Please Advice and help needed

beverleyhills

Domino9 wrote: »

Statement of Affairs and Personal Balance Sheet

Electricity............................. 110(paid monthly) - this seems very high, even if you are electric only - check on comparison sites like USwitch to see if going with a different company would be cheaper - and if so check if that company is offering cashback from one of the cashback sites (Quidco, Onepoll, Topcashback)

Are you all electric? Look at how you are using it. Switch off lights and appliances when not in use etc.

iamana1ias

needtogetout wrote: »

thx iamanalias for the reply
my take home salary is 1900 (the 200 child voucher is deducted before tax from gross and also overtime) same is with my partners salary. i checked with the voucher firm they said they can only pay max 220, which i am going to do.the figures are after referring to my bank statements. is there any hope in my situation.

Then your actual childcare costs are only £200 per month from your net pay and you have £400 more cash each month to throw at your debts.

[Deleted User]

needtogetout wrote: »

thx iamanalias for the reply
my take home salary is 1900 (the 200 child voucher is deducted before tax from gross and also overtime) same is with my partners salary. i checked with the voucher firm they said they can only pay max 220, which i am going to do.the figures are after referring to my bank statements. is there any hope in my situation.

i donno if i am right in saying- i want to finish my credit cards first then i'll have some money to put in the loan which i want to deal later, after credit cards. then the mortgage

There still seems to be a bit of confusion...........

It seems that you may have counted your £400 childcare vouchers twice.

Either put a) What your salary would be before you have paid for the childcare vouchers (£1900+£400) in at the top of the SOA, and put the total cost of childcare in under this expense (£600)

or b) Put your take home salary (after tax and childcare vouchers £400) in at the top of the SOA (£1900), and the cost of childcare under this expense as £200 (because you have already paid £400).

But not c) Put your take home salary (after tax and childcare voucher deductions) at the top, AND put £600 for childcare, as this means that you are counting the same expense twice. (The expense has been take on at source (before you get your salary), and in the SOA, under this expense.

If you don't do either of a or b, then your SOA will show that you are £400 worse of than you really are.

Please check that you have not done option c - and update the SOA if you have.

D9

burntfingers_2

To be honest I am confused with the figures that you have posted as you have listed benefits as £42.00 per month is this tax credits?

Child benefit is £85.40 every month, do you claim this?

If your take home is £1900 after the vouchers have been deducted then it shouldn't be listed as the full amount for the childcare costs lower down on the SOA, the same for your partner is their income before or after the vouchers have been deducted?

If the figures are take home pay after the vouchers have been deducted then the figure for child care shouldn't be listed unless you both have to contribute to it (as it is offset against the vouchers).

lauzellen

Should your SOA not look something like this? As another poster has said you seem to have not put the vouchers into your income and not taken them into account with the childcare. Also the £43 in benefits looked low.. i've assumed this is tax credits but you also get child benefit so i've added this (correct me if that is wrong wrt the tax credit) I've also added some comments in blue..


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 Is this and the one below accurate? Need the actual figures.
Partners monthly income after tax....... 1200 Any way of increasing this?
Benefits................................ 129.96
Total monthly income.................... 3229.96[/b]

Monthly Expense Details
Mortgage................................ 600(paid monthly)Can your parents contribute anything?
Rent.................................... 775(paid monthly the cheapest rent in our area)
Council tax............................. 112(paid monthly)See if you can spread this over 12 months instead of 10.
Electricity............................. 110(paid monthly)v high - do a comparison and see if you can switch - turn everything you are not using off inc lights etc. Need to learn to be more frugal to bring it down.
Water rates............................. 25(paid monthly)
TV+ broadband package................... 44(paid monthly)Get rid of the tv package - also look at changing provider if can get it cheaper elsewhere.
Mobile phone............................ 28(paid monthly)If out of contract get rid and use PAYG or Sim only contracts that is cheaper.
TV Licence.............................. 12(paid monthly)
Groceries etc. ......................... 200(paid monthly)Try to cut down by changing shopping habits, batch cooking etc Old style moneysaving board is great for help with this.
Clothing................................ 15 Essentials only
Petrol/diesel........................... 30
Road tax................................ 11.33
Car Insurance........................... 95 High - do a comparison.
Childcare/nursery....................... 200(paid monthly after the 400 is voucher which is deducted from my salary before it is taxed)Increase vouchers you can have as mentioned.
Haircuts................................ 10
Total monthly expenses.................. 2267.33[/b]


Assets
Car(s).................................. 500
Total Assets............................ 500[/b]


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 45000....(600)......12
Total secured & HP debts...... 45000.....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
card1..........................4500......55....... .34
card2..........................4500......55....... .34
card3..........................1600......35....... .27
loan2..........................13000.....450...... .13
loan1..........................18000.....555...... .17.4
card5..........................350.......25....... .27
card4..........................2000......40....... .27
Total unsecured debts..........43950.....1215......-


Monthly Budget Summary
Total monthly income.................... 3,229.96
Expenses (including HP & secured debts). 2,267.33
Available for debt repayments........... 962.63
Monthly UNsecured debt repayments....... 1,215
Amount short for making debt repayments. -252.37

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -45,000
Total Unsecured debt.................... -43,950
Net Assets.............................. -88,450


It looks to me like you need to look at a debt management plan - the mortgage is whats crippling you considerably! This will smash your credit report but £1215 payments a month is a hell of a lot for unsecured debt!

needtogetout

hi all
thanx for the replies and support

it seems there is some confusion regarding my salary and the child vouchers

my take home salary is 1900 which does not include the 400 pounds which is taken from my salary before tax which is given to me as vouchers for child care

the cost of child care is 600 pounds a month
so 400 (vouchers taken out of salary before tax) + 200 (from my salary after tax) = 600

Are you all electric? Look at how you are using it. Switch off lights and appliances when not in use etc.

ys my flat does not have gas connection ,so everthing runs on electricity

1. me and my partner are also trying to get some overtime at work
2. will speak to council and water ppl to get the money spread over
12months
3. mobile phones need to be sorted out
4. tv and broadband are the only entertainment we have

this is starting... wha do u think
thx

Clarie_2

Lauzellen's edited SOA puts the childcare voucher situ accurately then, leaving you 252 a month short...

Do you think you can find this? Will you get this much in overtime?

PS you've not said how you are coping with the shortfall at the minute - if you are still using your cards or not.

It's looking more and more like a DMP is your best option. What do you think about this?

needtogetout

Clarie wrote: »

Lauzellen's edited SOA puts the childcare voucher situ accurately then, leaving you 252 a month short...

Do you think you can find this? Will you get this much in overtime?

PS you've not said how you are coping with the shortfall at the minute - if you are still using your cards or not.

It's looking more and more like a DMP is your best option. What do you think about this?

at the moment we are living of overdraft , im trying my best to get some overtime, also will try to find sec job, my partner has also spoken to her employer about getting some extra hrs in

hope it works out, the thing with DMP is, i took all this loan, its my resp to pay it back, so i will do it the hard way.the plan im trying is the one suggested in these posts, save some money here and there and starting paying them off one by one

whats ur opinion

lauzellen

The problem occurs when you are not able to cut back enough etc / do enough hrs to make up the short fall. A second job may be a good option if it will give you guarenteed hrs and income.

The tv package should really go.. there is always freeview which has much more channels than back in the day of ordinary terrestrial tv. I'd then look to combine landline and broadband on the cheapest deal I could.

Is the house you're renting bigger than your needs? Possibly downsize?

If you are dead set against a DMP you are going to have to make quite a few sacrifices to make up the shortfall.. atm you can't on paper make the min payments.. to get rid of the debt quicker you need to over pay as much as possible to the highest APR and snowball it down.

DMP doesnt mean you stop paying debts.. it can reduce payments to what you can afford realistically and often providers will freeze the interest and charges but they are able to pursue you through the courts if they wish. IVA is another option and this has a set term but again can destroy your credit record. I think you should seek professional advice..

[Deleted User]

hi all
thanx for the replies and support

it seems there is some confusion regarding my salary and the child vouchers

my take home salary is 1900 which does not include the 400 pounds which is taken from my salary before tax which is given to me as vouchers for child care

the cost of child care is 600 pounds a month
so 400 (vouchers taken out of salary before tax) + 200 (from my salary after tax) = 600

Okay, so this is what your SOA should look like then:

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
Benefits................................ 42 (you still need to double check this figure as a previous poster thinks child benifit should be higher - check that you are recieving all you are entitled to)
Total monthly income.................... 3142

Monthly Expense Details
Mortgage................................ 600
Rent.................................... 775
Council tax............................. 112
Electricity............................. 110
Water rates............................. 25
TV+ broadband package................... 44
Mobile phone............................ 28
TV Licence.............................. 12
Groceries etc. ......................... 200
Clothing................................ 15
Petrol/diesel........................... 30
Road tax................................ 11.33
Car Insurance........................... 95
Childcare/nursery....................... 200
Haircuts................................ 10
Total monthly expenses.................. 2267.35

456.65
Assets
Car(s).................................. 500
Total Assets............................ 500


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 45000....(600)......12
Total secured & HP debts...... 45000.....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
card1..........................4500......55....... .34
card2..........................4500......55....... .34
card3..........................1600......35....... .27
card5..........................350.......25....... .27
card4..........................2000......40....... .27
loan1..........................18000.....555...... .17.4
loan2..........................13000.....450...... .13

Total unsecured debts..........43950.....1215......-


Monthly Budget Summary
Total monthly income.................... 3,142
Expenses (including HP & secured debts). 2267.35
Available for debt repayments........... 874.65
Monthly UNsecured debt repayments....... 1,215
Amount short for making debt repayments. -340.35 (This is now a more acurate figure that you need to try and make up through increased income or cutbacks on expenses - your childcare vouchers are no longer counted twice, and your car tax is now included at the monthly price - you still need to try and spread bills that you can to monthly bills (eg Council tax), ensure you are recieving all te child benifit that you should, and try and reduce expenses that you can (eg mobile and pay for tv)

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -45,000
Total Unsecured debt.................... -43,950
Net Assets.............................. -88,450

HTH

D9