SOA at last

Happy_Bunny_6

Hi
I've had a big change in circumstances and decided to ask for any advice in case I'm missing something

I've just seperated from my oh so I just have my income now.
I work for an agency so my wage is irregular but I've put my lowest wage that I've had this year.

I have a 16 yr old who has left school but doesn't have a job yet, so I don't have tax credits or child benefit.

My oh and I have a total of £13,900 debt
£3,100 is actually in my name, but that is just because he earned more so could get the better deals when I was swopping debt around.
Technically then, a lot of it is his problem but I did agree to split the debt in half

Currently

£3,100 American Express my name Low life of balance

£2,200 Cahoot his name ( but I said I would take this one)

£3,800 American Express his name Low life of balance

£4,800 IF his name Low life of balance

My weekly expenses are

59 rent paid every 4 weeks
40 petrol

Monthly

18 contacts
130 credit cards min
16 pet food
7.50 term assurance
20 mobile
11 landline
9 broadband
15 gas
15 elec
27 home insurance

Yearly

230 car ins
180 car tax
36 breakdown
120 tv license (estimate as can't remember)

I earn 205 pw but often a bit more, maybe 240

This isn't a very well organised SOA I'll try and tidy it up later!

CLAPTON

needs rearranging to make any sense but its too late
but just a few things

can you post the APRs and minimum payment of the debts you're paying

also i see nothing about food, clothes, socialising/going out, do you buy any presents/xmas expenses, holiday plans, work related (i.e. lunches/coffees) , any money to 16yr old?, any dental/medical/optical

Happy_Bunny_6

I don't give my daughter anything as she does have her old "after school" jobs for pocket money
I haven't put food simply because I've no idea how much that will be yet
I'd guess about 25 a week, but we only split up this week so not had a week for just the 2 of us yet.
I do mystery dining, thats my only "going out"
My clothes I buy from ebay, so maybe £5 a month on average
I don't know the exact apr's but around the 6% mark, I'm loath to meddle with those as I used to be a cc tart but it completely stressed me out
The minimum repayments of the 2 debts I'm paying at the moment
£79 American Express
£50 cahoot

all_hours

As you get paid weekly you might find it easier to budget weekly. I've worked out that your total outgoings including the debt add up to £198 so on a low week with £205 income you have £7 left and on a £240 week you have £42.

But as Clapton says there are things missing.

Also you haven't included council tax - do you not know what it is yet or is the property exempt?

Happy_Bunny_6

I rent a cottage from a friend and the rent includes council tax and water bill.

My daughter is earning enough to pay for her own hair cuts etc but isn't contributing at the moment.

I listed contacts at 20 a month but I could manage without as they correct my distance vision, thinking about trying the hard lenses

I have a massive dental bill, but I do have the money set aside for that.

I want to throw as much money as possible at my debt.

I didn't put anything for presents as theres only myself and my daughter, we don't have any other family to buy for,

all_hours

Do you have any savings for emergencies or xmas etc?

If not I'd be inclined to stick to paying the minimum amounts for the next 4-6 weeks and put anything you earn over £205 in a savings account and start paying off more after that. You've just moved somewhere new and you don't know what could arise in the next few months. If you ended up putting something back on the card it would mess up the low life of balance you have.

Do you spend £40 per week on petrol?

This is what the weekly amounts are

income 205.00

rent paid every 4 weeks 59.00
petrol 40.00
food 25.00

contacts 4.15
pet food 3.69
term assurance 1.73
mobile 4.62
landline 2.54
broadband 2.08
gas 3.46
elec 3.46
home insurance 6.23
clothes 1.15

car ins 4.42
car tax 3.46
breakdown 0.69
tv license 2.53
total 168.22

===============
American Express 18.23
cahoot 11.54

total debt 29.77

total outgoings 197.99

balance 7.01

lynzpower

I wonder if you would be entitled to anything like working family tax credit or even housing benefit top ups. IM fairly sure you would as my OH is earning about the same rate as you and we thought he was entitled to some yax credits although we never really investigated it further. Will your OH be contributing in the way of maintainence for your child, I know they are technically adults now, but a bit of money towards might help?

Www.entitledto.org.uk

Happy_Bunny_6

Thanks for the help, breaking it down to weeky was something I hadn't done, the figure were swimming around in my head too much.

Apparently, I'm over the earnings limit for tax credits and can't get child tax credit as she's left education, although if she doesn't find a job soon, she will go to college

Good idea to build a bit of a fund up

The petrol is work only I'm afraid so I can't cut it down.
We do live in a rural area and I work any where within a 25 mile radius.

I've got my old push bike going and I go to the local (2 miles) shop on that if I need anything. Now that does cut the shopping bill down!!

On top of my debt that I listed I was going to try and level the debt split up to half and give oh some money monthly but as things went a bit downhill the last few weeks, I'm not sure I'll bother or even if it 's possible which doesn't look likely