My SOA be gentle please

alamaya

June Income Stuart £804.00
Sarah £1,026.69
Total Income £1,830.69
Expenses Mortgage £612.43
Secured £83.44
Loan One £221.08
Loan Two £155.28
Overdraft S Int £21.39
Overdraft J Int £21.33
Freemans £88.00
Egg £ 5.00
Asda £70.00
Water/Scot Power £110.00
Council Tax £124.00
TV Licence £11.95
Food £200.00
WOW £8.99
WOW £8.99
Sky £39.00
Buildings Ins £8.04
Contents Ins £6.78
Pet Ins £21.89
GYM £32.00
Orange Sa £25.00
Orange St £25.00
Bus Fares /Taxi £200.00
ISA £10.00
Dentist £12.75
Orthadontist £200.00
Lottery £20.00
Study £10.00
Total Expenses £2,352.34
Left Over -£521.65

Balances are

Orthadontist £2,900.00
Asda £3,875.86
Overdraft 1 £1,800.00
Overdraft 2 £3,000.00
Loan 1 £7,364.53
Loan 2 £6,752.86
Unsecured £14,410.59
Mortgage £105,442.86
Freemans £938.32

Now i have not put a total for entertainment as we dont go out at all except maybe once a month but its not a regular thing.

Also the bus fares are my husband but i spend 150 quid a month on taxis as i suffer from panic attacks and its the only way i can get to work.

I accept critisim but please be gentle with me as it has taken a long time for me to get the courage to post this.

Thanks

littlechezza

Hi,

I'm not a finance expert but the panic attacks you suffer from, would the money be better put towards soe alternative therapy such as hypnotherapy, the only reason I suggest this is I am currently having this for another issue and it really helps, each session is £35 but I will probably only need 4 sessions, I have panic attacks at work and I'm looking into applying for a job which would have a pay cut so I would be more comfortableat work but we would not be able to manage with the pay cut which is why I see the £35 as expensive but an option I have to try, have you also gone to you doctor for medication etc.,

Also thought the grocery is high, we spend around £250 for 2 adults and 2 very hungry children.

Take care and good luck

Karmacat

Hello! Good for you for posting. I've snipped off the chunks I've no comment to make on, (ooh, that doesn't sound grammatical, but you know what I mean) and made comments in blue - nicer than red, hey

Main comment: are all the interest rates you're paying as low as they can go? The mortgage, the loans both secured and unsecured, the overdrafts?

alamaya wrote: »

Expenses Mortgage £612.43
Secured £83.44
Loan One £221.08
Loan Two £155.28
Overdraft S Int £21.39
Overdraft J Int £21.33
Freemans £88.00
Egg £ 5.00
Asda £70.00 You have a figure for food of £200 just below, so what is this?
Water/Scot Power £110.00 are you sure you're on the right rates? How many of you are there? Would it be better to go on a water meter? I saved £30 a month doing that!
Council Tax £124.00 are you in the right band?
TV Licence £11.95
Food £200.00 Again, how many of you? If its just you and your partner, you can definitely cut down on this! Hop over to the Old Style board (and probably other boards too, since the recent revamp, sorry ) on here.
WOW £8.99
WOW £8.99 I don't know what these are!
Sky £39.00 Thats a big package - do you need it all?
Buildings Ins £8.04
Contents Ins £6.78
Pet Ins £21.89 Thats enormous!!!! How many animals? Have you checked out moneysupermarket and quidco for pet insurance?
GYM £32.00 Do you use it? Should it go?
Orange Sa £25.00
Orange St £25.00 These are your respective mobile phone bills, right? Can you work on cutting down your useage - this is quite high.
Bus Fares /Taxi £200.00 seems very high to me. Okay, I've just read your post about your panic attacks - sorry you suffer from these, I know how debilitating they can be. Could you or your OH negotiate with the taxi company to give you a good rate? Regular business, after all!
ISA £10.00 I know its tiny, but read Martin's article about paying off debt with savings. Unless you're self employed, in which case savings are a different matter.
Dentist £12.75
Orthadontist £200.00 Monthly??? :eek: Imagine a scream of shock here :rotfl::rotfl::rotfl: its all right, I'm not being harsh, but what *is* this? I'm going to be really sorry I asked that, aren't I? :o
Lottery £20.00 Thats awfully do-withoutable, you know. And its a lot to pay, you could at least cut it down.
Study £10.00 how do you mean, study? Is that paying for textbooks or something?
Total Expenses £2,352.34
Left Over -£521.65 After all of the above, you have this amount left, or you're short by this amount?

Now i have not put a total for entertainment as we dont go out at all except maybe once a month but its not a regular thing.

Sorry, if its once a month, you're still spending something.... stick it in, don't worry!

Also the bus fares are my husband but i spend 150 quid a month on taxis as i suffer from panic attacks and its the only way i can get to work.

I accept critisim but please be gentle with me as it has taken a long time for me to get the courage to post this.

Thanks

I hope this helps! And it is meant to help, don't worry.

littlechezza

Karmacat has beat me to it but I was going to add if things are this way you will probably be best giving up the gym and lottery until things are sorted.

Karmacat

Oh. I just added up your totals, and you're £521 **short**. Okay, thats really serious. So:
- the lottery, the gym and the sky package *have* to go - thats £92 right there, a big percentage of your shortfall.
- can either you or your OH get any overtime?

There has to be more action than that, but I'm a bit pushed for time now, and can't think things through.

Hope this helps.

alamaya

alamaya wrote: »

June Income Stuart £804.00
Sarah £1,026.69
Total Income £1,830.69
Expenses Mortgage £612.43
Secured £83.44
Loan One £221.08
Loan Two £155.28
Overdraft S Int £21.39
Overdraft J Int £21.33
Freemans £88.00
Egg £ 5.00
Asda £70.00 this is a credit card
Water/Scot Power £110.00
Council Tax £124.00
TV Licence £11.95
Food £200.00 this is for 2 people, 2 cats, 1 dog and 2 guinea pigs
WOW £8.99 online gaming as main entertainment source
WOW £8.99
Sky £39.00 includes line rental, broadband
Buildings Ins £8.04
Contents Ins £6.78
Pet Ins £21.89 for a pedigree beagle was the best i thought i could find
GYM £32.00 hubbies and tied in till end of year
Orange Sa £25.00 new contracts 12 months left
Orange St £25.00
Bus Fares /Taxi £200.00 tried to make a deal but wont go lower.
ISA £10.00 this is savings and emergency fund as if anything goes wrong i would be stuffed
Dentist £12.75 plan so i get 2 check ups and hygienist included
Orthadontist £200.00 got to pay till i clear 2900.00 as in the middle of braces
Lottery £20.00 i agree on this. think deep down i hope it will solve my probs
Study £10.00 home study. already paid for books. this is for skills tests and exams
Total Expenses £2,352.34
Left Over -£521.65 i am spending ths amount over my monthly income.

Balances are

Orthadontist £2,900.00
Asda £3,875.86
Overdraft 1 £1,800.00
Overdraft 2 £3,000.00
Loan 1 £7,364.53
Loan 2 £6,752.86
Unsecured £14,410.59
Mortgage £105,442.86
Freemans £938.32

Now i have not put a total for entertainment as we dont go out at all except maybe once a month but its not a regular thing.

ent = 30 quid at most

Also the bus fares are my husband but i spend 150 quid a month on taxis as i suffer from panic attacks and its the only way i can get to work.

I accept critisim but please be gentle with me as it has taken a long time for me to get the courage to post this.

Thanks

screech at me if i missed anything

oh and thanks for help

talana

Hi,
Just wanted to say welcome and well done for posting your SOA.

Ok, so we need to cut back your spending by £521 per month.
Is your mortgage capital repayment or interest only?

You've got to try and cut down on the bus fare/taxi cost somehow.
Rather than taxis, have you thought about car sharing with a work colleague? In other words, they transport you to and from work and you pay for the petrol.
I do something similar. It would work out substantially cheaper for you.

Maybe your workplace runs a car sharing scheme already, but if not put something up on the noticeboard or send a site-wide email perhaps.

Karmacat

Okey dokey. You're in the middle of a lot of stuff so it can't be cancelled, like the study course and the orthodontist, thats clear. I still think elements of your sky package could go, since you don't seem to want to cut down the WOW package. You're actually living *way* beyond your income, I'm afraid - I'm sorry, but its true. So each month, your outstanding debts are getting bigger, not smaller, which is a horrible situation to be in.

So. There are a few bits you're willing to cut down on. The lottery. Possibly a bit of Sky, tho you didn't say that. As for the savings - I understand that you're saving for an emergency - but to be honest, this *looks* like an emergency to me. How much have you got in savings? Are your jobs secure enough to stop this? If you don't "save" that £10, you can lessen your deepening debt by that amount. Everything revolves around the debt getting £500 bigger every month, thats what that figure at the end of your SOA says. It looks like you've been financing it by getting more credit, but as Martin says, that can't go on indefinitely.

This is definitely cup-of-tea-and-a-deep-breath time.

alamaya

ok.....

first deep breath

1. travel to work, no one lives my way or is willing to help. in fact 3 of us at work suffer with stress/depression/panic and everyone took time off except me. wonder whether i should of stayed at home when this started.

mortgage is repayment. on 5.99% till 2011

lottery i agree must go

savings i have 550 in there

his job maybe not the securist but i am in nhs so i am fine.

xx

fairybird30

Originally Posted by alamaya
June Income Stuart £804.00
Sarah £1,026.69
Total Income £1,830.69
Expenses Mortgage £612.43 Is this interest only?
Secured £83.44
Loan One £221.08
Loan Two £155.28
Overdraft S Int £21.39
Overdraft J Int £21.33
Freemans £88.00
Egg £ 5.00
Asda £70.00 this is a credit card
Water/Scot Power £110.00 Very High, think about switching
Council Tax £124.00
TV Licence £11.95
Food £200.00 this is for 2 people, 2 cats, 1 dog and 2 guinea pigs Even if you only reduce this by £5 a week it all helps, dogs and cats may need a cheaper brand of food they need to get on on the money saving as well
WOW £8.99 online gaming as main entertainment source I know these are your main entertainment source but they should go at least temporarily
WOW £8.99
Sky £39.00 includes line rental, broadband needs to be reduced, aim for less than £30
Buildings Ins £8.04
Contents Ins £6.78
Pet Ins £21.89 for a pedigree beagle was the best i thought i could find Do you need? is your policy actually worth having, depends on the age of the dog, but often it is better to self insure as the excesses are high anyway.
GYM £32.00 hubbies and tied in till end of year Ask your gym to defer membership, (means you stop paying and start up the contract again when your situation has improved.)
Orange Sa £25.00 new contracts 12 months left (Speak to orange and explain, they are likely to let you reduce)
Orange St £25.00
Bus Fares /Taxi £200.00 tried to make a deal but wont go lower. Does this include a buss pass or it it paid daily? a pass is cheaper, panic attacks are horrible, can you manage to take public transport or get a lift ever?
ISA £10.00 this is savings and emergency fund as if anything goes wrong i would be stuffed Coudl go towards self insuring your pets?
Dentist £12.75 plan so i get 2 check ups and hygienist included These dental plans usually work out more expensive than paying as you go, i would cancel.
Orthadontist £200.00 got to pay till i clear 2900.00 as in the middle of braces can you speak to the orthadontist and ask to reduce payments and spread over a longer term?
Lottery £20.00 i agree on this. think deep down i hope it will solve my probs definitely got to go.
Study £10.00 home study. already paid for books. this is for skills tests and exams (Good luck with this, if it increases your skills its worth doing, although have you asked your employer to sponsor you if thats appropriate?
Total Expenses £2,352.34
Left Over -£521.65 i am spending ths amount over my monthly income.

Balances are

Orthadontist £2,900.00
Asda £3,875.86
Overdraft 1 £1,800.00
Overdraft 2 £3,000.00
Loan 1 £7,364.53
Loan 2 £6,752.86
Unsecured £14,410.59
Mortgage £105,442.86
Freemans £938.32

Now i have not put a total for entertainment as we dont go out at all except maybe once a month but its not a regular thing.

ent = 30 quid at most

(cut out for at least 6 months,
Is there any way you can increase your income? even an extra £100 a month would be a big help. Can either of you get a part time job in addition to your work now?
Sorry if this sounds a bit harsh but soem drastic changes are needed to get you through this. good luck.

Karmacat

Okay. If the only thing you're going to do is cancel the lottery, then your debt isgoing up by £501.65 each month, not £521.65. Just cutting out the £10 savings as well, will mean your debt goes up by £491.65 each month. In the long run, thats not going to have much effect, to be honest. If you want your income and expenditure to balance, you have to either cut down your outgoings, up your income or both. Those are the only options, I'm afraid.

As for work not doing anything for people with emotional health issues.... its the NHS. You have a union, surely? Can you get them to help you?

Since you're overspending by £500 or so a month, where are you finding the other £500-odd from now, by the way?