Debt Free in how long?!

snowqueen555

as above ^

just popping in to wish you all the best

loumac

When I moved from my parents to where I live now my insurance went up by over £100 when I called to inform them as where I live now is considered a higehr risk area.

Good luck with all the other challenges. Well done on the sky!

hopeful1983happy

Every mummy needs a break, even more so I would imagine if your child has special needs and you are pregnant. Plus the child needs to mix with others in order to be socially conifident. A parent who is a carer 24/7 will end up being a bad one if they Dont have a break. On the plus side, as has been previously mentioned, children get free childcare for 15hrs/week for 38 weeks a year when they are 3 so fairly soon your childcare bill will reduce.

Good luck!

silentmike486

the main reason for the childcare cost is for him to socialise, its not something we can cut back on, but we may be able to get funding for it because of his disability. Our TAC co-ordinator is looking into it now

My car insurance premiums are the same, its just a flat £113 cost to change address. I dont think its right and I wont be with them when I renew!

Ive got £4 for the rest of this month, the rest went out on payments. Luckily my wifes benefits are weekly so we can survive food and fuel.

Im looking for things to Ebay for money in the short term. Theres no other way of generating cash quick. Ive been through the money making guide on here.

come on payday

beanielou

Keep plodding.
I am full of admiration to you for meeting this head on.

silentmike486

Hello again, its been a while...! I thought Id update my situation, as a lot of things have changed in the past year - a second child, a dog less, a different house, one less car, a different job. Same debts and poor money management



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.................... 2
Monthly Income Details
Monthly income after tax................ 2200
Partners monthly income after tax....... 0
Benefits................................ 845
Other income............................ 0
Total monthly income.................... 3045
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 111
Rent.................................... 895
Management charge (leasehold property).. 0
Council tax............................. 133
Electricity............................. 35
Gas..................................... 40
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 0
Mobile phone............................ 75
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 35
Groceries etc. ......................... 500
Clothing................................ 50
Petrol/diesel........................... 320
Road tax................................ 0
Car Insurance........................... 64
Car maintenance (including MOT)......... 8
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 40
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 22
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 50
Holiday................................. 80
Emergency fund.......................... 0
Total monthly expenses.................. 2605

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0<
Car............................2000.....(111)......0
Total secured & HP debts...... 2000......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
CCCS...........................12000.....200.......0
Santander......................150.......10........0
Newsagent......................90........10........0
Council Tax....................400.......40........0
HMRC...........................6713......86........0
Electric.......................270.......10........0
Gas............................150.......10........0
Water..........................60........10........0
Total unsecured debts..........19833.....376.......-

Monthly Budget Summary
Total monthly income.................... 3,045
Expenses (including HP & secured debts). 2,605
Available for debt repayments........... 440
Monthly UNsecured debt repayments....... 376
Amount left after debt repayments....... 64
Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total HP & Secured debt................. -2,000
Total Unsecured debt.................... -19,833
Net Assets.............................. -16,833
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using IE browser.

mellonicoley

silentmike486 wrote: »

Hello again, its been a while...! I thought Id update my situation, as a lot of things have changed in the past year - a second child, a dog less, a different house, one less car, a different job. Same debts and poor money management



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.................... 2
Monthly Income Details
Monthly income after tax................ 2200
Partners monthly income after tax....... 0
Benefits................................ 845
Other income............................ 0
Total monthly income.................... 3045
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 111
Rent.................................... 895I know people asked this a year ago but.... is this competitive for your area?
Management charge (leasehold property).. 0
Council tax............................. 133
Electricity............................. 35
Gas..................................... 40
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 0
Mobile phone............................ 75high! when do the contract/contracts end? can you drop a tariff or switch to PAYG soon?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 35
Groceries etc. ......................... 500I think you can still bring this down, try reducing it to £400 next month
Clothing................................ 50
Petrol/diesel........................... 320do you *really* still need both cars?
Road tax................................ 0
Car Insurance........................... 64
Car maintenance (including MOT)......... 8
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 40
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 22
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 50
Holiday................................. 80
Emergency fund.......................... 0
Total monthly expenses.................. 2605

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0<
Car............................2000.....(111)......0
Total secured & HP debts...... 2000......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
CCCS...........................12000.....200.......0
Santander......................150.......10........0
Newsagent......................90........10........0
Council Tax....................400.......40........0
HMRC...........................6713......86........0
Electric.......................270.......10........0
Gas............................150.......10........0
Water..........................60........10........0
Total unsecured debts..........19833.....376.......-

Monthly Budget Summary
Total monthly income.................... 3,045
Expenses (including HP & secured debts). 2,605
Available for debt repayments........... 440
Monthly UNsecured debt repayments....... 376
Amount left after debt repayments....... 64
Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total HP & Secured debt................. -2,000
Total Unsecured debt.................... -19,833
Net Assets.............................. -16,833
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using IE browser.

Have added a few comments, but it's nothing you weren't told before

Hope that helps.
Mel

rising_from_the_ashes

First of all ... congrats on your new arrival :j

Few comments from me on the new SOA....

I am a bit confused why you've obviously got a DMP up and running (well done, it should make a big different) but have debts not incl in that?

Do you actually have money left over each month - or are you always struggling. Try a spending diary & best of luck

You're wasting (sorry) a huge amount of money on groceries - this would help clear the debts so much quicker if you can get it down.

silentmike486 wrote: »

Hello again, its been a while...! I thought Id update my situation, as a lot of things have changed in the past year - a second child:j, a dog less:(, a different house:) but it's costing even more than the last one (sorry), one less car:D, a different job. Same debts and poor money management



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.................... 2
Monthly Income Details
Monthly income after tax................ 2200
Partners monthly income after tax....... 0
Benefits................................ 845
Other income............................ 0
Total monthly income.................... 3045
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 111
Rent.................................... 895 Sorry but I don't understand why you'd move somewhere even more expensive when you were already struggling with your old rent?
Groceries etc. ......................... 500 I'm sorry but this is huge :eek: families of 4 can manage on £220-£250 / month incl household cleaning stuff, toiletries & nappies etc. Try the Grocery Challenge on the old style board - there are big savings to be made here which would help clear the debts....
Clothing................................ 50 High - try to cut in 1/2 - use e*bay etc to get baby stuff & sell outgrown stuff to fund replacements
Petrol/diesel........................... 320 All essential journeys?
Road tax................................ 0 Need something in here
Car Insurance........................... 64 This is a lot better:T
Car maintenance (including MOT)......... 8 Sorry but there is no way this figure is accurate .... an MOT is £50ish so £1/week, then you've repairs etc. Even a new car (no mot needed) costs around £35/month for serving
Car parking............................. 10
Childcare/nursery....................... 40
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0 Need something in here
Entertainment........................... 50 Quite high (sorry)
Holiday................................. 80 Really high, sorry need to cut until debts are cleared
Emergency fund.......................... 0 Need something in here to avoid more debtUnsecured Debts
Description....................Debt......Monthly...APR
CCCS...........................12000.....200.......0
Santander......................150.......10........0 Is this new? Why not incl in the CCCS arrangement?
Newsagent......................90........10........0 Cancel & read online
Council Tax....................400.......40........0 Priority debt
HMRC...........................6713......86........0
Electric.......................270.......10........Is this new? Why not incl in the CCCS arrangement?
0
Gas............................150.......10........0
Is this new? Why not incl in the CCCS arrangement?
Water..........................60........10........
Is this new? Why not incl in the CCCS arrangement?

silentmike486

Thanks for your input, I'll explain some of the stuff-

We were evicted from our last house, as the landlord went under so we moved a couple of hundred yards down the road. We decided it would be ok as I got a new job with good overtime prospects

Groceries is a hard one, we like cooking good food from scratch. But at tesco at the first shop of the month we can spend 250. Neither of us really drink, it all goes on food and household stuff!

Clothing - I need to rein in my wife on this...

Diesel is mostly for my commute - 80mile round trip a day

One road tax is free for my sons mobility car, as is our insurance for that car, and servicing....and I'm an engineer so I do my own repairs and servicing on my car. Just the mot to pay for

Car insurance is lower because I'm over 25 now and driving for more than 2years

Entertainment - I may have overestimated. I'll try to elaborate one day soon when I've got some free time

Holiday - where we stay in the spring is 150, plus spending. Maybe I overestimated this too. Our winter holiday is 500 but the family fund pay for it (respite) so it's just spending there too

Emergency fund - I always put money aside at the start of the month, but at mid-month it gets spent on petrol or food

All the debts outside the CCcs are new-ish, but I can't add more to the CCcs or they will say I have to go bankrupt. They don't take into account the overtime I can do at work, which is fair enough as its not guaranteed, but is paying those debts at the moment (and is a considerable chunk of the holiday fund, and also already paid for a college course for myself)

I'm trying to find the time to eBay some stuff too, to pay some of the smaller debts. CCcs say I'll be debt free in feb 2017!

beanielou

But why have you added to the debts while on the DMP?
I can understand the utilities but not the others.