Im posting SOA as advised.

Miriams,_brother

Got 3 loans and 3 credit cards, self employed struggling with low workload.
Finding it hard to keep up payments.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Detail
Monthly income after tax................ 1000
Partners monthly income after tax....... 2000
Benefits................................ 0
Other income............................ 550
Total monthly income.................... 3550

Monthly Expense Details
Mortgage................................ 863
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 194
Electricity............................. 33
Gas..................................... 33
Oil..................................... 0
Water rates............................. 12
Telephone (land line)................... 15
Mobile phone............................ 30
TV Licence.............................. 19
Satellite/Cable TV...................... 26
Internet Services....................... 10
Groceries etc. ......................... 320
Clothing................................ 70
Petrol/diesel........................... 180
Road tax................................ 30
Car Insurance........................... 33
Car maintenance (including MOT)......... 50
Car parking............................. 30
Other travel............................ 0
Childcare/nursery....................... 100
Other child related expenses............ 80
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 18
Contents insurance...................... 17
Life assurance ......................... 15
Other insurance......................... 22
Presents (birthday, christmas etc)...... 20
Haircuts................................ 30
Entertainment........................... 80
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2330

Assets
Cash.................................... 0
House value (Gross)..................... 220000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 225000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 140000...(863)......3.5%
Total secured & HP debts...... 140000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................23000.....330.......25.9
loans..........................30000.....900.......14.7%
Total unsecured debts..........53000.....1230......-

Monthly Budget Summary
Total monthly income.................... 3,550
Expenses (including HP & secured debts). 2,330
Available for debt repayments........... 1,220
Monthly UNsecured debt repayments....... 1,230
Amount short for making debt repayments. -10

Personal Balance Sheet Summary
Total assets (things you own)........... 225,000
Total HP & Secured debt................. -140,000
Total Unsecured debt.................... -53,000
Net Assets.............................. 32,000
Created using the SOA calculator

saver03

Have put my comments in red hope you don't think I am being too harsh!

Miriams,_brother wrote: »

Got 3 loans and 3 credit cards, self employed struggling with low workload.
Finding it hard to keep up payments.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Detail
Monthly income after tax................ 1000
Partners monthly income after tax....... 2000
Benefits................................ 0
Other income............................ 550
Total monthly income.................... 3550

Monthly Expense Details
Mortgage................................ 863
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 194 This seems high are you sure you're in the correct band
Electricity............................. 33
Gas..................................... 33
Oil..................................... 0
Water rates............................. 12
Telephone (land line)................... 15
Mobile phone............................ 30
TV Licence.............................. 19 You can take £7 off that
Satellite/Cable TV...................... 26
Internet Services....................... 10 You can get phone, tv + internet for just over £30 from Virgin
Groceries etc. ......................... 320 This could be halved! Join the grocery challenge
Clothing................................ 70 Every month?? This needs reducing.
Petrol/diesel........................... 180
Road tax................................ 30
Car Insurance........................... 33
Car maintenance (including MOT)......... 50
Car parking............................. 30
Other travel............................ 0
Childcare/nursery....................... 100 Do you get help with this?
Other child related expenses............ 80 What is this for?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 18
Contents insurance...................... 17
Life assurance ......................... 15
Other insurance......................... 22
Presents (birthday, christmas etc)...... 20
Haircuts................................ 30
Entertainment........................... 80 Should be reduced
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2330

Assets
Cash.................................... 0
House value (Gross)..................... 220000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 225000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 140000...(863)......3.5%
Total secured & HP debts...... 140000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................23000.....330.......25.9 Over pay as much as you can or swap to a 0% interest card
loans..........................30000.....900.......14.7% Can you change to lower interest loan or card
Total unsecured debts..........53000.....1230......-

Monthly Budget Summary
Total monthly income.................... 3,550
Expenses (including HP & secured debts). 2,330
Available for debt repayments........... 1,220
Monthly UNsecured debt repayments....... 1,230
Amount short for making debt repayments. -10

Personal Balance Sheet Summary
Total assets (things you own)........... 225,000
Total HP & Secured debt................. -140,000
Total Unsecured debt.................... -53,000
Net Assets.............................. 32,000
Created using the SOA calculator

savingmummy

Miriams,_brother wrote: »

Got 3 loans and 3 credit cards, self employed struggling with low workload.
Finding it hard to keep up payments.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Detail
Monthly income after tax................ 1000
Partners monthly income after tax....... 2000
Benefits................................ 0 =?child benefit
Other income............................ 550
Total monthly income.................... 3550

Monthly Expense Details
Mortgage................................ 863
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 194
Electricity............................. 33
Gas..................................... 33
Oil..................................... 0
Water rates............................. 12
Telephone (land line)................... 15
Mobile phone............................ 30
TV Licence.............................. 19
Satellite/Cable TV...................... 26
Internet Services....................... 10
Groceries etc. ......................... 320 - this can be reduced by almost half
Clothing................................ 70 too much this can be reduced or cut out completely
Petrol/diesel........................... 180 - ouch!!
Road tax................................ 30
Car Insurance........................... 33
Car maintenance (including MOT)......... 50
Car parking............................. 30
Other travel............................ 0
Childcare/nursery....................... 100
Other child related expenses............ 80
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 18
Contents insurance...................... 17
Life assurance ......................... 15
Other insurance......................... 22
Presents (birthday, christmas etc)...... 20
Haircuts................................ 30 a mth? find a friend or a cheaper hairdresser
Entertainment........................... 80
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2330

Assets
Cash.................................... 0
House value (Gross)..................... 220000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 225000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 140000...(863)......3.5%
Total secured & HP debts...... 140000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................23000.....330.......25.9
loans..........................30000.....900.......14.7%
Total unsecured debts..........53000.....1230......-

Monthly Budget Summary
Total monthly income.................... 3,550
Expenses (including HP & secured debts). 2,330
Available for debt repayments........... 1,220
Monthly UNsecured debt repayments....... 1,230
Amount short for making debt repayments. -10

Personal Balance Sheet Summary
Total assets (things you own)........... 225,000
Total HP & Secured debt................. -140,000
Total Unsecured debt.................... -53,000
Net Assets.............................. 32,000
Created using the SOA calculator

Just a few things that stood out to me that i myself have cut out or down on. Good luck hope you get some help! This forum is fab x

nic_santorini

I have similar value house and have joint contents and buildings insurance for £12.53 a month - try the comparison sites next time it is due, this will save you another £20 a month.

Miriams,_brother

thanks for the replies, yes council tax is correct, i guess the groceries are too high, my major problem is credit rating cant get 0% cards or transfer at all.

Miriams,_brother

sorry missed out the child benefit, my wife deals with that not sure how much it is.
Dont get Virgin here unfortunately, but have called Sky to cancel.

DreamerV

I would think you'd be entitled to child tax credits. Your child would need to be 16 or under (or up to 18 in full time non advanced education), and your joint income would have to be under 58K (her gross taxable income, plus your net profits, and any other taxable income e.g. dividends you may earn). If your child is under 1, your joint income could be up to around 66K. It might not be much you get at your income level, however every little helps, even if it's £20 every 4 weeks. If your income was much higher in the previous tax year (08/09), make sure you advise the tax credits helpline that your income will be less this year (although bear in mind if you earn more than you think, you will need to pay that back over usually a 12th month period (interest free)). The helpline number is 0800 300 3900 and it's open 8am to 8pm 7 days a week if you feel like seeing if you're entitled. Oh I forgot to mention, between you and your OH, you'd have to be working 30 hours per week combined on average. And you can ultimately (once the claim is in payment) get the claim backdated up to 3 months before the date it's stamped as received in office..which might be a nice little lump sum.

savingmummy

The child benefit could help towards child expenses so make sure its not being misused iykwim.
Hope some1 can help regarding cc`s. Have these been chucked or still in use?

Miriams,_brother

1 credit card has defaulted the other 2 are not being used