Lbm!

debtfreenewbie

This is my soa. Does not look good. I have been fighting with our debt for two years,most of which is my dhs debt.
Some of our household expenses are high but we have a disabled son who creates lots of washing he also costs a lot to feed.I know we have to cut down and have been shopping in Farmfoods to save money.
I also had a LBM over my housework (or lack of).
Big day today.lol

Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 200
Partners monthly income after tax....... 1200
Benefits................................ 330
Other income............................ 370
Total monthly income.................... 2100

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 520
Management charge (leasehold property).. 0
Council tax............................. 178
Electricity............................. 80
Gas..................................... 0
Oil..................................... 30
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 40
TV Licence.............................. 35
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 400
Clothing................................ 100
Petrol/diesel........................... 160
Road tax................................ 10
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 100
Other child related expenses............ 0
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)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1783


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................32000.....1.........0
credit card....................6500......1.........0
loan...........................4600......1.........0
old debt.......................250.......10........0
ccj............................150.......15........0
catalogue old..................300.......20........0
oil............................300.......30........0
catalogue......................250.......20........0
bt.............................300.......1.........0
store card.....................300.......1.........0
finance........................400.......10........0
store card.....................1100......1.........0
Total unsecured debts..........46450.....111.......-


Monthly Budget Summary
Total monthly income.................... 2,100
Expenses (including HP & secured debts). 1,783
Available for debt repayments........... 317
Monthly UNsecured debt repayments....... 111
Amount left after debt repayments....... 206

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -46,450
Net Assets.............................. -45,950

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

timbo86

Hi there, you have a food budget of £400 im sure you could knock £100 off that.

Try meal planning if you dont already.

Also go shopping at times of the day when things are reduced for example i went to tesco's sat evening about half 8, got 8 chicken breats healthy living for £1.19 should of been £11.87 so chucked them in the freezer guess whats for tea tonight!!!! Also clothing £100 a month is all this really needed every month. Try cutting down here even if you dont like the idea of it maybe £50 a month would do???

robsmum_2

debtfreenewbie wrote: »

This is my soa. Does not look good. I have been fighting with our debt for two years,most of which is my dhs debt.
Some of our household expenses are high but we have a disabled son who creates lots of washing he also costs a lot to feed.I know we have to cut down and have been shopping in Farmfoods to save money.
I also had a LBM over my housework (or lack of).
Big day today.lol

Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 200
Partners monthly income after tax....... 1200
Benefits................................ 330
Other income............................ 370
Total monthly income.................... 2100

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 520
Management charge (leasehold property).. 0
Council tax............................. 178 This is high are you getting all help?
Electricity............................. 80 Is this high because of extra washing?
Gas..................................... 0
Oil..................................... 30
Water rates............................. 0 Do you not have to pay water?
Telephone (land line)................... 10
Mobile phone............................ 40
TV Licence.............................. 35 Is this monthly? if so high!
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 400
Clothing................................ 100
Petrol/diesel........................... 160
Road tax................................ 10
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 100
Other child related expenses............ 0
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)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1783


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................32000.....1.........0
credit card....................6500......1.........0
loan...........................4600......1.........0
old debt.......................250.......10........0
ccj............................150.......15........0
catalogue old..................300.......20........0
oil............................300.......30........0
catalogue......................250.......20........0
bt.............................300.......1.........0
store card.....................300.......1.........0
finance........................400.......10........0
store card.....................1100......1.........0
Total unsecured debts..........46450.....111.......-


Monthly Budget Summary
Total monthly income.................... 2,100
Expenses (including HP & secured debts). 1,783
Available for debt repayments........... 317
Monthly UNsecured debt repayments....... 111
Amount left after debt repayments....... 206

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -46,450
Net Assets.............................. -45,950

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

Hi and welcome, You'll get loads of help[ and advice here. Have highlighted a couple of queries on your SOA. Are you getting all the correct benefits for your son?
Farmfoods isn't always the best value, I have found that to my cost. Look at the old style boards for ideas like menue plans, cutting down groceries and also housework tips! A mine of amazing information.
Good luck with your DFW journey.

Tixy

Hi

I see you have been making token payments against your debts. It would appear that you have sufficent funds to do a dmp rather than token payments as you have £317 for debt repayments. Have you spoken to one of the free charity debt organisations (Payplan or CCCS or others)?.

What does the other income of £370 relate to. You earn £200 per month. If you didn't work could you manage without childcare & without a second car - if so it could work out cheaper for you. Alternatively can you increase your hours?

Elec is high - is this due to high use of washing machine & tumble driers? Do try to reduce tumble drying whre possible good for your pocket & the enviroment. Do you use energy saving plugs etc, do you switch off items at the plug when you are not using them?

Agree groceries could be reduced - maybe aim for £300, if you aare struggling look for ideas and support on the oldstyle board.

Telephone landline /Satellitle/ broadband £50 is this a package? have you looked to see if you can save by getting all 3 from 1 supplier?

Clothes needs to be cut a bit, only buy essentials for 6months.

Are any of your creditors with you main bank current account provider? If so you may wish to set up a basic current account with an unconnected provider so the banks can't set off your money against your debts and leave you short for household bills etc

Good luck

DevonGirl

Hi there :j
Council tax seems high - are you renting a very large house in an expensive area? Also, TV licence should be £12 under normal circumstances, but you've put £35?

Other than that you appear to have a surplus to pay extra towards your debts, so could try 'Snowballing' your debts - See Martin's advice on the main MSE website - whereby you pay off the most expensive debt first.

It might also help to either ring or visit the websites of the free debt charities such as www.cccs.co.uk and www.payplan.com for advice etc. You don't have to 'sign up' to a DMP or anything; you can just take the advice and run!

Best wishes
DG

Ames

Your phone is low but your mobile is high, could you use the landline more and the mobile less?

Kylie

We can give more advice about snowballing if you indicate your APRs on these:

Unsecured Debts
Description....................Debt......Monthly.. .APR
loan...........................32000.....1........ .0
credit card....................6500......1.........0
loan...........................4600......1........ .0
old debt.......................250.......10........0
ccj............................150.......15....... .0
catalogue old..................300.......20........0
oil............................300.......30....... .0
catalogue......................250.......20....... .0
bt.............................300.......1........ .0
store card.....................300.......1.........0
finance........................400.......10....... .0
store card.....................1100......1.........0
Total unsecured debts..........46450.....111.......-

If in doubt, call them up and ask.

You are in good hands here!

talana

8 out of 12 of those unsecured debts you have are for relatively little amounts, £400 or less.

With your SOA as written you have a £206 monthly surplus to throw at the debt. If you cut back on the groceries and clothing as suggested, even temporarily, you could add an extra £150 to that easily.

Armed with £356 per month, you could completely pay off one debt a month for the next 8 months! Psychologically I'm sure that would give you a big boost for then tackling the larger ones, not to mention the snowballing effect.

Good luck!

debtfreenewbie

HI,Thanks guys. Our council tax is high as we have arrears.We do not pay any interest on any debt.Tv licence is10.00 per week.
Our income is confusing and I get different answers everytime I do it.
Carers allow 50.55 pwk
dla 250.00 per month.
child bene 30.00 per week.
tax credit just reduced to 330.00 per month.
School fees for nursery end July as she goes up to school so will be 100.00 better off.
Water rates incuded in rent.

Got call tonite and arranged to pay off one debt on fri, got reduced rate.whoo hoo.

debtfreenewbie

I have been dealing with the cccs for two years but as ive managed to do a dmp on my own havent bothered them.
They have been really good to me.

debtfreenewbie

We need two cars as the kids school is miles away and we live in a village. Hubby does 30 miles a day so uses up petrol.We have swapped cars at the mo as mine is lower engine to see if its cheaper.