Help wanted, I have lots of debts and due to income changes, now struggling heaps!

ceejaydee23

As The titles suggest. The first biggest change was becoming pregnant, since then I have had my baby and now living with babies dad and moving to a bigger property so rent and council tax more each month, so not only has my income gone down due to being on Maternity Pay, But i'm now struggling with my Tax credits having dropped (as not on low income now) as a joint income my other half is on 15k a year, and myself supposedly 9ishk but less now. From April when the New Tax credit year starts and we have received new P60's we know things will change. I at present do not intend to go back to work when my maternity runs out, but in the meantime, I have a personal Loan which i'm paying at 235ish a month, and 2 credit cards which are pretty maxed! i'm paying off at £75 a month which is only just above the minimum payments. I hate not being in control of my finances properly. I already have set myself up an expenditure chart of our ins and outgoings, i just wish someone could give me an outside view of how we can try and manage a bit better especially with a newborn thats needing clothing quicker then we can blink! :mad::think:

LittleMissKitty

Hi, I'm only new myself but most people will probably ask for you to post your SOA to see if they can help make suggestions. As far as baby clothes go have you tried freecycle and ebay? I've used both to get rid of baby clothes when the house was getting a bit cluttered! You can get some really gorgeous stuff on there for cheap or even free!

Good luck with your journey

Kitty x

ceejaydee23

Erm, What is SOA?

*MF*

Hi ...

It stands for "state of affairs".

Click on this link:

http://forums.moneysavingexpert.com/showthread.html?t=107280

Much of the help you will get (and everyone else gets on here), and you are asking for, will come when others get an overview of your position - and that is what the SOA allows to happen.

Post the SOA on here, and you will then allow others to offer help and comment.

lizzie_b

Welcome to the forum
An SOA is a statement of all your income and outgoings and debts that the more experienced people on here will take a look at and tell you where you could make cutbacks and free up a bit of extra cash.
There are some very clever people on these boards who've managed to clear huge amounts of debts, you're not alone and it is possible so stick around and someone cleverer than me will be along soon and post you the link to the SOA calculator, I think it is something to do with makesenseofcards

ceejaydee23

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................ 511.15
Partners monthly income after tax....... 798 (this is based on this month which is 250down on normal due to 2 weeks Paternity leave normally 1030
Benefits................................ 792.56 (includes tax credits of 50.10 a week and child benefit)
Other income............................ 67 (this is a demependants pension i get for my daughter as her dad died)
Total monthly income.................... 2168.71
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 55 (payments to next and great universal)
Rent.................................... 409
Management charge (leasehold property).. 0
Council tax............................. 174
Electricity............................. 42
Gas..................................... 36
Oil..................................... 0
Water rates............................. 0 (included in rent)
Telephone (land line)................... 15
Mobile phone............................ 65
TV Licence.............................. 12.2
Satellite/Cable TV...................... 40 (telephone,broadband and tv are all paid on one bill of 70ish a month)
Internet Services....................... 25
Groceries etc. ......................... 300 (this is a rough guidline as i give myself (75 a week allowance)
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 13.3 (based on 160 a year divieded by 12)
Car Insurance........................... 47
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 other half does have a dental expense he will need to pay in february of a total of £135)
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1333.5

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1900
Other assets............................ 0
Total Assets............................ 1900

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(55).......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Personal Loan..................9268.4....232.......0
Mastercard.....................2497......62.61.....19.9
Barclaycard....................3004......67.59.....9.9


I'm not sure if this is quite a true reflection of the picture really! as i cant rmember the APR on my loan!

ceejaydee23

INCOMINGS

Claire

Ryan

Household

Monthly Salary

£511.00

£1,030.00

WTC & CTC *4

£200.00

Child Benefit

£133.20

Katies Pension

£67.00

Housekeeping

TOTAL incomings

£911.20

£1,030.00

£1,941.20

OUTGOINGS

TV Licence

£12.12

Car insurance

£32.00

Petrol

£100.00

Aktiv Capital (Thames)

Virgin Media

£72.00

RENT (98.06 a week *4)

£410.00

Council Tax

£175.00

GAS

£36.00

Electric

£42.00

Mobile Phone

£65.00

Loan

£232.00

weekly shoppin x4

£300.00

credit cards (2 at 75 and o/h @20

£170.00

savings (o/h)

£50.00

Council Tax overpayment (when living on my own )

£35.00

Curries Service agreement

£3.99

AA membership

£15.00

Anything Else: (next & GU)

£55.00

OVERALL Totals

£0.00

£0.00

£1,805.11

B=C=D = Grandtotal

£1,805.11

Total household outgoings divided by 2

including half of household bills

Left over

£136.09

divided by 4

£34.02

this is my own chart which 2 me makes more sense we already know where changes will be coming and some that can be changed soon like mobile phones, whic 1 is up for renewal in may and the other not til November! We moved into this house in November, so the council tax payment each month is not a true reflection of a full years worth of council tax payment schedule. Thing is more often then not i dont end up seeing this so called spare cash cos we find something extra we need to pay out for! as this month we also have one of those 9.50 sun holidays to day the balance of £55. I have told my O/H to talk to his youngest brother as he still owes us £400 from when we took him to Florida more than a year ago! and now he is working he said he would be paying us £50 a month paid 2weekly when he got paid, but this hasnt happened and because of my other halfs £250 shortfall on this months pay i know we are going to struggle, i have stocked the freezer this week, so i'm hoping it will last 2 weeks! and my next shopping bill will be more like £50! but if anyone could come up with some ideas with regards to my CC's and the loan it would be a big help, as its a big chuck of our outgoings besides the rent!

ceejaydee23

bump, Please any1 any other idea to help?

savingmummy

ceejaydee23 wrote: »

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................ 511.15
Partners monthly income after tax....... 798 (this is based on this month which is 250down on normal due to 2 weeks Paternity leave normally 1030
Maybe worth doing a SOA using his normal income a month!
Benefits................................ 792.56 (includes tax credits of 50.10 a week and child benefit)
Other income............................ 67 (this is a demependants pension i get for my daughter as her dad died)
Total monthly income.................... 2168.71
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 55 (payments to next and great universal) are these min monthly repayments?
Rent.................................... 409
Management charge (leasehold property).. 0
Council tax............................. 174
Electricity............................. 42
Gas..................................... 36
Oil..................................... 0
Water rates............................. 0 (included in rent)
Telephone (land line)................... 15
Mobile phone............................ 65:eek: this has to go! go payg!
TV Licence.............................. 12.2
Satellite/Cable TV...................... 40 (telephone,broadband and tv are all paid on one bill of 70ish a month) the sky has to go for now! 70 a mth is high and could pay a debt! reduce package or go freeview!!
Internet Services....................... 25 can you not get cheaper? i pay £10
Groceries etc. ......................... 300 (this is a rough guidline as i give myself (75 a week allowance) try reducing by meal planning, drop brands.
Clothing................................ 0
Petrol/diesel........................... 100 any way of reducing?? you dont earn enough to spend this
Road tax................................ 13.3 (based on 160 a year divieded by 12)
Car Insurance........................... 47
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 other half does have a dental expense he will need to pay in february of a total of £135)
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1333.5

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1900
Other assets............................ 0
Total Assets............................ 1900

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(55).......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Personal Loan..................9268.4....232.......0
Mastercard.....................2497......62.61.....19.9
Barclaycard....................3004......67.59.....9.9


I'm not sure if this is quite a true reflection of the picture really! as i cant rmember the APR on my loan!

I have put in red what I would change!!
Good luck.

ceejaydee23

the petrol is slightly high granted, its probably more like 80, as he fills the car up costing rouchly 40 a fortnight, and we now live the oposite side of town compared to where i used to live, and we only have a little fiesta, and a 3 door at that so really need a bigger more practicle car for a baby as it is lol, but we know about the phones which is why we cant do anything about them until the contracts run out. The £75 a week, isnt just food it includes anything needed for baby too, like nappies and formula! as to be honest i cannot afford to increase this, and i already meal plan to a certain extent, taste of food does bear some relevance, as i cant stand some shops own brands, but most of the time its all own brands, and when other brands are on special offer i stock up. If i had my way id be pleased with the freeview box, BUT my man insists on his sports, hence Why we have Virgins XL package for ESPN and skysports which is what adds £20odd quid to the cost, as it is he has stopped going to see his beloved Stevenage Boro for every home game! so thats already saving a lot, as its £13 a game, so as he said if they played at home on a tues,sat and tues thats £36 in just a week! we dont smoke, drink or even go out to cinema, and very rarely am i out buying us clothes! (other then the odd baby bit now and thats only if i think i got a few odd quid) more than anything its how we are going to get through this month til we next get paid im thinking about. The long term i've already got sussed i think!

The £55 for next and Great universal is combined, and its either minimum amount, OR just slightly over. I'm wondering if there is maybe something from home i could do at the moment that might boost some income, as I do know i have some maternity clothing i can get shifted on ebay or something

dancingfairy

Mortgage................................ 0
Secured/HP loan repayments.............. 55 (payments to next and great universal)
Rent.................................... 409
Management charge (leasehold property).. 0
Council tax............................. 174
Electricity............................. 42
Gas..................................... 36
Oil..................................... 0
Water rates............................. 0 (included in rent)
Telephone (land line)................... 15
Mobile phone............................ 65
TV Licence.............................. 12.2
Satellite/Cable TV...................... 40 (telephone,broadband and tv are all paid on one bill of 70ish a month)
Internet Services....................... 25
Groceries etc. ......................... 300 (this is a rough guidline as i give myself (75 a week allowance)
Clothing................................ need an amount here.
Petrol/diesel........................... 100
Road tax................................ 13.3 (based on 160 a year divieded by 12)
Car Insurance........................... 47
Car maintenance (including MOT).........15 (AA) + ?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 other half does have a dental expense he will need to pay in february of a total of £135) you probably need to budget a bit then in here for this.
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 Surely you have this?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... nothing?
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1333.5

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1900
Other assets............................ 0
Total Assets............................ 1900

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(55).......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Personal Loan..................9268.4....232.......0
Mastercard.....................2497......62.61.... .19.9
Barclaycard....................3004......67.59.... .9.9
Holiday 55
Next
GU ?
Activ Capital ?
Council Tax Debt?


I think you need to explain how things work in your house - do you split the bills 50:50 and then each pay off your debts?
df