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Help desperatly needed
Comments
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Also are you sure you're gettin all the benefits you should be? Have you applied for Child Tax credits? You're well unde rthe threshhold.0
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Also are you sure you're gettin all the benefits you should be? Have you applied for Child Tax credits? You're well unde rthe threshhold.
We are getting the benefits they tell us we are entitled to we get a small amount working tx credit that i inclded but nothing else. My husband company pay for internet so we dn't have that expense Gas & electric are the cheapest around at min we are also on a fixed rate for that until jul 20100 -
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 - do you absolutely absolutely need to run a car?
Monthly Income Details
Monthly income after tax................ 200
Partners monthly income after tax....... 1900
Benefits................................ 152
Other income............................ 0
Total monthly income.................... 2252
Monthly Expense Details
Mortgage................................ 1300 - is this repayment or interest only?
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 30
Council tax............................. 155
Electricity............................. 45
Gas..................................... 45
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 22 - you need to reduce this if possible
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 20 - has to go - freeview
Internet Services....................... 0
Groceries etc. ......................... 450 - I think the CCCS allowance is about £383 but you could reduce it by half or more
Clothing................................ 0
Petrol/diesel........................... 45
Road tax................................ 20
Car Insurance........................... 28
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 20
Other child related expenses............ 40 - what are these?
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 28
Contents insurance...................... 0 - you need this is it is not included in the above
Life assurance ......................... 29
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40 - you need to cut this right back
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2444
Assets
Cash.................................... 0
House value (Gross)..................... 275000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 275500
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 256800...(1300).....6.5
Total secured & HP debts...... 256800....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................7150......162.......19.9
natwest........................2200......48........12.8
capitol one....................5260......154.......9.5
tesco..........................5000......90........12.8
virgin.........................5000......120.......15.2
tsb............................4600......70........0
egg............................3500......85........21.8
mbna...........................7500......142.......21.2
american express...............2920......73........15.2
virgin.........................5500......25........0
tesco..........................1150......33........15
Total unsecured debts..........49780.....1002......-
Monthly Budget Summary
Total monthly income.................... 2,252
Expenses (including HP & secured debts). 2,444
Available for debt repayments........... -192
Monthly UNsecured debt repayments....... 1,002
Amount short for making debt repayments. -1,194
Personal Balance Sheet Summary
Total assets (things you own)........... 275,500
Total HP & Secured debt................. -256,800
Total Unsecured debt.................... -49,780
Net Assets.............................. -31,080
:eek::eek:]
Hi
Agree that you need to sell the house as the cost is crippling. Can you go interest only if that would has not already been done or get a payment holiday?
In the short-term, you need to make sure your monthly expenditure is less than your income, so cut every back.
You also need to talk to one of the debt charities as even if you get your rental down to £800 you are not going to be able to afford the cards and loans.The person who has not made a mistake, has made nothing0 -
I agreee with Ras (as usual ) you have 2 problems 1) living within your means as currently you are overspending by approx 200 pounds before debt repayments and 2) trying to pay the debt off.
At the moment you are getting further and further into debt (as you probably already know).
Whilst you are getting your house on the market it might be worth going to interest only on your mortgage to help stem the tide. If you can at least get your essential outgoings within your income that would help.
You then need to look at what you can do to tackle the credit cards - you may find a dmp suitable or possibly bankruptcy? do bear in mind though that if you can sell the house and rent a lot cheaper you will have more spare money to attack the debts with.
Oh and do go to one of the freee charities - why pay a company when the charities will give you free impartial advice.
Best of Luck
dfMaking my money go further with MSE :j
How much can I save in 2012 challenge
75/1200 :eek:0 -
mortgage is already on interest only that was the first thing we did. buildings and contents is combinined. we need the car so that i can get to work and get the children to & from school. we have been buying smart price etc and are trying to cut back our grocery as much as poss. other child costs are school uniform schooltrips and after school clubs0
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Hi
I suggest going over to the old style Money Saving Forum and asking for help. You could do a storecupbiard challenge, or if you are really really brave, let them lose on your till receipt. They will help you halve your monthly spend.
The basic is that even after you sell the house, you wll have to reduce your costs, so you need to start looking at it now. And it could give you a bit of slack to pay towards a deposit and moving.
have you spoken to a debt charity yet?The person who has not made a mistake, has made nothing0 -
You don't have to just buy smart price to get the food bill down, cooking from scratch and batch cooking is great.Unless I say otherwise 'you' means the general you not you specifically.0
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Hi and well done for posting.
As others have said there are some areas that you can cut back but due to the size of your debts this alone will never be enough.
You are only earning £200 - or is that not earnings but benefits/JSA? How old are your children? Is there anyway you can earn more to help with your finances. Could you get work in the evening/weekends when hubby is around to look after the children?
Without extra income you may be able to cut back to breakeven before debt repayments but not enough to pay towards this £50k of debts. What did you spend the money on originally (I assume recently you have been spending just to keep up with repayments).
Selling the house or even looking at bankruptcy may an option for you. Are the debts mostly in joint names, mostly belonging to one of you or split roughly equal?
Do seek urgent advice from one of these guys - http://forums.moneysavingexpert.com/showthread.html?t=2077631
Good luckA smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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