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Help.. I can only see one solution!
mah
Posts: 38 Forumite
Hi Everyone,
We need help... I think i know the answer but i can't face it without a second opinion.
For the last 15 years my wife has looked after the money whilst i got on with work. I knew things where bad but let her deal with it. I earned a lot of extra cash through Dec and it just went so I looked into where it had gone (all on debts)... Last week she told me she couldn't do it any more and i sat down and worked everything out. I took me all weekend and i got the shock of my life.....
I'm not saying it's her fault were in this possition at all, i probably had my head in the sand and was happy for her to take the stress etc... I've taken it all on now.
The figures below are for both of us.
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Income from Employment (after tax). . . 2,864.00
Income from Self Employment (before tax). . . 300.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . 250.00
Monthly Expense Details
In Your Home
Mobile Phone(s) . . . 75.00
TV Licence. . . 11.95
Internet. . . 30.00
Home Phone. . . 30.00
Cleaning Products/Cleaner . . . 10.00
Garden Maintenance. . . 0.00
Household Maintenance . . . 0.00
Oil . . . 0.00
Electricity . . . 60.00
Gas . . . 60.00
Water . . . 46.00
Council Tax . . . 182.00
Overdraft Cost. . . 40.00
Bank Account Fee. . . 0.00
Buildings & Contents Insurance. . . 2.00
Mortgage/Rent . . .1,189.00
Plumbing/Boiler Cover . . . 0.00
Mortgage Life Insurance . . . 0.00
Mortgage Payment Protection . . . 57.00
Life Insurance . . . 46.36
Food and Household Shopping . . . 260.00
Drinks for Home . . . 20.00
Motoring & Public Transport
Petrol/Diesel . . . 40.00
Parking . . . 15.00
Car Tax . . . 12.00
Car Insurance . . . 21.67
Car Maintenance . . . 20.00
Rail/Bus/Taxi . . . 0.00
Breakdown Cover . . . 0.00
Debt Repayments
Credit Card Repayments. . . . 520.00
Hire Purchase Repayments. . . 0.00
Personal Loan Repayments. . .378.00
Car Loan Repayments . . .0.00
FAmily Loan . . . 200.00
Savings & Investments
Pension Payments. . . 0.00
Buying Shares . . . 0.00
Investments . . . 0.00
Mini Cash ISAs. . . . 0.00
Lump Sum Saving . . . 0.00
Regular Saving. . . 0.00
Family
Pet Food. . . 8.00
School Trips. . . 20.00
School Meals. . . 0.00
Pocket Money. . . 0.00
Nappies/Baby Extras . . . 20.00
Laundry/Dry Cleaning. . . 0.00
Children's Travel . . .0.00
Baby Sitting. . . 0.00
Childcare/Play Groups . . . 260.00
Pet Insurance . . .0.00
Travel Insurance. . . 0.00
Entertainment
Satellite/Digital TV. . . 23.00
Family Days Out . . . 0.00
Cinema/Theatre Trips. . . 3.33
Books/Music/Films/Computers . . . 0.00
Big Days Out. . . . 0.00
Shopping for Fun. . . . 0.00
Pet Costs . . . 0.00
Hobbies . . . 0.00
IT/Computing (eg Anti-virus etc). . . 0.00
DVD Rental. . . 15.00
Drinking Out. . . 12.50
Eating Out. . . . 12.50
Clothes, Health & Beauty
Complimentary Therapies . . . 0.00
Optical Bills . . . 43.00
Haircuts. . . .25.00
Dentistry . . . 5.83
Beauty Treatments . . . 0.00
Healthcare Cashplans. . . 0.00
Dental Insurance. . . 0.00
Private Medical Insurance . . . 0.00
Fitness/Sports/Gym. . . 0.00
Work Clothes. . . 25.00
New Children's Clothes. . . 16.67
New Clothes . . . 16.67
Education & Courses
University Tuition Fees . . . 0.00
School Fees . . . 0.00
Your Courses. . . 0.00
Big One Offs
Funeral Expenses. . . 0.00
Wedding Expenses. . . 0.00
Sofa/Kitchen/TV . . . 0.00
Birthdays . . .20.00
Winter Holiday. . . 0.00
Summer Holiday. . . 83.33
Christmas . . .41.67
Odds & Sods
Newspapers & Magazines. . . 4.50
Tax & NI Provisions (self-employed only). . . 0.00
Regular Charity Donations . . . 0.00
Meals at work . . . 86.67
Smokes. . . 162.42
Coffees/Sandwiches/Snacks . . . 0.00
Total monthly income. . . 3,414.00
Total monthly expenses. . . 4,231.07
Credit Cards
Argos£408.49Virgin£11,662.32LloydsTSB AE£5,187.02Halifax Visa£4,642.63Tesco ClubCard£2,619.74halifax MC£7,103.42virgin£1,841.59Total£33,465.21
Mortgage ... £220,000.00
We have 3 kids, 13,3 and 18months, child care will drop a little as 3 yr old started nursery at school today.
I have a £1000 rebate on tax to come and the tax office have finally sorted my code out, so £100 extra income from this month. but that only scratches the surface.
I've tried to Tart the credit cards, got declined twice and a third accepted but then rang yesterday having changed there mind on a 0% balance transfer.
We had an agreed overdraft with Halifax, but the new terms now mean we are paying about £50-£60 a month in charges on a £4500 overdraft
I set up an online business in October, This has steadily been growing and turned over nearly £3K in December. looks like i'll do £1K in Jan but will then pick up again over 2010. But has not made any profit i can remove from the business yet. i have a 3 year plan and don't want to do anything to risk losing it at such an early stage.
I have another additional income but majority of that income is over Christmas. £3.2K for 2009.
I'm going to have to sell off anything in the house i can get any money for. that may bring in another £1500
I really think the only option is to phone the credit card companies and the bank, tell them we can't pay and see what happens... My wife is really objecting to this but no other option.
PS. Amazingly we have no arrears on this mess.........Yet.......
We need help... I think i know the answer but i can't face it without a second opinion.
For the last 15 years my wife has looked after the money whilst i got on with work. I knew things where bad but let her deal with it. I earned a lot of extra cash through Dec and it just went so I looked into where it had gone (all on debts)... Last week she told me she couldn't do it any more and i sat down and worked everything out. I took me all weekend and i got the shock of my life.....
I'm not saying it's her fault were in this possition at all, i probably had my head in the sand and was happy for her to take the stress etc... I've taken it all on now.
The figures below are for both of us.
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Income from Employment (after tax). . . 2,864.00
Income from Self Employment (before tax). . . 300.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . 250.00
Monthly Expense Details
In Your Home
Mobile Phone(s) . . . 75.00
TV Licence. . . 11.95
Internet. . . 30.00
Home Phone. . . 30.00
Cleaning Products/Cleaner . . . 10.00
Garden Maintenance. . . 0.00
Household Maintenance . . . 0.00
Oil . . . 0.00
Electricity . . . 60.00
Gas . . . 60.00
Water . . . 46.00
Council Tax . . . 182.00
Overdraft Cost. . . 40.00
Bank Account Fee. . . 0.00
Buildings & Contents Insurance. . . 2.00
Mortgage/Rent . . .1,189.00
Plumbing/Boiler Cover . . . 0.00
Mortgage Life Insurance . . . 0.00
Mortgage Payment Protection . . . 57.00
Life Insurance . . . 46.36
Food and Household Shopping . . . 260.00
Drinks for Home . . . 20.00
Motoring & Public Transport
Petrol/Diesel . . . 40.00
Parking . . . 15.00
Car Tax . . . 12.00
Car Insurance . . . 21.67
Car Maintenance . . . 20.00
Rail/Bus/Taxi . . . 0.00
Breakdown Cover . . . 0.00
Debt Repayments
Credit Card Repayments. . . . 520.00
Hire Purchase Repayments. . . 0.00
Personal Loan Repayments. . .378.00
Car Loan Repayments . . .0.00
FAmily Loan . . . 200.00
Savings & Investments
Pension Payments. . . 0.00
Buying Shares . . . 0.00
Investments . . . 0.00
Mini Cash ISAs. . . . 0.00
Lump Sum Saving . . . 0.00
Regular Saving. . . 0.00
Family
Pet Food. . . 8.00
School Trips. . . 20.00
School Meals. . . 0.00
Pocket Money. . . 0.00
Nappies/Baby Extras . . . 20.00
Laundry/Dry Cleaning. . . 0.00
Children's Travel . . .0.00
Baby Sitting. . . 0.00
Childcare/Play Groups . . . 260.00
Pet Insurance . . .0.00
Travel Insurance. . . 0.00
Entertainment
Satellite/Digital TV. . . 23.00
Family Days Out . . . 0.00
Cinema/Theatre Trips. . . 3.33
Books/Music/Films/Computers . . . 0.00
Big Days Out. . . . 0.00
Shopping for Fun. . . . 0.00
Pet Costs . . . 0.00
Hobbies . . . 0.00
IT/Computing (eg Anti-virus etc). . . 0.00
DVD Rental. . . 15.00
Drinking Out. . . 12.50
Eating Out. . . . 12.50
Clothes, Health & Beauty
Complimentary Therapies . . . 0.00
Optical Bills . . . 43.00
Haircuts. . . .25.00
Dentistry . . . 5.83
Beauty Treatments . . . 0.00
Healthcare Cashplans. . . 0.00
Dental Insurance. . . 0.00
Private Medical Insurance . . . 0.00
Fitness/Sports/Gym. . . 0.00
Work Clothes. . . 25.00
New Children's Clothes. . . 16.67
New Clothes . . . 16.67
Education & Courses
University Tuition Fees . . . 0.00
School Fees . . . 0.00
Your Courses. . . 0.00
Big One Offs
Funeral Expenses. . . 0.00
Wedding Expenses. . . 0.00
Sofa/Kitchen/TV . . . 0.00
Birthdays . . .20.00
Winter Holiday. . . 0.00
Summer Holiday. . . 83.33
Christmas . . .41.67
Odds & Sods
Newspapers & Magazines. . . 4.50
Tax & NI Provisions (self-employed only). . . 0.00
Regular Charity Donations . . . 0.00
Meals at work . . . 86.67
Smokes. . . 162.42
Coffees/Sandwiches/Snacks . . . 0.00
Total monthly income. . . 3,414.00
Total monthly expenses. . . 4,231.07
Credit Cards
Argos£408.49Virgin£11,662.32LloydsTSB AE£5,187.02Halifax Visa£4,642.63Tesco ClubCard£2,619.74halifax MC£7,103.42virgin£1,841.59Total£33,465.21
Mortgage ... £220,000.00
We have 3 kids, 13,3 and 18months, child care will drop a little as 3 yr old started nursery at school today.
I have a £1000 rebate on tax to come and the tax office have finally sorted my code out, so £100 extra income from this month. but that only scratches the surface.
I've tried to Tart the credit cards, got declined twice and a third accepted but then rang yesterday having changed there mind on a 0% balance transfer.
We had an agreed overdraft with Halifax, but the new terms now mean we are paying about £50-£60 a month in charges on a £4500 overdraft
I set up an online business in October, This has steadily been growing and turned over nearly £3K in December. looks like i'll do £1K in Jan but will then pick up again over 2010. But has not made any profit i can remove from the business yet. i have a 3 year plan and don't want to do anything to risk losing it at such an early stage.
I have another additional income but majority of that income is over Christmas. £3.2K for 2009.
I'm going to have to sell off anything in the house i can get any money for. that may bring in another £1500
I really think the only option is to phone the credit card companies and the bank, tell them we can't pay and see what happens... My wife is really objecting to this but no other option.
PS. Amazingly we have no arrears on this mess.........Yet.......
0
Comments
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don't want to read and run - you've come to the right place and people who know more than I do will be along soon to help...0
-
There are probably ways to reduce your outgoings, but before you contact the CC co etc talk to CCCS/NationalDebtline/CAB.
I 'suddenly' found that I had £64K of debt....but NOTHING was in arrears. I contacted CCCS and they helped me to get evrything under control. The debts are still there and I am making payments agreed with the Creditors through CCCS.
It will be a long time to paying them off and it requires discipline...but it can be done.
They will do all they can to help get interest and charges stopped and you will then be able to live within your Income, it may seem impossible but it does work.
DONT be tempted by these awful ads on TV telling you that you can be debt free in 5 years and only pay a part of your debts, they are IVA Cos and very rarely help a situation.
Good Luck.
:D stay wonky :D
....one-way ticket to Portugal booked !0 -
Hi Everyone,
We need help... I think i know the answer but i can't face it without a second opinion.
For the last 15 years my wife has looked after the money whilst i got on with work. I knew things where bad but let her deal with it. I earned a lot of extra cash through Dec and it just went so I looked into where it had gone (all on debts)... Last week she told me she couldn't do it any more and i sat down and worked everything out. I took me all weekend and i got the shock of my life.....
I'm not saying it's her fault were in this possition at all, i probably had my head in the sand and was happy for her to take the stress etc... I've taken it all on now.
The figures below are for both of us.
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Income from Employment (after tax). . . 2,864.00
Income from Self Employment (before tax). . . 300.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . 250.00
Monthly Expense Details
In Your Home
Mobile Phone(s) . . . 75.00 can you get a combined phone/internet/mobile Contract?
TV Licence. . . 11.95
Internet. . . 30.00
Home Phone. . . 30.00
Cleaning Products/Cleaner . . . 10.00
Garden Maintenance. . . 0.00
Household Maintenance . . . 0.00
Oil . . . 0.00
Electricity . . . 60.00
Gas . . . 60.00
Water . . . 46.00
Council Tax . . . 182.00
Overdraft Cost. . . 40.00
Bank Account Fee. . . 0.00
Buildings & Contents Insurance. . . 2.00
Mortgage/Rent . . .1,189.00
Plumbing/Boiler Cover . . . 0.00
Mortgage Life Insurance . . . 0.00
Mortgage Payment Protection . . . 57.00 neede/relevant/reclaimable?
Life Insurance . . . 46.36
Food and Household Shopping . . . 260.00
Drinks for Home . . . 20.00
Motoring & Public Transport
Petrol/Diesel . . . 40.00
Parking . . . 15.00
Car Tax . . . 12.00
Car Insurance . . . 21.67
Car Maintenance . . . 20.00
Rail/Bus/Taxi . . . 0.00
Breakdown Cover . . . 0.00
Debt Repayments
Credit Card Repayments. . . . 520.00
Hire Purchase Repayments. . . 0.00
Personal Loan Repayments. . .378.00
Car Loan Repayments . . .0.00
FAmily Loan . . . 200.00 could this be reduced for a while?
Savings & Investments
Pension Payments. . . 0.00
Buying Shares . . . 0.00
Investments . . . 0.00
Mini Cash ISAs. . . . 0.00
Lump Sum Saving . . . 0.00
Regular Saving. . . 0.00
Family
Pet Food. . . 8.00
School Trips. . . 20.00
School Meals. . . 0.00
Pocket Money. . . 0.00
Nappies/Baby Extras . . . 20.00
Laundry/Dry Cleaning. . . 0.00
Children's Travel . . .0.00
Baby Sitting. . . 0.00
Childcare/Play Groups . . . 260.00
Pet Insurance . . .0.00
Travel Insurance. . . 0.00
Entertainment
Satellite/Digital TV. . . 23.00 terrestrial tv/freeview is adequate
Family Days Out . . . 0.00
Cinema/Theatre Trips. . . 3.33
Books/Music/Films/Computers . . . 0.00
Big Days Out. . . . 0.00
Shopping for Fun. . . . 0.00
Pet Costs . . . 0.00
Hobbies . . . 0.00
IT/Computing (eg Anti-virus etc). . . 0.00
DVD Rental. . . 15.00 sometimes these things have to be sacrificed , including the next two items.
Drinking Out. . . 12.50
Eating Out. . . . 12.50
Clothes, Health & Beauty
Complimentary Therapies . . . 0.00
Optical Bills . . . 43.00 is this contacts?
Haircuts. . . .25.00
Dentistry . . . 5.83
Beauty Treatments . . . 0.00
Healthcare Cashplans. . . 0.00
Dental Insurance. . . 0.00
Private Medical Insurance . . . 0.00
Fitness/Sports/Gym. . . 0.00
Work Clothes. . . 25.00
New Children's Clothes. . . 16.67
New Clothes . . . 16.67
Education & Courses
University Tuition Fees . . . 0.00
School Fees . . . 0.00
Your Courses. . . 0.00
Big One Offs
Funeral Expenses. . . 0.00
Wedding Expenses. . . 0.00
Sofa/Kitchen/TV . . . 0.00
Birthdays . . .20.00
Winter Holiday. . . 0.00
Summer Holiday. . . 83.33
Christmas . . .41.67
Odds & Sods
Newspapers & Magazines. . . 4.50
Tax & NI Provisions (self-employed only). . . 0.00
Regular Charity Donations . . . 0.00
Meals at work . . . 86.67 WOW! thats high
Smokes. . . 162.42...giving up is good for you and your pocket.
Coffees/Sandwiches/Snacks . . . 0.00
Total monthly income. . . 3,414.00
Total monthly expenses. . . 4,231.07
Credit Cards
Argos£408.49Virgin£11,662.32LloydsTSB AE£5,187.02Halifax Visa£4,642.63Tesco ClubCard£2,619.74halifax MC£7,103.42virgin£1,841.59Total£33,465.21
Mortgage ... £220,000.00
We have 3 kids, 13,3 and 18months, child care will drop a little as 3 yr old started nursery at school today.
I have a £1000 rebate on tax to come and the tax office have finally sorted my code out, so £100 extra income from this month. but that only scratches the surface.
I've tried to Tart the credit cards, got declined twice and a third accepted but then rang yesterday having changed there mind on a 0% balance transfer.
We had an agreed overdraft with Halifax, but the new terms now mean we are paying about £50-£60 a month in charges on a £4500 overdraft
I set up an online business in October, This has steadily been growing and turned over nearly £3K in December. But has not made any profit i can remove from the business yet. i have a 3 year plan and don't want to do anything to risk losing it at such an early stage.
I have another additional income but majority of that income is over Christmas. £3.2K for 2009.
I really think the only option is to phone the credit card companies and the bank, tell them we can't pay and see what happens...
Just a few suggestions....:D stay wonky :D
....one-way ticket to Portugal booked !0 -
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Income from Employment (after tax). . . 2,864.00
Income from Self Employment (before tax). . . 300.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . 250.00
Monthly Expense Details
In Your Home
Mobile Phone(s) . . . 75.00 - very expensive are you still in contract?
TV Licence. . . 11.95
Internet. . . 30.00 - this is quite expensive for internet are you still tied into contract?
Home Phone. . . 30.00 - seems high check what type of calls you are making and at what time of day, it might be worth while to look into a free anytime bundle
Cleaning Products/Cleaner . . . 10.00
Garden Maintenance. . . 0.00
Household Maintenance . . . 0.00
Oil . . . 0.00
Electricity . . . 60.00
Gas . . . 60.00
Water . . . 46.00
Council Tax . . . 182.00
Overdraft Cost. . . 40.00
Bank Account Fee. . . 0.00
Buildings & Contents Insurance. . . 2.00
Mortgage/Rent . . .1,189.00
Plumbing/Boiler Cover . . . 0.00
Mortgage Life Insurance . . . 0.00
Mortgage Payment Protection . . . 57.00
Life Insurance . . . 46.36
Food and Household Shopping . . . 260.00
Drinks for Home . . . 20.00
Motoring & Public Transport
Petrol/Diesel . . . 40.00
Parking . . . 15.00
Car Tax . . . 12.00
Car Insurance . . . 21.67
Car Maintenance . . . 20.00
Rail/Bus/Taxi . . . 0.00
Breakdown Cover . . . 0.00
Debt Repayments
Credit Card Repayments. . . . 520.00
Hire Purchase Repayments. . . 0.00
Personal Loan Repayments. . .378.00
Car Loan Repayments . . .0.00
FAmily Loan . . . 200.00
Savings & Investments
Pension Payments. . . 0.00
Buying Shares . . . 0.00
Investments . . . 0.00
Mini Cash ISAs. . . . 0.00
Lump Sum Saving . . . 0.00
Regular Saving. . . 0.00
Family
Pet Food. . . 8.00
School Trips. . . 20.00
School Meals. . . 0.00
Pocket Money. . . 0.00
Nappies/Baby Extras . . . 20.00
Laundry/Dry Cleaning. . . 0.00
Children's Travel . . .0.00
Baby Sitting. . . 0.00
Childcare/Play Groups . . . 260.00
Pet Insurance . . .0.00
Travel Insurance. . . 0.00
Entertainment
Satellite/Digital TV. . . 23.00 - go freeview or freesat
Family Days Out . . . 0.00
Cinema/Theatre Trips. . . 3.33 - un-nessesary expense
Books/Music/Films/Computers . . . 0.00
Big Days Out. . . . 0.00
Shopping for Fun. . . . 0.00
Pet Costs . . . 0.00
Hobbies . . . 0.00
IT/Computing (eg Anti-virus etc). . . 0.00
DVD Rental. . . 15.00 - un-nessesary expense
Drinking Out. . . 12.50 - un-nessesary expense
Eating Out. . . . 12.50 - un-nessesary expense
Clothes, Health & Beauty
Complimentary Therapies . . . 0.00
Optical Bills . . . 43.00 guessing contacts could you swop to a cheaper one if you are on dailys look at weekly or monthly
Haircuts. . . .25.00
Dentistry . . . 5.83
Beauty Treatments . . . 0.00
Healthcare Cashplans. . . 0.00
Dental Insurance. . . 0.00
Private Medical Insurance . . . 0.00
Fitness/Sports/Gym. . . 0.00
Work Clothes. . . 25.00
New Children's Clothes. . . 16.67
New Clothes . . . 16.67 - quite a bit for the adults as you can usualy make do with charity clothes, not always the nicest thing to think about but they really do have some good stuff
Education & Courses
University Tuition Fees . . . 0.00
School Fees . . . 0.00
Your Courses. . . 0.00
Big One Offs
Funeral Expenses. . . 0.00
Wedding Expenses. . . 0.00
Sofa/Kitchen/TV . . . 0.00
Birthdays . . .20.00
Winter Holiday. . . 0.00
Summer Holiday. . . 83.33 - if this is not already booked you might just have to miss a holiday this year
Christmas . . .41.67
Odds & Sods
Newspapers & Magazines. . . 4.50 - a luxiary you can get bbc news online for free and magazines really are not essential
Tax & NI Provisions (self-employed only). . . 0.00
Regular Charity Donations . . . 0.00
Meals at work . . . 86.67 - take packed lunch!
Smokes. . . 162.42 - i know it is not easy however have you looked in to quiting the NHS do a free quitting service which might be worth at least looking into
Coffees/Sandwiches/Snacks . . . 0.00
Total monthly income. . . 3,414.00
Total monthly expenses. . . 4,231.07
Credit Cards
Argos£408.49Virgin£11,662.32LloydsTSB AE£5,187.02Halifax Visa£4,642.63Tesco ClubCard£2,619.74halifax MC£7,103.42virgin£1,841.59Total£33,465.21
Mortgage ... £220,000.00
We have 3 kids, 13,3 and 18months, child care will drop a little as 3 yr old started nursery at school today.
ok i have made a couple of comments above i know it might seem harsh however you are looking at a £800 a month short fall now those few things i have highlighted make up to around £600 that can be taken of your out goings still leaving a little in some of them like contacts etc and i am sure there can be more knocked of that i have missedDrop a brand challenge
on a £100 shop you might on average get 70 items save
10p per product = £7 a week ~ £28 a month
20p per product = £14 a week ~ £56 a month
30p per product = £21 a week ~ £84 a month (or in other words one weeks shoping at the new price)0 -
If your wife is at home then why are you paying day care for the kids? If she's not at home then where is her income?DFW Nerd #025DFW no more! Officially debt free 2017 - now joining the MFW's!
My DFW Diary - blah- mildly funny stuff about my journey0 -
Hi, forst of all well done for posting your SOA it takes guts!! my comments are in red and hope I don't sound too harsh:o These are just tips I've picked up myself & as a previous poster said try the debt charities like Payplan/CCCS they are great and have a been a brilliant help to me(currently on DMP with CCCS) they will be able to give you the best advice on where to go to next...I know it sounds daunting but you'll feel a million times better once you've got the ball rolling:)The figures below are for both of us.
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Income from Employment (after tax). . . 2,864.00
Income from Self Employment (before tax). . . 300.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . 250.00
Monthly Expense Details
In Your Home
Mobile Phone(s) . . . 75.00 Reduce this/change tariffs
TV Licence. . . 11.95
Internet. . . 30.00
Home Phone. . . 30.00 £60 for phone & internet?!?! Look for deals that include both & you'll probs get sky/virgin in that too for less than the £83 you're paying now for tv/phone/internet!
Cleaning Products/Cleaner . . . 10.00
Garden Maintenance. . . 0.00
Household Maintenance . . . 0.00
Oil . . . 0.00
Electricity . . . 60.00
Gas . . . 60.00
Water . . . 46.00
Council Tax . . . 182.00
Overdraft Cost. . . 40.00
Bank Account Fee. . . 0.00
Buildings & Contents Insurance. . . 2.00 You sure?! £24p/a for contents & buildings insurance?
Mortgage/Rent . . .1,189.00
Plumbing/Boiler Cover . . . 0.00
Mortgage Life Insurance . . . 0.00
Mortgage Payment Protection . . . 57.00 Look around for another deal, use cashback sites where possible
Life Insurance . . . 46.36 As above
Food and Household Shopping . . . 260.00 This is good, but check the Old style board...plenty more tips there;)
Drinks for Home . . . 20.00 Can you not cut this out?!
Motoring & Public Transport
Petrol/Diesel . . . 40.00
Parking . . . 15.00
Car Tax . . . 12.00
Car Insurance . . . 21.67
Car Maintenance . . . 20.00
Rail/Bus/Taxi . . . 0.00
Breakdown Cover . . . 0.00
Debt Repayments
Credit Card Repayments. . . . 520.00
Hire Purchase Repayments. . . 0.00
Personal Loan Repayments. . .378.00
Car Loan Repayments . . .0.00
FAmily Loan . . . 200.00
Savings & Investments
Pension Payments. . . 0.00
Buying Shares . . . 0.00
Investments . . . 0.00
Mini Cash ISAs. . . . 0.00
Lump Sum Saving . . . 0.00
Regular Saving. . . 0.00
Family
Pet Food. . . 8.00
School Trips. . . 20.00 £240p/a on school trips?! Wow!
School Meals. . . 0.00
Pocket Money. . . 0.00
Nappies/Baby Extras . . . 20.00
Laundry/Dry Cleaning. . . 0.00
Children's Travel . . .0.00
Baby Sitting. . . 0.00
Childcare/Play Groups . . . 260.00
Pet Insurance . . .0.00
Travel Insurance. . . 0.00
Entertainment
Satellite/Digital TV. . . 23.00 mentioned with phone/internet
Family Days Out . . . 0.00
Cinema/Theatre Trips. . . 3.33 Necessary?
Books/Music/Films/Computers . . . 0.00
Big Days Out. . . . 0.00
Shopping for Fun. . . . 0.00
Pet Costs . . . 0.00
Hobbies . . . 0.00
IT/Computing (eg Anti-virus etc). . . 0.00
DVD Rental. . . 15.00 Have a look at lovefilm for free trials & go through cashback site
Drinking Out. . . 12.50 This need to stop for now
Eating Out. . . . 12.50 as above...how about movie & picnic on living room floor..once kids are in bed;) Plenty of ways to keep the romance without spending too much:)
Clothes, Health & Beauty
Complimentary Therapies . . . 0.00
Optical Bills . . . 43.00 Can you get a payment plan for this?!
Haircuts. . . .25.00 Reduce this, go to local colleges or buy some clippers & do at home if family is mostly boys:)
Dentistry . . . 5.83 again is a payment plan possible?
Beauty Treatments . . . 0.00
Healthcare Cashplans. . . 0.00
Dental Insurance. . . 0.00
Private Medical Insurance . . . 0.00
Fitness/Sports/Gym. . . 0.00
Work Clothes. . . 25.00 is this really essential every month?
New Children's Clothes. . . 16.67 as above
New Clothes . . . 16.67 as above, also look on ebay etc for bargains;)
Education & Courses
University Tuition Fees . . . 0.00
School Fees . . . 0.00
Your Courses. . . 0.00
Big One Offs
Funeral Expenses. . . 0.00
Wedding Expenses. . . 0.00
Sofa/Kitchen/TV . . . 0.00
Birthdays . . .20.00 Try & reduce the people you buy for to immediate family only
Winter Holiday. . . 0.00
Summer Holiday. . . 83.33 You really cannot afford this right now!
Christmas . . .41.67 Same as with birthdays, reduce to immediate family only
Odds & Sods
Newspapers & Magazines. . . 4.50 Give them up, newspapers can be read online
Tax & NI Provisions (self-employed only). . . 0.00
Regular Charity Donations . . . 0.00
Meals at work . . . 86.67 take packed lunch or microwave meals(£1 from Iceland)
Smokes. . . 162.42 Try and quit smoking if you can/feel ready for it, this will probably be the biggest saving tbh
Coffees/Sandwiches/Snacks . . . 0.00
Total monthly income. . . 3,414.00
Total monthly expenses. . . 4,231.07
Credit Cards
Argos£408.49 Virgin£11,662.32 LloydsTSB AE£5,187.02 Halifax Visa£4,642.63 Tesco ClubCard£2,619.74 halifax MC£7,103.42 virgin£1,841.59 Total£33,465.21
Mortgage ... £220,000.00
We have 3 kids, 13,3 and 18months, child care will drop a little as 3 yr old started nursery at school today.
I have a £1000 rebate on tax to come and the tax office have finally sorted my code out, so £100 extra income from this month. but that only scratches the surface. Pay off Argos with this money & put the rest towards whichever has the highest apr
I've tried to Tart the credit cards, got declined twice and a third accepted but then rang yesterday having changed there mind on a 0% balance transfer.
We had an agreed overdraft with Halifax, but the new terms now mean we are paying about £50-£60 a month in charges on a £4500 overdraft
I set up an online business in October, This has steadily been growing and turned over nearly £3K in December. But has not made any profit i can remove from the business yet. i have a 3 year plan and don't want to do anything to risk losing it at such an early stage.
I have another additional income but majority of that income is over Christmas. £3.2K for 2009.
I really think the only option is to phone the credit card companies and the bank, tell them we can't pay and see what happens...
To give you a rough idea of which debts to start tackling first(If you wanted to try & get rid before going down DMP route) have a look at the snowballing calculator here.
HTH and good luck on your journey:) x1.11.09 - debt = £45k:eek:
[STRIKE]Car Loan = £0[/STRIKE] CCCS Total = £30,246.88 Total Debt Paid off - 32.78%
DFD [STRIKE]Nov[/STRIKE][STRIKE]Sept[/STRIKE]Aug 2018:o Only 75 payments to go:)0 -
I think you could easily save cash in the following areas.
Mobile - I get 600 mins and 600 texts for £14 from O2
Internet and home phone - We pay £20 for both
Water, gas and electric seem high also
DVD Rental, you could probably go without
Meals at work. Very easy to bring this right down by taking sandwiches or left overs0 -
It would be much easier to see on the mse soa http://www.makesenseofcards.com/soacalc.html this will show it all in a better and easier to manage way.
You need to reduce and cut down on most outgoings, getting cheaper deals etc xDebtFree FEB 2010!Slight blip in 2013 - Debtfree Aug 2014 :j
Savings £132/£1000.0 -
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Income from Employment (after tax). . . 2,864.00
Income from Self Employment (before tax). . . 300.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . 250.00
Monthly Expense Details
Mortgage/Rent . . .1,189.00 - this is absolutely massive compared with your income. May not be sustainable. Repayment or interest only?
Gas . . . 60.00
Water . . . 46.00
Council Tax . . . 182.00 - over 10 months or 12?
In Your Home
Mobile Phone(s) . . . 75.00 - you have to cut this back and go PAYG
TV Licence. . . 11.95
Internet. . . 30.00 - bundle this and reduce
Home Phone. . . 30.00 - this is high. Bundle and reduce
Cleaning Products/Cleaner . . . 10.00
Garden Maintenance. . . 0.00
Household Maintenance . . . 0.00
Bank Account Fee. . . 0.00
Buildings & Contents Insurance. . . 2.00
Plumbing/Boiler Cover . . . 0.00
Mortgage Life Insurance . . . 0.00
Mortgage Payment Protection . . . 57.00 - this is very costly
Life Insurance . . . 46.36- this is very costly - you should get reducing term insurance for both of you for less than £30
Food and Household Shopping . . . 260.00 - this is OK but in the circumstance you can reduce it a bit more
Drinks for Home . . . 20.00
Motoring & Public Transport
Petrol/Diesel . . . 40.00
Parking . . . 15.00
Car Tax . . . 12.00
Car Insurance . . . 21.67
Car Maintenance . . . 20.00
Rail/Bus/Taxi . . . 0.00
Breakdown Cover . . . 0.00
Do you absolutely need a car as you are not making much use of it?
Family
Pet Food. . . 8.00 - should be in housekeeping
School Trips. . . 20.00 - you may have to reduce this
School Meals. . . 0.00
Pocket Money. . . 0.00
Nappies/Baby Extras . . . 20.00 - should be in housekeeping
Laundry/Dry Cleaning. . . 0.00
Children's Travel . . .0.00
Baby Sitting. . . 0.00
Childcare/Play Groups . . . 260.00 - is your wife earning enough to justify this and are your getting the CTC associated with it?
Pet Insurance . . .0.00
Travel Insurance. . . 0.00
Entertainment
Satellite/Digital TV. . . 23.00 - down grade and get rid
Family Days Out . . . 0.00
Cinema/Theatre Trips. . . 3.33 - ditto
Books/Music/Films/Computers . . . 0.00
Big Days Out. . . . 0.00
Shopping for Fun. . . . 0.00
Pet Costs . . . 0.00
Hobbies . . . 0.00
IT/Computing (eg Anti-virus etc). . . 0.00
DVD Rental. . . 15.00 - you simply cannot afford this
Drinking Out. . . 12.50 - you simply cannot afford this
Eating Out. . . . 12.50- you simply cannot afford this
Clothes, Health & Beauty
Optical Bills . . . 43.00 - reduce this
Haircuts. . . .25.00 and this
Dentistry . . . 5.83
Fitness/Sports/Gym. . . 0.00
Work Clothes. . . 25.00 - you cannot afford this
New Children's Clothes. . . 16.67 - sign up for www.fregle.co.uk. you cannot afford new clothes
New Clothes . . . 16.67 sign up for www.fregle.co.uk. you cannot afford new clothes
Big One Offs
Funeral Expenses. . . 0.00
Wedding Expenses. . . 0.00
Sofa/Kitchen/TV . . . 0.00
Birthdays . . .20.00 - halve this
Winter Holiday. . . 0.00
Summer Holiday. . . 83.33 - forget it,you simply cannot afford it
Christmas . . .41.67 - halve this and more
Odds & Sods
Newspapers & Magazines. . . 4.50
Tax & NI Provisions (self-employed only). . . 0.00
Regular Charity Donations . . . 0.00
Meals at work . . . 86.67
Smokes. . . 162.42
Coffees/Sandwiches/Snacks . . . 0.00
Debt Repayments
Credit Card Repayments. . . . 520.00
Hire Purchase Repayments. . . 0.00
Personal Loan Repayments. . .378.00
Car Loan Repayments . . .0.00
FAmily Loan . . . 200.00
Overdraft Cost. . . 40.00
Savings & Investments
Pension Payments. . . 0.00
Buying Shares . . . 0.00
Investments . . . 0.00
Mini Cash ISAs. . . . 0.00
Lump Sum Saving . . . 0.00
Regular Saving. . . 0.00
Total monthly income. . . 3,414.00
Total monthly expenses. . . 4,231.07
Credit Cards - you need the APRS for all of these
Argos£408.49
Virgin£11,662.32
LloydsTSB AE£5,187.02
Halifax Visa £4,642.63
Tesco ClubCard£2,619.74
halifax MC£7,103.42
virgin£1,841.59
Total£33,465.21
Mortgage ... £220,000.00
We have 3 kids, 13,3 and 18months, child care will drop a little as 3 yr old started nursery at school today.
You can save about £500 on your expenses but that may not be enough.If you've have not made a mistake, you've made nothing0
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