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I need some help please

2»

Comments

  • inspiron
    inspiron Posts: 15 Forumite
    hi
    thanks for all the comments and help
    child costs : 100 for lady to drop child off to school, 100 for tuitions
    petrol : 50 pound per week to commute to worl
    yes i do have 2 phone contracts, one is due to end in november
    plus i do call abroad using 18185, so that is the total 100
    will 2 small children, the cost of groceries+extra's goes up
    is there any way i could take a personal loan from hsbc for example or balance transfer so that I can pay off more easily ?
    Thanks in advance
  • Tixy
    Tixy Posts: 31,455 Forumite
    inspiron 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.................... 1

    Monthly Income Details
    Monthly income after tax................ 2800
    Partners monthly income after tax....... 0 is partner working? are they able to even if just part time?
    Benefits................................ 0 what benefits do you get?
    Other income............................ 0
    Total monthly income.................... 2800

    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 800
    Management charge (leasehold property).. 0
    Council tax............................. 130
    Electricity............................. 120 this is very high - do you have arrears? if so how much is arrears and how much current usage? try to cut your usage.
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 30
    Telephone (land line)................... 12
    Mobile phone............................ 100 really need to try to reduce these, if in contract phone up to drop a tariff (some will let you drop one tariff every month) if not in contract then shop around for a much cheaper deal
    TV Licence.............................. 0 don't you have this?
    Satellite/Cable TV...................... 0
    Internet Services....................... 7.5
    Groceries etc. ......................... 400 should be able to reduce this to around £250 for a family of 4 (some manage to feed 5 on less than £200). try meal planning for the week before you go shopping and try cheaper brands/discount supermarkets.
    Clothing................................ 20
    Petrol/diesel........................... 200 is this all essential? will it reduce once you move? are you moving nearer to work?
    Road tax................................ 12
    Car Insurance........................... 50 shop around at renewal and read the guide on here for other tips on reducing and earning cashback
    Car maintenance (including MOT)......... 10
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 200 what are these for?
    Medical (prescriptions, dentist etc).... 5
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0 do you not have this? I would look into it, can be just a few £ a week and well worth it.
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10
    Haircuts................................ 5
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 2151.5[


    Assets
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1500
    Other assets............................ 0
    Total Assets............................ 1500

    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly...APR
    Barclaycard....................3187......71........15.9
    HSBC Credit card...............2277......57.5......15.9
    overdraft......................500.......0.........0
    Total unsecured debts..........5964......128.5.....-


    Monthly Budget Summary
    Total monthly income.................... 2,800
    Expenses (including HP & secured debts). 2,151.5
    Available for debt repayments........... 648.5
    Monthly UNsecured debt repayments....... 128.5
    Amount left after debt repayments....... 520 is you had this spare every month then you should be able to pay off one of the cards fairly quickly, and then by snowballing your repayments your debt free date could be not too far away. Appreciate for the next couple of months you may not be able to do this but once you have moved house you should be able to make large overpayments.

    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,500
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -5,964
    Net Assets.............................. -4,464

    Hi

    I've put in a few comments. Assuming you don't have that £520 spare (or don't pay it off your debts each month) then I would suggest you both keep spending diaries to really look at where your money is going - eg I am not sure spending nothing on entertainment is feasible, but hopefully you can make quite significant savings on your groceries.

    Hope the move goes well. Once in make sure you shop around for the cheapest gas & elec suppliers etc.

    EDIT - I don't think its worth considering a consolidation loan. If you pay the £648 showing as spare off your creditors each month you could be debt free in just over a year.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • Numpty_Monkey
    Numpty_Monkey Posts: 14,196 Forumite
    10,000 Posts Combo Breaker
    inspiron 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.................... 1

    Monthly Income Details
    Monthly income after tax................ 2800
    Partners monthly income after tax....... 0
    Benefits................................ 0 Check out Entitled to Now called turn2us
    Other income............................ 0 can partner get a job or benefits
    Total monthly income.................... 2800

    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 800
    Management charge (leasehold property).. 0
    Council tax............................. 130 ask to pay over 12 months
    Electricity............................. 120 use comparrison and cashback sites, turn things off not standby
    Gas..................................... 40 as electric
    Oil..................................... 0
    Water rates............................. 30
    Telephone (land line)................... 12
    Mobile phone............................ 100 ask to reduce tarrif(they might if near end of contract)
    TV Licence.............................. 0 you need to budget £12 a month
    Satellite/Cable TV...................... 0
    Internet Services....................... 7.5
    Groceries etc. ......................... 400 the Old Stylers will help you save on this
    Clothing................................ 20
    Petrol/diesel........................... 200
    Road tax................................ 12
    Car Insurance........................... 50 Any insurance use comparrison and cashback sites
    Car maintenance (including MOT)......... 10
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 200
    Medical (prescriptions, dentist etc).... 5
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10
    Haircuts................................ 5
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0 worth having £20 a month in here for now
    Total monthly expenses.................. 2151.5[


    Assets
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1500
    Other assets............................ 0
    Total Assets............................ 1500

    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly...APR
    Barclaycard....................3187......71........15.9
    HSBC Credit card...............2277......57.5......15.9
    overdraft......................500.......0.........0 how much do you pay back a month?
    Total unsecured debts..........5964......128.5.....-


    Monthly Budget Summary
    Total monthly income.................... 2,800
    Expenses (including HP & secured debts). 2,151.5
    Available for debt repayments........... 648.5
    Monthly UNsecured debt repayments....... 128.5
    Amount left after debt repayments....... 520 Keep a spending Diary

    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,500
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -5,964
    Net Assets.............................. -4,464

    I've left a few comments hope they help
    You need to find out where the extra is going:eek: , it's a scarrey thing to do but well worthwhile:A
    Use comparison and cashback sites for the utilities :cool:, they could save you a few £ a year and make a few extra £'s aswell
    PROUD TO BE DEALING WITH MY DEBT NERD #869
    Numpty,Not sure why but I'm crying :o . Of all the peeps on this board you're the kindest & most supportive of all & I'm :mad: & :( for you all at the same time . Wish I was there to give you a big :grouphug: & emergency hobnobs
    xx
    DFD 5/1/16
  • inspiron
    inspiron Posts: 15 Forumite
    Hi everyone,
    Thanks for all the help and suggestions. I do certainly appreciate all your effort.
    I will try some of the suggestions as I have already implemented a few.
    Do you think it would be worthwhile to take another credit card and transfer from 2 cards into one ?
  • podperson
    podperson Posts: 3,125 Forumite
    Ninth Anniversary 1,000 Posts
    Unless you can get an extremely low or 0% interest rate then I don't see that you would need to. According to your budget you have £500 a month spare on top of the normal debt payments, if you go with some of the money saving suggestions mentioned it could be even more than that. If you throw that at the Barclaycard each month until it is paid and then the HSBC card then you would be debt free in a year, maybe less.
    You need to be concentrating more on cutting back rather than getting more credit :)
  • Well done Tixy gosh you are a fast typist and beat me to it!

    Tixy is the quickest I have seen! Almost flawless and fast typing :j
    Just another dumbass with money...:D
  • I wouldn't be looking at taking out any more credit at all. I speak from experience!! Nip it in the bud now matey. If you can maintain minimum payments on one of the cards, and up the payment on the other cards....do the snowball thing, it really works!
  • clang_uk
    clang_uk Posts: 132 Forumite
    Part of the Furniture Combo Breaker
    I can only echo what others have said here. Thank god your mobile phone runs out in a few months, that will save you a fortune. Look into the elec, this is way to high, especially if kids are at school. you can easily reduce your food bill down by £100, £200 would be a challenge. Petrol is high, have you got a gas guzzling 4x4? If so, buy a mini - far cooler and a lot cheaper to run.

    Could the other half get a part time job? I know it's hard having kids, but there is quite a few supermarket jobs, many allow flexitime.

    Don't get another loan or debt, you really do need to get this sorted with what you've got, not add to it.

    You really ought to get benefits, even jobseeker's allowance and child credits. Have a look on entitled to and let us know how you get on
    Today's Debt:
    B/Card = £6,410 F/D = £3,190
    Loan = £0 Woohoo!
    Total Debt = £9500
    Debt as of 26-1-11:
    Total Debt = £14,325
  • inspiron
    inspiron Posts: 15 Forumite
    thanks a lot guys
    really really appreciate all advice
    will try my best and let you know how i get on
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