My Budget, Need Help

System

gfplux wrote: »

Hello nirelandguy,
Sorry you are in such a mess but you should pause for breath and start over.
The SOA here http://www.makesenseofcards.com/soacalc.html
is easy to fill out and save. it does ALL the calculating for you so you can so easily do what if's. You can also add lines to put in things not covered by the form.
Why not do your SOA using this form and start again.
You know that doing the lotto is not a treat. you know having a huge mobile phone contract is not a treat.
Call the mobile company tomorrow and TELL them you MUST change the contract.
good luck

I'm getting out of the contract by selling the phone and paying it of. I will have a look at that calculator thanks

Tixy

dancingfairy wrote: »

What's wrong with the mobile - they were only 20 and 25 a month which isn't that bad to be honest.
df

I think there was confusion over the amounts, based on how it was typed on the budget. I read them as £125 and £20, some people read them as £125 and £220. But I think they are only meant to be £20 and £25.

System

dancingfairy wrote: »

Unfortunately if she is earning and wants to spend her money there isn't really a lot Nireland guy can really do about it - if she hasn't had her lightbulb moment.
I think maybe setting the dmp amount at a realistic level but accepting that it will take longer to pay off is the way to go. Especially as things are likey to change regarding childcare etc and wanting to pay off the car loan to a friend? I guess going bankrupct would make things even harder to afford the money to the friend/family member?
Nireland guy how long have you got left on the credit union thing?
df

Never thought about that part of being bankrupt, The credit union has about a year left, I think i'll reduce it now until at least the broadband contract has finished, that will add another £24 and with 1 of the mobile contracts finished that will add another £25

System

Tixy wrote: »

I think there was confusion over the amounts, based on how it was typed on the budget. I read them as £125 and £20, some people read them as £125 and £220. But I think they are only meant to be £20 and £25.

Correct,:beer:

RAS

nirelandguy wrote: »

My Pay 1000
Parnters Pay 376
Child Benefit 132
Child Tx Credit 480
Total 1992

Rent480 - this is nice round number . Is it £480 per calendar month or 4 weekly?
Electricity 60
Oil 50
TV Licence 11.61
Telephone (Inc Net) 73 - CCCS would consider £63 for the phone, mobiles and internet OK
Mobile 20 - ditto
Mobile 25 - ditto
Road Tax 25
Insurance 25
Petrol 160 - £130 for petrol and parking
Food 400 - £383 allowance
Maintenance 50 - what is this
Clothing 50 - Ok with CCCs
Childcare£ 300
Dentist etc 45 - £17 per month for dentists and prescriptions
House Insurance 13

Hair Dressing 20 - £24 per month allowance
Smoking 40 - £34 allowance
Lottery 16 - no allownance
Saving 64 9 £25 allowance
Credit Union 60 - is this a debt?
Debts
Car Loan 100
Tax Credit Overpayment 60
HB Overpayment 5
Total 2152.61

GREEN = BOTH PAY
RED = PARTNER PAYS
BLUE = I PAY

I make your budget £171 over the CCCS allowances, although I know that Payplan are not consideredas generous. However, to pay back the car loan, you would have to cut back the same amount elsewhere.

Nirelandguy

Can you list the debts and the ownership?

System

RAS wrote: »

I make your budget £171 over the CCCS allowances, although I know that Payplan are not consideredas generous. However, to pay back the car loan, you would have to cut back the same amount elsewhere.

Nirelandguy

Can you list the debts and the ownership?

Working on listing everything now, Dont have the Annual rates though

System

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................ 1000
Partners monthly income after tax....... 376
Benefits................................ 612
Other income............................ 0
Total monthly income.................... 1988
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 480
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 60
Gas..................................... 0
Oil..................................... 50
Water rates............................. 0
Telephone (land line)................... 48
Mobile phone............................ 45
TV Licence.............................. 11.61
Satellite/Cable TV...................... 0
Internet Services....................... 24.99
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 160
Road tax................................ 25
Car Insurance........................... 25
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 300
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 45
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 13
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50
Lottery ................................ 16
Save.................................... 64
Car Loan................................ 100
Smoking ................................ 40
Housing Benefit Overpayment............. 5
Tax Credit Overpayment.................. 60
Credit Union............................ 60
Total monthly expenses.................. 2152.6

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
BOI Credit Card................1320.25...13.88.....0
EOS Solutions..................78.26.....1.........0
Robinson Way...................445.03....4.68......0
Incaso.........................225.98....2.38......0
Lowell Financial...............629.......6.62......0
Orange.........................142.15....1.5.......0
Welcome Finance................1100.97...11.58.....0
Experto Credit.................613.77....6.46......0
Capquest.......................832.49....8.75......0
Comercial Credit...............138.49....1.46......0
Fredrickson....................1215.03...12.78.....0
Brian Carter...................485.44....5.11......0
NCO............................286.14....3.01......0
Moorcroft......................714.65....7.52......0
HFC Bank.......................669.16....7.04......0
Black Horse....................302.21....3.18......0
Capital One....................290.......3.05......0

System

I've done a bit of looking around these forums and there doesn't seem to be anyone else in my situation, but of course there may be and I haven't noticed, but most people on here have propper debt, The average student will leave Uni with double the debt than we have,

There are a few suggestions above and I thank you for them but nothing that will make a great difference in the grand scheme of things, and as you can see above we are certainly not living the dream, we never have holidays, no nights out, no flash cars or other major extravigances.

We are in the situation where if we do more work we are worse of because of loss in tax credits.

I was watching one a program today about debt, it was one of them ones where someone is overspending etc and they send an expert in to sort them out, I would gladly invite that expert into my house and see what magic they can work.

I suppose I am looking for a bit of motivation as it all seems rather hopeless at the min.

dancingfairy

The problem appears to be that you are overspending by over 100 pounds a month before debt repayments and you are unwilling/unable to cut this down. You could make this work - it would be very tight but you could just about make it balance. The main problem appears to be the car loan, as without that you could afford things.
You either need to accept your situation and make the cuts suggested or go bankrupt as far as I can see but the car loan could be an issue.
It was also suggested that your OH work from home or even when you are not at work in order to substantially reduce the childcare bill.
Basically lots of help has been give to you but you don't want to take any of it and there is no magic wand.
df

mozzyc

Hi Nirelandguy

Sorry, but you have to realise that this isn't an easy process. Paying back our debts is hard, really hard sometimes. But if you want to pay them off quicker in the long term, you have to make sacrifices now. The lower you pay now, the longer its going to take you and that's the bottom line.
Sorry to be so honest, but i've been on mine since 2005 and my end date keeps getting further and further away, but you have to keep at it. We don't have the money for savings each month. We don't buy other people xmas presents and ask for people not to buy us. We'd rather any extra money go on stuff that we need. And if we do try and save for something, it comes out of the surplus money left over after paying everything else - ie money from not going anywhere that month or not buying anything extra that month. Its not much, but realistically its all we can afford. Because i know in the long term, the more I pay now, the shorter this way of life is going to be.
Payplan's budget is tight, but by sticking as closely to it as you can, you will get by month to month.

Good luck - and remember, you're not alone. We're all finding it hard, but you make it work.