SOA-help/advice requested

PIPPER_2

Hi, following on from my job loss debt post of last week here is our soa, a frightening sight...

mortgage=1800 for nxt 3yrs
council tax=180mth
gas=36
elec=30
water=19
tv=11
phone=83
car tax=360yr
petrol=300

me-outgoings
hsbc visa=4716.83
account od=1005
my car ins=35.21
oh car ins=40.48
home ins=30.60
visa payment=110
mobile=40
shopping=400
egg cc=38.55, last payment:beer:
child trust fund=40

me in
wage=612.67
child benefit=116.60

oh outgoings
odraft=15k
loan 1=433/mth with 4.5 yrs left
loan 2=15k
furniture @0%=69/mth with 7 payments left
mobile=45
LLoyds cc=15k
Bcard cc=5k
cap 1 cc=1k
sky= 21/mth

reads like a self destruct manual, all oh cc have been cut up by me when i found out the extent.
sky is being cancelled, mortgage is on a deal for 3 yrs and we have applied for a 3mth break. OH loans were because of his company being stitched and we were left with nothing so had to resort to desperate measures to secure our house etc. I will suspend the ctf payments also until we can afford it.

Any advice would be appreciated, I feel depressed to the extreme, I have just sent off oh with the kids as i feel like exploding. I have seen how constructive and helpful the posts have been so am hoping for a little of the same. thanks

magni

Hi,

I'm sure you will get lots of brilliant advice on here. The only thing that I can see is to reduce your mobile costs. Maybe go onto PAYG. I did this and am saving a fortune. Good luck.

leni

PIPPER wrote:

Hi, following on from my job loss debt post of last week here is our soa, a frightening sight...

mortgage=1800 for nxt 3yrs per month or per year or is this the 3 year total?
council tax=180mth
gas=36
elec=30
water=19
tv=11
phone=83 (land or mobile?)
car tax=360yr do you need such a big engined cars? I gather their a big engined!
petrol=300 other means of transport? or smaller cars?

me-outgoings
hsbc visa=4716.83 whats the payment per month?
account od=1005
my car ins=35.21
oh car ins=40.48
home ins=30.60
visa payment=110 whats the interest rate and balance?
mobile=40
shopping=400 food shopping? - for how many, go to the Old Style board for advice on cutting your ood bill
egg cc=38.55, last payment:beer: yay :T
child trust fund=40

me in
wage=612.67
child benefit=116.60

oh outgoings
odraft=15k
loan 1=433/mth with 4.5 yrs left
loan 2=15k
furniture @0%=69/mth with 7 payments left
mobile=45
LLoyds cc=15k
Bcard cc=5k
cap 1 cc=1k
sky= 21/mth

reads like a self destruct manual, all oh cc have been cut up by me when i found out the extent.
sky is being cancelled, mortgage is on a deal for 3 yrs and we have applied for a 3mth break. OH loans were because of his company being stitched and we were left with nothing so had to resort to desperate measures to secure our house etc. I will suspend the ctf payments also until we can afford it.

Any advice would be appreciated, I feel depressed to the extreme, I have just sent off oh with the kids as i feel like exploding. I have seen how constructive and helpful the posts have been so am hoping for a little of the same. thanks

so total income is? £729.27?
what does OH bring in? benefits?

chivers1977

Hi Pipper,

Is your OH looking for work at the moment? Obviously if he can command a salary of £5K, he must be good at what he does.....

Things that stick out for me:
Phone £83 - bring this down to line rental with BT and free calls through links on this site.
CTF: stop this. You don't have £480 per yr to put into this at the mo.
Mortgage: £1800 is this repayment or the interest only amount that C&G have allowed?

overbudget

Hi and welcome. I'm sure the more experienced DFWs will be along soon with great advice. One thing that stands out is your phone - am certain you can get cheaper than that. If you make a lot of calls get a deal that includes all calls for a fixed fee. I've reduced my phone bill from about your level (or more sometimes :eek: ) to £45 a month which includes broadband and all landline calls at any time. I know it can be cut even further than that but I'm still under contract to BT so had to work out the best deal with them.

Also what is included under "shopping"? If that is food/groceries - how many for? Even if you have a large family you can get that down - by £100 at least I would think - the OS boards are great for help in that department.

Petrol is also high - can you cut out some travelling?

I got a little confused with your SOA since some figures seem to be outstanding balances and others (presumably?) minimum payments? It would be really helpful to see everything that goes out on a monthly basis - with the outstanding balances, APRs etc as a separate list.

Hope that is some help for starters. Don't despair - you are in the right place!

chivers1977

Also are there other things that you might be missing out:

Is there no insurance on that massive mortgage.
How about childcare?

newmoneysaver_2

Hi,

Just my thoughts...

Do you need 2 cars? You spend 410.08 per month running both of these - thats without breakdowns.repairs/servicing/MOT etc... Anyeay you can loose one of the cars? Use public transport?

Can you list the aprs/min payments for your cc and laons? mouch easier to see what you have going out every month and if you can do any shuffling!

PIPPER wrote:

Hi, following on from my job loss debt post of last week here is our soa, a frightening sight...

mortgage=1800 for nxt 3yrs
council tax=180mth
gas=36
elec=30
water=19
tv=11
phone=83 (What does this cover? (internet,calls,phoneline?) It is quater or monthly?)
car tax=360yr (30/per month)
petrol=300 (Too high!)

me-outgoings
hsbc visa=4716.83
account od=1005
my car ins=35.21
oh car ins=40.48
home ins=30.60
visa payment=110
mobile=40 (Too High!)
shopping=400 (how many does this feed? Have a look at the old style board for ways of reducing?)
egg cc=38.55, last payment:beer:
child trust fund=40 (Can this be put on hold, until you are in a better position? As I see it, you are paying interest elsewhere on the amount every month)

me in
wage=612.67
child benefit=116.60

oh outgoings
odraft=15k
loan 1=433/mth with 4.5 yrs left
loan 2=15k
furniture @0%=69/mth with 7 payments left
mobile=45 (Another mobile!.... with your mobile and home phone thats £168 per mpnth of phone calls!)
LLoyds cc=15k
Bcard cc=5k
cap 1 cc=1k
sky= 21/mth (Is this needed? this money could go on repaying debts!)

reads like a self destruct manual, all oh cc have been cut up by me when i found out the extent.
sky is being cancelled, mortgage is on a deal for 3 yrs and we have applied for a 3mth break. OH loans were because of his company being stitched and we were left with nothing so had to resort to desperate measures to secure our house etc. I will suspend the ctf payments also until we can afford it.

Any advice would be appreciated, I feel depressed to the extreme, I have just sent off oh with the kids as i feel like exploding. I have seen how constructive and helpful the posts have been so am hoping for a little of the same. thanks

PIPPER_2

PIPPER wrote:

Hi, following on from my job loss debt post of last week here is our soa, a frightening sight...

mortgage=1800 for nxt 3yrsper month
council tax=180mth
gas=36
elec=30
water=19
tv=11
phone=83inc broadband and free weekend and eve local calls-talk talk with BT LINE RENTAL
car tax=360yr for 2 cars
petrol=300 per mth for 2 cars

me-outgoings
hsbc visa=4716.83
account od=1005
my car ins=35.21
oh car ins=40.48
home ins=30.60
visa payment=110 per mth on above
mobile=40
shopping=400 inc everything for 4
egg cc=38.55, last payment:beer:
child trust fund=40 will suspendme in
wage=612.67
child benefit=116.60

oh outgoings
odraft=15k
loan 1=433/mth with 4.5 yrs left
loan 2=15k
furniture @0%=69/mth with 7 payments left
mobile=45 for work and will need to search for new job as its linked with role, IT management
LLoyds cc=15k
Bcard cc=5k
cap 1 cc=1k
sky= 21/mth will cancel

reads like a self destruct manual, all oh cc have been cut up by me when i found out the extent.
sky is being cancelled, mortgage is on a deal for 3 yrs and we have applied for a 3mth break. OH loans were because of his company being stitched and we were left with nothing so had to resort to desperate measures to secure our house etc. I will suspend the ctf payments also until we can afford it.

Any advice would be appreciated, I feel depressed to the extreme, I have just sent off oh with the kids as i feel like exploding. I have seen how constructive and helpful the posts have been so am hoping for a little of the same. thanks

will get min payment and int rate for loans in a while but thats what is off top of my head.OH uses car to travel for his job, that no longer exists, but will nedd same soon with some luck.
Mobile needed as part of is role and i will switch mine to payg

PIPPER_2

chivers1977 wrote:

Hi Pipper,

Is your OH looking for work at the moment? Obviously if he can command a salary of £5K, he must be good at what he does.....

Things that stick out for me:
Phone £83 - bring this down to line rental with BT and free calls through links on this site.
CTF: stop this. You don't have £480 per yr to put into this at the mo.
Mortgage: £1800 is this repayment or the interest only amount that C&G have allowed?

Thanks -OH is in IT, has had managerial roles but as my post stated, when he set up own company, was stitched by a huge firm with clever lawyers so came out penniless. Since then he has carried out contracts but they have run their course and so we are in this situation.
He has been on to agencies this week and has a few promising leads but no guarunteed interviews as yet. He is tapping every avenue and not just sitting back. I have given him an absolute ultimatum as his choice not to disclose this to me until the contract had finished was obviously a bad one.

Phone we are with BT for rental and broadband and Talk Talk for calls, is this a bad choice?
Mortgage is repayment for 3yrs at 1800/mth

chivers1977

Are you tied into the broadband/talktalk? You should be able to get free calls just using the links on the utilities section on the left. I have BT line, Primus 2 talk for free evenings and wkends, use a special number to call international for 0.5p per min. Our bill was normal line rental of about £11, call charges of £3 with primus talk but that is because we forgot to use mobile that has free mins for calling mobiles. we have telewest Broadband for £14.99 per month. Does your £83 include broadband. You should be able to bring the total down to about £30. In fact telewest do a 3 for £30 deal with tv, phone and BB.

Have they told you what the I/O payment will be on mtg?