Newbie neeing help

brighterfuture_2

Hi all

I could really do with some help. Ive recently moved in witrh my partner, who has about 10k :eek: of debt on credit cards roughly. He hasnt worked up the courage to tell me exact just yet but from glimpses at statements Ive estimamted that this is a fair guess and as he is in the middle of a very acrimonious divorce I can see this rising with court cost :eek:
So now we need to deal with this together. He already has a second job but cant guarentee hrs as he is bank staff, so I havent include this as its not regular and Im currently looking for a second job
The other child related expenses are his maintence payments to his ex, so this cant be altered.
Im already trying to get the shopping down by meal planning and cooking from scratch but Ive used the amout I spend at he moment.
I would really appreciate any help that can be offered as I just dont know where to start


Household Information
Number of adults in household........... 2
Number of children in household......... 3(2 full-time one part time
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1150
Partners monthly income after tax....... 1300 Benefits................................ 147
Other income............................ 0
Total monthly income.................... 2597

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 119 Electricity............................. 40
Gas..................................... 60
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 35(inc internet and phone)
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 15
Car Insurance........................... 80
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 100
Childcare/nursery....................... 203
Other child related expenses............ 275
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0

Total monthly expenses.................. 2495


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
Total unsecured debts..........10k.........0.........-


Monthly Budget Summary
Total monthly income.................... 2597
Expenses (including HP & secured debts). 2504
Available for debt repayments........... 93
Monthly UNsecured debt repayments.......
Amount left after debt repayments....... 0

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

nuttytart26

Didnt want to run and read, not sure as I am still a newbie and someone with more experience will be along soon but big hugs, it will get sorted x x x

beanielou

Your grocceries are very high.
As are petrol & travel expenses @ £300.
Why does childcare come out of your budget?
I thought the child did not stay with you?

tuggy

Mobile phones £60 :eek:

Can you lower the contracts or go pay as you go or something?

brighterfuture_2

Hi Beanielou and Tuggy , thanks for replying

Im working on the grocceries, they are high as OH eats like a horse, Im working on getting it down to half over the next few months.
The child care is for my DS who lives with us along with my DD.
Petrol and travel is high, OH does a lot of miles for work (he use to get mileage but this has recently been stopped) and travels to his parents once or twice a month 300 mile round trip.
DD and I have bus passes, she needs hers to get to school and I need mine for work as I do lots of home visits to clients, So this is the cheapest way to do it
We planned to alter our mobile plans. Im thinking my contract is up in sx months so may hold on till then and just go Pay as you go, as I only use mine in emergencies. Though again OH loves to talk and phones his mum, dad and sis everyday to check in.

Andy_Ches

Good luck, everything will be ok

brighterfuture_2

Thanks Andy-Ches I hope so. I know half the battle will be changing my OH relationship with money. Ive always been frightend of debt so to suddenly find myself with approx 10k of it is a very scary prospect for me:eek: _pale_

brighterfuture_2

I really appreciate the responses so far and would really be grateful to hear from others with their veiw, sorry I cant beak the debt down by card but I think at the moment it has taken OH a lot just to admit he has gotten so far into debt

Primula

brighterfuture wrote: »

Thanks Andy-Ches I hope so. I know half the battle will be changing my OH relationship with money. Ive always been frightend of debt so to suddenly find myself with approx 10k of it is a very scary prospect for me:eek: _pale_

Hi there
My heart goes out to you. I hope your OH realises just how lucky he is to have someone as supportive as you on his side. I would suggest sitting down together and going through everything with a fine toothcomb and then definitely keep a spending diary. There are a lot of savings you can make, already suggested in other posts - groceries for example, you could easily cut £100 off this a month, and others would say even £200. I know you said OH eats loads, but he still can, but just different stuff!
Good luck, and keep posting.
P
x

Jedilibrarian

brighterfuture wrote: »

Hi all

I could really do with some help. Ive recently moved in witrh my partner, who has about 10k :eek: of debt on credit cards roughly. He hasnt worked up the courage to tell me exact just yet but from glimpses at statements Ive estimamted that this is a fair guess and as he is in the middle of a very acrimonious divorce I can see this rising with court cost :eek:
So now we need to deal with this together. He already has a second job but cant guarentee hrs as he is bank staff, so I havent include this as its not regular and Im currently looking for a second job
The other child related expenses are his maintence payments to his ex, so this cant be altered.
Im already trying to get the shopping down by meal planning and cooking from scratch but Ive used the amout I spend at he moment.
I would really appreciate any help that can be offered as I just dont know where to start


Household Information
Number of adults in household........... 2
Number of children in household......... 3(2 full-time one part time
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1150
Partners monthly income after tax....... 1300 Benefits................................ 147
Other income............................ 0
Total monthly income.................... 2597

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 700 ---this is quite high-no chance of reducing this by moving somewhere cheaper even if it involves downsizing for a bit?
Management charge (leasehold property).. 0
Council tax............................. 119 Electricity............................. 40 ---can you shop around for combined Gas and Electric to get cheaper deals? Try to turn everything off at the plug-I've started taking daily meter reading too (sad I know! )
Gas..................................... 60
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 0
Mobile phone............................ 60 ---even though you are on contract you could call up and ask to be moved to a cheaper tariff-worth a try!
TV Licence.............................. 12
Satellite/Cable TV...................... 35(inc internet and phone)
Internet Services....................... 0
Groceries etc. ......................... 400---you should visit the Oldstyle boards for help with this, you could prob half if you are determined, there is a thread over there on feeding a family of 4 on £20 for a month!!!!
Clothing................................ 50 --cut back as much as poss, Freecycle or charity shops?
Petrol/diesel........................... 200--could your OH cut back on the roadtrips to his M&Ds for a few months?
Road tax................................ 15
Car Insurance........................... 80---again can you shop around for cheaper?
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 100
Childcare/nursery....................... 203
Other child related expenses............ 275
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 --you might want to think about someting for here

Total monthly expenses.................. 2495


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
Total unsecured debts..........10k.........0.........-


Monthly Budget Summary
Total monthly income.................... 2597
Expenses (including HP & secured debts). 2504
Available for debt repayments........... 93
Monthly UNsecured debt repayments.......
Amount left after debt repayments....... 0

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

Hi brighterfuture
Just wanted to say good luck with everything, I hope your OH realises he is a very lucky man to have you supporting him through this tough time. I've put a few comments above.
Let us know how you get on
JL

brighterfuture_2

Thank you primula and Jed

I working on the grocceries, have even joined the OS challenge, plan is to take us down £50 a month until I reach £200:D

The rent is high, though this is actually low for the area we live in, we have discussed moving to a cheaper area but then the saving would be off set by higher, travellin, child minding costs:rolleyes:

I am cutting back on clothes, something DD who is 13 is horrified by and her £100 a month allowance has stopped.

Insurance is high and OH is looking at getting cheaper as is up in july.

WE are currently looking at how to put into the emergency fund, through OH bank staff shift.

Im checking mobiles, so hopefully we will be on our way to having some spare fund available to get the debt down:D

Thanks agian for taking the tim to look over my SOA. will keep you all informed as to how things are going.