My SOA - not happy reading

MRS_A_3

Hello People

Well here's my SOA and any advice would be very much appreciated.

I hate the loans I have with a vengeance but I signed for them so that's my own fault.

I have the added problem that my DH is off work sick and last week his company sick pay ran out so from now on his contributions will be £20 per month and not the 436 which I've been used to. So how can I cut back?

We don't have Sky, we just have the free channels. My gas and electric are too high I think but I wanted to wait until the next bill comes in (this month I think) to see if they are a true reflection.

The water is a few pounds higher as I started paying them in May and not April. The council tax is over 10 months and not 12.

I've made a set meal planner for a 2 week period so I hope that will cut the grocery bill down a little, other than that I am running out of ideas. I don't want a 2nd job as I work full time already.

Myself and DH don't have a joint account, he just gives me some money each week. If I ask for more whilst he's off sick then it will cause an argument which I want to avoid at all costs.

I am willing to consider most things within reason

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................ 1070
Partners monthly income after tax....... 436
Benefits................................ 143
Other income............................ 0
Total monthly income.................... 1649
Monthly Expense Details
Mortgage................................ 138
Secured/HP loan repayments.............. 217
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 83
Electricity............................. 69
Gas..................................... 55
Oil..................................... 0
Water rates............................. 39
Telephone (land line)................... 25
Mobile phone............................ 30
TV Licence.............................. 11.25
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 56
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 7
Contents insurance...................... 7
Life assurance ......................... 12
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1124.25

Assets
Cash.................................... 100
House value (Gross)..................... 45000
Shares and bonds........................ 0
Car(s).................................. 7500
Other assets............................ 0
Total Assets............................ 52600

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 15300....(138)......0
Hire Purchase (HP) debt ...... 10423....(217)......0
Total secured & HP debts...... 25723.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
GUS............................258.......20........39
Additions......................450.......30........39
Provident......................3070......48........0
Vanquis........................650.......29........40
Halifax CC.....................3480......90........15
Welcome Finance................7000......264.......30
Provident......................268.......18........0
Total unsecured debts..........15176.....499.......-

Monthly Budget Summary
Total monthly income.................... 1,649
Expenses (including HP & secured debts). 1,124.25
Available for debt repayments........... 524.75
Monthly UNsecured debt repayments....... 499
Amount left after debt repayments....... 25.75
Personal Balance Sheet Summary
Total assets (things you own)........... 52,600
Total HP & Secured debt................. -25,723
Total Unsecured debt.................... -15,176
Net Assets.............................. 11,701
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using IE browser.

fatbelly

Firstly, check benefits. Even at the previous OH earnings it should have been higher - £33.70 Child Benefit and around £77 Chid Tax Credit per week

https://www.entitledto.com

If the increase in benefits does not match the decrease in income then you are going to need a debt management plan (CCCS, Payplan etc). They will be familiar with your lenders: provi, Welcome, Vanquis, catalogues - this is all high-interest stuff.

Martin has a guide here:

http://www.moneysavingexpert.com/loans/debt-help-plan#help

MRS_A_3

Thanks Fatbelly.

I should have said my DH earns much more than he gives me a week so we wouldn't get that much in Tax credits. He has his own debts to pay for so he can't afford to give me any more than this atm.

I am waiting to see if DH can go back to work once his sick paper runs out at the end of this month, I am supposed to be starting a DMP with CCCS but I don't want to do this until I know if he can return to work for definite. For the time being I just wanted some comments about where I could cut back a bit.

Re the lenders, I would be able to scrape together enough to pay the smallest Provi loan off in the next week or so. I can cash in my savings at work for this. That would give me a bit extra.

DH's answer is for me to get the debts put onto the mortgage. I told him this won't be possible as my credit score is rubbish. I have missed payments (not with the mortgage) which go against me and I don't want to put my home at even more risk than it is already. He doesn't see my point of view, but he likes to spend money so he wouldn't really. God that makes him sound really bad. He isn't, he just can't control himself with money, some of my loans were for him as he couldn't manage a couple of years ago due to certain things. My problem is I go along with him and don't put my foot down enough so we are as bad as each other.

barbiedoll

You must absolutely not put any loans onto the mortgage, you are right about that. But you must also stop bailing him out, it's just leaving you in a real mess. If he can't control his spending, that is up to him but you are basically working to pay his debts whilst he spends what he likes. It has got to stop here. How is he paying his debts, is he on a DMP yet? Would it be worth lumping all of your debts together and doing a joint DMP? Maybe if he saw how much debt you were in because of his spending, you would both see sense. I don't mean to sound harsh, and I know what it can be like to have a partner with his head in the sand but if you keep on this way, you will both lose everything. He needs to see how much the monthly living expenses are and start paying his way properly. A DMP is probably the only way you can go at the moment, I can't see how you are going to carry on paying the loans.

sueeve

I wonder if you actually know the situation regarding DH's finances. For it seems to me that you are carrying the burden, and not working together as a couple. If you go on without facing up to this your relationship will be as weak as your finances. Try to be strong in asking him to share the problem, or there will be no long term solution.

MRS_A_3

He's doing a DMP with a company who charges, but at least he'd trying to sort himself out.

barbie you're not being harsh. I've told him that if he's not careful we could lose the house and we couldn't rent somewhere for £140 a month.

joedenise

Mrs A - you need to persuade your OH to stop using a company who charges. He needs to use CCCS, PayPlan or CAB who are free. All the time he's paying money to a company to pay his debts that amount isn't available to pay them. Please try to talk to him about this and also perhaps seeing one of the free agencies together and doing a joint DMP.

beanielou

You would be best to pay off as much as poss from Vanquis as it has the highest interest.

barbiedoll

Glad you didn't take offense MrsA, was a bit worried last night! My OH was quite happy to get a large loan secured on our house until I yelled at him and made him see sense. We have a (relatively) small mortgage, I dread to think where we would be now if we had the secured loan too, his work hours were cut by half last year and we would possibly be homeless by now. (Men :mad:)

Joedenise is absoultely right, get him into a free DMP, he will need to look at his budget again but the money he is paying as fees can go towards the debts....which belong to both of you. You need to sit down, with a copy of his DMP statement and see what you can do together. Well done to him for getting things moving at his end, but his budget will need looking at again, as he can't stick to it, which is why you have to bail him out and get into debt yourself. I know it's really hard dealing with this but you are on the right track. You may find that you are better off by sharing the debts, you can go onto CCCS website and do a calculator on there (I've never used Payplan, I guess they do something similar?) Check it out anyway, you have nothing to lose at the moment. Good luck!