Please help!!! Boyfriend's dropped a bombshell

cakeywright

hi guys

Here is mine & my partners full SoA's (well as best I know about): -

my take home - £1330, his - £1320

joint account
Each put £650, equalling £1300
rent £775
Council tax £134
Gas - approx £62 quarterly
Water - £21.70 a month
Electric -approx £90 quarterly (have reviewed bills to see who is cheapest supplier locally)
Sofa loan - £51.50 (interest free loan, finishines this month so nearly gone! yay!)
That leaves £265.07 a month for us to spend on food shopping and other household items. Our flat came unfurnished so we have often used this to buy/save up for furniture and other bits and pieces like that.

Partners account
£1330

£650 joint account
£60.86 car insurance (his age and our address make this high,plus his car doesn't help)
£31 - maximum phone bill, never exceeds this
£20 - daughters saving account
£120 - child support (private arrangement with mother, she doesn't work so if CSA were involved he would have to pay this anyway, despite having shared custody)
£180 - personal loan (originally taken out to clear cc loans, which he racked up again)
£161.70 - Travel costs (he works in the city)

This only takes into account the set outgoings. in addition to this he has two credit cards - one totalling £2, 001.64, the other £1,508.35, plus an overdraft of £900. His loan has £6,786 outstanding.
He is left with £94.44 before he has paid the minimum on his credit cards, which leaves him in the red.

my account
£1330
£650 - joint account
£28.50 - car insurance
£35 phone bill
£150 - savings (not much left in my savings - have had to use a lot of it to help this month)
£25 - credit card (have £750 debt, have 0% interest, and savings are there to pay off once the interest free period ends)
£25 - gym membership
£12.12 - TV licence

This leaves me with a nice £428.62, but i have only just this month paid off my car loan so its the first month I've felt liberated, to then be dropped in it like this,:(. i have suggested i put more in the joint account and him less, but i think that isn't enough to help.

Thanks for taking the time to read this guys. I feel a bit better for getting it all out and off my chest.

getmore4less

He is left with £94.44 before he has paid the minimum on his credit cards, which leaves him in the red.

The OD should be dropping a bit each month.

Stop the 20pm savings for the kid he can make this up when he is out of debt.

The car and travel are to much why does he need a car.

RAS

cakeywright wrote: »

hi guys

Here is mine & my partners full SoA's (well as best I know about): -

my take home - £1330, his - £1320

joint account
Each put £650, equalling £1300
rent £775
Council tax £134
Gas - approx £62 quarterly OK
Water - £21.70 a month - is this metered?
Electric -approx £90 quarterly (have reviewed bills to see who is cheapest supplier locally) - OK
Sofa loan - £51.50 (interest free loan, finishes this month so nearly gone! yay!)
That leaves £265.07 (plus £51.50) a month for us to spend on food shopping and other household items. Our flat came unfurnished so we have often used this to buy/save up for furniture and other bits and pieces like that.

So you have to make that £300 go a lot further.

Stop buying furniture - join www.freecycle.org and get stuff for free.

You can live on £150 per month both of you for food and household items. Allow £10 per month personal spending money.

The rest goes on his debt.

Partners account
£1330

£650 joint account
£60.86 car insurance (his age and our address make this high,plus his car doesn't help) - check this out and see if he can sell the car and buy something with a lower insurance rate. Use a cashback site to swap the companies
Car tax?
Petrol?
Car maintenance?
£31 - maximum phone bill, never exceeds this - he needs to reduce this, if only by a tenner.
£20 - daughters saving account - this has to stop - he simply cannot afford it
£120 - child support (private arrangement with mother, she doesn't work so if CSA were involved he would have to pay this anyway, despite having shared custody)
£180 - personal loan (originally taken out to clear cc loans, which he racked up again)
£161.70 - Travel costs (he works in the city) - anyway to get a better deal - employer loan anything? My annual tickets costs 15% less because it is arranged by my employer and I pay back monthly.

This only takes into account the set outgoings. in addition to this he has two credit cards - one totalling £2, 001.64, the other £1,508.35, plus an overdraft of £900. His loan has £6,786 outstanding.

You need to knwo the minimums on these accounts. Does he have PPI on the loan? Is this front loaded?

He is left with £94.44 before he has paid the minimum on his credit cards, which leaves him in the red.

my account
£1330
£650 - joint account
£28.50 - car insurance
Car tax?
Petrol?
Car maintenance?
£35 phone bill
£150 - savings (not much left in my savings - have had to use a lot of it to help this month)
£25 - credit card (have £750 debt, have 0% interest, and savings are there to pay off once the interest free period ends)
£25 - gym membership
£12.12 - TV licence

This leaves me with a nice £428.62, but i have only just this month paid off my car loan so its the first month I've felt liberated, to then be dropped in it like this,:(. i have suggested i put more in the joint account and him less, but i think that isn't enough to help.

You need to know the minimum monthly payments on his debt.

cakeywright

i've suggested his car might be half the problem- he looked crushed! lol
He often works weekends and has time off in the week with his daughter. If i'm at work with my car, he needs a car to go and pick his daughter up with, often driving his grandparents (his grandmother is disabled) and the conveninece of it.
the £161 is travel into london. this is the cheapest way of doing it. A monthly travel card is £180, but as he doesn't work 5 days a week, 9-5, its all shifts, its more cost effective for him to get daily and off peak travel cards.

BeenieCat

I don't know how committed you are to each other, but i know i'd be a little sceptical of bailing him out in case things didn't go too well in the near future. It's a tricky one...!

cakeywright

Thanks RAS - going forward we are definitly going to budget the spare money in the joint account.

If the general feeling that him getting a consolidation loan is a bad move??

injaroc

Hi not really much to say really but you may want to double check that the child maintenance amount is correct. If you go to the csa website it will have a lot of info on there or someone more knowledgeable on the csa part of the forum can help. If he has join custody of the children it does make a difference in the amount of money the csa would make him pay. If he has them overnight then the amount of money drops so because he would need to use that money to care for the children while he has them. I'm in no way saying he shouldnt pay for his daughter but if he's struggling he needs to go down all alleys.

Wish you well xx

RAS

You need to properly cost up the second car. Car tax, petrol, insurance, maintenance. Multiply by 12 and then add the cost of paying off the most expensive debt he owns over the next year, to the value of the car.

Any way you can leave him the car on occasions? Or is there a car pool near you?

cakeywright

BeenieCat wrote: »

I don't know how committed you are to each other, but i know i'd be a little sceptical of bailing him out in case things didn't go too well in the near future. It's a tricky one...!

I understand your concern - I've been burned once before by an ex - never again.
But my boyfriend, for all his faults, is one of the world's nice guys. We're totally comitted, and I want to fully support him, but i also think it's important he gets through this himself so he learns the lesson

RAS

cakeywright wrote: »

If the general feeling that him getting a consolidation loan is a bad move??

Not so much a bad move as a disasterous one, unless actual amount he would pay off over the years is less than paying off the credit cards, bearing in mind that the cost of the cards will reduce over time.
As you say, he has already done that and wracked up the credit cards again.