Can't see a way out - HELP

betty155

After struggling and stressing myself out for over a year, ive finally decided to post on this site. Let me begin by telling you my story, Up until 2008 I was in a secure job being paid monthly after being made redundant with only 1 months redundancy pay I was out of work for 3 months (didnt claim benefit) and managed to get a temp contract job which is where all my problems started due to going on to weekly pay. So here I am 2 years down the line,after leaving the temp job no in permanent full time work still on weekly pay, behind payments with my mortgage, council tax, credit cards. I have spoken to my mortgage company who have been really good and providing I keep up with the payments they will add the outstanding amount on to the end of my mortgage. I am robbing Peter to pay Paul every week and unsure how to get back on track.:(:(:(

Mikeone

Hi Betty

Well done for posting, you're in the right place.

Sounds like you need a good review of your financial situation. Try creating a Statement of Affairs (SOA) to help you to see exactly where you stand. If you find yourself unsure of just where all the money goes (and many of us do), you could keep a spending diary to track it all, down to the penny.

If you're behind in your mortgage and Council Tax, you will need to sort these out as a priority. Try talking to CAB or one of the debt charities for advice (CCCS etc). Also, if you post your SOA here, forum users will be able to help you.

Best of luck

SOA: http://www.makesenseofcards.com/soacalc.html

Spending Diary: www.spendingdiary.com

betty155

Thanks for your quick reply. I will post a SOA later today when im finished work.

churchrat

hello and welcome, most of us have been there and done that. You will find good company on here! look forward to the soa.

Tixy

Hi Betty and welcome to MSE.

Glad you have now found work and agree with the others that the statement of affairs is the way forward. Once we have seen that I'm sure we can come up with some suggestions and people will have tips on managing monthly bills when you are paid weekly.

betty155

Hi Guys

Ive posted my SOA below, just to let you know I owe mortgage £1604 back payments, Council Tax June & July £232.00, Halifax CC is up to date, Last payment to Lloyds TSB CC of £20 on 7th June. Bank balance at momment is £4.59 and Car Ins comes off on Thurs, dont get paid till Friday and need to pay Junes C/Tax and something to Mortgage. HELP !!!!!!!! :think::( Cant shuffle cards as Credit rating is shot to pieces... Actively seeking part time work.

babymoo

Where is your SOA? Sorry if I have missed it..

betty155

I cant post my SOA, ive got a message saying because i am a new user I cant post an SOA.

babymoo

Copy and paste the SOA into your message.

bexxie90

Cancel the DD to avoid charges from bank and try to pay double for car ins next month-I had to do that...they are pretty good if you ring them but do or you wont be insured.

bex

betty155

Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1056
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 240
Total monthly income.................... 1296
Monthly Expense Details
Mortgage................................ 480
Secured/HP loan repayments.............. 195.93000000000006
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 0.01
Telephone (land line)................... 12.97
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 47.03
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 10
Petrol/diesel........................... 40
Road tax................................ 12.9
Car Insurance........................... 35.67
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 10.1
Contents insurance...................... 10.1
Life assurance ......................... 44.6
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1282.31

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 106000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 67813....(480)......5.84
Hire Purchase (HP) debt ...... 173......(12.63)....22.4<
CAR HP.........................7290.....(183.3)....15.3
Total secured & HP debts...... 75276.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
LLOYDS TSB.....................5201......105.......24.9
HALIFAX........................2180......50........27.9
Total unsecured debts..........7381......155.......-

Monthly Budget Summary
Total monthly income.................... 1,296
Expenses (including HP & secured debts). 1,282.31
Available for debt repayments........... 13.69
Monthly UNsecured debt repayments....... 155
Amount short for making debt repayments. -141.31
Personal Balance Sheet Summary
Total assets (things you own)........... 106,000
Total HP & Secured debt................. -75,276
Total Unsecured debt.................... -7,381
Net Assets.............................. 23,343