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

ceejaydee23

Due to the fact from April our Council Tax will dramatically reduce from 174 to something more in the region of 135 and from the weekend just gone i will be receiving an extra £25 every 2 weeks from my O/H's brother (until he has paid another £350 back to us) and I know in april when me and my o/h receive our P60's our Child Tax Credits will change too due to our workings being based on last years figures, oh and as so far I have been just about managing cutting down on the spending of grocery shopping, so I think i can justy and say i can reduce that figure by £100, I do have an overdraft of £100 which isnt alot, and is constantly being used at the moment, I hope from next month this wont be the case!

Do you think having a bills account for DD's and a seperate account for our incomings will work?


This NEW SOA still isnt the most accurate due to the CTC. I am hoping I might beable to talk to my Mobile phone people (T-mobile) to change my tarriff, I have been with them for years, and i'm hoping they will change it down for me If i tell them my circumstances!

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....... 1030
Benefits................................ 333.2
Other income............................ 117
Total monthly income.................... 1991.35
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 409
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 42
Gas..................................... 36
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 65
TV Licence.............................. 12.2
Satellite/Cable TV...................... 71
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 13.3
Car Insurance........................... 47
Car maintenance (including MOT)......... 12.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 135 (this is a one off due to other half needing so much treatment, 4 extractions, 6 fillings and a root canal) actually 45.60 of that is already paid for so only £90 to go
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 3.99
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 55
Emergency fund.......................... 50
Housing Benefit Repayment............... 36
Total monthly expenses.................. 1422.99

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC mastercard................2432.2....62.61.....19.9
Barclaycard....................2953......66.44.....9.9
Personal Loan..................9036.96...231.7.....14.9
Overdraft......................100.......0.........19.9
Next...........................139.09....13.12.....26.49
Great Universal................262.......24.52.....0
Total unsecured debts..........14923.25..398.39....-

Monthly Budget Summary
Total monthly income.................... 1,991.35
Expenses (including HP & secured debts). 1,422.99
Available for debt repayments........... 568.36
Monthly UNsecured debt repayments....... 398.39
Amount left after debt repayments....... 169.97
Personal Balance Sheet Summary
Total assets (things you own)........... 1,900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,923.25
Net Assets.............................. -13,023.25
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

miggy

Hi, and first may I say well done on all the effort and number crunching you've done so far! I'm quite mathematically challenged so take my hat off to all who get this far. (It's hard work).
A couple of things - I don't know whether you've looked into using reuseable nappies? Can sometimes be got from Freecycle, though of course you have to factor in how much work you can do, cost of laundry and how wriggly your baby is, LOL. I found they worked well for one of mine but used disposables for the others. They may be worth considering when the baby is a bit older as they're not always a good fit on newborns... but you might have more up to date info than I do on this, my kids are older now.
I've skimmed your thread so haven't seen if you've looked on the old-style board for ideas yet. Some of their recipes have become favourites even when not moneysaving in this household. A particularly helpful and inspirational thread is http://forums.moneysavingexpert.com/showthread.html?t=2116179 - worth a read.
Good luck with it all.:)

miggy

P.S. a sympathetic 'ouch' for your other half!

savingmummy

ceejaydee23 wrote: »

Do you think having a bills account for DD's and a seperate account for our incomings will work?

It works for us


This NEW SOA still isnt the most accurate due to the CTC. I am hoping I might beable to talk to my Mobile phone people (T-mobile) to change my tarriff, I have been with them for years, and i'm hoping they will change it down for me If i tell them my circumstances! Do try and get this HAGGLE My phone network cancelled my contract (took me 3 people and an hour to do so lol!)

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....... 1030
Benefits................................ 333.2
Other income............................ 117
Total monthly income.................... 1991.35
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 409
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 42
Gas..................................... 36
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 65
TV Licence.............................. 12.2
Satellite/Cable TV...................... 71 Try reducing this, i made my DH get rid
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 13.3
Car Insurance........................... 47 IS THIS CHEAPEST YOU`VE FOUND?
Car maintenance (including MOT)......... 12.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 135 (this is a one off due to other half needing so much treatment, 4 extractions, 6 fillings and a root canal) actually 45.60 of that is already paid for so only £90 to go
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 3.99
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 55
Emergency fund.......................... 50
Housing Benefit Repayment............... 36 HOW MUCH IS IN THIS EMERGENCY FUND?
Total monthly expenses.................. 1422.99

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC mastercard................2432.2....62.61.....19.9
Barclaycard....................2953......66.44.....9.9
Personal Loan..................9036.96...231.7.....14.9
Overdraft......................100.......0.........19.9
Next...........................139.09....13.12.....26.49
Great Universal................262.......24.52.....0
Total unsecured debts..........14923.25..398.39....-

Monthly Budget Summary
Total monthly income.................... 1,991.35
Expenses (including HP & secured debts). 1,422.99
Available for debt repayments........... 568.36
Monthly UNsecured debt repayments....... 398.39
Amount left after debt repayments....... 169.97 WHERE IS THIS GOING?
.

hI

Added a few comments.
Hope you manage to get the phone knocked right down, don`t be fobbed off if your not getting anywhere ask for someone in charge! Explain you can`t afford it anymore and your hoping for it to be reduced to X amount each month, better still get it cancelled and go payg lol!

You have a surplus of £170 (would be more if oh didnt need dental work) where is this going? it could clear Next, overdraft and other smaller debt!
You said your using your overdraft, why is that?

If you have not got £170 over each month and have to use overdraft you need to see where the spare money is going.

Good luck x

ceejaydee23

I havent yet looked at that forum but i will do, my mum did an amazing job with us during her hard times, but there was only soo many casseroles and stews we could stomach, and it does get boring having the same old stuff all the time. I also have a spending diary going on in the diaries section, not sure if i'm doing it right but there goes lol, this month has been soooo hard, and typically i had forgotten about my next catalogue payment being due! I'm seriously now thinking of selling my old maternity gear thats worth selling and just see how much i can get for it! as I'm now in desperate need of some quick cash!

ceejaydee23

savingsmummy,

this is whats gonna happen not what how things are at the moment unfortunately, this month has been extremely short, you see we have only been livingtogether since November, so before that our finances were seperate! but he gave me £450 a month ontop of my monthly salary as i extended my loan to pay off a car loan he had (was cheaper) and also giving me extra for having sky sports for him at my flat! and then claiming £88 a week in CTC, and before moving to the bigger house my rent was 365 a month, and CT was 87 a month, and with nothing in savings (other then currently £100 which is going to pay O/H's road tax for the year in april)

I had started claiming HB in my flat, BUT they saw the £450 from my boyfriend and concidered it income, hense why i'm now paying it back MY Landlords did say they would contact CAB for me as they beleived i had a case as he was paying me for debts, but it never arose, and most of the overpayemnt is paid now, so only a few more payments to go!

ceejaydee23

Well after working sums out as I HAD set up my £15 online payemnt for next catalogue, so it went out my Bank today, i just hadnt put it on my online calender!

and after monday when the CT has gone out AND my CTC in on thursday, and then the Virgin Bill out the following monday I will have a grand total of £15 available within my O/D to survive, and although i have bought Formula for next week, I will need to buy some for the week after, so thats 7.20 gone of that 15, so i have 6.80 to live on for 2 weeks! until the Thursday when i get my TC again, UNLESS my other half after getting petrol and the addedd bonus of being told by my daughter OTHER grandparents, that they cant come get her this weeknd that we have to go down there and take her, and bring her back its gonna add at least another £20 to the petrol costs! as from hertfordshire to newberry is a long way!