SOA posted, help needed quickly!

anxious_mum

OK, here it is. My ex husband stopped paying his monthly £700 almost three months ago, and I feel I should sort myself out, as I am spiralling into a dark place. The shortfall doesn't look that much, I may have missed a couple of trips to the offie for a life saving bottle of wine a couple of times a week!

My mum lives with me, she is on the basic state pension. She gives me £100 per month, but she helps out with food. I bought her a car, as I have a fully funded company car, and I pay the tax and insurance on hers, but she pays the maintenance.

I wonder if I should try to extend my mortgage over a longer period and add some or all of the debts to it. Would the bank do that? I really need help now before I get into even more trouble.


Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1736
Partners monthly income after tax....... 0
Benefits................................ 175
Other income............................ 100
Total monthly income.................... 2011
Monthly Expense Details
Mortgage................................ 687
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 92
Gas..................................... 66
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 10
Mobile phone............................ 15
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 40
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 13
Car Insurance........................... 26
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 27
Buildings insurance..................... 20
Contents insurance...................... 20
Life assurance ......................... 27
Other insurance......................... 2
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1243

Assets
Cash.................................... 650
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 2000
Total Assets............................ 138450

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 68000....(687)......5.79
Total secured & HP debts...... 68000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Capital One....................1270......50........29
Nat West.......................6765......152.......25
Barclaycard....................2770......50........19
Nat West Loan..................14000.....373.......8
Santader Loan..................800.......100.......7
Mint...........................5430......70........18
Total unsecured debts..........31035.....795.......-

Monthly Budget Summary
Total monthly income.................... 2,011
Expenses (including HP & secured debts). 1,243
Available for debt repayments........... 768
Monthly UNsecured debt repayments....... 795
Amount short for making debt repayments. -27
Personal Balance Sheet Summary
Total assets (things you own)........... 138,450
Total HP & Secured debt................. -68,000
Total Unsecured debt.................... -31,035
Net Assets.............................. 39,415

Gemmzie

Hi anxious_mum, you've taken a big step posting your SOA so well done.

Do not add debts to your mortgage unless you have to, there's usually an easier and cheaper way

anxious_mum wrote: »

Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1736
Partners monthly income after tax....... 0
Benefits................................ 175
Other income............................ 100
Total monthly income.................... 2011
Monthly Expense Details
Mortgage................................ 687
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 92 who with? can you switch to lower?
Gas..................................... 66 as above
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 10
Mobile phone............................ 15
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 20 this is expensive
Groceries etc. ......................... 40 a month? are you sure?
Clothing................................ 10
Petrol/diesel........................... 0 need something here!
Road tax................................ 13
Car Insurance........................... 26
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 27 what does this cover? cat/dog?
Buildings insurance..................... 20 this is high, try and switch
Contents insurance...................... 20 as above
Life assurance ......................... 27
Other insurance......................... 2
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1243

Assets
Cash.................................... 650
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 2000 anything that can be sold?
Total Assets............................ 138450

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 68000....(687)......5.79
Total secured & HP debts...... 68000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Capital One....................1270......50........29
Nat West.......................6765......152.......25
Barclaycard....................2770......50........19
Nat West Loan..................14000.....373.......8
Santader Loan..................800.......100.......7
Mint...........................5430......70........18
Total unsecured debts..........31035.....795.......-

Monthly Budget Summary
Total monthly income.................... 2,011
Expenses (including HP & secured debts). 1,243
Available for debt repayments........... 768
Monthly UNsecured debt repayments....... 795
Amount short for making debt repayments. -27
Personal Balance Sheet Summary
Total assets (things you own)........... 138,450
Total HP & Secured debt................. -68,000
Total Unsecured debt.................... -31,035
Net Assets.............................. 39,415

Some of your SOA figures look a bit out and some are missing, if you could correct them it'll be easier to see where you are

spendingmad

How old is your mum - if she is over 75 would she qualify for a free TV licence (not sure - you will need to look into this) only £12 per month but every little helps!

Gas and Elec looks high - I work from home (so heat on all day!) and pay £100 per month for both - large 4 bed house.

Are you getting all the benefits you are entitled to?

Can you contact CSA re Ex'es payments?

Tixy

Hi

What is the situation with ex-husband? are you chasing him for his contributions? were these calculated by CSA?

Is mum eligible for the pension credit or any other benefits?

Are you eligible for additional tax credits because ex is no longer paying?

Electricity............................. 92 this looks very high - are you paying off arrears? if not then can you try to reduce (are you using lots of expensive appliances like elec heaters, tumble driers, do you have an elec immersion heater on 24/7 or for longer than needed? Have you shopped around recently to see if you can find a cheaper supplier and/or cheaper tariff?
Gas..................................... 66 shop around for this with elec
Internet Services....................... 20 might be worth shopping around for internet & landline if you haven't recently (some are about £20 combined so a possible small saving)
Groceries etc. ......................... 40 is this all you pay per month and mum is paying the rest? have you included pet food?
Pet insurance/vet bills................. 27 is this a good price (if insurance could you shop around)
Buildings insurance..................... 20
Contents insurance...................... 20 B&C quite high compared to house value, should be worth shopping around at renewal (may be able to halve this)

Have you kept up with your debt repayments so far? If you can get OH to start contibuting again then you should easily be fine and be able to make some inroads into your debt. If he is not and cannot be forced then you may need to plan again. Ideally its best to avoid putting unsecured debts onto your mortgage as you put your house at a greater risk should something change in your circumstance (eg if you lost your income).
But as it stands you APRs are quite high on some debts and your unsecured debts are considerable compared to your income. What was the debt run up on? anything that could be sold to put towards the debts?
Are you aware that if your card companies try to increase you APR you can reject any increase?
Have you stopped spending on the cards now?

Once the santander loan is finished then target that £100 to your highest APR card to minimise the interest you are paying.

anxious_mum

Thanks all for your comments. My mum is 74 this year, so no freebies from her yet! Although I did take advantage of the free roof and wall insulation a couple of years ago. My mum stays at home all day, so the gas is on all day and she tends to watch a lot of TV, plus I sometimes work from home, so my laptop is on as well. I will certainly look for a cheaper option though x




Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1736
Partners monthly income after tax....... 0
Benefits................................ 175
Other income............................ 100
Total monthly income.................... 2011
Monthly Expense Details
Mortgage................................ 687
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 92 who with? can you switch to lower?
Gas..................................... 66 as above
I will have a search to see if I can get this cheaper. I've also applied for free solar panels to be fitted next year, which should half my electricity bill, I've been approved so far :-)
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 10
Mobile phone............................ 15
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 20 this is expensive
This is my phone line rental too with Virgin - TV, Internet and Phone
Groceries etc. ......................... 40 a month? are you sure?
Oh yes, I have really cut down since the last two months. We try to cook from scratch, no fancy stuff, and my mum is a demon for finding a bargain, plus she helps out. So the proper total is higher, but I only give her 40 quid!
Clothing................................ 10
Petrol/diesel........................... 0 need something here!
There's nothing to put here. i have a fully funded company car, my mum pays for her own petrol
Road tax................................ 13
Car Insurance........................... 26
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 27 what does this cover? cat/dog?
Its insurance for 2 x siamese cats, and has already paid for itself when one needed an operation - cost £900!
Buildings insurance..................... 20 this is high, try and switch
Contents insurance...................... 20 as above
I will look into this........
Life assurance ......................... 27
Other insurance......................... 2
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1243

Assets
Cash.................................... 650
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 2000 anything that can be sold?
This is my gold charm bracelet which I have been adding to over years. If it comes to desparation time, I will sell it, but I would really hate to part with it
Total Assets............................ 138450

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 68000....(687)......5.79
Total secured & HP debts...... 68000.....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Capital One....................1270......50........29
Nat West.......................6765......152.......25
Barclaycard....................2770......50....... .19
Nat West Loan..................14000.....373.......8
Santader Loan..................800.......100.......7
Mint...........................5430......70....... .18
Total unsecured debts..........31035.....795.......-

Monthly Budget Summary
Total monthly income.................... 2,011
Expenses (including HP & secured debts). 1,243
Available for debt repayments........... 768
Monthly UNsecured debt repayments....... 795
Amount short for making debt repayments. -27
Personal Balance Sheet Summary
Total assets (things you own)........... 138,450
Total HP & Secured debt................. -68,000
Total Unsecured debt.................... -31,035
Net Assets.............................. 39,415

RAS

Have you checked all your benefits? Your OH should be paying at least £5 per week if he is on benefits, have you chased the CSA?

Your would be very well advised to pay off what you can afford off the cap 1 card from your cash.

What is the limit on your Mint card?

anxious_mum

Hi Tixy

'Have you kept up with your debt repayments so far? If you can get OH to start contibuting again then you should easily be fine and be able to make some inroads into your debt. If he is not and cannot be forced then you may need to plan again. Ideally its best to avoid putting unsecured debts onto your mortgage as you put your house at a greater risk should something change in your circumstance (eg if you lost your income).
But as it stands you APRs are quite high on some debts and your unsecured debts are considerable compared to your income. What was the debt run up on? anything that could be sold to put towards the debts?
Are you aware that if your card companies try to increase you APR you can reject any increase?
Have you stopped spending on the cards now?'

Yes, all debt repayments have been made so far. The situation with the OH, is he was a very high earner but we never made any proper terms with the CSA, he has paid £700 a month to me for the last 15 years. Then, he lost his job.

He says he will try to pay some money as and when he can, but I want to be debt free, or near as damn it, before the youngest boy is 19 - he is 15 now.

The massive loan I have is due to paid in 3 years, the santander loan in July.

Mum isn't eligable for anything as she recieves a tiny works pension which takes her just above the limit. I'm not eligable for any more than the £40 a month I already receive for child tax credits.

I haven't spent anything on my credit cards for months now, they have been locked away. Because previously I always had the money to pay the minimum, or a bit over, they never really bothered me before now.

Should I approach the bank and explain the situation, as by the end of the month I will be overdrawn and that has never happened to me before?

RAS

Can you check that mum gets the older persons' full tax allowance? It is no granted automatically.

And if you do not want to sell the charm braclet, have you been round the house, found what you can and looked at selling it on e-bay, amazon or at a car boot sale?

JasX

Electricity............................. 92 who with? can you switch to lower?
Gas..................................... 66 as above
I will have a search to see if I can get this cheaper. I've also applied for free solar panels to be fitted next year, which should half my electricity bill, I've been approved so far :-)

Be very careful here, I think the so called 'free' panels are generally regarded as a scam as you end up thousands of pounds worse off than if you install and pay upfront for them yourself, also how will it impact your house price and ability to sell if it comes encumbered with long term contractual commitments to hold these allegedlly 'free' solaar panels. Take conventional energy saving measures now, there is no such thing as a free lunch.

Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 10
Mobile phone............................ 15
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 20 this is expensive
This is my phone line rental too with Virgin - TV, Internet and Phone
Groceries etc. ......................... 40 a month? are you sure?
Oh yes, I have really cut down since the last two months. We try to cook from scratch, no fancy stuff, and my mum is a demon for finding a bargain, plus she helps out. So the proper total is higher, but I only give her 40 quid!
Clothing................................ 10
Petrol/diesel........................... 0 need something here!
There's nothing to put here. i have a fully funded company car, my mum pays for her own petrol
Road tax................................ 13
Car Insurance........................... 26
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 27 what does this cover? cat/dog?
Its insurance for 2 x siamese cats, and has already paid for itself when one needed an operation - cost £900!
This is hugely expensive, can it be gotten rid of?

Buildings insurance..................... 20 this is high, try and switch
Contents insurance...................... 20 as above
I will look into this........
Life assurance ......................... 27
worth reviewing too, are you duplicating any benefits you get from your employer? how much longer will your children be dependant on you?
Other insurance......................... 2
whats this?
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1243

Assets
Cash.................................... 650
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 2000 anything that can be sold?
This is my gold charm bracelet which I have been adding to over years. If it comes to desparation time, I will sell it, but I would really hate to part with it
Where was this valued? are you getting a proper valuation not one of those cash for gold sites that'll offer you 30% of full value? is it properly insured/secured? is this the best place for your £2000 given the interest you are paying below? -you could always start a new one.
Total Assets............................ 138450

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 68000....(687)......5.79
Total secured & HP debts...... 68000.....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Capital One....................1270......50........29
Nat West.......................6765......152.......25
Barclaycard....................2770......50....... .19
Nat West Loan..................14000.....373.......8
Santader Loan..................800.......100.......7
Mint...........................5430......70....... .18
Total unsecured debts..........31035.....795.......-

Monthly Budget Summary
Total monthly income.................... 2,011
Expenses (including HP & secured debts). 1,243
Available for debt repayments........... 768
Monthly UNsecured debt repayments....... 795
Amount short for making debt repayments. -27
Personal Balance Sheet Summary
Total assets (things you own)........... 138,450
Total HP & Secured debt................. -68,000
Total Unsecured debt.................... -31,035
Net Assets.............................. 39,415

anxious_mum

Good news! I've switched my duel gas and electricity to EDF and will save £460.00 per year, plus they give me £100 credit to start with and a £60 wine voucher.....

Regarding the solar panels, the website is ashadegreener followed by dot co dot uk

I've had my lawyer friend check it out and he says it looks OK. I've got to have a roof survey done, so I might not even pass the test yet.

Right, let's check the home insurance and something cheaper for the cats!

Thanks everyone for oyur help so far

whiteguineapig

check if you swap anything if its worth going thro quidco anxious mum