Please Advice and help needed

needtogetout

hi
Im a noobie in this website , gone through some of the post very helpful, so i thought i can get some help in sorting my situation
im also trying to start a small ebay biz , hope it also works out

my situation is like this
Loans :- 33,000
Cards :- 4500,4500,2000,1600,350
mortgage :- 1100
bills :- 300
childcare :600 (out of which 400 is voucher)
income me and my wife :- 3200
i dont know where to start with and how to sort this out
i have been not careful with the money.
please any advice will be a great help or if someone had similar experience

CH27

Hi:)

Could you post a full SOA please? There is a link towards the top of this section.

Clarie_2

Hi and welcome.

First place, as always, is to do a Statement of Affairs like ch27 suggested. You'll find it useful, and if you want more advice, post it up here so we can see it:-) There's a link to it here https://forums.moneysavingexpert.com/discussion/107280

Clarie

stqueen

Hi,

More information is needed - for example, I assume the figure you quote for your mortgage, bills and childcare are monthly? Whereas the credit card & loan figures are debt overall?

As the previous posters have said, if you post up a full Statement of Affairs someone with much more knowledge will be along shortly to advise

[Deleted User]

here's the link to do a statement of affairs: http://www.makesenseofcards.com/soacalc.html

HTH

D9

needtogetout

hi all

thx for the reply and sorry about SOA (didnt know about that) below is the SOA. i have put everything honestly. please advice me where to start from

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1900
Partners monthly income after tax....... 1200
Total monthly income.................... 3100

Monthly Expense Details
Mortgage................................ 600
Rent.................................... 775
Council tax............................. 112
Electricity............................. 110
Water rates............................. 293(paid all at once)
Broadband package....................... 44
Mobile phone............................ 23
TV Licence.............................. 12
Groceries etc. ......................... 200
Clothing................................ 15
Petrol/diesel........................... 30
Road tax................................ 10
Car Insurance........................... 100
Childcare/nursery....................... 600
Haircuts................................ 10
Total monthly expenses.................. 2641


Assets
Car(s).................................. 500
Total Assets............................ 500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 45000....(600)......0
Total secured & HP debts...... 45000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Card1..........................4500......80........27.5
card2..........................4500......80........27.5
card3..........................1600......45........27.5
card5..........................350.......20........27.5
card4..........................2000......50........27.5
Total unsecured debts..........12950.....275.......-


Monthly Budget Summary
Total monthly income.................... 3,100
Expenses (including HP & secured debts). 2,641
Available for debt repayments........... 459
Monthly UNsecured debt repayments....... 235
Amount left after debt repayments....... 224

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -45,000
Total Unsecured debt.................... -12,950
Net Assets.............................. -57,450.



(i own a property but when i tried to sell i realised i wouldnt get half of the money i paid for it ,because people know the situation im in and they want to use that against me, its sort of retirement home for me, if i manage to pay it off)

i can manage the mortgage if i can pay of rest of the debts.
Any help wil be a life saver

lauzellen

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1900 Any way to increase this? Overtime? 2nd job?
Partners monthly income after tax....... 1200 As above
Total monthly income.................... 3100

Monthly Expense Details
Mortgage................................ 600
Rent.................................... 775 Are you on a shared ownership or similar? If not what is this for?
Council tax............................. 112 Is this over 10 payments? Ask if can spread it over the 12 months. If not throw the march payment free at the highest interest debt.
Electricity............................. 110 This looks high - Have you done a comparison recently?
Water rates............................. 15
Telephone (land line)................... 12
Mobile phone............................ 23 If out of contract cancel and get PAYG or some good 30 day sim only contracts going for £10 a month.
TV Licence.............................. 12
Internet Services....................... 17 could you get this cheaper by joining providers... there was a deal on the MSE email for less than BTs line rental which included line rental, free eve and w/e calls and broadband.
Groceries etc. ......................... 200 Try to cut down on this.. dropping brands, meal planning. Grocery challenge may help and some good ideas on the old style board.
Clothing................................ 15 Essentials only
Petrol/diesel........................... 30 All journeys necessairy?
Road tax................................ 10
Car Insurance........................... 100 This seems very high - use a comparison site.
Childcare/nursery....................... 600 Have you taken into consideration the £400 vouchers a month you receive? Or have you added £400 onto the "income" above?
Haircuts................................ 10
Total monthly expenses.................. 2641


Assets
Car(s).................................. 500
Total Assets............................ 500


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 45000....(600)......0
Total secured & HP debts...... 45000.....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
Card1..........................4500......80....... .0 You need to find all the APRs for the cards to see which to target first.
card2..........................4500......80....... .0
card3..........................1600......45....... .0
card5..........................350.......20....... .0
card4..........................2000......50....... .0
Total unsecured debts..........12950.....275.......-


Monthly Budget Summary
Total monthly income.................... 3,100
Expenses (including HP & secured debts). 2,641
Available for debt repayments........... 459
Monthly UNsecured debt repayments....... 235
Amount left after debt repayments....... 224 Do you have this left at the end of the month? If not where does it go? Keep a Spending diary to help see where it goes if you do not.

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -45,000
Total Unsecured debt.................... -12,950
Net Assets.............................. -57,450



I've added some comments in red - I hope this helps a little in directing you as to where you can make some headway.

Just seen you've changed the water so you pay all at once - better to set up a direct debit and spread the cost.

lauzellen

The phone and broadband deal i mentioned - Talk talk... as written on the email..

TalkTalk's Essential package is usually £21.79 all-in, over its 12 month contract. However there's currently a deal that cuts this down to £11.62/mth:

£50 automatic cashback: New TalkTalk Essentials customers can currently get free connection (usually £29.99) and 50% off phone and broadband at £3.49/month (usually £6.99) for the 12 months of the contract. The offer's on until 8pm on Monday 7 March.
For this you get evening and weekend landline calls for the first 60 mins (after hang up and redial), plus up to 24 Mb broadband with a 40GB download limit, but you still need to pay £12.30/month line rental.

Sign up via SimplifyDigital over the phone and get £50 cashback 90 days after connection. Factor it all in over the 12 month contract and it averages £11.62/mth. 85% of the UK can get the cheap TalkTalk package, if you're out of area it will cost more and you won't get the extra discounts.

burntfingers_2

Hi :hello: firstly welcome to the DFW and well done for posting your SOA.

It seems really daunting at first and all this about SOA's etc. You will get the hang of the site....:) honestly

Just a thought are you entitled to child/working tax credit?

This is a good website to use www.entitledto.co.uk even if its just £10 per week better in your pocket although the rules are changing so it might be a case of closing the door when the horse has bolted type of thing.

Best of luck with your diary...

barbarawright

Well done for posting. One thing that leaps out is the car. Everyone seems to claim theirs is essential but if you only spend £30 a month on petrol, could you not sell it and get the occasional taxi for really awkward journeys?

Tixy

Hi

A few comments below.

needtogetout wrote: »

hi all

thx for the reply and sorry about SOA (didnt know about that) below is the SOA. i have put everything honestly. please advice me where to start from

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1900
Partners monthly income after tax....... 1200 should be some child benefit as well here?
Total monthly income.................... 3100

Monthly Expense Details
Mortgage................................ 600 is this a property you are living in or not? if not and you rent somewhere else can you rent out the one you own?
Rent.................................... 775
Council tax............................. 112
Electricity............................. 110 this looks high, shop around to see if you can find a cheaper supplier and try reducing your overall usage.
Water rates............................. 293(paid all at once) is this the annual figure? you need to budget a monthly figure here
Broadband package....................... 44 try shopping around for cheaper
Mobile phone............................ 23
TV Licence.............................. 12
Groceries etc. ......................... 200
Clothing................................ 15
Petrol/diesel........................... 30 is this all you spend? could you manage without?
Road tax................................ 10
Car Insurance........................... 100 is this the monthly cost? do you shop around at renewal time?
Childcare/nursery....................... 600 is the £400 voucher included in your income at the top?
Haircuts................................ 10
Presents? - 1/12 of your annual spend
Buildings & contents insurance?
Car maintenance incl MOT, new tyres etc - 1/12 of annual cost.
Entertainment - nothing ever?
Total monthly expenses.................. 2641


Assets
Car(s).................................. 500
Total Assets............................ 500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 45000....(600)......0
Total secured & HP debts...... 45000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Card1..........................4500......80........27.5
card2..........................4500......80........27.5
card3..........................1600......45........27.5
card5..........................350.......20........27.5
card4..........................2000......50........27.5Are these APRs accurate? all the exact same rate?
Total unsecured debts..........12950.....275.......-


Monthly Budget Summary
Total monthly income.................... 3,100
Expenses (including HP & secured debts). 2,641
Available for debt repayments........... 459
Monthly UNsecured debt repayments....... 235
Amount left after debt repayments....... 224 you need to budget for the things you have missed out to get a true picture of your finances and see if you can afford all your current debts etc.

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -45,000
Total Unsecured debt.................... -12,950
Net Assets.............................. -57,450.



(i own a property but when i tried to sell i realised i wouldnt get half of the money i paid for it ,because people know the situation im in and they want to use that against me, its sort of retirement home for me, if i manage to pay it off)

i can manage the mortgage if i can pay of rest of the debts.
Any help wil be a life saver