Advice asked

Mrnmrsbibbs1974

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 1125
Benefits................................ 680
Other income............................ 0
Total monthly income.................... 2805

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 210
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 12
Mobile phone............................ 100
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 35
Groceries etc. ......................... 250
Clothing................................ 75
Petrol/diesel........................... 300
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0
Entertainment........................... 12
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1811


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 22000....(170)......25
Hire Purchase (HP) debt ...... 850......(40).......2
Total secured & HP debts...... 22850.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Provident......................800.......100.......300
Mum............................2000......190.......0
Total unsecured debts..........2800......290.......-


Monthly Budget Summary
Total monthly income.................... 2,805
Expenses (including HP & secured debts). 1,811
Available for debt repayments........... 994
Monthly UNsecured debt repayments....... 290
Amount left after debt repayments....... 704

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -22,850
Total Unsecured debt.................... -2,800
Net Assets.............................. -25,650


We also have creditors in the form of Robinson way £4012.46- Offering them £65.00 a month to clear within 5 years

1st Credit £11797.12 not sure how to clear this we want it cleared within 5 years but just cannot realisticly afford it as we have to save about £100 incase we need to go to scotland as an emergency ( my parents are pensioners and I go home about 3 times a year) this has gone down from 6 times a year..

N Power, 1300 this is both gas an electric in a house we lived in for 10 months !!! we are taking them to the energy watch dog as we think this is wrong ..

We are trying to sort our life out so we can plan for our wedding in 2011

We rarely go out maybe once a month and spend about £30.00 between the two of us.

There is 3 adults in the house and we have travelling costs for all of us, we live about 55 miles each way from our jobs but are looking for jobs closer to home,

Our 10 week old grandson also needs things occasionally although our daughter has never asked we know that sometimes she does need help and this can be about £15.00 a month

I am looking for advise on how to offer payments that are realistic and know that I am going to be able to afford for a while, also My car is a motability car so has little costs involved other than petrol although my last one cost my £300 in december as some little pleb wrote it off so had added incidentals

Can anybody offer advise

Oh the clothes are for all 3 of us and due to my husbands job need to certain things ( he works outside and needs things like thermal socks ) :beer::D:o:eek:

Mrnmrsbibbs1974

Oh the mobiles is for 5 Lines for the kids and us we have half price line rental on all of them as im disabled if i break down i always need to have credit

theoretica

Mrnmrsbibbs1974 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 1125
Benefits................................ 680
Other income............................ 0
Total monthly income.................... 2805

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 210
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 12
Mobile phone............................ 100 I am confused here why you say you are paying for 5 lines? If you always want credit all you need to do is buy an extra Pay As You Go sim card if you can get one cheaply which won't be locked out of your existing mobile. Or a PAYG phone for about £20 including £10 top up and keep it in the car with £10 on but unused. The SIM might be easier as you wouldn't need to remember to top the phone battery. That way you always have a safety net of being in credit without needing a high (or any!) contract.
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 35
Groceries etc. ......................... 250 Fairly generous.
Clothing................................ 75 This could be cut down if you really tried- ebay will sell you 12 pairs of thermal socks for £15 for instance. Probably less than your OH pays now.
Petrol/diesel........................... 300
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0
Entertainment........................... 12
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1811


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 22000....(170)......25
Hire Purchase (HP) debt ...... 850......(40).......2
Total secured & HP debts...... 22850.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Provident......................800.......100.......300 This should be your priority- scrape every penny you can find for a couple of months and it should be cleared.
Mum............................2000......190.......0
Total unsecured debts..........2800......290.......-


Monthly Budget Summary
Total monthly income.................... 2,805
Expenses (including HP & secured debts). 1,811
Available for debt repayments........... 994
Monthly UNsecured debt repayments....... 290
Amount left after debt repayments....... 704

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -22,850
Total Unsecured debt.................... -2,800
Net Assets.............................. -25,650


We also have creditors in the form of Robinson way £4012.46- Offering them £65.00 a month to clear within 5 years

1st Credit £11797.12 not sure how to clear this we want it cleared within 5 years
If you are paying 65 a month on the debt of £4000 it would be fair to offer 3 times that to the debt of nearly 12000 - so offer 195.

but just cannot realisticly afford it as we have to save about £100 incase we need to go to scotland as an emergency ( my parents are pensioners and I go home about 3 times a year) this has gone down from 6 times a year..

N Power, 1300 this is both gas an electric in a house we lived in for 10 months !!! we are taking them to the energy watch dog as we think this is wrong ..
You are paying 100 a month now so is it only 300 of the bill you are disputing?

We are trying to sort our life out so we can plan for our wedding in 2011
Could you settle for getting married rather than having 'a wedding'?

As your SOA stands you have 704 more a month to spend on getting out of debt and emergencies. Find the little help your grandson needs by pruning your groceries/clothes/internet/telephone funds

These are only suggestions and rather depend on if your creditors are charging interest as you will want to pay off the higher interest first. This is what I suggest if only Provident are charging interest:

from the 704:
65 to Robinson
195 to 1st credit
20 to N Power- you will be in a stronger position if you can show you are paying them what is fair rather than nothing.
50 to emergency savings (including trips North)
400 to Provident
(OK that adds up to 730- can you shave your food bill more just for 2 months?)

After two months you will have got rid of provident and have 804 to repay debts, so I would suggest

130 to Robinson
416 to 1st credit
45 to N Power
200 to savings or paying your mum back/visiting her
9 extra for your grandson.
Debts should be gone in 3 years or so- longer if they charge you interest!

I have a nasty fear that your real problem is that you don't have 704 left at the end of a month- so your big challenge is not to spend a penny that isn't down on the SOA. Do you keep a spending diary writing down absolutely everything you spend?

savingmummy

Mrnmrsbibbs1974 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 1125
Benefits................................ 680
Other income............................ 0
Total monthly income.................... 2805

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 210
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 12
Mobile phone............................ 100 that is a huge amount, i would stop or reduce this Payg if really needed
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 35
Groceries etc. ......................... 250
Clothing................................ 75 this can be reduced, use what you have for now
Petrol/diesel........................... 300:eek: that is huge, try and reduce this
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0
Entertainment........................... 12
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1811


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 22000....(170)......25
Hire Purchase (HP) debt ...... 850......(40).......2
Total secured & HP debts...... 22850.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Provident......................800.......100.......300
Mum............................2000......190.......0
Total unsecured debts..........2800......290.......-


Monthly Budget Summary
Total monthly income.................... 2,805
Expenses (including HP & secured debts). 1,811
Available for debt repayments........... 994
Monthly UNsecured debt repayments....... 290
Amount left after debt repayments....... 704 where does this go???

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -22,850
Total Unsecured debt.................... -2,800
Net Assets.............................. -25,650


I have added a few things that need to be cut back. Clothing is really not nessesary every month especially £75 thats alot! reduce or use what you have. To spend that much a mth you must all have loads of stuff.

You have a suplus of £700 this needs to be thrown at debts x

Mrnmrsbibbs1974

Unfortunately my Diesel bill cannot be reduced as we work 110 miles return from where we live although we are looking for jobs in our new area, and this is only as little as we have changed from a petrol to a diesel car, it used to be more.

The mobiles are in contract until august but they are being cancelled then, to be honest it would cost me more to cancel now as i get half price line rental Will add more soon

JasX

Mrnmrsbibbs1974 wrote: »

The mobiles are in contract until august but they are being cancelled then, to be honest it would cost me more to cancel now as i get half price line rental Will add more soon

depending on the company if you've been with them for a certain % of the original contract lenght you can reduce to a lower tariff.

one ties you in for the full amount till the very end
others let you drop down one level per month provided you've been on the contract for 6-9months. you should find out what the policy is of whoever you're with (if the £100pm is several mobile contracts combined you might find you can cut by a fair bit early)

Mrnmrsbibbs1974

Have also taken the bull by the horns and called welcome finance to find out exactly what we owe them and work out how i can pay them off 5 years earlier than it was taken over, i have a year left of paying my mum and that then i can use the money to put towards either 1st credit or welcome.

dancingfairy

Mortgage................................ 0
Secured/HP loan repayments.............. 210
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 95 do you qualify for disabled band relief? is this why this is so low?
Electricity............................. 50
Gas..................................... 50 these seem a bit high - I would have thought you should be aiming for nearer 60 pounds -see if you can switch and save, check you are on the right tariff, use energy saving things everywhere and turn everything off when not needed
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 12
Mobile phone............................ 100 you can't really afford this - surely as suggested those that only need to be in contact every so often can go PAYG when the contracts end?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 35
Groceries etc. ......................... 250 not bad for 3 adults in my opinion
Clothing................................ 75 this does seem quite high - can you not cut down at all? if your OH needs special work wear has he looked at claiming tax allowances on it - I know there are some things for uniforms etc
Petrol/diesel........................... 300
Road tax................................ 0 would it help to have a seperate account and trasnfer a bit in it each month for tax/insurance etc as otherwise it will come around and bit you next time it's due.
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0
Entertainment........................... 12
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1811

Hope that gives you a few things to think over.
df

Mrnmrsbibbs1974

Hiya, I dont pay tax or insurance due to having a motability car, The council tax is band A for my area, i have spoke to T mobile and they have advised that I cant lower the contract until july which is pants !!

kingfisherblue

If you use a wheelchair indoors, or if you need an additional kitchen or bathroom due to disability, you can get a reduction on council tax. We have a downstairs wetroom for my disabled son and the discount is the equivilent of dropping from Band C to Band B. The discount is valid for as long as he lives here (he has lifelong disabilities).

Mrnmrsbibbs1974

Have been told that i cant go lower as im already on a band a but i might be entitled to council tax benefit which will help with the housing.

Have worked out also my welcome loan which is £22,200 today at 5pm we worked it out that if we paid £200 a month ( an increase of £23) a month that it would be clear in 9 years 2 months. However, that doesnt seem right we think that when we get to that stage that there still will be money left over

we are getting there slowly just getting back on track made us v upset x:eek: