help required to avoid financail crisis

bigt1888

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................ 2000
Partners monthly income after tax....... 700
Benefits................................ 0
Other income............................ 172
Total monthly income.................... 2872
Monthly Expense Details
Mortgage................................ 717
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 112
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 200
Road tax................................ 30
Car Insurance........................... 70
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 40
Contents insurance...................... 0
Life assurance ......................... 40
Other insurance......................... 20
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 200
Emergency fund.......................... 0
Total monthly expenses.................. 1947

Assets
Cash.................................... 1000
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 8000
Total Assets............................ 144000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 95000....(717)......5.3
Total secured & HP debts...... 95000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................15000.....250.......18
n rock.........................20000.....217.......6.5
rbs............................11000.....317.......6.9
Total unsecured debts..........46000.....784.......-

Monthly Budget Summary
Total monthly income.................... 2,872
Expenses (including HP & secured debts). 1,947
Available for debt repayments........... 925
Monthly UNsecured debt repayments....... 784
Amount left after debt repayments....... 141
Personal Balance Sheet Summary
Total assets (things you own)........... 144,000
Total HP & Secured debt................. -95,000
Total Unsecured debt.................... -46,000
Net Assets.............................. 3,000
Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using IE browser.

Faye449

Hmm well I'm new and in a mess too so hopefully the experts will be here to give solid advice shortly but if I were you I'd be looking at:

30 clothing budget- I suppose thats for the kids and you can't stop them growing out of things?

200 seems like an awful lot of fuel? And do you need 2 cars? could someone car share to work??

70 car insurance looks quite high, just thinking mine is 24/month fully comp so even for both of you that would be 48? Obviously I don't know your circs fully but might be worth a look.

50 entertainment and 200 holiday- can you live without these?

strictwithmoney

bigt1888 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................ 2000
Partners monthly income after tax....... 700
Benefits................................ 0
Other income............................ 172
Total monthly income.................... 2872
Monthly Expense Details
Mortgage................................ 717
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 112 this is high
Gas..................................... 0 ???
Oil..................................... 0
Water rates............................. 0 ???
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 30 you can't afford this !
Petrol/diesel........................... 200 this is high
Road tax................................ 30
Car Insurance........................... 70
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 40 this is high
Contents insurance...................... 0
Life assurance ......................... 40
Other insurance......................... 20 what is this for ???
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 50 you can't afford this !
Holiday................................. 200 you can't afford this !
Emergency fund.......................... 0 ???
Total monthly expenses.................. 1947

Assets
Cash.................................... 1000 use some of this to pay back your credit card
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 8000 what is this ? can you sell?
Total Assets............................ 144000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 95000....(717)......5.3
Total secured & HP debts...... 95000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................15000.....250.......18
n rock.........................20000.....217.......6.5
rbs............................11000.....317.......6.9
Total unsecured debts..........46000.....784.......-

Monthly Budget Summary
Total monthly income.................... 2,872
Expenses (including HP & secured debts). 1,947
Available for debt repayments........... 925
Monthly UNsecured debt repayments....... 784
Amount left after debt repayments....... 141
Personal Balance Sheet Summary
Total assets (things you own)........... 144,000
Total HP & Secured debt................. -95,000
Total Unsecured debt.................... -46,000
Net Assets.............................. 3,000
Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using IE browser.

This is my first attempt to help. I'm still learning from the experts.

Deep_In_Debt

Is your electric monthly? If so, that's outrageous! Make sure you switch stuff off at the mains and not leave on standby.

In terms of life assurance, house & contents etc can you get in touch with your mortgage company and see if they will do a deal? I pay an extra £17pm on my mortgage which includes life assurance, house and contents etc and has as good a cover as any other and it's included in my mortgage payment so don't have to worry about it every month. Might be worth a try.

miss_missy

bigt1888 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................ 2000
Partners monthly income after tax....... 700
Benefits................................ 0
Other income............................ 172 is this CB and Tax credits?
Total monthly income.................... 2872
Monthly Expense Details
Mortgage................................ 717
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116 is this over 10 or 12 months?
Electricity............................. 112 this is high try to reduce or switch and use cashback site
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0 ?? no water?
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0 ? no internet?
Groceries etc. ......................... 200
Clothing................................ 30 reduce this only buy if needed
Petrol/diesel........................... 200 can you reduce?
Road tax................................ 30
Car Insurance........................... 70 use cashback sites next time you buy and make sure you shop around you could probably reduce this alittle
Car maintenance (including MOT)......... 10 you need more in here for 2 cars
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 you need something here
Pet insurance/vet bills................. 20
Buildings insurance..................... 40 try to reduce
Contents insurance...................... 0
Life assurance ......................... 40 try to reduce
Other insurance......................... 20 whats this?
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 200 have you already booked? if not you cannot afford this
Emergency fund.......................... 0 need something here
Total monthly expenses.................. 1947

Assets
Cash.................................... 1000 if you have this cash use it to pay your debts
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 8000 whats this??
Total Assets............................ 144000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 95000....(717)......5.3
Total secured & HP debts...... 95000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................15000.....250.......18 is this 1 credit card? if not you need to list all credit cards and each balance, it would also to list all your credit cards you have with balances, limits and aprs
n rock.........................20000.....217.......6.5
rbs............................11000.....317.......6.9
Total unsecured debts..........46000.....784.......-

Monthly Budget Summary
Total monthly income.................... 2,872
Expenses (including HP & secured debts). 1,947
Available for debt repayments........... 925
Monthly UNsecured debt repayments....... 784
Amount left after debt repayments....... 141 do you have this left each month? if not you need to work out where it goes spending diary
Personal Balance Sheet Summary
Total assets (things you own)........... 144,000
Total HP & Secured debt................. -95,000
Total Unsecured debt.................... -46,000
Net Assets.............................. 3,000
Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using IE browser.

well done for posting ive added some comments above

alliballi

Deep_In_Debt wrote: »

Is your electric monthly? If so, that's outrageous! Make sure you switch stuff off at the mains and not leave on standby.

In terms of life assurance, house & contents etc can you get in touch with your mortgage company and see if they will do a deal? I pay an extra £17pm on my mortgage which includes life assurance, house and contents etc and has as good a cover as any other and it's included in my mortgage payment so don't have to worry about it every month. Might be worth a try.

It makes me chuckle that you think that electricity is high mine is £120 a month and was £173 and SP said it was right, thats just what people pay for being all electric.

Cialilerin

Hi, Well done on making the first step - I think just facing up to the fact that you're in debt is a good thing. :T

I'll echo what the others have said - your insurance does seem high, but there's not much you can do about this until it's time for renewal, so just check out some comparison sites then.

I don't know how old your children are, but I got mine on side so they know not to ask for things they want - only things they need - it's amazing how theycan persuade themselves they NEED so many things:)

You're lucky that you do have money left after you've paid the bills for overpaying. Stick with us - if you've read some of the other threads, you'll see some great ways of generating extra cash. And remember we're not here to just give advice - we are here to encourage - the best thing I ever did was start a diary:)

Good luck!

Willow_K

bigt1888 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................ 2000
Partners monthly income after tax....... 700
Benefits................................ 0
Other income............................ 172
Total monthly income.................... 2872
Monthly Expense Details
Mortgage................................ 717 is this repayment or Interest Only? Can you go interest only for a couple of years until you get a bit straighter?
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116 [COLOR="rgb(153, 50, 204)"]If this is over 10 months change it to 12[/COLOR]
Electricity............................. 112
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0[COLOR="rgb(153, 50, 204)"]???[/COLOR]
Telephone (land line)................... 30 [COLOR="rgb(153, 50, 204)"]Does this include internet? If not it seems high[/COLOR]
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 200
Road tax................................ 30
Car Insurance........................... 70
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 40
Contents insurance...................... 0
Life assurance ......................... 40
Other insurance......................... 20
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10 [COLOR="rgb(153, 50, 204)"]Can you reduce this?[/COLOR]
Entertainment........................... 50
Holiday................................. 200
Emergency fund.......................... 0
Total monthly expenses.................. 1947

Assets
Cash.................................... 1000
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 8000
Total Assets............................ 144000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 95000....(717)......5.3
Total secured & HP debts...... 95000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................15000.....250.......18 [COLOR="rgb(153, 50, 204)"]If not one card, list each individually[/COLOR]
n rock.........................20000.....217.......6.5
rbs............................11000.....317.......6.9[COLOR="rgb(153, 50, 204)"]Are the loan amounts the original amount borrowed or what is left to repay? If original amount, find out and list current balances. Also what are the terms? When are they due to end?[/COLOR]
Total unsecured debts..........46000.....784.......-

Monthly Budget Summary
Total monthly income.................... 2,872
Expenses (including HP & secured debts). 1,947
Available for debt repayments........... 925
Monthly UNsecured debt repayments....... 784
Amount left after debt repayments....... 141
Personal Balance Sheet Summary
Total assets (things you own)........... 144,000
Total HP & Secured debt................. -95,000
Total Unsecured debt.................... -46,000
Net Assets.............................. 3,000
Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using IE browser.

I've put a few comments in - hope they help.

bankerwithaheart

bigt1888 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 Are 2 cars really necessary? Why not sell one, or if 2 cars are needed why not downgrade?
Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 700
Benefits................................ 0
Other income............................ 172
Total monthly income.................... 2872
Monthly Expense Details
Mortgage................................ 717
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116 Check you are in the correct Council Tax Band, if not you could save money and reclaim past payments
Electricity............................. 112 Shop around, and look for cash back deals this will make a big difference.
If you pay by pre-payment meter Get It Changed, they over charge you, and leave you in difficult situations
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30Again, check you are getting the best deal, or consider if you really need a landline, if you have mobiles
Mobile phone............................ 30 Most mobile contracts will allow you to alter package, make sure the one you have is right for you
TV Licence.............................. 12 Unavoidable
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200With 2 kids, your doing well, but try shopping later at night when food is being reduced, or even order vouchers online, you can get cashback for these making a saving every-time you shop
Clothing................................ 30Kids will grow, but they won't be any the wiser if their clothing comes from Primark rather than Next
Petrol/diesel........................... 200This is a lot for a month, try walking or cycling, you'll feel better as well
Road tax................................ 30[/FONT]A month?! Try downgrading car to a smaller engine
Car Insurance........................... 70 Same as before, a cheaper car means cheaper insurance
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20Make sure you shop around for Pet insurance, just as you would with your car, and dont forget to look out for cashback deals
Buildings insurance..................... 40Shop around, this is quite expensive, cash back can really cut the cost as well
Contents insurance...................... 0Have you not got any contents cover??? Even a cheap policy is better than none, you might be struggling now, but imagine, how hard things would be if something happened to your home
Life assurance ......................... 40Again, this is an expensive policy, shop around. If you are affected by your job look for cover that doesn't ask about your employment status
Other insurance......................... 20What is this? Is it needed?
Presents (birthday, christmas etc)...... 10Saving every month for presents is a great idea, just make sure its in a decent savings account
Haircuts................................ 10Why not try some where like Saks Academy? £5 for cut and blowdry, and they are all supervised closely
Entertainment........................... 50Your money is tight, and yet £50 a month is on Entertainment? Kids can easily be entertained for free, go to the beach, ride a bike etc
Holiday................................. 200Try the Sun £9.50 deals, decent holiday cheap price, and I guarantee the kids will love it!
Emergency fund.......................... 0
Total monthly expenses.................. 1947

Assets
Cash.................................... 1000Pay £500 of your credit card now. Keep £500 in-case of emergency
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 5000Downgrade one or both of them Or even better sell one, and stick to using one car
Other assets............................ 8000Is this something you can sell, or use to generate more income?
Total Assets............................ 144000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 95000....(717)......5.3
Total secured & HP debts...... 95000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................15000.....250.......18Switch it to interest free or low life of balance rate or if you credit rating wont allow, call your card issuer and ask them to reduce the rate, most will.
n rock.........................20000.....217.......6.5
rbs............................11000.....317.......6.9
Total unsecured debts..........46000.....784.......-
You have equity in the house use it to secure the RBS loan you have, this will make it much cheaper for you monthly and in the long run
Monthly Budget Summary
Total monthly income.................... 2,872
Expenses (including HP & secured debts). 1,947
Available for debt repayments........... 925
Monthly UNsecured debt repayments....... 784
Amount left after debt repayments....... 141
Personal Balance Sheet Summary
Total assets (things you own)........... 144,000
Total HP & Secured debt................. -95,000
Total Unsecured debt.................... -46,000
Net Assets.............................. 3,000
Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using IE browser.

You can get out of this situation, just be pratical with what you can actually afford to spend.

Good Luck:cool:

DVardysShadow

bankerwithaheart wrote: »

You have equity in the house use it to secure the RBS loan you have, this will make it much cheaper for you monthly and in the long run

Although it does put the house at risk. Many here would not recommend this approach.

katsu

You've been given some great advice here. Now I suggest you break it down into two stages:

Step 1: Do you really have £141 left in the bank at the end of the month (plus the money towards MOT etc)? If not get a spending diary, write everything down, read old bank statements etc and work out where this money is going. You may need to repost an updated SOA.

Step 2: review the advice you've been given above and look at updating your SOA with credit card debt details, reviewing holiday situation etc.