My Budget, Need Help

System

lynzpower wrote: »

But 50 quid a month is A LOT.

Even if you buy from Tescos- you can by home jogging bottoms for 4.00

Wheres the other 46.00 go to?

If you buy from car boot sales you can get great bargains, OH got some BN work Next trousers for 20p - you get a lot of stuff for 600 quid a year.

It goes to pay something of, Usually Payplan, Oh be rest assured it does not go to waste.

System

I should add, our debt is £11K, not a massive amount really. But it says it will be August 2018 before its paid, Not good or to be honest not realistic

Tixy

I still think you need to go through line by line and compare this income & expenditure statement to the Payplan one. They simply would not have let you do a DMP with a budget like this.

Unless you have a realistic budget then your DMP will break down and all you will end up doing is annoying your creditors who may then take more serious action against you.

System

Tixy wrote: »

I still think you need to go through line by line and compare this income & expenditure statement to the Payplan one. They simply would not have let you do a DMP with a budget like this.

Unless you have a realistic budget then your DMP will break down and all you will end up doing is annoying your creditors who may then take more serious action against you.

No they didn't. I went through it today as I couldn't figure out why we couldn't keep up repayments, I discovered they hadn't included some items, and other had the wrong amount

System

Apart from a DMP what other options do I have? Even with scrimping etc we are going to be in this situation for the best part of 10 years, its really not practical. Although not ideal I can't help but wonder would we be better of on benefits?

LeeSouthEast

Risk of Death compared to winning the UK Lottery

Save yourself £200 quid a year and stop playing.

Deep_In_Debt

nirelandguy wrote: »

Mobile 1 = £20
Mobile 2 = £25

As for my OH doing more hours if she does she losses tax credits which will include childcare element of it, we are right on the boarder.

Actual food itself comes to about £60 a week but then there is nappies, bread and milk everyday, cleaning products, deodorants/shampoo etc. It varies obviously £100 is top line

Dentist £45. That includes 5 prescriptions we get monthly, actual dentist is £10 on one of there plans.

As for savings, this is something my OH does for Christmas time, we need to in order to buy gifts, in saying that half is spent this year already due to a problem we had with the with the car, which was paid from a loan from a family member

Do you really need to buy cleaning products, deodorants and shampoos every week? Can you make these last a bit longer?

Can you get a pre-pay card for dental treatment?

System

Deep_In_Debt wrote: »

Do you really need to buy cleaning products, deodorants and shampoos every week? Can you make these last a bit longer?

Can you get a pre-pay card for dental treatment?

No we don't, £100 shopping is topline, this week it came to £60-£70

I have never heard of a prepay card, the way my dentist works is you pay £10 per month this gives you 1 free check up a year and so much % of any work that needs done, no NHS dentists around.

I need something major, when something crops up it takes money away from something else, and even if I do make the £100 a month, its 9 years doing this, Its hard to keep inspired 9 months

dancingfairy

Tax Credit Overpayment 60
HB Overpayment 5
Electricity 60 can this be cut down and oil as well?
Oil 50
Car Loan 100 how long left on this?
TV Lisence 11.61
Telephone (Inc Net) 73
Mobile 120
Mobile 2 25
Road Tax 25
Insurance 25
Petrol 160
Food 400 seems high maybe cut down a bit?
Maintenance 50 for what?
Clothing 50
Childcare£ 300
Dentist etc 45 look into prepayment certificates
House Insurance 13
Credit Union 60 how long left?
Hair Dressing 20
Smoking 40
Lottery 16 um -gotta go.
Saving 64 you can't afford to be saving this much - how many people are you buying presents for?

The other thing is as someone suggested above is it really worth your wife working for 376 a month if you pay out 300 a month for childcare? would you be able to save more on food/cleaning stuff for example - shop around for cheaper presents, save on petrol etc if she was at home?
df

System

Ok right, I ahve done a bit of research, you's are mentioning my partner leaving work if she does this is the way it will work.

My Pay 1000
Parnters Pay 0
Child Benefit 132
Child Tx Credit 200
Total 1332


Child tax credit dropped as it has an element of childcare in it. We may be able to claim housing benefit which works out at £140 roughly ever 2 weeks,

So the total now would be.
£1612.00

If my partner does any more hours we also will loss the childcare element of child tax credit so it does not benefit any.

Rent480
Tax Credit Overpayment 60
HB Overpayment 5
Electricity 60
Oil 50
Car Loan 100
TV Lisence 11.61
Telephone (Inc Net) 30
Mobile 1 10
Mobile 2 10
Road Tax 25
Insurance 25
Petrol 160
Food 300
Maintenance 50
Clothing 25
Childcare£ 300
Dentist etc 20
House Insurance 13
Credit Union 60
Hair Dressing 20
Smoking 40
Lottery 0
Saving 30

£1884.61
- £1992

£107 left

That is my amended budget, it is do able and had it been the case of a couple of years fine, however its for the guts of 10, there is no treats or !!!!!! all I really don't think I could stick to it, add water charges which are coming in soon in N.I, I really don't know what to do.

We don't have enough debt for an IVA and ironically can't afford to go bankrupt, so what do we do to do right?

I have lost any enthusiasim I had for life, We've been on this DMP since 05 and getting no where fast