what can i do

metou

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 0
Benefits................................ 800
Other income............................ 0
Total monthly income.................... 2000
Monthly Expense Details
Mortgage................................ 259
Secured loan repayments................. 247
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 98
Electricity............................. 49
Gas..................................... 45
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 10
Mobile phone............................ 60
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 460
Clothing................................ 100
Petrol/diesel........................... 360
Road tax................................ 20
Car Insurance........................... 95
Car maintenance (including MOT)......... 30
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..................... 20
Contents insurance...................... 12
Life assurance ......................... 25
Other insurance......................... 50
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2013

Assets
Cash.................................... 0
House value (Gross)..................... 75000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 80000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 4100.....(259)......0
Secured Debt.................. 0........(247)......0
Total secured & HP debts...... 4100......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................9000......114.......0
loan...........................6000......55........0
loan...........................3000......78........0
Total unsecured debts..........18000.....247.......-

Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including HP & secured debts). 2,013
Available for debt repayments........... -13
Monthly UNsecured debt repayments....... 247
Amount short for making debt repayments. -260
Personal Balance Sheet Summary
Total assets (things you own)........... 80,000
Total HP & Secured debt................. -4,100
Total Unsecured debt.................... -18,000
Net Assets.............................. 57,900
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

MYLITTLESISTERLOLA

metou wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2 ( do you really need 2 cars, could you sell one )
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 0
Benefits................................ 800
Other income............................ 0
Total monthly income.................... 2000
Monthly Expense Details
Mortgage................................ 259
Secured loan repayments................. 247
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 98
Electricity............................. 49
Gas..................................... 45
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 10
Mobile phone............................ 60 ( seems excessive )
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 20 ( seems too high )
Groceries etc. ......................... 460 ( whoooa try the os board you could easily shave £200 off this)
Clothing................................ 100 ( a month ?? )
Petrol/diesel........................... 360
Road tax................................ 20
Car Insurance........................... 95 (again seems high, try martins tabs on the main site to reduce this, screen scraper websites & cash back sites )
Car maintenance (including MOT)......... 30
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..................... 20
Contents insurance...................... 12
Life assurance ......................... 25
Other insurance......................... 50 ( ???)
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2013

Assets
Cash.................................... 0
House value (Gross)..................... 75000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 80000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 4100.....(259)......0
Secured Debt.................. 0........(247)......0
Total secured & HP debts...... 4100......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................9000......114.......0
loan...........................6000......55........0
loan...........................3000......78........0
Total unsecured debts..........18000.....247.......-

Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including HP & secured debts). 2,013
Available for debt repayments........... -13
Monthly UNsecured debt repayments....... 247
Amount short for making debt repayments. -260
Personal Balance Sheet Summary
Total assets (things you own)........... 80,000
Total HP & Secured debt................. -4,100 ( is this correct, no figure for secured loan & mtg seems really low but maybe your really lucky !!)
Total Unsecured debt.................... -18,000
Net Assets.............................. 57,900
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

I am guessing your partner is out of work, is this recent because by your spending pattern ( 2 cars, £100/mth on clothes & £460 /mth on groceries ) I'm guessing two people were working and now only one is. Are the children toddlers or teenages ?

It seems quite clear some relatively painfree savings can be made
Internet could be cut in half try Plusnet va Quidco ( cashback website )
Groceries seem massive I have 2 adults, 1 child and we spend about £120/mth and that includes treats, try the oldstyle board for homecooked receipes/ideas for cutting this
Clothes seem very high, I'm sure this could be cut for a few months
Could you survive with one car ? Think of all the petrol, tax, insurance you would save as well as repairs
Mobiles also seem very high, try calling the provider explaining things are tight and you never know they migth be able to offer more inclusive minutes or a cheaper tariff

Hope none of this offends, just being honest

Numpty_Monkey

metou wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 0
Benefits................................ 800
Other income............................ 0
Total monthly income.................... 2000
Monthly Expense Details
Mortgage................................ 259
Secured loan repayments................. 247
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 98
Electricity............................. 49 is this the cheapest,try comparrision sites, tuurn things off, don't put things on standby
Gas..................................... 45 check comparrison sites, turn heating down,
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 10
Mobile phone............................ 60 needs to be cut, is it the right tarrif? if possible go PAYG
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 460 this can be cut to about half, check out "old style board", meal planning, drop a brand, bulk cooking
Clothing................................ 100 cut this down, wear what you have, sell the stuff you don't wear
Petrol/diesel........................... 360
Road tax................................ 20
Car Insurance........................... 95, check this is best deal, as wth all insurance, use comparrision sites and cashback sites
Car maintenance (including MOT)......... 30
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..................... 20as per car insurance
Contents insurance...................... 12
Life assurance ......................... 25as per car insurance
Other insurance......................... 50whats this?
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2013

Assets
Cash.................................... 0
House value (Gross)..................... 75000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 80000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 4100.....(259)......0
Secured Debt.................. 0........(247)......0
Total secured & HP debts...... 4100......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................9000......114.......0?
loan...........................6000......55........0?
loan...........................3000......78........0?
Total unsecured debts..........18000.....247.......-

Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including HP & secured debts). 2,013
Available for debt repayments........... -13
Monthly UNsecured debt repayments....... 247
Amount short for making debt repayments. -260
Personal Balance Sheet Summary
Total assets (things you own)........... 80,000
Total HP & Secured debt................. -4,100
Total Unsecured debt.................... -18,000
Net Assets.............................. 57,900
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Hi metou
welcome to the boards , i've left a few comments hope they aren't to bad

Are all the loan payments made to the secured debt? which it looks like to me:o

not to worry just the clever ones will ask similar questions

:A

fatbelly

I think your soa needs some checking

1. Can you get more accurate figures for your income. The 1200 and 800 sound like guesstimates. Average your net take-home income over say three months. Work out the calendar month benefit income by taking the weekly amounts and multiplying by 52/12. While you're at it, check you aren't missing out on anything by using https://www.entitledto.com

2. Do you have a secured loan or not? I suspect you have a mortgage of 41k (not 4.1k) and no secured loan, just three unsecured ones.

If I'm right, this isn't too bad and you should be able to afford the contractual payments with a few tweaks.

chevalier

i think in terms of savings the others have mentioned things that you can do to cut back.

Groceries has already been mentioned. But the other thing that stands out for me is the petrol costs a month. That is a lot even if petrol costs a lot now a days. Could you ask your employer to work from home once a week, or car share?

Has it been the case that up til now you have been coping and now something has changed that has sent you into debt crisis?

chev