Please help, i need help before it spirals out of control

Moomin30

Hi there,

Please i need help before things get any worse, i feel ashamed of how i have got my family into debt, i have filled out a SOA as adviced via this website.

Although i do not seem to be as bad of as others i feel that i have no control on my money and i need to try and resolve my situation.

I am trying to play catch up with mine and my husbands debts, we are just getting over the xmas period and i seem to be really struggling with our finances no sooner do we get paid 2weeks after again we have no money left, i have incurred bank charges in our joint accounts, late payments on my credit card. i just feel like there is end to our debts, i even owe nursery fees i feel very ashamed of this and this is really getting me down i cannot sleep and eat i fear my daughters daughters future and the fear of losing my house. (i have remortgaged my house 2 now, we have been living there 3 years), i feel i have been very stupid and niave.

I feel i need help and guidenance on my finances, so any advice and help would be much appreciated.

I hope i have filled SOA incorrectly.

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 950
Partners monthly income after tax....... 1250
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 2320

Monthly Expense Details
Mortgage................................ 610
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 20
Mobile phone............................ 45
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 50
Petrol/diesel........................... 60
Road tax................................ 30
Car Insurance........................... 35
Car maintenance (including MOT)......... 30
Car parking............................. 25
Other travel............................ 20
Childcare/nursery....................... 130
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 11
Buildings insurance..................... 16
Contents insurance...................... 15
Life assurance ......................... 60
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 30
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1788

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 164000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 134500...(610)......0
Total secured & HP debts...... 134500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................6100......120.......0
credit cards...................7000......80........0
Overdraft......................800
Total unsecured debts..........13900.....1000.......-

Monthly Budget Summary
Total monthly income.................... 2,320
Expenses (including HP & secured debts). 1,788
Available for debt repayments........... 532
Monthly UNsecured debt repayments....... 200
Amount left after debt repayments....... 332
Personal Balance Sheet Summary
Total assets (things you own)........... 164,000
Total HP & Secured debt................. -134,500
Total Unsecured debt.................... -13,100
Net Assets.............................. 16,400

Flower08

Moomin30 wrote: »

Hi there,

Please i need help before things get any worse, i feel ashamed of how i have got my family into debt, i have filled out a SOA as adviced via this website.

Although i do not seem to be as bad of as others i feel that i have no control on my money and i need to try and resolve my situation.

I am trying to play catch up with mine and my husbands debts, we are just getting over the xmas period and i seem to be really struggling with our finances no sooner do we get paid 2weeks after again we have no money left, i have incurred bank charges in our joint accounts, late payments on my credit card. i just feel like there is end to our debts, i even owe nursery fees i feel very ashamed of this and this is really getting me down i cannot sleep and eat i fear my daughters daughters future and the fear of losing my house. (i have remortgaged my house 2 now, we have been living there 3 years), i feel i have been very stupid and niave.

I feel i need help and guidenance on my finances, so any advice and help would be much appreciated.

I hope i have filled SOA incorrectly.

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2 Are both these cars needed?

Monthly Income Details
Monthly income after tax................ 950
Partners monthly income after tax....... 1250
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 2320

Monthly Expense Details
Mortgage................................ 610
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 20
Mobile phone............................ 45 Can you go on PAYG?
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350 This can be lowered, go onto the OS board for some tips
Clothing................................ 50 Can be lowered
Petrol/diesel........................... 60
Road tax................................ 30
Car Insurance........................... 35
Car maintenance (including MOT)......... 30
Car parking............................. 25
Other travel............................ 20
Childcare/nursery....................... 130
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 11
Buildings insurance..................... 16
Contents insurance...................... 15
Life assurance ......................... 60
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 30
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1788

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 164000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 134500...(610)......0
Total secured & HP debts...... 134500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................6100......120.......0
credit cards...................7000......80........0
Overdraft......................800
Total unsecured debts..........13900.....1000.......-

Monthly Budget Summary
Total monthly income.................... 2,320
Expenses (including HP & secured debts). 1,788
Available for debt repayments........... 532
Monthly UNsecured debt repayments....... 200
Amount left after debt repayments....... 332
Personal Balance Sheet Summary
Total assets (things you own)........... 164,000
Total HP & Secured debt................. -134,500
Total Unsecured debt.................... -13,100
Net Assets.............................. 16,400

Hi and welcome, i have put a few ideas in red where you can cut back. I am sure some mow knowledgable people will be along soon who can give you some more advice. But you are definatly in the right place, well done!
Have you thought about a spending diary? Might help to show you where any money is being frittered away.
Hope this helps a little

x

lilian1977

Hello, don't worry, you're among people who won't judge you here.

Having a quick glance over your SOA, I would say firstly that you have £332 available for debt repayments after you have paid your unsecured repayments - where is this going?

Secondly, your mobile phone bill is quite high, can you switch to a SIM only tariff? O2 and Vodaphone are doing SIM only £20 per month, 600 mins, 1000 texts - worth looking into. £120 cashback through Quidco on the Vodaphone one as well.

Holiday fund - can you afford to be saving for a holiday if you are this worried about debt?

£350 for Groceries is very high, check the Old Style board for tips on how to stretch your food budget. For 3 people you should really be looking at much less than this.

There will be more people along soon who can give you more advice xx

IWantToBeFree_2

Moomin30 wrote: »

Hi there,

Please i need help before things get any worse, i feel ashamed of how i have got my family into debt, i have filled out a SOA as adviced via this website.

Although i do not seem to be as bad of as others i feel that i have no control on my money and i need to try and resolve my situation.

I am trying to play catch up with mine and my husbands debts, we are just getting over the xmas period and i seem to be really struggling with our finances no sooner do we get paid 2weeks after again we have no money left, i have incurred bank charges in our joint accounts, late payments on my credit card. i just feel like there is end to our debts, i even owe nursery fees i feel very ashamed of this and this is really getting me down i cannot sleep and eat i fear my daughters daughters future and the fear of losing my house. (i have remortgaged my house 2 now, we have been living there 3 years), i feel i have been very stupid and niave.

I feel i need help and guidenance on my finances, so any advice and help would be much appreciated.

I hope i have filled SOA incorrectly.

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 950
Partners monthly income after tax....... 1250
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 2320

Monthly Expense Details
Mortgage................................ 610
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 20 When combined with Mobile this is very high, can you reduce one of them?
Mobile phone............................ 45
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350 This is really high, have a look at the Old Style board and get hints and tips on how to cut back
Clothing................................ 50 Do you really need new clothes? Use ebay to sell the ones you don't need and buy new ones
Petrol/diesel........................... 60
Road tax................................ 30
Car Insurance........................... 35
Car maintenance (including MOT)......... 30
Car parking............................. 25
Other travel............................ 20
Childcare/nursery....................... 130
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 11
Buildings insurance..................... 16
Contents insurance...................... 15
Life assurance ......................... 60 Can you reduce this in the short term? I only pay £11 for mine...
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30 This is a lot to spend on hair cuts for a month!
Entertainment........................... 30 What does this include?
Holiday................................. 30 Can you really afford to have a holiday?
Emergency fund.......................... 0
Total monthly expenses.................. 1788

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 164000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 134500...(610)......0
Total secured & HP debts...... 134500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................6100......120.......0
credit cards...................7000......80........0
Overdraft......................800
Total unsecured debts..........13900.....1000.......-

Monthly Budget Summary
Total monthly income.................... 2,320
Expenses (including HP & secured debts). 1,788
Available for debt repayments........... 532
Monthly UNsecured debt repayments....... 200
Amount left after debt repayments....... 332 Where does this go at the end of the month? Do you ever have it left? A spending diary may help you keep track of what you are spending and where the surplus is going each month
Personal Balance Sheet Summary
Total assets (things you own)........... 164,000
Total HP & Secured debt................. -134,500
Total Unsecured debt.................... -13,100
Net Assets.............................. 16,400

Hi there

I have added some comments in red, hope they help.

Also, what is the APR on your credit cards? Is it really 0 or are you paying interest?

Uniscots97

Moomin30 wrote: »

Hi there,

Please i need help before things get any worse, i feel ashamed of how i have got my family into debt, i have filled out a SOA as adviced via this website.

Although i do not seem to be as bad of as others i feel that i have no control on my money and i need to try and resolve my situation.

I am trying to play catch up with mine and my husbands debts, we are just getting over the xmas period and i seem to be really struggling with our finances no sooner do we get paid 2weeks after again we have no money left, i have incurred bank charges in our joint accounts, late payments on my credit card. i just feel like there is end to our debts, i even owe nursery fees i feel very ashamed of this and this is really getting me down i cannot sleep and eat i fear my daughters daughters future and the fear of losing my house. (i have remortgaged my house 2 now, we have been living there 3 years), i feel i have been very stupid and niave.

I feel i need help and guidenance on my finances, so any advice and help would be much appreciated.

I hope i have filled SOA incorrectly.

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 950
Partners monthly income after tax....... 1250
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 2320

Monthly Expense Details
Mortgage................................ 610
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 30 (look around see if other providers are cheaper, also don't leave things on standby and fit energy saving bulbs)
Gas..................................... 30 (same as above)
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 20
Mobile phone............................ 45 (very high, can this tarriff be reduced?)
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350 (get onto the OS board lots of good recipes there, this can easily be halved. I feed same number as you for under half this)
Clothing................................ 50 (try and cut this down, repair items and look at ebay for children's clothes but go through Quidco to get cashback!)
Petrol/diesel........................... 60 (is this all essential journeys? make sure tyre pressures are correct and drive at a steady rate this could save you about 10% in fuel)
Road tax................................ 30
Car Insurance........................... 35 (again shop around and go through Quidco if you can for cashback. There's an article on here somewhere about cheap car insurance)
Car maintenance (including MOT)......... 30
Car parking............................. 25 (can you not park somewhere free, even if its a little further out?)
Other travel............................ 20
Childcare/nursery....................... 130
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 11
Buildings insurance..................... 16
Contents insurance...................... 15
Life assurance ......................... 60 (again shop around this seems high)
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 30 (lots of free things to be done, check out freebies board and remember the park, museums etc are all free)
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1788

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 164000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 134500...(610)......0
Total secured & HP debts...... 134500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................6100......120.......0
credit cards...................7000......80........0
Overdraft......................800
Total unsecured debts..........13900.....1000.......-

Monthly Budget Summary
Total monthly income.................... 2,320
Expenses (including HP & secured debts). 1,788
Available for debt repayments........... 532
Monthly UNsecured debt repayments....... 200
Amount left after debt repayments....... 332
Personal Balance Sheet Summary
Total assets (things you own)........... 164,000
Total HP & Secured debt................. -134,500
Total Unsecured debt.................... -13,100
Net Assets.............................. 16,400

I hope you don't think I've been cheeky but I've made some comments in red above. You could easily make savings of about 300 at least a month (if not more) by making a few changes.

Lizzybop

Hi Moomin30,

I'm sorry I can't offer any advice on your SOA, but I know that some wonderful people will be along soon to help. I just wanted to offer some moral support and to let you know you're not alone and what's that thing Martin says, there's no debt situation that can't be sorted.

I know that a spending diary is often recommended, to keep a track of every penny. Can be quite an eye opener. I find mine very useful.

You will have to make some changes but they're a friendly lot on here and if you're unsure of anything just ask and someone is bound to have a great answer.

Take care
Liz
x

Moomin30

Hi there,

Thanks for all your repsonses, i do not know where the money goes, like i say i am playing catch up on along charges in curred on bank charges, late fee, nursey fees, i will take me a good few months to pay these off also i am paying my father inlaw some money on which i borrowed last year.

We are also playing catch up from xmas, so i am hoping in a fews months i may have better control of our finances although my money just seems to flitter away and i don't why really.

I just do not understand as to why things are like this, i need to sit down in more detail with myself and start getting a grip really.

lilian1977

Hi Moomin30

You need to start doing a spending diary, try https://www.spendingdiary.com - if you are honest this will show you where everything goes. I am shocked by mine every month.

Good luck x

Uniscots97

Moomin30 wrote: »

Hi there,

Thanks for all your repsonses, i do not know where the money goes, like i say i am playing catch up on along charges in curred on bank charges, late fee, nursey fees, i will take me a good few months to pay these off also i am paying my father inlaw some money on which i borrowed last year.

We are also playing catch up from xmas, so i am hoping in a fews months i may have better control of our finances although my money just seems to flitter away and i don't why really.

I just do not understand as to why things are like this, i need to sit down in more detail with myself and start getting a grip really.

Don't be hard on yourself. Do as someone suggested above and get yourself a spending diary. Write in it everything you spend.

Also, for your grocery shopping do you use everything you buy? Why not set yourself a challenge this week to make a meal plan and stick to it? I tend to make more than I need then freeze some for the nights I don't want to cook. Even little things like this help.

notenoughcash

Hello, good luck, and well done for posting on here. I promise there is an end to all of this and it will come from making small but lifelong changes and it won't be long before you start seeing results. the first thing you need to do is contact your bank, explain that you are experiencing financial difficulties and that the bank charges are just setting you further back every month and they may be able to help you, a temporary overdraft extention maybe. The worst they can say is no!

I agree that your grocery budget is very high and could be vastly reduced and is one of the easiest ways to make a difference. Have you looked at the downshift challenge which suggests moving from branded to shops own and eventually value products. Kepp trying them and stick with the ones you like. A saving of a few pence on lots of products soon adds up. Old style board is great for tips on making food stretch further.

Also a spending diary is a great way to see where your money goes. I still keep one which I put on the amount I spend on food, cleaning/toiletries, entertainment, news/mags. travel..... I also try to challenge myself to stick within a budget for each of these every month.

Can you cut out the holiday fund for a few months until you are back on track?

thrifty81

Hi, I cant really offer much advice regarding some of your other bills but something I have found really useful is meal planning (I know this has already been suggested) and then actually doing your shopping on line. I had a similar sized grocery billl to you until I started doing this and I've cut it down to approx £200 p/m. I found that online I buy what I need and dont get side tracked and waste money unneccesarily on things that catch your eye (this was a regular occurance in store). Also if you look around this site there are different voucher codes for free delivery as well, I know there is a thread dedicated to Tesco voucher codes which is very useful!