I need some support!

Apricot

One thing that strikes me is your grocery bill is huge for 2 people. Have a look on the old style board for cheap and easy meal ideas.
While you are struggling to pay off your debts clothing and mobile phone amounts definitely need to be cut - clothing to 0 if possible.

Also have a look at the Up your income board for ideas to make a little bit more money. Quite often it doesn't take too much effort but every penny helps!

RAS

jfski wrote: »

With regards to the cards - one of the Virgin ones ends this month and Santander NOV 2010, other Virgin - Jan 2011, Barclaycard DEC 2010.

What does the Virgin card go up to?

jfski

Virgin card goes up to 16.8% for balance transfer amounts x

getyourgun

Write everything down so you can see where you are at. Write everything you owe, and everything you spend. Work out what the minimum you 'need' and try and use the rest to pay off anything that is high interest. Always make your minimum payment.
Also see what you can sell on ebay or amazon. You will want to declutter your house anyway. STOP USING YOUR CREDIT CARD!

La_escocesa

Hi jfski,

Here's what I would do:

jfski wrote: »

here goes......

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 850
Partners monthly income after tax....... 1300 average over 3 months (husbands earnings Feb £907, March £1382, April £1553
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2150

Monthly Expense Details
Mortgage................................ 942.2
Secured/HP loan repayments.............. 105 What's this for? Can you sell it?
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 152 Could you pay over 12m to spread the cost?
Electricity............................. 40 Check this is the cheapest. Switch if need be via quidco.
Gas..................................... 40 as above
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 20 this could come down - think bt's chepest is £11 odds.
Mobile phone............................ 60 this is high
TV Licence.............................. 12
Satellite/Cable TV...................... 22.03 freeview?
Internet Services....................... 0 - internet is coupled with Sky
Groceries etc. ......................... 240 this can be cut
Clothing................................ 34 can you afford new clothes? Can you sell old ones? Can you use what you've got?
Petrol/diesel........................... 40
Road tax................................ 16
Car Insurance........................... 16
Car maintenance (including MOT)......... 0 Dad is a mechanic and looks after cars 4 free
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 13.38
Contents insurance...................... 0
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 Cut this for now or try offsetting by entering surveys, selling, cashback sites etc.
Haircuts................................ 5
Entertainment........................... 26
Holiday................................. 0 - would love to go on hols but can't afford it
Emergency fund.......................... 0
Total monthly expenses.................. 1855.61


Assets
Cash.................................... 0
House value (Gross)..................... 215000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 216000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 177597...(942.2)....5.18%
from parents...................27000....(105)......0 Would there be any way you could stop this for a few months/explain the situation?
Total secured & HP debts...... 204597....-.........-

Unsecured Debts
Description.................... Debt......Monthly...APR
Gold Card HSBC.................1900......38.26.....16.9
Virgin......................... 5698......58.02.....0
Virgin 2....................... 3721......25........0
Barclaycard.................... 3480......78.31.....0
Santander...................... 1352......30.42.....0
Total unsecured debts.......... 16151.....230.01...


Monthly Budget Summary
Total monthly income.................... 2,150
Expenses (including HP & secured debts). 1,855.61
Available for debt repayments........... 294.39
Monthly UNsecured debt repayments....... 230.01
Amount left after debt repayments....... 64.38

Personal Balance Sheet Summary
Total assets (things you own)........... 216,000
Total HP & Secured debt................. -204,597
Total Unsecured debt.................... -16,151
Net Assets.............................. -4,748

Help??? how can I pay off debt and have any money to live life?!!

If you half your groceries bill and cut out new clothes there would be an extra £150. You could save more on your mobile bills - another £30 - and get rid of sky. That'd be almost £200 a month.

It must be difficult with a varying income. Would there be any way you could take on a second job?

HTH

elvis86

bargainbetty wrote: »

I am going to get absolutely lynched for this, so let me cover my self - I don't know your age, circumstances or anything else. I have no kids myself so, with all that said.....

If you are up to your eyeballs in debt now, is it the best time to be trying for a baby? Perhaps you could take that stress off yourself, and spend a year sorting out your finances before you look at bringing a baby into it. Having a child doesn't have to be very expensive, but there are unavoidable costs, and it means one income will disappear for a while.

*runs away and hides under a desk *

Edit: Honestly, I like kids, and don't think you should not have them, just wait a little bit, if biologically possible?

Completely agree, we all get ourselves into these messes by wanting things at a time when we can't afford them. Trying for a baby when you're worrying about coping financially from one month to the next and having to putt the groceries on a credit card is hardly ideal, and IMO, is pretty irresponsible.:cool:

Your mortgage seems pretty high in comparison to your income? Over 50% some months. Even without any other debt repayments that would be pretty difficult to manage on. Could you look at moving or do you have negative equity?

jfski

I know it seems irresponsible to be trying for a baby when we have debts but I'm not sure there is ever a good time. We're getting older and we do want a family. We have considered moving but the cost of moving/ fees etc really negates the point which is to save money!

We are trying to focus on earning more - at least we are paying off debt and we don't use our credit cards, we just have one for emergencies

Wilma33

How old are you, if you don't mind me asking? I think you need to delay trying for baby until you have your money problems sorted out a bit. Having a baby could tip you over the edge at the moment.

Could one/both of you get a second job? This would increase your income and make your income more stable. Do you work full time? Your salary seems very low.

Can you delay paying your parents back for a bit? What did you buy with £27K? Can you sell it and pay them back?

randomer

Social functions like weddings can be incredibly expensive. Think hard about whether or not to attend and ways of cutting down the cost.

Boring I know:(

katsu

jfski wrote: »

here goes......

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2 you spend so little on two cars can you sell one?

Monthly Income Details
Monthly income after tax................ 850 look at how you can up your (or your partner's) income - a second job for a while?
Partners monthly income after tax....... 1300 average over 3 months (husbands earnings Feb £907, March £1382, April £1553
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2150

Monthly Expense Details
Mortgage................................ 942.2
Secured/HP loan repayments.............. 105
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 152
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 32 a meter may save you money (may be less good when you have the baby, but you could look into it)
Telephone (land line)................... 20
Mobile phone............................ 60 reduce this or look at how much is business use and thus should be charged to the business not you personally.
TV Licence.............................. 12
Satellite/Cable TV...................... 22.03 drop this. Go freeview.
Internet Services....................... 0 - internet is coupled with Sky you can get it from O2 for 7.50 if you have an O2 phone. Do you work on your businesses from home? If so should some of it be a business expense?
Groceries etc. ......................... 240 look at the old style forum for advice on dropping this.
Clothing................................ 34 no more for now.
Petrol/diesel........................... 40
Road tax................................ 16
Car Insurance........................... 16 for two cars, are you sure?
Car maintenance (including MOT)......... 0 Dad is a mechanic and looks after cars 4 free technically MOT costs x2 should be here unless he pays those too?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 13.38
Contents insurance...................... 0
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 reduce.
Haircuts................................ 5
Entertainment........................... 26 what is this? can you do it cheaper?
Holiday................................. 0 - would love to go on hols but can't afford it
Emergency fund.......................... 0
Total monthly expenses.................. 1855.61


Assets
Cash.................................... 0
House value (Gross)..................... 215000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 216000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 177597...(942.2)....5.18%
from parents...................27000....(105)......0
Total secured & HP debts...... 204597....-.........-

Unsecured Debts
Description.................... Debt......Monthly...APR
Gold Card HSBC.................1900......38.26.....16.9
Virgin......................... 5698......58.02.....0
Virgin 2....................... 3721......25........0
Barclaycard.................... 3480......78.31.....0
Santander...................... 1352......30.42.....0
Total unsecured debts.......... 16151.....230.01...


Monthly Budget Summary
Total monthly income.................... 2,150
Expenses (including HP & secured debts). 1,855.61
Available for debt repayments........... 294.39
Monthly UNsecured debt repayments....... 230.01
Amount left after debt repayments....... 64.38

Personal Balance Sheet Summary
Total assets (things you own)........... 216,000
Total HP & Secured debt................. -204,597
Total Unsecured debt.................... -16,151
Net Assets.............................. -4,748

Help??? how can I pay off debt and have any money to live life?!!

Have suggested some changes. If you want to keep the mortgage you need to increase income or decrease expenditure or a bit of both.

Have you separated out your business costs and are you saving for the tax bill?