Really need help

keanfl

I would love to say this is my first post but i must admit i got this far a few months back but then resulted in doing nothing.

My debt is now really worrying me, I have 2 children who need looking after now so we have to sort ourselves out for their future and our own.

My husband is great and is fully aware of our debts but nothing seems to phase him, so i am now determined to get our lives sorted, hopefully with some help from you lovely lot

Our debts are about £25000 thats not including the mortgage :eek:

I can here you saying now SOA so am working on that as we speak.

Here's to some long many years ahead but hopefully for the better x

Tixy

Hi

Glad to hear you are determined this time . Also good to hear you are doing your SoA! Hopefully once you have written it all down you might be able to get OH fired up to tackle your debts as well.

Good luck

savingwannabe

Good luck keanfl. I wish you well. Hope you make loads of friends on here too.

Happytogetdebtfree

Hi and welcome and well done for posting and acting on the debts, look forward to an soa I'm sure we can help make the journey a positive one :-) x

keanfl

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....................
Monthly Income Details
Monthly income after tax................ 1215
Partners monthly income after tax....... 1086
Benefits................................ 180
Other income............................ 0
Total monthly income.................... 2481
Monthly Expense Details
Mortgage................................ 806
Secured/HP loan repayments.............. 38.63
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 88
Gas..................................... 40
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 19
Mobile phone............................ 50
TV Licence.............................. 13
Satellite/Cable TV...................... 31
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 25
Petrol/diesel........................... 160
Road tax................................ 10
Car Insurance........................... 40
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 31
Contents insurance...................... 0
Life assurance ......................... 50
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1901.63

Assets
Cash.................................... 0
House value (Gross)..................... 150000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 152000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(806)......0
Hire Purchase (HP) debt ...... 0........(38.63)....0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................0.........357.......7.9
HSBC 1.........................7000......180.......11.9
Egg............................4000......110.......21.9
HSBC 2 ........................3000......85........0
Halifax........................1000......10........0
Total unsecured debts..........15000.....742.......-

Monthly Budget Summary
Total monthly income.................... 2,481
Expenses (including HP & secured debts). 1,901.63
Available for debt repayments........... 579.37
Monthly UNsecured debt repayments....... 742
Amount short for making debt repayments. -162.63
Personal Balance Sheet Summary
Total assets (things you own)........... 152,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,000
Net Assets.............................. 137,000

linz

Hi, just stumbled accross this thread and noticed a couple of things in your SOA.

Can you get rid of sky tv and settle for freeview?

Also stop buying clothes for a few months, or shop in charity shops?

Change/reduce your mobile tariff's if you are allowed to, or even better, go PAYG.

Your bills look high - have you tried doing a comparison with another provider? If you find another provider is cheaper you could get cashback by moving if you went through a cashback website - around £100 in some cases (www.topcashback.co.uk is the best IMO)

Also remember to use a cashback site for anything you purchase online, car insurance, breakdown cover, shopping etc

I'm sure more people will be along shortly, but those are the things that stood out for me..

Good luck.

katsu

keanfl 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....................
Monthly Income Details
Monthly income after tax................ 1215
Partners monthly income after tax....... 1086
Benefits................................ 180
Other income............................ 0
Total monthly income.................... 2481
Monthly Expense Details
Mortgage................................ 806
Secured/HP loan repayments.............. 38.63
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 88 are you paying arrears? Check your bill is accurate, don't leave things charging ocernight and turn everything off. You can definitely reduce this.
Gas..................................... 40
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 19
Mobile phone............................ 50 you can reduce this.
TV Licence.............................. 13
Satellite/Cable TV...................... 31 cancel this. Get a freeview box.
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 25
Petrol/diesel........................... 160 how many non-essential journeys? Reduce them.
Road tax................................ 10
Car Insurance........................... 40
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 31 incl contents I assume? Seems a bit dear, have you shopped around and checked the cover to see if you need it all?
Contents insurance...................... 0
Life assurance ......................... 50 can you get cheaper?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 you might need to reduce this a bit. Are you saving it up?
Haircuts................................ 0
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1901.63

Assets
Cash.................................... 0
House value (Gross)..................... 150000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 152000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(806)......0
Hire Purchase (HP) debt ...... 0........(38.63)....0what is this? How much owed? When does it end?
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................0.........357.......7.9 debt of how much?
HSBC 1.........................7000......180.......11.9
Egg............................4000......110.......21.9
HSBC 2 ........................3000......85........0
Halifax........................1000......10........0
Total unsecured debts..........15000.....742.......-

Monthly Budget Summary
Total monthly income.................... 2,481
Expenses (including HP & secured debts). 1,901.63
Available for debt repayments........... 579.37
Monthly UNsecured debt repayments....... 742
Amount short for making debt repayments. -162.63
Personal Balance Sheet Summary
Total assets (things you own)........... 152,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,000
Net Assets.............................. 137,000

Looks like you need to make changes to break even - I've popped in some thoughts.

DarkConvict

Your Groceries bill is to high, should be £60 a had, so £240 tops.

Your mortgage also seems high for your income but i doubt you can change that.

i agree with the above comments so won't readd anything.

keanfl

Thanks for all your comments, will look at these points and see what we can do.

Mortgage was worked out before husband got made redundant and found a new job but £7000 less a year.

Petrol is used for husband to get to and from work and i travel around as part of my job, but will watch this for pointless journeys.

Was paying higher electric as was not charged correctly for a year! will re look at this as hopefully should be equal now.

Thank you again x