new can anyone help?

helpus_2

Hello I am new...

We haven't missed any payments yet as I am on maternity leave so have no childcare to pay for, all the 0% credit card deals came to an end and we can't get any more ( santander refused) but when I go back to work in Octber we are screwed - what do we do please??!?!?!?


font=courier new]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 500
Partners monthly income after tax....... 1900
Benefits................................ 180
Other income............................ 0
Total monthly income.................... 2580
Monthly Expense Details
Mortgage................................ 1100
Secured/HP loan repayments.............. 130
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 50
Gas..................................... 80
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 50
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 18
Internet Services....................... 5
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 30
Car parking............................. 40
Other travel............................ 10
Childcare/nursery....................... 500
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 8
Life assurance ......................... 18
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 2926

Assets
Cash.................................... 0
House value (Gross)..................... 186000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 186000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 177000...(1100).....6.9
Secured Debt.................. 9000.....(50).......7
Hire Purchase (HP) debt ...... 1000.....(80).......11
Total secured & HP debts...... 187000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Virgin.........................5000......90........23
virgin.........................5000......90........23
barclaycard....................2000......50........14.9
overdrafts ....................5500......60........0
capital one....................3000......120.......11
barclaycard....................2000......50........14.9
Total unsecured debts..........22500.....460.......-

Monthly Budget Summary
Total monthly income.................... 2,580
Expenses (including HP & secured debts). 2,926
Available for debt repayments........... -346
Monthly UNsecured debt repayments....... 460
Amount short for making debt repayments. -806
Personal Balance Sheet Summary
Total assets (things you own)........... 186,000
Total HP & Secured debt................. -187,000
Total Unsecured debt.................... -22,500
Net Assets.............................. -23,500
Created using the SOA calculator at .[/font]

RAS

Are you only going to earn £500 per month when you return to work?

helpus_2

yeah, I work school hours so there is no childcare to pay for the older 2 just the baby. I might be able to work earlier so this may go up by £200 a month. not sure yet.

dancingfairy

Hi - if one of you is earning 500 a month and childcare will cost that much a month is it practical to go to work?
Benefits - will you be eligible for any benefits? have a look on entitled to website -as you may be able to get more benefits. Working tax credit? more child benefit? council tax benefit? I don't know how they all work so have a look on the aforementioned website.
Gas and Electric also look very high - can you reduce these/shop around/use low energy bulbs/turn everything off where possible?
Telephone - can you cut this back?
Can you clarify what the secured/hp repayments are please as well.
Thanks
df

helpus_2

yep that is one of the dilemmas, we are paying back an overpayment on tax credits so don't get any this year, hoping it may come back next year but not sure. I like my job and they are good to me so hoping if I can start at 7am instead of 9.30am then this extra will help. If I don't go back and earn anything though we are still stuck, Thanks for your fast replies!

helpus_2

The gas and electric are an estimate at the min as we have just moved into a bigger house and are coveriing ourselves really, I am making an effort to turn things off just now! The secured loans - £9000 is to the home builders for the deposit for the house, £1000 is what is left of a car loan, this ends next March.

RAS

helpus wrote: »

font=courier new]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1 - do you absolutely need a car?
Monthly Income Details
Monthly income after tax................ 500 - unless you can earn more than you pay in Child care, there is not point in this
Partners monthly income after tax....... 1900
Benefits................................ 180
Other income............................ 0
Total monthly income.................... 2580
Monthly Expense Details
Mortgage................................ 1100
Secured/HP loan repayments.............. 130
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 50
Gas..................................... 80 - this is high. Check your water and Ct temperatures and reduce if possible
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 50 - this is very very high. Reduce massively and call only after 6pm
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 18 - do you really need this
Internet Services....................... 5
Groceries etc. ......................... 400 - you can reduce this to £300 immiediately and look to get it a bit below that in time
Clothing................................ 50 - join www.freegle.co.uk and reduce this
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 50 - this is high. Is there a reason?
Car maintenance (including MOT)......... 30
Car parking............................. 40
Other travel............................ 10
Childcare/nursery....................... 500 - you may not need this
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 8
Life assurance ......................... 18
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 - halve this
Haircuts................................ 10
Entertainment........................... 50 - and cut this down to £10
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 2926

Assets
Cash.................................... 0
House value (Gross)..................... 186000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 186000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 177000...(1100).....6.9
Secured Debt.................. 9000.....(50).......7
Hire Purchase (HP) debt ...... 1000.....(80).......11
Total secured & HP debts...... 187000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Virgin.........................5000......90........23
virgin.........................5000......90........23
barclaycard....................2000......50........14.9
overdrafts ....................5500......60........0
capital one....................3000......120.......11
barclaycard....................2000......50........14.9
Total unsecured debts..........22500.....460.......-

Monthly Budget Summary
Total monthly income.................... 2,580
Expenses (including HP & secured debts). 2,926
Available for debt repayments........... -346
Monthly UNsecured debt repayments....... 460
Amount short for making debt repayments. -806
Personal Balance Sheet Summary
Total assets (things you own)........... 186,000
Total HP & Secured debt................. -187,000
Total Unsecured debt.................... -22,500
Net Assets.............................. -23,500
Created using the SOA calculator at .[/font]

Basically your mortgage is too high for your income, even with you working.

is this interest only or repayment.

dancingfairy

What's your current situation income wise /expenses wise then? I'm just wondering if you are making token payments to the unsecured debts?
df

helpus_2

It is repayment, We moved in February and are feeling it now! We will be cutting back on all the things you mention above, Thanks for the tip on water temp I didn't even think of this. I just can't see how those credit cards will ever go - the virgin one we pay £90 a month on each and it only pays £5 off the balance! it's going to take forever

dancingfairy

How are the repayments (the 130 a month ) split between the secured and hp debts please?.
df

helpus_2

No we are paying everything at the minute, we have never missed a payment on anything. Basically my work offered to pay me a full time wage for the 1st 4 months of maternity leave even though I only work part time, this has come to an end now so it is back down to £500 from this month. We are coping at the min but i can see a problem come October.