Can anyone help after redundancy?? SOA

Ohdearhereitcomes

Hiya

I have been a member on here a while but have registered under another user name as I use the same one for other things.

I was wondering if anyone could give some advice on my SOA below. This SOA has been completed including DH's wage which will be no more soon as he is currently on gardening leave until end of Feb. This is why I have some money stashed in savings and am hoping to build on this between now and then.

I could go back to work full time (currently 4 days) but would prefer to put this off as long as poss as I have a 2 and 3 year old and would prefer to not miss out on too much).

DH is currently taking care of the kids but we usually pay my mum £150 a month for this. I have also been told I am not to pay any money to the loan from my dad until DH has a job...bless daddy!!

The phones are high as DH's work used to pay for this so I will down grade this.

The other child related costs are CSA for DH's previous kids, which will have to come right down once he is no longer getting a salary but hopefully for a very short amount of time.

Hope this answers a few queries.


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................ 2562
Partners monthly income after tax....... 1080
Benefits................................ 176
Other income............................ 0
Total monthly income.................... 3818
Monthly Expense Details
Mortgage................................ 867
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 114
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 31.8
Telephone (land line)................... 12
Mobile phone............................ 60
TV Licence.............................. 11.95
Satellite/Cable TV...................... 25
Internet Services....................... 10
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 30
Road tax................................ 20
Car Insurance........................... 15
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 411.67
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 20.69
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1999.11

Assets
Cash.................................... 850
House value (Gross)..................... 185000
Shares and bonds........................ 200
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 192050

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 158000...(867)......3.5
Total secured & HP debts...... 158000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................9638.38...98.34.....0
Tesco..........................1373......100.......0
Barclays.......................3666.86...60........6.9
Halifax........................1800......30........4.9
Dad............................800.......100.......0
Mint...........................917.......30........0
Santander......................1895......42........0
Santander......................1265.86...30........0

Total monthly income: £ 3818

Expenses (incl. HP & secured debts): £ 1999.11
Available for debt repayments: £ 1818.89
Unsecured debt repayments: £ 490.34
Surplus (shortfall if negative) £ 1328.54

Personal Balance Sheet Summary
Assets: £ 192050
Secured & HP Debt £ -158000
Unsecured Debt £ Net Assets £ -21356.10

Tixy

Hi

Your SoA looks reasonable to me, yes the mobiles could do with being reduced but nothing else seems excessive.

You are showing a £1328 surplus after debt repayments -in the past were you using this for savings/additional debt repayments or were you spending more.

Even with losing OHs salary you will still be able to make all your minimums but your surplus will be much smaller, so whilst you won't be able to make real inroads in to the debt you shouldn't struggle (even if maintenance is at the current rate)

Are all the debts at 0% other than the 2 listed? If so that is great - which promotional rate finishes soonest and when is that? You will probably find it much harder to find 0% BTs going forward (everyone is) so you may need to start throwing as much as possible at that card as soon as you can.

Good luck in managing and for OH to find a new job.

bloodofareptile

I think the most important question right now is whether or not the £ 1328.54 surplus shown on your SOA is currently a reality or not. If it is, you're going to be fine, though won't make a lot of progress with your debts.

Are your debts mostly 0%? When do they end? What will the rates go to? Is the large amount in child expenses child care? Can your OH take over that while he's not working? That would save you a bit to throw at your debts.

bloodofareptile

Oh, and best of luck with it all!

Ohdearhereitcomes

Tixy wrote: »

Hi

Your SoA looks reasonable to me, yes the mobiles could do with being reduced but nothing else seems excessive.

You are showing a £1328 surplus after debt repayments -in the past were you using this for savings/additional debt repayments or were you spending more.

Even with losing OHs salary you will still be able to make all your minimums but your surplus will be much smaller, so whilst you won't be able to make real inroads in to the debt you shouldn't struggle (even if maintenance is at the current rate)

Are all the debts at 0% other than the 2 listed? If so that is great - which promotional rate finishes soonest and when is that? You will probably find it much harder to find 0% BTs going forward (everyone is) so you may need to start throwing as much as possible at that card as soon as you can.

Good luck in managing and for OH to find a new job.

Hiya

Thanks for the reply. All debts are on 0% other than the 2 mentioned. I have just transfered £1800 onto a LOB card from DH's Tesco as that runs out in March. He is also going to try and get a new card on 0% before he is actually technically 'redundant'.

DH's salary is actually the bigger one so nope we won't cover everything on mine. Not entirely sure where we would sit with benefits in the intrim between him finishing and getting a new job.

I have actually just had a big payrise after gaining qualifications and adding the extra day so we didn't have the same surplus previously and as he at home, he is having the kids whereas previously my mum had them and we paid her £150. The other childcare expense is the CSA.

Thanks for your help

Tixy

Ah thats not so good.

So you have a surplus of 1328, less his salary of 2562 leaving you potentially short by 1234. Less repayment to Dad £100, so a shortfall of £1134.

Is he getting any redundancy money? Presumably he will get JSA at least (I know its not much but it all helps). You may be able to get tax credits, although I'm not sure as he will have earnt in this year. But do find out as soon as he is redundant.

Have you looked into what will happen with the CSA maintenance?

Even with all these you are still going to be struggling to meet your living expenses even without any debt repayments, basically due to the mortgage being so high compared to your income. Is your mortgage int only or repayment? There is government help available to people to repay mortgage interest if they are made redundant - I don't know how it works (especially with you earning) but you need to research this as a priority.

Could you increase your work to 5days per week just until he finds work and then go back to 4days? would your work be flexible on this?

How likely do you think OH will be able to get another job fairly quickly (I know its a 'how long is a piece of string question' but based on his industry/experience do you have an idea?) Even him working on a much reduced salary would be better than not working.

Good luck, hope you are able to get some help with your mortgage as this would help significantly.

Ohdearhereitcomes

Tixy wrote: »

Ah thats not so good.

So you have a surplus of 1328, less his salary of 2562 leaving you potentially short by 1234. Less repayment to Dad £100, so a shortfall of £1134.

Is he getting any redundancy money? Presumably he will get JSA at least (I know its not much but it all helps). You may be able to get tax credits, although I'm not sure as he will have earnt in this year. But do find out as soon as he is redundant.

Have you looked into what will happen with the CSA maintenance?

Even with all these you are still going to be struggling to meet your living expenses even without any debt repayments, basically due to the mortgage being so high compared to your income. Is your mortgage int only or repayment? There is government help available to people to repay mortgage interest if they are made redundant - I don't know how it works (especially with you earning) but you need to research this as a priority.

Could you increase your work to 5days per week just until he finds work and then go back to 4days? would your work be flexible on this?

How likely do you think OH will be able to get another job fairly quickly (I know its a 'how long is a piece of string question' but based on his industry/experience do you have an idea?) Even him working on a much reduced salary would be better than not working.

Good luck, hope you are able to get some help with your mortgage as this would help significantly.

Hiya

Thanks for your response.

I have told work to expect me to start doing 5 days which is fine. Esp as they made DH redundant 3.5 years ago!!! :rolleyes:

We did call the mortgage provider to ask if we could go on IO but I don't think DH expained the circumstances and they said no. So I will call them again in a month or so.

I am not sure if I can call benefits and give them amounts for year coming?? Anyone know??

I don't honestly think DH will be out of a job for too long as he is in IT, in a manager/consultant position so maybe will get a contract if not permanent which I would prefer.

Will look into the mortgage help too...thanks.

I have kept a few credit cards which have SBT offers if worse comes to the worse but don't really want to add to debt...!!

Thanks again for your help :)