Help Needed

EllieA_3

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.................... 2
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 132
Total monthly income.................... 1832
Monthly Expense Details
Mortgage................................ 232
Secured/HP loan repayments.............. 293
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 94
Electricity............................. 100
Gas..................................... 60
Oil..................................... 0
Water rates............................. 14
Telephone (land line)................... 17
Mobile phone............................ 40
TV Licence.............................. 13
Satellite/Cable TV...................... 50
Internet Services....................... 20
Groceries etc. ......................... 220
Clothing................................ 30
Petrol/diesel........................... 180
Road tax................................ 25
Car Insurance........................... 116
Car maintenance (including MOT)......... 35
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 400
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 37
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2051

Assets
Cash.................................... 0
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 82000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 35000....(232)......0
Secured Debt.................. 15000....(293)......0
Total secured & HP debts...... 50000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
HFC............................0.........19........0
HSBC...........................10000.....165.......0
MBNA...........................5000......118.......0
Barcleys.......................1500......40........0
Total unsecured debts..........16500.....342.......-

Monthly Budget Summary
Total monthly income.................... 1,832
Expenses (including HP & secured debts). 2,051
Available for debt repayments........... -219
Monthly UNsecured debt repayments....... 342
Amount short for making debt repayments. -561
Personal Balance Sheet Summary
Total assets (things you own)........... 82,000
Total HP & Secured debt................. -50,000
Total Unsecured debt.................... -16,500
Net Assets.............................. 15,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

My husband recently lost his job and we are struggling to make the adjustment, he has now found new work but it's 100% commision based and he's yet to make an solid sales, it's possible if him makes some good sales we'll be ok, but i'd really like to see if i can keep us afloat on my wages alone, that way when/if this job of his pay's off we can use that money for debt repayment sorry it's abit of a mess right now.

WASHER

EllieA 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.................... 2
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 132
Total monthly income.................... 1832
Monthly Expense Details
Mortgage................................ 232
Secured/HP loan repayments.............. 293
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 94
Electricity............................. 100 far too high
Gas..................................... 60 far too high
Oil..................................... 0
Water rates............................. 14 Is this correct? Thats cheap
Telephone (land line)................... 17
Mobile phone............................ 40 Get rid of
TV Licence.............................. 13
Satellite/Cable TV...................... 50 - get rid of
Internet Services....................... 20
Groceries etc. ......................... 220
Clothing................................ 30
Petrol/diesel........................... 180
Road tax................................ 25
Car Insurance........................... 116 - each month, its too much
Car maintenance (including MOT)......... 35
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 400
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 37
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2051

Assets
Cash.................................... 0
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 82000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 35000....(232)......0
Secured Debt.................. 15000....(293)......0
Total secured & HP debts...... 50000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
HFC............................0.........19........0
HSBC...........................10000.....165.......0
MBNA...........................5000......118.......0
Barcleys.......................1500......40........0
Total unsecured debts..........16500.....342.......-

Monthly Budget Summary
Total monthly income.................... 1,832
Expenses (including HP & secured debts). 2,051
Available for debt repayments........... -219
Monthly UNsecured debt repayments....... 342
Amount short for making debt repayments. -561
Personal Balance Sheet Summary
Total assets (things you own)........... 82,000
Total HP & Secured debt................. -50,000
Total Unsecured debt.................... -16,500
Net Assets.............................. 15,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

My husband recently lost his job and we are struggling to make the adjustment, he has now found new work but it's 100% commision based and he's yet to make an solid sales, it's possible if him makes some good sales we'll be ok, but i'd really like to see if i can keep us afloat on my wages alone, that way when/if this job of his pay's off we can use that money for debt repayment sorry it's abit of a mess right now.

I have added comments in above. You don't appear to have Life insurance, very important since you own your home and have children. Can your husband really justify financially speaking to work on a 100% commission basis when it is costing you £400 per month childcare, you can balance your SOA if no childcare, reduce the gas, electricity, got rid of mobile phone and Sky. Why is your car insurance so much?

WASHER.x.

vandanfc

Energy costs seem high - do they include arrears, if not shop around for a new supplier, and cut back.

Home insurance also seems high, again shop around for a better deal. Car insurance high too.

We need apr figures for your loans/cards too please.
TV package can be cut back.

EllieA_3

We can’t get rid of the mobiles, both are needed for work he gets his sale call’s though his and I need mine as I travel a lot and call’s home are not covered on my company phone.

Gas/Elec is very high, apparently we where under charged last year so we have to make it up? (Couldn’t have happened at a worse time)Life insurance is tied into the house so that’s covered.

Car insurance no idea that’s the cheapest we could get it for last year, im a new driver and had an accident last year so I think that’s the reason.

We can get rid of the sky though.

No idea what the apr’s are, im at work right now I’ll see if I can dig it out later.

WASHER

Even if you do cancel sky completely, you are still over £500 short each month. You need to look at the childcare, its costing you alot compared to your income.


The HFC does not have a debt figure in, but has a monthly repayment figure of £19, what is this and the actual amount of the debt.

Well done for posting, its never easy seeing your SOA in black and white, we are here to help although it may not seem like it with my comments, but sometimes it takes someone from the outside looking in to see where you can a difference.

WASHER.x.

[Deleted User]

Good luck, I don't know much about debt management or anything, I just noticed some of your bills are high...............See if you can get your phone (17) and internet (20) together in a package as this could be cheaper - we have done this and it's cheaper.

Do you need to spend £30 on clothes every month - perhapse you could cut back until you have your finances under control?

You should also have a look around, and post on, the Old Style Money Saving for some tips on how to reduce your grocery bill.

Good luck.

Tixy

Number of cars owned.................... 2 do you need 2 cars?

Other income............................ 132 is this your child benefit? have you/can you put in a claim for tax credits?

Electricity............................. 100 how long have you got left to pay arrears? how much is arrears and how much current usage? find this info out from the supplier and try to reduce your current usage, they may allow you to repay your arrears over a longer period.
Gas..................................... 60 as above

Satellite/Cable TV...................... 50 stop altogether or if in contract go to lowest package

Internet Services....................... 20 get a combined landline/internet deal cheapest are about £18 for both

Clothing................................ 30 drop to essentials only

Petrol/diesel........................... 180 do you drive fuel efficently? read the article on reducing your fuel costs (see below) is any of this re-imbursed by your work?

Childcare/nursery....................... 400 can you get cheaper/reduce hours? how old are kids/how soon do they go to school. Are you getting vouchers from work to save tax?

Buildings insurance..................... 37 high based on house value - shop around, should be able to get B&C for £20 together max for an £80k house
Contents insurance...................... 15

Life assurance ......................... 0


You are such a long way short of meeting your repayments that i think you need to get urgent advise from one of these free organisations http://forums.moneysavingexpert.com/showthread.html?t=2077631

For saving money on car fuel look at this article - http://www.moneysavingexpert.com/travel/cheaper-fuel

If you are paying your life insurance as part of your mortgage you can almost certainly get cheaper elsewhere. How much of the £232 is actually life insurance?

Mimi_Arc_en_ciel

EllieA 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.................... 2 Do you really NEED two cars?
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0 ?
Benefits................................ 0 is this correct? tax credits?
Other income............................ 132
Total monthly income.................... 1832
Monthly Expense Details
Mortgage................................ 232
Secured/HP loan repayments.............. 293
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 94
Electricity............................. 100 this is EXTREMELY high - does it include arrears?
Gas..................................... 60 this is high, can be lowered
Oil..................................... 0
Water rates............................. 14
Telephone (land line)................... 17
Mobile phone............................ 40 Go PAYG or lower package
TV Licence.............................. 13
Satellite/Cable TV...................... 50 lower to minimum package / cancel and get freeview
Internet Services....................... 20
Groceries etc. ......................... 220 high - Lower, meal plan etc
Clothing................................ 30
Petrol/diesel........................... 180 dont use the car for short journeys
Road tax................................ 25
Car Insurance........................... 116 ridiculous - shop around
Car maintenance (including MOT)......... 35
Car parking............................. 0
Other travel............................ 60 what is this?
Childcare/nursery....................... 400 Can this be lowered? Tax credits?
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 37
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2051

Assets
Cash.................................... 0
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 82000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 35000....(232)......0
Secured Debt.................. 15000....(293)......0
Total secured & HP debts...... 50000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
HFC............................0.........19........0
HSBC...........................10000.....165.......0
MBNA...........................5000......118.......0
Barcleys.......................1500......40........0
Total unsecured debts..........16500.....342.......-

Monthly Budget Summary
Total monthly income.................... 1,832
Expenses (including HP & secured debts). 2,051
Available for debt repayments........... -219
Monthly UNsecured debt repayments....... 342
Amount short for making debt repayments. -561
Personal Balance Sheet Summary
Total assets (things you own)........... 82,000
Total HP & Secured debt................. -50,000
Total Unsecured debt.................... -16,500
Net Assets.............................. 15,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

My husband recently lost his job and we are struggling to make the adjustment, he has now found new work but it's 100% commision based and he's yet to make an solid sales, it's possible if him makes some good sales we'll be ok, but i'd really like to see if i can keep us afloat on my wages alone, that way when/if this job of his pay's off we can use that money for debt repayment sorry it's abit of a mess right now.

how old are your children? If they are over 3 then they should get 12.5 (i think!) hours free at the nursery - are you taking advantage of this?

If it was me i personally would get OH to stay at home and watch the kids and use the £400 you was going to use for the nursery to pay the debts but thats me

My comments are in red - i hope they help

FYI - the car insurance is high - what car is it?!

brummiebabe

Hi

The main things I can think of....you should be getting some Child Tax Credits-we earn more than you, between us, with slightly less nursery fees and currently get £250 approx.

Also - your satellite package....get rid of it & go freeview.. We can't afford cable/satellite & freeview does us fine.

Best of luck x

EllieA_3

Yes sorry i forgot we do get £40 a month tax credits but i earn to much for the childcare element.

Yes we need 2 cars (one is a mondeo the other a small citroen) i commute a long distance and travel alot which is why the fuel is so high, also my husbands sales job also involves alot of driving none of which is refundable.

We've committed to giving this sales job a "go" till the end o the month, because right now it's costing him about £150 a week for the pleasure of knocking door to door of which he's seen no return, the boss keeps telling him it takes time to get into the flow and to stick at it but with the childcare costs it's financially un-viable unless he gets a slae in the near future.

Childcare i thought £400 was quite reasonable?? it's just £10 a day per child? what could be cheaper? (the kids are 8 and 10 so it's after school club but it was cheaper than a childminder)

Sky we are in a contract, but we will be reducing it to the minamum tonight.

WASHER

£400 childcare is quite reasonable for 2 children, but you cannot afford it. Even if your husband does make a sale, he needs to make £400 per month just to offset the childcare....it doesn't make financial sense. I have seen your other thread, so I know its going to be difficult for your OH to get another job, whether he wins or loses the tribunal.

You need a long chat with each other. You are £500 short each month, thats alot of commission, which I fear is almost impossible to achieve every month, people have little money spend now adays on luxuries (is it double glazing?)