Proper Skint!!!

spartan59

Hi all

I have really just had a proper light bulb moment. I am proper skint. My wife am I are pretty deep in debt now.

I have £4600 on crecit cards. About £20000 on a Natwest loan and £2.80 in my acount.

My wife has about £6000 left on a loan. She is def overdrawn but not sure how much.

Our Joint account is nearly £3000 over drawn. We also have a joint £4000 loan out due to wife trying to clear previous overdraft!!!!!!!

My wife is on mat leave at the mo but does earn a good wage when she gets back to work and in jan we are selling her car so should make around £4000ish from that. I am due around £1000 back pay in Jan but in the mean time it is hard to manage the debt I know we can clear the cards and overdrafts in March when wife goes back to work but as at 13th dec we are skint!!

I don't enjoy being in debt and want to get out of it as soon as possible. Obviously it is christmas time and everyone is short of cash but I am sure we are now skint.

spartan59

A bit of meat on the bones,

We moved around due to my work most of last year which cost us in moving costs etc and I had to travel at great expense up and down the country. Plus had a new baby in this time also.

I have been trying to save as much money as possible and I spend as little as possible. We have just bought a new car out right by part exchange and some inheritance. So after selling wifes car we will be down to one car in order to minimise costs. Our house is rented out and we make around £50 after the mortgage is paid out, soon to become £200 if they apply tax cuts!!

Wife is at home all day at the moment so we need some ideas to make money from home.

bank_of_slate

Hi Spartan, have you completed a statement of accounts yet?
https://www.makesenseofcards.com/soacalc.html
...Linda xx

bank_of_slate

Get your wife completeing online surveys!
Register with
Quidco for cash back on purchases and utility changes
https://www.quidco.com

You Gov surveys for extra income
https://www.yougov.com

lightspeed panel surveys
https://www.uk.lightspeedpanel.com

Toluna surveys (points mount up quickly)
http://uk.toluna.com

Valued Opinions surveys
https://www.valuedopinions.co.uk

Join https://www.seefilmfirst.com and look for free tickets on the freebies - no spend required thread on here... I just got 3 FREE tickets to take the kids to see Desperaux this Thursday at 4pm at my local cinema.

Join Freecycle for baby related goods - often lots on offer

She could also join netmums where there will be a local community with a great 'Meet a Mum' forum too
...Linda xx

spartan59

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1933
Partners monthly income after tax....... 500
Benefits................................ 0
Other income............................ 1150
Total monthly income.................... 3583
Monthly Expense Details
Mortgage................................ 435
Secured loan repayments................. 0
Rent.................................... 133
Management charge (leasehold property).. 0
Council tax............................. 102
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 45
TV Licence.............................. 11
Satellite/Cable TV...................... 25
Internet Services....................... 18
Groceries etc. ......................... 360
Clothing................................ 40
Petrol/diesel........................... 50
Road tax................................ 20
Car Insurance........................... 89
Car maintenance (including MOT)......... 20
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..................... 18
Contents insurance...................... 16
Life assurance ......................... 40
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1532

Assets
Cash.................................... 0
House value (Gross)..................... 205000
Shares and bonds........................ 1500
Car(s).................................. 5500
Other assets............................ 0
Total Assets............................ 212000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 193950...(435)......2.75
Total secured debts........... 193950....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
natwest loan...................19876.....374.......6.9
matwest loan...................4000......111.......7.9
barclay card...................2400......50........14.9
overdraft......................2574......0.........0
virgin.........................2386......43........0
Total unsecured debts..........31236.....578.......-

Monthly Budget Summary
Total monthly income.................... 3,583
Expenses (including secured debts)...... 1,532
Available for debt repayments........... 2,051
Monthly UNsecured debt repayments....... 578
Surplus(deficit if negative)............ 1,473
Personal Balance Sheet Summary
Total assets (things you own)........... 212,000
Total Secured debt...................... -193,950
Total Unsecured debt.................... -31,236
Net Assets.............................. -13,186
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

spartan59

Partner on mat leave. When back to work £2200 a month

Water rates included in rent

Mortage repayments based on tax cuts being passed on

bank_of_slate

Are you self employed or can you get relocation expenses from your employer?
...Linda xx

Jvic28

How come you aren't able to pay off your debts with a surplus of £1473 every month, or am I missing something?

spartan59

Reallocation money spent already on overdraft.

Not sure where the rest goes, also this SOA is based on current situation. Debt was created under previous situation. So hopefully that surrplus should be seen in the next few months

bank_of_slate

spartan59 wrote: »

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1933
Partners monthly income after tax....... 500
Benefits................................ 0
Other income............................ 1150
Total monthly income.................... 3583
Monthly Expense Details
Mortgage................................ 435
Secured loan repayments................. 0
Rent.................................... 133
Management charge (leasehold property).. 0
Council tax............................. 102
Electricity............................. 40 Are you on a dual fuel deal with a paperless tariff? - shop around VIA QUIDCO!!!!
Gas..................................... 40
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 45 Is this for 2 of you or just one?
TV Licence.............................. 11
Satellite/Cable TV...................... 25 See if you can take advantage of a package inc TV, broadband, phone & mobile from 1 company VIA QUIDCO!!!!
Internet Services....................... 18
Groceries etc. ......................... 360 shopping lists and meal planning should knock this down
Clothing................................ 40
Petrol/diesel........................... 50
Road tax................................ 20
Car Insurance........................... 89 :eek: Can you look at this again?
Car maintenance (including MOT)......... 20
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..................... 18
Contents insurance...................... 16 Check for better deals on both home & contents VIA QUIDCO!
Life assurance ......................... 40
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1532

Assets
Cash.................................... 0
House value (Gross)..................... 205000
Shares and bonds........................ 1500
Car(s).................................. 5500
Other assets............................ 0
Total Assets............................ 212000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 193950...(435)......2.75
Total secured debts........... 193950....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
natwest loan...................19876.....374.......6.9
matwest loan...................4000......111.......7.9
barclay card...................2400......50........14.9 Try to clear this one first - higher APR!
overdraft......................2574......0.........0
virgin.........................2386......43........0
Total unsecured debts..........31236.....578.......-

Monthly Budget Summary
Total monthly income.................... 3,583
Expenses (including secured debts)...... 1,532
Available for debt repayments........... 2,051
Monthly UNsecured debt repayments....... 578
Surplus(deficit if negative)............ 1,473
Personal Balance Sheet Summary
Total assets (things you own)........... 212,000
Total Secured debt...................... -193,950
Total Unsecured debt.................... -31,236
Net Assets.............................. -13,186
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Hope these suggestions are helpful!
...Linda xx

bank_of_slate

spartan59 wrote: »

Not sure where the rest goes, also this SOA is based on current situation. Debt was created under previous situation. So hopefully that surrplus should be seen in the next few months

Start a spending diary - this will show where it goes... a sandwich here, magazine or newspaper there, the odd coffee, this is where that extra dosh disappears to every month - you'll be amazed how much it adds up to

The surplus cash should be spent on the highest APR debts first - these are the ones that are costing you the most to repay. Once these are clear it'll free up more money to clear the remainder
...Linda xx