Career change left me in dire straits!!

Thrifty_Pixie

Hi matty, and welcome

mattyglue wrote: »

Hi done the soa....dont really understand it....can anybody help?[tt]Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1330
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1330
Monthly Expense Details
Mortgage................................ 550 is your mortgage really £1100 per month? Repayment or interest only?
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0 should have something here?
Electricity............................. 0 and here?
Gas..................................... 0 and here?
Oil..................................... 0
Water rates............................. 0 and here?
Telephone (land line)................... 0 no landline?
Mobile phone............................ 45 seems steep - maybe go PAYG for a while or see if you can renegotiate your contract down
TV Licence.............................. 0 you need something here! Around £12 per month
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120 a little expensive for one person - maybe look at the money saving boards on here, pre-cook, do meal plans etc
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 11
Car Insurance........................... 60
Car maintenance (including MOT)......... 5 will this cover EVERYTHING? Perhaps raise this a little so you don't have any nasty surprises
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 24
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 i'd say you need this at least, if not those above and below too
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 7
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 887

Assets
Cash.................................... 0
House value (Gross)..................... 111000
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 111900

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(550)......0 should declare half your mortgage here
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
CARDS..........................1600......30........0 apr?
CARDS..........................1500......40........0 apr?
LOAN...........................10075.....268.......0 apr?
LOAN...........................1500......42........0 apr?
Total unsecured debts..........14675.....380.......-

Monthly Budget Summary
Total monthly income.................... 1,330
Expenses (including HP & secured debts). 887
Available for debt repayments........... 443
Monthly UNsecured debt repayments....... 380
Amount left after debt repayments....... 63
Personal Balance Sheet Summary
Total assets (things you own)........... 111,900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,675
Net Assets.............................. 97,225
[/tt]

Just some ideas

dancingfairy

Is it worth going through all your household bills with a fine tooth comb and seeing what you could save? for each 100 you can save you save 50 each. Check you are getting good deals for telephone/internet/insurances etc etc.
Also check your mortgage rate and see if it's competitive still. You may need to pay a penalty to switch but it could still work out better.
Depending on whether your mortgage is interest only or repayment you may (if your friend agrees) be able to go interest only for a while if you are not already - but this really does depend on your friend agreeing.
Is there a spare room you could rent out? Again you would need to agree this with your friend but they may want to reduce the bills a bit?
Could you rent your driveway to someone (if there is space) or a garage?
df

Thrifty_Pixie

Ha. OK, we cross-posted and I see utilities and whatnot are included in the £550. However it's hard, if not nigh-on impossible for us to suggest ways to streamline your budget if we don't have an idea of what you're paying for elec/gas/landline/CT etc. Most suggestions will involve changing providers, contracts etc.

Tixy

mattyglue wrote: »

Hi done the soa....dont really understand it....can anybody help?[tt]Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1330
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1330
Monthly Expense Details
Mortgage................................ 550 is this all your household costs? do you put this amount into a joint account with the friend you owe the house with and pay the bills from there? If so then there could be cost savings within this so it would help if we could see it broken down (eg are your gas & elec with the cheapest supplier, is your house insurance cost very high etc etc)
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45 are you still in contract? if so ask to frop a tariff, if not find a cheaper deal.
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120 if just for you should be able to do a little cheaper (maybe aim for 90 or so)
Clothing................................ 0
Petrol/diesel........................... 40 is the car essential? you are not using it a lot
Road tax................................ 11
Car Insurance........................... 60
Car maintenance (including MOT)......... 5 is this enough for MOT & servicing plus costs like tyres etc
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 24 this looks high, if prescriptions could you get prepayment cert?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5 this seems pretty low, does £60 cover all your birthday & christmas presents cards etc for the whole year?
Haircuts................................ 7
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 887

Assets
Cash.................................... 0
House value (Gross)..................... 111000 is that all the house or your share? is the mortgage int only or repayment? do you have equity or neg equity in the house?
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 111900

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(550)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
CARDS..........................1600......30........0
CARDS..........................1500......40........0
LOAN...........................10075.....268.......0
LOAN...........................1500......42........0
Total unsecured debts..........14675.....380.......- you need to know the APRs to start tackling them in the correct order.

Monthly Budget Summary
Total monthly income.................... 1,330
Expenses (including HP & secured debts). 887
Available for debt repayments........... 443
Monthly UNsecured debt repayments....... 380
Amount left after debt repayments....... 63
Personal Balance Sheet Summary
Total assets (things you own)........... 111,900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,675
Net Assets.............................. 97,225
[/tt]

Hi I've put a few comments above. Are you able to do any overtime whlst you are training?

Edit - sorry I was slow posting. I see you have explained the house costs, think you really need to be looking for savings there by finding the cheapest suppliers etc to both be able to pay that bit less each month.
Would it be feasible for you to have a lodger in the house?

Thrifty_Pixie

Oh, but one thing that occurs to me is a SPENDING DIARY! You'll hear it a lot around here, but it will help to work out where that so-called 'left-over' £63 is disappearing to. Even if it's a little notebook where you jot down chocolate bars, magazines and whatnot, it all adds up.

mattyglue

Thanks for the help guys.

Need to get all my papers out and look at exact amounts.

Overtime isnt an option now there is a ban on it at work, obviously the force are feeling the pinch too.

I have an appiontment tomorrow with a credit union through work to consolidate my debt at a low rate but they want to see 2 months statement....I'm worried as my statements show a lot of transactions 'robbing peter to pay paul' and this will look as frivolous!! Also just had a letter from the bAnk, paid a friend a long overdue loan back this week (just thought do it) and found that I am now over my overdraft limit and there are still a few DD's to come out.....just waiting for the 'unpaid' letters to come rolling in. Its so frustraiting as I have not missed payments for years.

CIS

Why dont you pay council tax ?