can you help me with this..

get_me_debt_free

Sorry it hasnt put it all in!! will re do it now.. this will be my new SOA when house is sold.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 600
Partners monthly income after tax....... 0
Benefits................................ 930
Other income............................ 0
Total monthly income.................... 1530
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 650
Management charge (leasehold property).. 0
Council tax............................. 94
Electricity............................. 50
Gas..................................... 0
Oil..................................... 50
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 30
TV Licence.............................. 15
Satellite/Cable TV...................... 18
Internet Services....................... 8
Groceries etc. ......................... 250
Clothing................................ 60
Petrol/diesel........................... 100
Road tax................................ 12
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 40
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 31
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 25
Entertainment........................... 10
Holiday................................. 10
Emergency fund.......................... 10
Total monthly expenses.................. 1583

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
cc.............................9000......190.......0
Sofa...........................1200......33.33.....0

slummymummyof3

Have you had your life insurance for a long time? Life insurance premiums have come down lots in recent years - you may be able to reduce this by changing to another company (check cash back sites for cash back as well) Car insurance is steep - use comparison sites and then check for cash back. Do you really need to spend £60 every month on clothing?

£100 per month on electric and oil is quite considerable - look at changing electricity supplier (check cash back sites as well)

Mobile is high - is this a contract? When is contract up? Switch to PAYG - look at Tesco/virgin etc for cheaper alternatives.

Can you get a cheaper package for home phone, internet and tv? Virgin offering £150 cash back through cash back sites currently.

Change bank account to Aliance and Leicester and get £100 cash back (also check cash back sites as sometimes you can get an exztra £50) - interest free overdraft for 12 months/free travel insurance - you need to pay your salary into the account (think it needs to be minimum £500 per month)

Check for cheaper alternatives with pet insurance (£40 cashback with Debenhams pet insurance via Quidco)

Use anycash back towards Christmas pressies.

You don't appear to have any contents insurance - Is this right?

get_me_debt_free

slummymummyof3 wrote: »

Have you had your life insurance for a long time? Life insurance premiums have come down lots in recent years - you may be able to reduce this by changing to another company (check cash back sites for cash back as well) have had it 10 years and it includes critical illness cover!Car insurance is steep Had a accident and move to different area and its gone up! - use comparison sites and then check for cash back. Do you really need to spend £60 every month on clothing?Me and 2 kids sometimes includes shoes is that too much?

£100 per month on electric and oil is quite considerable - look at changing electricity supplier (check cash back sites as well)

Mobile is high - is this a contract? When is contract up? Switch to PAYG - look at Tesco/virgin etc for cheaper alternatives.NEXT July contract is up

Can you get a cheaper package for home phone, internet and tv? Virgin offering £150 cash back through cash back sites currently.

Change bank account to Aliance and Leicester and get £100 cash back (also check cash back sites as sometimes you can get an exztra £50) - interest free overdraft for 12 months/free travel insurance - you need to pay your salary into the account (think it needs to be minimum £500 per month)DID this 6 months ago

Check for cheaper alternatives with pet insurance (£40 cashback with Debenhams pet insurance via Quidco)

Use anycash back towards Christmas pressies.

You don't appear to have any contents insurance - Is this right?

no missed that off its 230 a year

slummymummyof3

I would investigate life insurance/critical illness with other co's as it has dropped considerably in price during the last 5 years.

Can you honestly say that you need £60 EVERY month on clothing for you and 2 little people (I know you probably have last month and this one with new school uniforms/shoes etc) - I have 3 little people and 2 adults in my household and there are a number of months when we don't buy any clothing at all. I also buy clothes in the sales for the next year -give it a week or so and all the school uniform will be 50-75% off and you can stock up for next year! Sainsburys currently have 75% off summer clothes - perhaps you could buy a few items to put away for next summer?

slummymummyof3

Does the £230 that you missed off apply to contents insurance? If so that is phenominal!!!!!! I paid £97 with Aviva for contents cover of £45,000 with accidental damage (and got £70 cash back through cash back kings - effectively £27)

Shame about the mobile - what about your tv/broadband and landline?

get_me_debt_free

slummymummyof3 wrote: »

Does the £230 that you missed off apply to contents insurance? If so that is phenominal!!!!!! I paid £97 with Aviva for contents cover of £45,000 with accidental damage (and got £70 cash back through cash back kings - effectively £27)

Shame about the mobile - what about your tv/broadband and landline?

I am with them did it through quidco, I had buildings and contents for 210 and when i rang to change it to this place contents only i had to pay a extra 20!
just gone in to contracts with the tv etc..
Thanks for your comments im struggling to try and save money, thinking I might have to go BR at this rate!

get_me_debt_free

Mobile wont work at new house either!! had to buy another sim on PAYG!!

Ames

get_me_debt_free wrote: »

Sorry it hasnt put it all in!! will re do it now.. this will be my new SOA when house is sold.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 600
Partners monthly income after tax....... 0
Benefits................................ 930
Other income............................ 0
Total monthly income.................... 1530
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 650 This seems really high, although it depends where you are. Check entitledto.com to see if you might get any housing benefit.
Management charge (leasehold property).. 0
Council tax............................. 94
Electricity............................. 50 I pay £41 a month, and my heating's electric. I know your place will be bigger than mine, but I'm sure you can get this down. Energy saving bulbs, turning everything off at the switch etc.
Gas..................................... 0
Oil..................................... 50
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 30 If you've got a landline you only need this for emergencies. Go PAYG next year when the contract ends.
TV Licence.............................. 15
Satellite/Cable TV...................... 18 Do you really need this?
Internet Services....................... 8
Groceries etc. ......................... 250 I'm sure this can be cut down if you look at the Old Style board for tips.
Clothing................................ 60 As others have said, this is high, check out charity shops, freecycle and ebay.
Petrol/diesel........................... 100
Road tax................................ 12
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 40
Other child related expenses............ 0 No school trips or clubs?
Medical (prescriptions, dentist etc).... 0 You need something here for the odd bottle of cough medicine or box of lemsips through winter.
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 31
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 25 I get mine done at the local hairdressing college for £4, you could try that, and go a bit longer between cuts each time.
Entertainment........................... 10 This seems very low, especially for kids, are you sure it's realistic?
Holiday................................. 10 Can you really afford a holiday? Especially since £120 a year wont really get you far.
Emergency fund.......................... 10This is your emergency.
Total monthly expenses.................. 1583

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
cc.............................9000......190.......0
Sofa...........................1200......33.33.....0

I've put a few thoughts in pink above.

get_me_debt_free

Thanks for this, I am currently slightly pooin myself, after moving out of a home I own to rented, I have had to move away from were i was brought up and lived all my life because I had no peace from an abusive Ex, I now live in a lovely area were he can not get to me and that is why its costing so much in rent, just had mycouncil tax bill for thr rented property and its Band F!! I get my 25% Discount, I have also changed my job so I think Now I will be intitled to houseing Benifits as I now rent and only earn £138 a week.
I might have to resort to going BR if I cant repay my debts but only time will tell on that one,
Thanks x

Katie-Kat-Kins

BR is almost certainly not the best thing for you, think extremely carefully and take full and detailled advice before going bankrupt or getting and IVA.

In the meantime did you know that you can change your car insurance and contents insurance even though the renewal time has not arrived yet? Often there is a penalty and it isn't worth doing but when you move house or change car especially it can be worth while.

Some companies are better for "high risk groups" than others, and if you were low risk and become high risk and are with an insurer that is very risk averse it can make your premium jump alarmingly. Shopping around for a company who specialises in your type of risk can bring this down.

For example, when I first started driving we investigated adding me to the insurance on my mum's car, she had a small second hand car, it was going to add over a grand, but insuring myself in my own name on my dads old car which was the same age but bigger and more powerful was cheaper!! (so much cheaper that it worked out better for me to buy this car off him) That was because I was able to go to an insurer that specialises in young drivers rather than be stuck with a company that didn't really want the risk and priced accordingly.

Worth investigating.

Also worth comparing and switching on your utilities and trying to reduce your usage.

With your mobile if you are outside coverage it might be worth a phone call to complain, if you complain enough that your contract is effectively worthless you may be able to get the contract reduced or even cancelled. You can then just use the PAYG sim.

Katie-Kat-Kins

Just looked at your SoA again and you are not that far off breaking even. Your defecit is less than £300, if you can increase your income a bit, cut your outgoings and maybe switch some of your debts to cheaper forms of borrowing you might be able to manage.

If you really can't find that £276.33 a month that you are short then a DMP would be better than BR or IVA and more appropriate but it cripples your credit rating and I reckon that you could save this without too much difficulty.