OK I admit i need help

tired_mum

Have just had words with HSBC re my CC and have managed to go to £100 with no interest for 6 months and i have also managed to stop interest on my barclaycard now my OH doesnt know the extent of our finances when i say we havent any money he says why i earn a good wage need to deal with this and deal with it now our kids are older and we should be looking forward to things being a bit easier in the next few years so let me have it with both barrels
Many thanks
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 2600
Benefits................................ 188
Other income............................ 0
Total monthly income.................... 2788
Monthly Expense Details[/B]
Mortgage................................ 400
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 173
Electricity............................. 50
Gas..................................... 55
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 20
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 500
Clothing................................ 30
Petrol/diesel........................... 130
Road tax................................ 10
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 5
Buildings insurance..................... 10
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 30
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1742

Assets
Cash.................................... 150
House value (Gross)..................... 175000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 177150

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 85000....(400)......0
Total secured & HP debts...... 85000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit cards ..................0.........891.......0
loans .........................0.........400.......0
Total unsecured debts..........0.........1291......-

Monthly Budget Summary
Total monthly income.................... 2,788
Expenses (including HP & secured debts). 1,742
Available for debt repayments........... 1,046
Monthly UNsecured debt repayments....... 1,291
Amount short for making debt repayments. -245
Personal Balance Sheet Summary
Total assets (things you own)........... 177,150
Total HP & Secured debt................. -85,000
Total Unsecured debt.................... -0
Net Assets.............................. 92,150
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/FONT]

NorthernLas

Any chance you could use the standard format SOA. It makes things much easier and has sections to fill in about how many people in your family and keeps the info on your debts in one place. http://www.makesenseofcards.co.uk/soacalc.html

RAS

it is standard format.

Do you not work, OP?

tired_mum

Not at the moment I was PT but then laid off and have been spending time looking after my son as he has had problems with schooling as he has ADHD/Aspergers he is now settled in a new school and i am actively seeking work

dancingfairy

Hi - firstly if you have joint products with your OH your credit will be linked so I believe that you 'making arranangments' with your credit card company may impact on him as well.
Also if you have a current account with HSBC or Barclaycard then they could raid your account to pay their debts off - now despite the fact that you have agreements in place (in writing I hope) I'm not sure I would still want to have my current account with them just in case they use their right to off-set - either deliberately or because one arm doesn't know what the left arm is doing.
The other thing I would say is that at the moment you are are 245 a month short of balancing - this means that you need to come up with more income, decrease your outgoings (or a combination) or need to sort out some kind of debt management plan or potentially do balance trasnfers from a higher interest card to a lower one - however the problem with this is a) I suspect your credit is already damaged and b) you need to free up 245 a month so unless you are sure you can do this - transfering debt from one company to another will not look good from the companies eyes if you then fail to pay.
I hope some of the above makes sense to you.
df

tired_mum

we bank with HSBC as well as our mortgage and OD loans etc so i will look at a new account for us

Tixy

Hi - I've posted a few comments below.
Have you sat down and shown OH this statement? Whilst he may earn a good wage for a family of 5 with one income it appears you are spending more than you can afford, but you really need to get him on board to be able to make a change to your finances if possible.

tired_mum wrote: »

Have just had words with HSBC re my CC and have managed to go to £100 with no interest for 6 months and i have also managed to stop interest on my barclaycard now my OH doesnt know the extent of our finances when i say we havent any money he says why i earn a good wage need to deal with this and deal with it now our kids are older and we should be looking forward to things being a bit easier in the next few years so let me have it with both barrels
Many thanks
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0 if your kids are older could you not work? are you looking for work?
Partners monthly income after tax....... 2600
Benefits................................ 188 are you getting all that you can here?
Other income............................ 0
Total monthly income.................... 2788
Monthly Expense Details[/B]
Mortgage................................ 400
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 173 have you done the 5min check to see that you are in the correct band? is this just this years bill? It looks high compare to house value.
Electricity............................. 50 have you checked to see you are with the cheapest supplier/best tariff?
Gas..................................... 55 as elec
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 20
Mobile phone............................ 60 can you reduce this at all, switch to a lower tariff
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 20 for landline, satellite & internet you are paying £60, look for a combined deal to save quite a bit on this, or ditch paid tv and get combined telephone & internet for around £20
Groceries etc. ......................... 500 this could definitely be reduced by changing your shopping habits. Some on here would manage on £200-£250 for 5 so perhaps try cutting to £300 to start - tips on the old style board include meal planning for the week before you shop and trying the drop a brand challenge.
Clothing................................ 30
Petrol/diesel........................... 130 are all journeys essential?
Road tax................................ 10
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 5
Buildings insurance..................... 10
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 30
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1742

Assets
Cash.................................... 150
House value (Gross)..................... 175000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 177150

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 85000....(400)......0
Total secured & HP debts...... 85000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit cards ..................0.........891.......0 how much do you owe in total?
loans .........................0.........400.......0 how much is the balance? how soon does this finish?
Total unsecured debts..........0.........1291......-

Monthly Budget Summary
Total monthly income.................... 2,788
Expenses (including HP & secured debts). 1,742
Available for debt repayments........... 1,046
Monthly UNsecured debt repayments....... 1,291
Amount short for making debt repayments. -245 Should be scope to reduce your outgoings by most of this shortfall. If you could earn some income as well then you should be able to make some inroads into your debt.
Personal Balance Sheet Summary
Total assets (things you own)........... 177,150
Total HP & Secured debt................. -85,000
Total Unsecured debt.................... -0
Net Assets.............................. 92,150
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/FONT]

RAS

We need full detials of the cards and loans, including Aprs, limits on cards and years to run on loans.

tired_mum

Hi Tixy I am looking for work at the moment but there is very little about have applied for 3 today but not holding my breath but hope that with xmas coming there may be some jobs coming up. we are not entitled to any benefits as OH earns too much council tax is correct will be getting rid of 1 contract in dec cant ditch TV ,internet and phone as just renewed contract for a year. Car expense is high as we live in a village DS bikes to school but DD2 cant as it is a major road with no cycle path and many lorries going to a local docks DD1 walks to college hubby needs car as no busses at 5am Will try to dig out papers for all loans ,Ccards but will be unlikely we can switch them elsewhere

Mimi_Arc_en_ciel

tired_mum wrote: »

Have just had words with HSBC re my CC and have managed to go to £100 with no interest for 6 months and i have also managed to stop interest on my barclaycard now my OH doesnt know the extent of our finances when i say we havent any money he says why i earn a good wage need to deal with this and deal with it now our kids are older and we should be looking forward to things being a bit easier in the next few years so let me have it with both barrels
Many thanks
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0 Could you get a job? (notice you said you was looking - try ann summers!)
Partners monthly income after tax....... 2600
Benefits................................ 188 Check - you may be entitled to more
Other income............................ 0
Total monthly income.................... 2788
Monthly Expense Details[/B]
Mortgage................................ 400
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 173 can this be paid over 12 months instead of 10? are you in correct band?
Electricity............................. 50 Cut down - You would be surprised how much you save by not leaving things on standby. Can you compare prices?
Gas..................................... 55 same as above
Oil..................................... 0
Water rates............................. 48 double check this - mines £23 a month. Are you on a meter?
Telephone (land line)................... 20
Mobile phone............................ 60 Lower - haggle with provider - go PAYG
TV Licence.............................. 12
Satellite/Cable TV...................... 20 get a deal?
Internet Services....................... 20 see above
Groceries etc. ......................... 500 reduce dramatically - See old style board, lovefoodhatewaste, grow your own, supermarket downshift, meal plan - lots of ways to save here
Clothing................................ 30
Petrol/diesel........................... 130 does the car NEED to be used? park a little away from work and walk? Car share?
Road tax................................ 10
Car Insurance........................... 40 not bad - but also worth checking/haggling
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 5
Buildings insurance..................... 10
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 lower for now
Haircuts................................ 20 go to a training college - they are getting NVQ2 trained (and wont be allowed lose on hair without supervision)- same as your usual hairdresser!
Entertainment........................... 30 ditch
Holiday................................. 50 ditch if not already booked
Emergency fund.......................... 0
Total monthly expenses.................. 1742

Assets
Cash.................................... 150
House value (Gross)..................... 175000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 177150

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 85000....(400)......0
Total secured & HP debts...... 85000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit cards ..................0.........891.......0
loans .........................0.........400.......0
Total unsecured debts..........0.........1291......-

Monthly Budget Summary
Total monthly income.................... 2,788
Expenses (including HP & secured debts). 1,742
Available for debt repayments........... 1,046
Monthly UNsecured debt repayments....... 1,291
Amount short for making debt repayments. -245
Personal Balance Sheet Summary
Total assets (things you own)........... 177,150
Total HP & Secured debt................. -85,000
Total Unsecured debt.................... -0
Net Assets.............................. 92,150
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/FONT]

my comments above - HTH x

tired_mum

Hi we have no choice but to use car for OH as he is a shift worker but as regards car share for school(would cut out a return journey to drop n pick OH up}have been doing this but other parent is a bit of a pain cant drive in frost as cant open doors till 11am as frozen up and then has diabetic hypos so cant drive have been thinking about school bus but £15 a week but would save that in petrol. Water we have 2 bills 1 for sewage and one for water rates 2 different companys