Help!

loopyloulou_3

I have itemised my SoA and the same for my OH - is there anyone who can have a look and advise us where to go from here. Im not sure if I feel better or worse for looking at it all written down. In fact I feel sick now thinking about it :-(

Im not sure whether to post it here or not as it is very long!!

Broken_hearted

Post it then people can try to help you.

loopyloulou_3

MY STATEMENT OF AFFAIRS:

My outgoings out of my current account:-

Income per month is £1700

My outgoings are as follows:-
£750 Mortgage (paid by cash)
£208 on coach travel to work (cash)
£209 Lloyds TSB Loan (Outstanding balance @ 11.04.06 is £6444.09) (DD)
£85 to Tesco Visa (Outstanding balance about £2800) (DD)
£10 to Barclaycard (Outstanding £250) (DD)
£12 to Tesco Pet Insurance (DD)
£50 on average for mobile phone (DD)
£25 Car Insurance (DD)
£40 on petrol (Card/Cash)
£15 to Studio (Approx £180 outstanding on this) (Cheque)
£15 to Next Directory (Approx £150 outstanding on this) (Cheque)

TOTAL £1,416.00

Leaving me £284 (not sure where this goes to be honest) I do put £60 a month into my savings account at present but will need to up this to £100 to pay for sofas. (see below)

I owe my parents £699 for sofas that they got in their name on interest free for a year, which I have to pay them by beginning of Dec. (so need to save £100 per month for this from May)

I also need £500 for my OH’s birthday party (I have this in my savings account so this is covered).

I literally have nothing left each month so can’t contemplate helping my OH out.

His SoA’s is as follows:- (He is currently self employed but is going into a partnership and this is taking time to get started so his income is not up to what it should be presently).

OH’S STATEMENT OF AFFAIRS:

He is self employed and works from home therefore it is hard to say how much he earns from one month to the next.

He pays in £750 into our joint account to cover all food, household expenses, vets bills, sometimes eating out (rarely) etc. Which I will itemise later.

Loans

Unidebt repayments arranged payment on a business overdraft that needs paying back. He is the guarantor.
Amount: approx £15,000.00
Monthly payment of £150.00 that he is behind on.

Loan in his mothers name.
£17,000.00
monthly £290.00
behind 2 months.

Co- op Bank loan
£8800.71
£220.00 per month
all payments up to date never missed one.

Current account.
Overdraft of 260.00
As of 12th april he is 201.00 in his overdraft.

A client bounced a cheque recently that has affected his credit with bank, He has just recently had a £600.00 reducing overdraft which he has successfully paid off.

Credit Cards

MBNA
Balance £6414.91
Min payment due £328.79
He is just making payment offerings of £5.00 which they are not happy about.

Marbles: apr 15.9%
Balance £7081.67
Min payment due £280.00
He is m just making payment offerings of £5.00 which they are not happy about.

Citi Card 0% till august 8th
Balance £2812.00
Min payment £100.00
Arrears £50.00
He pays them £10-£5 a month they are happy to revue in august.

More Than
Balance 1096.78
Min payment £10
Incomings

On work he has secured this month and money due in by the end of month. £1440.00 (there is a good chance of more but its not to say that he wont need to use some of that 1440.00 to fund new work.)

Out of that 1440.00 he owes joint account £965.00 by end of month
Leaving him with £475.00

Out of 475.00 coop will come out (220.00) leaving £255.00 for everything else.

But the amount he earns is fluid, but it also needs funding.

OUTGOINGS OUT OF OUR JOINT ACCOUNT

£750 goes in

£200 on food – maximum of about £250 (Card)
£96 Council Tax (DD)
£28 Phone Bill inc Line Rental (Talk Talk) (DD)
£17.99 Broadband (Talk Talk) (DD)
£30 Gas (Scottish Power) – although have about £130 outstanding (DD)
£30 Electric (Scottish Power) – although have about £277 outstanding (DD)
£31.89 Life Insurance (DD)
TV £10.99 (DD)
£35.98 Water (DD)
£21 Pinnacle Mortgage Protection Insurance (for me only) (DD)
£45 Buildings and Contents – Lloyds TSB (DD)
TOTAL £596.85

(leaving £153.15 – we never seem to have any left over somehow)

QueenB.

Long or not this is the best place to post it so go ahead and well done for getting it all done :T


Still have to do mine yet :rolleyes:

loopyloulou_3

phew! it took ages and is far too scary looking for my liking!

tesuhoha

Your mobile phone costs are very high. Have a look at the main site to find ways of cutting the cost. Also, what APR are your CCs. Could you get a couple of 0% deals or maybe a life of balance lower rate. Your Next Directory has no doubt a high interest rate so it might be a good idea to get this BTd and then close it down. There are people on this site a lot more knowledgeable than me but these are a few of my first impressions. Oh and cancel the pet insurance and pay £12 a month into a savings account instead. By the time your pet gets older the money would have mounted up. What is the Studio payment for? I'll leave it to the experts now.

wifeforlife

Hi Loopylou

I'm not too experienced in this and I'm sure more experienced moneysavers will be along soon but just by looking at it in a simple way, would you maybe consider a mobile or house phone? Or do you really need both? Also you have broadband, would you think of getting a cheaper deal which incorporates both broadband and landline calls, then move your mobile deal to a cheaper one, T mobile at the minute seems to be good, https://www.onecompare.com is a good website for that.

The best advise I got on this site was to go and use a snowball calculator, I cant find the link just at the minute but I will!

Goodluck! and speak to you soon
Cath

CLAPTON

before looking at the detail can you confirm that the following summary is correct

your income 1,700
itemised spending =1416
leaving 282 of which 100 is needed to repay parents and the rest just goes

OH
total debts 58,403 requiring monthly payments of 1,378
income 1,400 but can be more
pays 750 into housekeeping


am i misunderstanding this, is there busines money separate from the 1,400 paying the business loans ?

loopyloulou_3

my OH is self employed therefore his income varies, there is no seperate money paying the business O/D as his first business went under and he was left a guarantor and has to pay this £15k back.

brranger

Snowball link http://www.whatsthecost.com/snowball.aspx
Good luck

lynzpower

Ok, just a few thoughts from me here...

This might be pretty extreme, but you are running a car AND all those coach costs. I expect, that the coach cost is not negotaiable, but is the car? You seem to be shelling out £65 a month, for something that you are probably not using 5 out of 7 days?

You say yu need 500 for OHs birthday, Im sorry lou, but no you dont. Although you probably have no way of saving it., it will make you feel bad you missed your target. 500 is an astromical amount to be spending on a birthday, why this figure?!