASDA. Plus I think taxi drivers are going to be hit hard soon, less people will spend money on cabs.