Stressed/Worried sick over money

crazyaboutsaving

Hello,

I agree with determinedtodothis, go talk to the bank, show them your SOA and get them to sort something out that's more reasonable than what they're asking for now.
Talk to your OH about it too. I know every couple manages money differently, but we found pooling our money together and putting it on ALL expenses irregardless of who's loans they originally were helped us alot. This way we don't think about who makes more money and who is contributing more/less, it's OUR money, not his/mine. This also means we can divide our spending money equally so neither of us feels bad at brithdays/xmas if one has more money than the other to spend...

~Beanie~

lilian1977 wrote: »

Your car is on there twice as well, not sure if that's what Beanie meant by loan?

Oops, yes I did mean the car!

stapeley

You should NEVER pay unsecured debt before household bills .If you can not afford to pay a card payment one month , do not use petrol money rent or food money to pay a card . Priorities first if you cant afford petrol you can not get to work to earn money ! If you do not pay rent , you could end up homeless . If you do not pay council tax they will take you to court . If you can not pay a card bill they will huff and puff for afew months . Hopefully in afew months when you get the money mum owes things will get better .

TotallyBroke

brody77 wrote: »

Ok, I'm not very good with these, so not sure if I've done it right... What is really hard with these split soa is we can't work out whether the amount is the sole bill or just your split. If you have everythinga s 50/50 then you can cut back on a lot of things. If you pay for this and OH pays for that then not so. But I'll put in some comments for you to think about.

Statement of Affairs and Personal Balance Sheet
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................ 1025
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1025
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 200 I'm guessing that this is your half.
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35 You can get this reduced. Speak to them about dropping you down one tariff at least if not 2.
TV Licence.............................. 0
Satellite/Cable TV...................... 15 Is this your half. If it is then it needs to be cut. Drop down to basic package.
Internet Services....................... 0
Groceries etc. ......................... 40
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 22
Car Insurance........................... 23
Car maintenance (including MOT)......... 0
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...................... 20 Is this half or total. If half then it can be reduced
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 7
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Laptop.................................. 22 is this duplicated. If not then all these should be in the debt section
Loan.................................... 175 Ditto
TV...................................... 22 Ditto
Car..................................... 158 Ditto
Total monthly expenses.................. 779 402

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 6000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
egg............................2100......60........0
IF.............................2300......60........0
Amex...........................1900......50........0
TV.............................450.......22........0
Next...........................1000......100.......0
Car............................6500......158.......0
Total unsecured debts..........14250.....450.......-

Monthly Budget Summary
Total monthly income.................... 1,025
Expenses (including HP & secured debts). 779 402
Available for debt repayments........... 246 623
Monthly UNsecured debt repayments....... 450 647
Amount short for making debt repayments. -204 -24
Personal Balance Sheet Summary
Total assets (things you own)........... 6,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,250
Net Assets.............................. -8,250
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

I left out a few bits as OH pays them, and I don't know what debt of her own she has (sad but true!)

EDIT - taxman site says I should have an extra £25 a month on my wages...

You should really know what your OH has. It would be so much easier if your income and outgoings were combined. What is your OH spending the Child benefit and Tax credits on? If this is on food and nappies for the baby then she is spending way too much on groceries and such. So a saving can be made there. If it is on childcare is it enough to cover this.
Is the council tax spread over 10 or 12 months. It's cheaper a month if 12 but if on 10 then she has 2 months spare money.
You both have cars are you both insured with the same company some places give multicar discounts.
There are many saving to be made if you both become open and not judgemental about the situations. Please sit down with each other and work out what comes in and what goes out as a total. You do not have to change who pays for what but it will give you both a better picture of where savings can be made to benefit the faomily as a whole.
Plus when your Mum starts paying you back start putting that straight onto the highest interest debt you have.

brody77

Thanks again everyone, it means a lot to me to have so many helpful people offer words of support, I hope I can return the favour.

All the stuff on the SOA is me alone - those are the bills I pay for (well, we try to take turns, it's not a good setup IMHO)

The cable/phone/broadband is a staff deal at £15 for the whole shebang, so that's a good saving of about £50 right there.
My mobile I got in May last year and they are mucking me about RE downgrading - got told in Jan I could drop to £25, then it became £30, now they are saying £35.
Absolutely fizzing with them.

I think an issue I have (maybe others can chime in on this) is I have everything set up on direct debit - car, next, credit cards, TV, insurance, contents - I'm finding of late this is also a pain as some companies mess you around regarding payment dates - I try to have everything go out on or just after payday as it's easier to manage, but a few places (comet, orange, virgin) won't change it.

I've been advised before that one of my problems is communication - I don't like to admit when I have a problem. Must be a male pride thing. Or just stupidity.

brody77

Update - spent this morning on the phone to everyone
Lloyds TSB were brilliant, I was taken aback by how helpful the girl was.
We went through all my a/c and cancelled the direct debits that come off towards the end of the month, talked through my charges & I got £45 in charges refunded which was cool.

Also getting a meeting with a financial expert person in my branch to go through everything face to face.

Cancelled my DD with next but the girl says this month will still be taken (even if bank already cancelled it?)
Cancelled DD for my tv/comet - will pay manually on payday.
Lowered my limit on my next a/c to the lowest it could go.

The only stumbling block has been orange, who were so unhelpful & unwavering that it brought my mood back down again.
They refused to change my DD/bill date, advised I'd be charged £5 for non DD payment & told me I can only go down by £5 in my tariff - end of discussion. Oh, I also found out that nobody had actioned my tariff change despite previous calls. Stuck with them til Nov 09 then I'm going PAYG.

Waiting for staff accounts to advise RE changing my tv package billing date.

Quite the busy morning, and I should add that I made a saving as all the calls were made on my desk phone at work!

GeorgeUK

With Lloyds, they may try to get you to take a consolidation loan.
Don't do it.

There are cheaper ways of dealing with your debts and you will probably be charged for early settlement of the loan if you try to clear it quicker.

If you are unable to increase hours, get a 2nd job or cut expenditure, the only other alternative is to reduce the amount of interest you are paying. Virgin offer 16 months at 0% and the minimum payment from 2nd month is £25. 1st month you need to pay 3% which covers the balance transfer cost. This should give you some extra money to throw at the higher APR debts that you can't transfer or to go towards clearing one of your bank card so that you can hopefully take advantage of an existing customer transfer offer.

The Virgin card allows super balance transfers so if you think money will be too tight next month, you can transfer money to your current account so that you will be able to pay the 3% for the first month.

It is not often a good ideal to pay for debt with another debt, but i think the set minimum of £25 will assist while you get to grips with the other debts and it will be at 0% interest so your debts should reduce quicker. Just make sure you don't spend on this card and that you stick to your budget. This should stop the debt spiralling and put you back in control.

E_Courier

Hi all,

Not sure if this is rigt site for this question.

Has anyone ever come across any loop hole in the law or new legislation which allows you to write off any debt before april 2007?
I have come across a company that says they can find out if my debts are unenforceable and if so they can get them written off and give me the payments i have made to them back?

Any help please please please.

10past6

E_Courier wrote: »

I have come across a company that says they can find out if my debts are unenforceable

There's a huge difference between written off and unenforcable.

If a Creditor / DCA is unable to provide the correct paperwork showing the prescribed terms, then it's "unenforceable" meaning, they cannot proceed chasing for the debt.

Debts are very, very, seldom written off.

You need to bear in mind, now matter how long it takes, one day, the creditor / DCA may just find that correct paperwork.

These fly by night companies offering you the lottery, can do no more than what you can do for yourself on here.

FREE

brody77

Can the above spam post please be removed? (same post in 2 topics)

I'm trying to gain advice regarding my problems, I'd rather not be a victim of a thread hijack if I can help it.

Thanks.

Back on topic - unable to get any credit at present as still working on my score since moving home, so balance transfers etc aren't an option at this time.