Help!..I Dont know where to start

theoretica

£650 petrol a MONTH, are you sure? Even with your 150 miles 4 times a week that seems high.

Are the expenses you have those for the next two months or for when you start back at work? I ask because there are some things which you probably won't need to pay for the next two months- any car servicing due? Need you pay child care?

Do your, or your husband's employers offer childcare vouchers you can use to pay childcare before tax?

If you found another job how rapidly would you need to replay your maternity pay? Are there likely to be more reasonable opportunities for you?

mrsdumplin

Hi,

I have registered for Childcare vouchers so as soon as I go back they will kick in
Fuel is £650 is for both of us, I estimate mine to be £450 and hubbys £200..

MrsTine It was discussed .never confirmed. I had a whole load of other issues with work regarding big changes to my contract and I thought it was confirmed but it wasnt.I was site based in an area, and now they are setting up a base within that area so think I;m stuck..I have made it clear to them that I can start back as soon as they want me and I know they didnt recruit anybody as cover, so they must just being difficult.

Even if I go back 3 days a week in the office as a comprimise and manage to negotiate a deal on fuel, its isnt a long term solution as will be looking for somethink closer to home...

the work situation is what it is, I may have a right to appeal or tribuneral which I will look into when I know the outcome.

That aside though, I am concerned that we are only just meeting the minimum repayments and it wont take much to push us over the edge. Thats if we can get through the next two months.

There are some nominal sums in my SOA that we wont spend but my husbands salary will just about cover the mortgage, fuel and food.

JIG_2

I thought I was reading about my situation when reading your posts, except the bit about being on maternity leave as I am a bloke.

Anyway I work in Birmingham with my daily round trip being 212 miles. I travel into the office 3 days per week and work from home the other 2.

Fuel costs are c£22. I do have a 2 litre diesel car and have learnt to hunt for the cheapest diesel and drive carefully. I too pay for my own fuel costs as an office based employee.

Our story is that my wife and I were bringing in c£75k per annum combined. My wife had an accident in work and has not been able to return to work. Income had dropped 50% 18 months ago.

I would love to find a job nearer home and even take a salary cut as I would not have to pay out for fuel costs. Difficult to move from this comany as been with them for 20 years and moved into current role as previous role was made redundant.

Like you had to deal with huge debts, not sure what we did with our money. In last 18 months we have worked hard to correct our finances and feel a lot richer for the experience although really apinful at times.

Good luck and I will keep an eye on your story.

JIG_2

Sorry should have siad £22 pre round trip to work, so £66 per week minimum.

debtaghh

Some motgage companies offer a maternity break on your mortgage for about 6 months you don't have to pay. I know this isn't ideal for the long term but may help for next 6 months or so. Maybe it is worth asking?

mrsdumplin

I did ask for a maternity holiday on my mortgage and they said No....but I'll ask again with the current situation they might say yes.

Thanks

JIG_2

mrsdumplin I do like your signature and if I had any money I would be more than happy to help, but we will have to wait until I win the lottery...problem is I do not play the lottery...I must think again???

mrsdumplin

Thanks all...
Right now I have come to terms with the fact I have a problem, hows best to deal with it...
I want to get started on this tomorrow.
I've got a call back from Payplan booked tomorrow and I am going to call CCCS

but in the meantime.

I think with some cutting back and no disaters then I can repay my creditors in just over 5 years, it'll be tight but I think I can do it..(that or being sat in front of this excel spreadsheet has sent me loopy!)

Would I be better off with a DMP or IVA....what would be the difference/ pro or con of each?

Thanks
MrsD

totmalysh

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 2600
Partners monthly income after tax.... 1800
Benefits................................ 80
Other income......................... 0
Total monthly income.................... 4480

Monthly Expense Details
Mortgage................................ 1254
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity & Gas...................... 121 - this is way too high, have a look into switching and use Quidco, you can get upto £130 cashback with some of the companies.
Oil..................................... 0
Water rates............................. 35
Telephone (land line) inc internet. 35
Mobile phone............................ 40 - check if you can reduce the contract.
TV Licence.............................. 12
Satellite/Cable TV...................... 70 - quite high. Go freeview as soon as you can, once Sky expires.
Groceries etc. ......................... 280 - check the thread on old style money saving
Clothing................................ 20
Petrol/diesel........................... 650 (both of us)
Road tax................................ 30
Car Insurance........................... 99
Car maintenance (including MOT). 100
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 575
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 40
Buildings & Contents insurance...... 29
Pension........................ 113
Endowments & Life Insurance........373 (inc critical illness cover) - very high!
Other insurance......................... 19 - do you really need this?
Presents (birthday, christmas etc)...... 20 - speak to friends/family and only get presents to children for a while.
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 4087

Assets
Cash.................................... 0
House value (Gross)..................... 200,000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 25,000 (current value of endowments)
Total Assets............................ 227,000
Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 195,000...(1254).....5.79
Total secured & HP debts...... 195,000....-.........-

Unsecured DebtsDescription...Debt......Monthly...APR
Northern Rock Loan.............8800......398.......7.4
American Express CC............2800......75........4.9
Barclaycard (me)...............9400......6.9.......250 - is this correct APR?
Tesco cc.......................5750......120.......0 (0% for a few more months)
Mint...........................1900......20.8..... .60 - first one to pay off, as this has highest APR.
Barclaycard (hubbly)...........950.......11.4......50
MBNA CC........................4200......0.........75 (0% till Oct 10)
Post Office CC.................9100......0.........250 (0% till Jul 10)
also
two overdrafts with Santander £5000

Summary of Monthly Income, expense and surplus
Total monthly income: £ 4480
Expenses (incl. HP & secured debts): £ 4087
Available for debt repayments: £ 393
Unsecured debt repayments: £ 632
Surplus (shortfall if negative) £ -239

Good luck with tackling your debts.

mrsdumplin

Thanks for your comments

Electricity & Gas...................... 121 - this is way too high, have a look into switching and use Quidco, you can get upto £130 cashback with some of the companies.
It was almost £200, I did a switch in Dec and got a energy monitor, This is the cheapest I can get.

Mobile phone............................ 40 - check if you can reduce the contract.
This is for 2 phones, mines down to £10 a month and hubbly is £30, only upgraded 2 months ago but I think we can reduce tariff in a month

Satellite/Cable TV...................... 70 - quite high. Go freeview as soon as you can, once Sky expires.
I know, gonna try a way to much call see if theres anything they will do but I'm tied till Dec...so they probably wont.

Groceries etc. ......................... 280 - check the thread on old style money saving.
Now keeping a log of what we buy, for 2 plus 9months of us even I think its high..will check the board out, does in dog food, and milk

Endowments & Life Insurance........373 (inc critical illness cover) - very high!
Broken down
£235 3x Endowments to cover £100k mortgage, inc life ins for me
£54 critical Illness
£84 Hubbys life ins
I'm going to see if I can suspend the endowments for a few months, but its complicated as my life ins is built in..

Other insurance......................... 19 - do you really need this?
Hubby is in the TA it's for his kit thats not covered under our contents plus some life ins when he's on active suty.

Presents (birthday, christmas etc)...... 20 - speak to friends/family and only get presents to children for a while.

Barclaycard (me)...............9400......6.9.......250 - is this correct APR?
NO..its round the wrong way 6.9% £250 a month

Mint...........................1900......20.8..... .60 - first one to pay off, as this has highest APR.