please help me im really scared

mummyofboys

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.................... 1
Monthly Income Details
Monthly income after tax................ 968
Partners monthly income after tax....... 1070
Benefits................................ 280
Other income............................ 0
Total monthly income.................... 2318
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 55
Gas..................................... 55
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 40
Mobile phone............................ 148
TV Licence.............................. 11.95
Satellite/Cable TV...................... 46
Internet Services....................... 17.5
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 15
Childcare/nursery....................... 416
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......................... 23.98
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1788.43

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
credit card....................700.......50........0
credit card....................200.......10........0
credit card....................1900......50........0
overdraft......................2750......100.......0
overdraft......................750.......0.........0
loan...........................0.........81.17.....0
loan...........................1300......49.77.....0
loan...........................1400......61.24.....0
catalogue......................700.......200.......0
laptop finance.................400.......40........0
tv finance.....................640.......64........0

mummyofboys

Im sorry i dont have some figures right now or the aprs

Lugh_Chronain

Any and all advice you can get is good - except for poor advice that is. Your learning to stand on your feet and sort yourself out which has to be a good thing. It does no harm to do what you might call overreact as you would never get out of a poor situation if you were to do nothing. Payplan for example would never tell you that there is no point in calling them and I know they haven't, what they will do is point you in the right direction. If they think you’re not a priority they’ll inform you where else to get advice if they thought it necessary.

talana

jay_mi10 wrote: »

Im sorry i dont have some figures right now or the aprs

The apr's are important for knowing how to tackle the debts, so do update your soa with them when you can.

OK, your total debt then in £10740 and your minimum monthly payments total £706.18.

Monthly expenses + minimum payments = £2494.61
Monthly shortfall = £2494.61 - £2318 = £176.61

So the most pressing thing you need to do is cut back your expenses by that amount so that you can meet your payments. That shouldn't be too difficult.
Others have already given you a few easy savings (such as cancel the Dixons insurance). Another one is telephones - on mobiles and landline together you spend a whopping £188 a month!!! With respect, that's ridiculous. You're throwing money away, easy savings to be made.

the_cat

jay_mi10 wrote: »

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.................... 1
Monthly Income Details
Monthly income after tax................ 968
Partners monthly income after tax....... 1070
Benefits................................ 280 child benefit and WTC?
Other income............................ 0
Total monthly income.................... 2318
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 75 is this over 10 months or 12. Council can reschedule payments usually to make less per month
Electricity............................. 55
Gas..................................... 55
Oil..................................... 0
Water rates............................. 45 meter or rates?
Telephone (land line)................... 40 Too high - emergency calls only!
Mobile phone............................ 148 Old contracts are less of a priority. Try to renegociate new ones to lower amount. Go to PAYG asap!
TV Licence.............................. 11.95
Satellite/Cable TV...................... 46 Go to go I'm afraid
Internet Services....................... 17.5 This is expensive I pay £9.99
Groceries etc. ......................... 200 Can be cut back. I feed 4 adults on this budget. The old-style board is a good place to start with this
Clothing................................ 0
Petrol/diesel........................... 60 All essential travel?
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 15
Childcare/nursery....................... 416 Toughie this one. Childs needs are the priority obviously but takes a huge amount of your income. Any chance of reducing hours needed by juggling working hours?
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......................... 23.98 Ditch this!
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1788.43

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
credit card....................700.......50........0
credit card....................200.......10........0
credit card....................1900......50........0
overdraft......................2750......100.......0
overdraft......................750.......0.........0
loan...........................0.........81.17.....0
loan...........................1300......49.77.....0
loan...........................1400......61.24.....0
catalogue......................700.......200.......0
laptop finance.................400.......40........0
tv finance.....................640.......64........0

Ok, so the immediate problem is to make up the shortfall between your income and expenditure. On these figures I make that £176.61. After that you can start to look at improving the debts

I have highlighted a few areas which I think can take a hit to get you started.

Seeing payplan is a great idea. Free advice from the experts:T

The childcare issue is a problem. Double check on www.entitledto.com that it is actually worth you working! Add up all the expenses you incur by working. Bus fares, lunches, extra food money (with extra time it is much easier to cook more and reduce your food shop), absolutely everything. Find out how much extra you might get in tax credits or additional benefits etc. See if you can get childcare vouchers to help with the cost of childcare too

david_hellier

Hi,

This is an urgent situation and you need to contact CCCS or CAB to speak to someone. According to my figures you have £8.78 per week to spend on food or anything else. You must immediately stop spending any more money until you know where severe cuts can be made.

incomeweeklymonthly
self968.00
partner1070.00
cb80.00
tc200.00
total0.002318.00divide by 4.33 £ 535.33 £ 535.33 total weekly

spendweeklymonthly

rent/mortgage550.00
council tax75.00
elec55.00
gas55.00
water45.00
secured loans
TV licence11.95
fines
phone land line40.00
sky/cable46.00
petrol60.00
internet17.50
car maint0.00
child care416.00m
m!!!35.00
m!!!148.00
dixons23.99
laptop40.00
tv 64.38
cat100.00
bf cat10.00
cc150.00
cc210.00
bf cc100.00
loan 181.17
loan 261.24
loan 349.77
od110.00
a/c charge25.00
total0.002280.00divide by 4.33 £ 526.56 £ 526.56 total weekly spendStart= income - spend = £ 8.78 per week

Lugh_Chronain

Yes, your mobile bill is far too high. And as the_cat has pointed out try to renegotiate a new tariff/contract to lower amount.

Martin says:

Call up and tell the operator you're unhappy with your existing tariff. There are two choices of argument:

The internet price comparison site Omio is perfect for quickly benchmarking prices. Simply put in your usage details and it speedily reveals the cheapest tariffs and packages available. It's fairly new though with limited feedback; well established site Onecompare is also good or better still read my full Mobile Phone Cost Cutting article for more cost cutting tricks.

Alternatively to just ‘have a go'; call up and say it's too expensive. Ask what the best tariff available is, then if its offer isn't good enough tell it so. This can work well, as packages better than the best new customer versions, or special extra discounts are sometimes available if you push.

If they don't give you what you want, ask to leave.

mummyofboys

I have just spoken to payplan and they said you need to have debts of 8000 or more before you can get help from them mine equal 6500 , as the others are in my partners name, The things in my name are the 700 little woods, the 700 halifax card, the 200 capital one card, the 2750 overdraft and the 1400 loan.

I am def going to get rid of sky , I have just spoken to southern electric they have reduced my elec dd by 10 per month and gas by 5, i was also in credit 110 which there putting into my bank. What should i do now, get my landline reduced? what else can i do? any help would be great. My water is not on a meter, i pay it monthly. My council tax is over 10 months i asked for it to be done over 12 and they said no?

The phone situation is ridiculous i know, once it runs out in sept m not getting one, the other two i should explain. I "played mum" to my two younger siblings from the age of 17 to 21, my mum went of the scene when i was around 12 and my dad could just not cope, so i was looking after them really when i lived at home aswell. This is another factor into getting into debt, I never got any benefits for them as i wasnt there legal guardian and they were at school/college. My sister has moved to ambleside now in the lakes to do her degree, and my brother is doing a bricklaying apprentiship a couple of hours away, i was very sad when they left, I bought them both a mobile phone contract to stay in touch, thinking it was a good idea at the time, so i pay these bills one is 43 per month and the other is 35. one i due up in sept the other is march.

mummyofboys

I also have realized. I have tuesdays spare, my son is with his nanna, I am off work so technically i have 8.30ish till 5 free. Is there anyway I could make extra money on this day seen as though I dont have and nursery on this day? I cannot change my hours at current jobs, nor add any, so it would be have to something different.

Also yeah i kno childcare is a major part of my outgoings. I dont know if i wouldb be better off not working or not. But if i would be what an unfair system. I love knowing that I go out and earn money for my family , plus i get too spend wednesdays ,saturdays and sundays with my child. I have tried to maximize my hours that i work on the days i pay childcare in order to get the most out of it hence the ten hour day monday and thursday /friday 12 hour shifts.

I know i shouldnt say this, but i see so many friends who live in houses paid or mostly paid for buy the council. who dont work, get to spend all the time with ther children. I feel its unfair, when i do want to work. I live in a rented house that will never be mine, i pay 550 per month on it and me and my partner work hard. sorry to moan but it is just hard at times seeing no rewards

mummyofboys

thankyou to all who are helping me and advising, i appriciate it so much