Any advice to get out of £5000 debt? Please read....

McKneff

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 100
Partners monthly income after tax....... 1157
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 1337
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 31.29
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 12.12
Satellite/Cable TV...................... 50 Presumably this is SKY, you can get free internet with this, so saving the £17.00
Internet Services....................... 17
Groceries etc. ......................... 250
Clothing................................ 20 Stop buying new and get to Charity shops or car boot sales.
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 35
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20 What is this
Medical (prescriptions, dentist etc).... 22.95
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15.71 Expensive, i get buildings and contents for this, shop around.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60 Throw this at your debts and hand make presents or look for unused items at car boot sales.
Haircuts................................ 15
Entertainment........................... 4
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1458.07

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
loan...........................2150......100...... .16.9
credit card....................1218......35........16.9
store card.....................320.......12........29.9
Total unsecured debts..........3688......147.......-

Monthly Budget Summary
Total monthly income.................... 1,337
Expenses (including HP & secured debts). 1,458.07
Available for debt repayments........... -121.07
Monthly UNsecured debt repayments....... 147
Amount short for making debt repayments. -268.07
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,688
Net Assets.............................. -2,688

Triggles

Just done a quick calculation and your not getting the benefits your entitled to

You should roughly get :

CTC and WTC £122.38 a week
HB £70 a week
child benefit £33.70 a week

£226.08 a week or £979.68 a month

DEFINITELY check into that above information!!!


Council tax £105 - is this over 12 months or just 10? if 10, then ask if this can be paid over 12 months to lower it just a bit.

Mobile phone £50 - this is high, could ideally be about £20 per month for 2 phones. Contract? If so, how much longer on contract?

Satellite/Cable tv £50 - this could be lowered

Internet £17 - do you get your internet through sky as well? I thought it was cheaper than that

Groceries £250 - you could probably trim off about £50 per month from this, check the Old Style board for tips and tricks for this

Presents £60 - this is rather high - can you drop that in half to £30?

You don't say what it is you do for part time work, and I would imagine child care does enter into the picture if you up your hours much, but if your partner works full time during the day, can you put in more hours in the evenings or weekends to bring up your income somewhat?

It does sound a bit like you are dragging your OH kicking and screaming to the table on this one. Does he realise the financial position you are in?

wishicouldsave

Hi,
Thankyou for your advice patchworkcat, i will look into it.

Hi Mcneff, we have a different internet supplier, we cant get sky as we dont have a bt line, bt lines are about £120 to install, but you dont pay bill for a few months after, but we havent got the £120 to install it, so for the time being we are stuck with our other supplier. This is the cheapest internet they do. I cant get rid of it really due to childrens homework, alot of distant family contacts, and i sell a fair bit on ebay (well try to anyway). So the internet is staying as it is now. And i wouldnt be able to go on here! ;-) and get all this good advice
I have though just spoken to OH, he said we can get rid of sky sports for a while as the football is on! Cool huh, that will takes that down to £18 a month! brilliant!
I buy what i can from charity shops, but there are some things you cant buy, i dont think the amount i spend is as high as that, its a rough guess.
Child related expenses - pocket money, school trips, the odd magazine here and there, books, friday night club thing,
I will look around for cheaper house insurance, i thought it was high ish,
I am trying to get christmas and birthdays down, i worked that out to be about £500 - £600 for christmas, thats roughly £5 each family member, but more for my children and close close family, and the rest for the birthdays through out the year. It can poss be reduced, will look into it!

Hi Triggles!
Council tax is over £10 months! I will call them! ta
I am reducing my phone bill down to the lowest i can, thats on my lst!
Just talked OH into reducing sky! yay!
Internet is explained above
Groceries is a rough guess, i have kept track of it so far this week, and will continue to so i can get a real amount.
I work part time in an office, there was a lot of work at the end of the finacial year, but it has slowed down at the moment, it will pick up. I am always looking for other jobs i can get that work around the children. I have one coming up for two more days a week starting in mid july - thats more pennies. Im starting avon too. And trying to sell things on ebay for other people but taking a cut for doing it. - will see how it goes.
My OH is stubborn, i have to slowly sow seeds, then gradually he wakes up to realsiation of things. It takes time, but i won the sky sports thing! cool


Many thanks to all of you! You are all great!


Not related to the post, but i have just found a mouse in my carrier bag stash! Hopefully he is a loner, i have two cats - they didnt managed to find him! Useless!

x :-)