Millie's Moans

milliemonster

Ok, so not updated my diary for a month or so but here I am.

Had a fantastic holiday, managed to stay in budget and not use the CC's at all which was a first.

Started my new job a few weeks ago also so things have been a bit mad really, not much time for MSE'ing at all.

Thinking a lot about xmas coming up, I need to set a budget for the kids toys and not let it run away with me like I tend to do most years, last year we didn't buy anything on credit and I am determined to do the same again this year.

I have redone all our budgets and tried to make them more realistic and with tht we should be debt free by May 2011.

the o/s amount will be down to just over £35k by 1st Dec if I stick to this budget and by 1st Dec 2010 it will be £10k, this is without any payrises or bonuses from work in my new job. Woohoo!!!

Sooooooooooooooooo, it's Sunday, kids are out hubby is at work, its sunny and I have done sod all all day really apart from hand the washing out and play on MSE. Got a ton of ironing to do and really ought to make a start on this before kids get back.

Lemon_Tree

great to see you back after your holiday and raring to go. i feel that i've been doing a sod all day today as well, but like you have the washing out but have chopped back the lavender hedge and done the animals so it can't be as bad as it feels. Gonna get started on the cooking stuff next. mmmm how long does one cook a beef roast for ?(when it could be a bit of lamb in disguise!)

milliemonster

Lol LT, I tend to cook beef for hours til it falls apart but I don't think it's supposed to be like that.

Done the ironing!!! DS is home from grandads, DD is still at friends house and is staying there for tea so its just me and DS for tea, not sure what we will have yet.

Have been thinking about cleaning my fridge all day but haven't quite summoned up the guts to do it, may have to get dh to do it on Tuesday when he's off.

Lemon_Tree

cooked beef for a couple of hours whilst doing everything else, not sure if it's done, tough or raw. I should have gone with my gut instinct and put it in the slow cooker with water for the whole day. I never cook large chunks of meat (cept chicken) so don't have a clue.

milliemonster

Completely and utterly depressed and upset today and I think I am at rock bottom.

Despite taking control of our debts over a year ago now and paying off a substantial sum, my credit rating is worse than ever.

This has all come about because we have decided to pay our overdrafts off in the next 2 months because I have had enough of our bank and want to move. I opened a single account with another bank earlier this year and wanted to make this a joint account but it has been declined due to our credit rating. I have never been refused a bank account in my life, we even requested no overdraft facility but they don't want us and will only offer a basic account.

So, got over that emotional hurdle to then today find out why our electric switch to BG has not got any further since we started the switch at the end of Aug, they want a security deposit of £100 off us which by the way won't go towards any electric we use, they will just hold onto this separately. When I asked why, again it's because of our credit rating with Experian.

Well I have looked at our credit reports and everything is fine, green ticks for the last 12 months, no defaults, no CCJ's so I am distraught, I can't even switch my electric supplier now!!!

I have phoned Experian and they have told me it is because I am near my limits on my credit accounts. Yes this is true as we are overpaying my husbands cards at the moment as his are the ones with the highest interest. Experian have told me that my report in itself is absolutley fine, it is just because I am near my limits so look maxxed out and this is why I am being refused, they have said I need to get my debt down to 70% of the total limits I have and then my rating will shoot up to excellent again. Well that means paying off approx £4.5k of just my debt which will take a few months.

I am so low. We have over £4.5k coming into our house every month and our essential outgoings is £900, min debt repayments again is £900 so that leaves an awful lot for overpayments and I can't even switch my electric supplier!!!!! It's a joke.

I know we got ourselves into debt and we have acknowledged this and are doing something about it but even though we have paid off a lot it seems my credit rating is getting worse not better and I don't know what else I can do to improve it.

When we get everything paid off in a few years and all our money is our own again and they alll start throwing credit at us again I can't wait to tell them all to shove it. No bank is ever going to make money out of me again.

milliemonster

Ok Here is my SOA, first time I have done this on here....

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2300
Partners monthly income after tax....... 1811
Benefits................................ 174.6
Other income............................ 0
Total monthly income.................... 4285.6
Monthly Expense Details
Mortgage................................ 487.9
Secured/HP loan repayments.............. 79.07
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 66
Gas..................................... 0
Oil..................................... 0
Water rates............................. 28.7
Telephone (land line)................... 21
Mobile phone............................ 41
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 240
Petrol/diesel........................... 0
Road tax................................ 17
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 85
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20.11
Contents insurance...................... 0
Life assurance ......................... 13.06
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 100
Emergency fund.......................... 120
Total monthly expenses.................. 1831.84

Assets
Cash.................................... 200
House value (Gross)..................... 180000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 181700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 150000...(487.9)....0
Hire Purchase (HP) debt ...... 790......(79.07)....5.9
Total secured & HP debts...... 150790....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Argos..........................1165......15........29.9
A&L CC.........................745.......25........34
NW Visa........................6168......140.......21.8
Cah Loan.......................6119......156.......17.9
Egg CC 2.......................3128......77........17.9
Cap One........................1804......55........6.5
Cahoot CC......................1586......40........16.9
Mint...........................2597......58........16.9
Barc...........................5237......120.......13.7
Egg CC 1.......................3318......66........0
HSBC Visa......................6088......156.......20.9
Total unsecured debts..........37955.....908.......-

Monthly Budget Summary
Total monthly income.................... 4,285.6
Expenses (including HP & secured debts). 1,831.84
Available for debt repayments........... 2,453.76
Monthly UNsecured debt repayments....... 908
Amount left after debt repayments....... 1,545.76
Personal Balance Sheet Summary
Total assets (things you own)........... 181,700
Total HP & Secured debt................. -150,790
Total Unsecured debt.................... -37,955
Net Assets.............................. -7,045
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

milliemonster

Well, that looks scary!

Anyway, just to clarify a few things....

The benefits consist of Child Benefit and Tax credits
Council Tax is over 10 months
Mortgage Interet only at the moment until we get debts paid off
No arrears with Electric.
No Gas or oil, the £120 a month that goes into the emergency fund in effect pays for all oil, presents, haircuts, TV Licence etc.
Telephone includes internet access.
We don't have satellite, only freeview
Mobile costs £30 for my phone contract is up in Jan so will be cancelling anyway as I have a phone with my new job. the other £10 is my daughters top up each month.
Clothing at £240 a month, this is actually the min payment on my Next Directory where I get all our clothes from. I pay this each month and sometimes get a few more bits. I know I should go somewhere cheaper but this is my one indulgence I guess.
Other child related expenses is for daughters piano/choir lessons and sons swimming lessons. Yes I know these could go but daughter has been playing piano for 4 years now so we've invested a lot of money in this, would be a last resort to cancel these lessons.
Buildings ins includes contents aswell.
Holiday - we have a hol booked for summer next year.

So this leaves us with £1450 a month to pay off debts over and above min payments.

So why on earth can we not get a bank account or change electric supplier?????

beanielou

Just to say that sorry I think that £240 on clothes is really high.
Is Next your highest APR debt then?

savingholmes

milliemonster wrote: »

TV Licence.............................. 0 just under £12 surely?
Groceries etc. ......................... 350 This is my biggest struggle area - but could you use the grocery challenge to get this down
Clothing................................ 240 Wow this is very high. most of my kids clothes are hand me downs from others but still good quality - is there no way you can get this from others? My MIL collects clothes from her rich friends for us! Failing that Primark, supermarkets, matalan and sports direct prices (sell previous season designer gear at reduced prices) could be a great option. For clothes for you and your OH I would have thought if you have been spending this amount consistently that you would be able to take a long break before you need to spend more? Just a thought...
Petrol/diesel........................... 0 Really?
Car maintenance (including MOT)......... 20 Seems low
Life assurance ......................... 13.06 This seems very low have you got enough cover?

Hi Millie - firstly massive congratulations on what you have paid off so far :T:T:T- you are doing absolutely amazing! :A Secondly - if you did tweak a few things in line with above you could do even more.

Well done on having the courage to post your soa - I know how scary that is. I overspend on certain things too... There is always more than can be cut - but you have to decide what standard of living you are prepared to live at and what you are prepared to sacrifice if anything - noone can make those decisions for you

I completely understand the desire to get a balance between making sure your family doesn't suffer needlessly and your debt repayments. I think the clothes spend is an obvious area to look at.....

TWINKLE

milliemonster wrote: »

Completely and utterly depressed and upset today and I think I am at rock bottom.

Despite taking control of our debts over a year ago now and paying off a substantial sum, my credit rating is worse than ever.

This has all come about because we have decided to pay our overdrafts off in the next 2 months because I have had enough of our bank and want to move. I opened a single account with another bank earlier this year and wanted to make this a joint account but it has been declined due to our credit rating. I have never been refused a bank account in my life, we even requested no overdraft facility but they don't want us and will only offer a basic account.

So, got over that emotional hurdle to then today find out why our electric switch to BG has not got any further since we started the switch at the end of Aug, they want a security deposit of £100 off us which by the way won't go towards any electric we use, they will just hold onto this separately. When I asked why, again it's because of our credit rating with Experian.

Well I have looked at our credit reports and everything is fine, green ticks for the last 12 months, no defaults, no CCJ's so I am distraught, I can't even switch my electric supplier now!!!

I have phoned Experian and they have told me it is because I am near my limits on my credit accounts. Yes this is true as we are overpaying my husbands cards at the moment as his are the ones with the highest interest. Experian have told me that my report in itself is absolutley fine, it is just because I am near my limits so look maxxed out and this is why I am being refused, they have said I need to get my debt down to 70% of the total limits I have and then my rating will shoot up to excellent again. Well that means paying off approx £4.5k of just my debt which will take a few months.

I am so low. We have over £4.5k coming into our house every month and our essential outgoings is £900, min debt repayments again is £900 so that leaves an awful lot for overpayments and I can't even switch my electric supplier!!!!! It's a joke.

I know we got ourselves into debt and we have acknowledged this and are doing something about it but even though we have paid off a lot it seems my credit rating is getting worse not better and I don't know what else I can do to improve it.

When we get everything paid off in a few years and all our money is our own again and they alll start throwing credit at us again I can't wait to tell them all to shove it. No bank is ever going to make money out of me again.

Here's to the last paragraph - I look forward to this day too. Keep your chin up - my day has not been too good either!