Just divorced and now need help!

BonnieMGF

Hi, newbie here.
I've recently got divorced and am now in trouble with money from previous stuff. We haven't been through all the finances yet so not completely sure how much of this will be shared, but at the moment I want to know if I can cover it all and where to save money. At least if I've got a plan and a figure of how much money I've got left over for debts I'll be better placed to speak to my solicitor.

So, here's my statement of affairs. I'm new to all this but my son in law has helped with filling it in, he's said I overspend on shopping and clothes and bits, I blame my daughter (16yo). Just don't try to get me to go into charity shops!!


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1205
Partners monthly income after tax....... 0
Benefits................................ 327
Other income............................ 300
Total monthly income.................... 1832
Monthly Expense Details
Mortgage................................ 484
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 74
Electricity............................. 30
Gas..................................... 70
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 20
Mobile phone............................ 81
TV Licence.............................. 12
Satellite/Cable TV...................... 30
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 160
Petrol/diesel........................... 80
Road tax................................ 18
Car Insurance........................... 45
Car maintenance (including MOT)......... 50
Car parking............................. 16
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 17
Pet insurance/vet bills................. 0
Buildings insurance..................... 49
Contents insurance...................... 0
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 70
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1775

Assets
Cash.................................... 0
House value (Gross)..................... 181000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 181500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 72000....(484)......0
Total secured & HP debts...... 72000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Joint Account OD...............6700......0.........0
NatWest OD.....................2300......15........0
River Island...................78........6.........19.9
NatWest MC.....................1300......52........?
Debenhams......................1242......50........22.5
MK One.........................551.......16........25.9
Post Office CC.................887.......23........18.3
Barclaycard....................507.......22........24.9
House of Fraser................42........4.........18.3
New Look.......................164.......6.........28.9
Top Shop.......................222.......18........19.9
Total unsecured debts..........13993.....212.......-

Monthly Budget Summary
Total monthly income.................... 1,832
Expenses (including HP & secured debts). 1,775
Available for debt repayments........... 57
Monthly UNsecured debt repayments....... 212
Amount short for making debt repayments. -155
Personal Balance Sheet Summary
Total assets (things you own)........... 181,500
Total HP & Secured debt................. -72,000
Total Unsecured debt.................... -13,993
Net Assets.............................. 95,507
Reproduced on Moneysavingexpert with permission, using IE browser.

ellesbellesxxx

Elec/Gas - for two of you 100 is a lot. Shop around/use cashback site (like Quidco) turn things off when not needed.
160 per month is a LOT for clothes... this could pay off at least New Look in a month!
Easily cut down on food to 150/200 with careful shopping and meal planning
70 entertainment - can cut down on this with vouchers etc
Shop around for buildings insurance and car insurance - seems high to me
81 for mobile phone WOAH WOAH WOAH!!! You are paying for landline too?!?! equalling 100 a month!!!!!!!!!! Drop tariffs soonest! If not in contract, PAYG ASAP!!!!
Even cutting down mobile by 50 and clothes by 160 means you will break even and have money for debts - everythiing else too - you will be able to pay off those debts.

ellesbellesxxx

Ps Presciption charges etc - get pre payment cert?

MiaowMiaow

BonnieMGF wrote: »

Hi, newbie here.
I've recently got divorced and am now in trouble with money from previous stuff. We haven't been through all the finances yet so not completely sure how much of this will be shared, but at the moment I want to know if I can cover it all and where to save money. At least if I've got a plan and a figure of how much money I've got left over for debts I'll be better placed to speak to my solicitor.

So, here's my statement of affairs. I'm new to all this but my son in law has helped with filling it in, he's said I overspend on shopping and clothes and bits, I blame my daughter (16yo). Just don't try to get me to go into charity shops!!


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1205
Partners monthly income after tax....... 0
Benefits................................ 327
Other income............................ 300
Total monthly income.................... 1832
Monthly Expense Details
Mortgage................................ 484
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 74
Electricity............................. 30 can you switch supplier?
Gas..................................... 70 can you switch supplier? - joint gas and elec often cheaper
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 20
Mobile phone............................ 81 - seems high - can you switch contract? change to pay as you go?
TV Licence.............................. 12
Satellite/Cable TV...................... 30 - shop around - do you need sky?
Internet Services....................... 0
Groceries etc. ......................... 300 - have a look at reducing this - cheaper supermarkets etc - there are specific threads that will help
Clothing................................ 160 - this seems high - try ebay instead? go through wardrobe and see what clothes there are you have forgotten about and will be like buying new things!
Petrol/diesel........................... 80
Road tax................................ 18
Car Insurance........................... 45
Car maintenance (including MOT)......... 50 - seems high?
Car parking............................. 16
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100 - what does this include?
Medical (prescriptions, dentist etc).... 17 - try pre pay prescriptions online
Pet insurance/vet bills................. 0
Buildings insurance..................... 49 - seems high - shop around and see if you can get it cheaper
Contents insurance...................... 0 - do you not have contents insurance?
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 70 - try to save money here - check out freebies and vouchers
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1775

Assets
Cash.................................... 0
House value (Gross)..................... 181000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 181500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 72000....(484)......0
Total secured & HP debts...... 72000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Joint Account OD...............6700......0.........0
NatWest OD.....................2300......15........0
River Island...................78........6.........19.9
NatWest MC.....................1300......52........?
Debenhams......................1242......50........22.5
MK One.........................551.......16........25.9
Post Office CC.................887.......23........18.3
Barclaycard....................507.......22........24.9
House of Fraser................42........4.........18.3
New Look.......................164.......6.........28.9
Top Shop.......................222.......18........19.9
Total unsecured debts..........13993.....212.......-

Monthly Budget Summary
Total monthly income.................... 1,832
Expenses (including HP & secured debts). 1,775
Available for debt repayments........... 57
Monthly UNsecured debt repayments....... 212
Amount short for making debt repayments. -155
Personal Balance Sheet Summary
Total assets (things you own)........... 181,500
Total HP & Secured debt................. -72,000
Total Unsecured debt.................... -13,993
Net Assets.............................. 95,507
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi - well done on posting, it is the first step. I have recently joined the forum and it really helps. Hope my comments help, I am sure others with more experience will be able to give more comprehensive advice. Best of luck xx:)

pennypusher

Hi I would suggest you go payg with your mobile and get rid of satellite tv. Your clothing expenses look high. I suggest paying off your New Look card first as that is the highest interest and pay off your cards with the highest interest rate first. You may be able to cut your grocery bill down a little - have a look on the old style board for ideas.

[Deleted User]

Hi, welcome to the board - I'll put some comments in the brackets.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1205 (Any way to increase? Overtime?)
Partners monthly income after tax....... 0
Benefits................................ 327
Other income............................ 300 (Where does this come from? Maintenance?)
Total monthly income.................... 1832

Monthly Expense Details
Mortgage................................ 484
Council tax............................. 74 Are you claiming single person discount (25%)?, can you spread this ovver 12 months instead of the usual 10 - Ask your council)
Electricity............................. 30
Gas..................................... 70 (this is very high - check with comparison sites (try USwitch) to see if you are on the cheapest tariff for your area - often duel fuel and online tariffs are cheapest - and if switching makes sense check whether or not you can get cash back from one of the online cashback sites (Quidco, Topcashback, Onepoll)
Water rates............................. 24
Telephone (land line)................... 20 (Is this just phone, or does this include internet - if internet included probably reasonable, if phone only then shop around)
Mobile phone............................ 81 (How many phones is this for? Even two this is very high, especially as you have a landline phone, do you use all the minutes and texts you recieve in your contract? If you are in contract, drop a tariff, if out of contrat look at SIM only deals or PAYG)
TV Licence.............................. 12
Satellite/Cable TV...................... 30 (Do you watch all the channels you recieve?)
Internet Services....................... 0
Groceries etc. ......................... 300 (High for two, meal plan, batch cook, shop with a list of only what you need, drop brands, look at cheaper supermarkets like Aldi/Lidl)
Clothing................................ 160 (Very high - wear what you have and buy essentials only - your wardrobe must be bursting - sell what you don't wear on e-bay)
Petrol/diesel........................... 80
Road tax................................ 18
Car Insurance........................... 45
Car maintenance (including MOT)......... 50
Car parking............................. 16
Other child related expenses............ 100 (What does this cover? Is it a good deal?)
Medical (prescriptions, dentist etc).... 17 (Is this prescriptions? If so consider a pre-payed certificate as it might work out cheaper)
Buildings insurance..................... 49
Contents insurance...................... 0
Life assurance ......................... 15
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0 Never?
Entertainment........................... 70 What does this get spent on? Is it a good deal? Can you make cutbacks?
Holiday................................. 0
Emergency fund.......................... 0 Might be woth putting a little here
Total monthly expenses.................. 1775

Assets
House value (Gross)..................... 181000
Car(s).................................. 500
Total Assets............................ 181500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 72000....(484)......0
Total secured & HP debts...... 72000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
New Look.......................164.......6.........28.9
MK One.........................551.......16........25.9
Barclaycard....................507.......22........24.9
Debenhams......................1242......50........22.5
River Island...................78........6.........19.9
Top Shop.......................222.......18........19.9
Post Office CC.................887.......23........18.3
House of Fraser................42........4.........18.3
Joint Account OD...............6700......0.........0 - is this really 0% and no charge?
NatWest OD.....................2300......15........0 - Again, is this really 0%, and no monthly charge?
NatWest MC.....................1300......52........? (Try and find out what this APR is?)
Total unsecured debts..........13993.....212.......-

Monthly Budget Summary
Total monthly income.................... 1,832
Expenses (including HP & secured debts). 1,775
Available for debt repayments........... 57
Monthly UNsecured debt repayments....... 212
Amount short for making debt repayments. -155 (you can easily make this up by cutting down on mobile, clothes and groceries)

Personal Balance Sheet Summary
Total assets (things you own)........... 181,500
Total HP & Secured debt................. -72,000
Total Unsecured debt.................... -13,993
Net Assets.............................. 95,507
Reproduced on Moneysavingexpert with permission, using IE browser

I have made a few suggetions above - you should easily be able to make up the short fall that you have with a few cutbacks. Your debt really reflects the monthly spends on clothes.

Once you have made a few cutbacks, and try and clothes shop less (see if you can sell things you no longer wear on e-bay, and use the money to pay down some of your debts).

I have put the debts in order that you should be paying them off once you find a surplus in your SOA - You should snowbaall these debts and they will soon start to fall off - Once you have paid the minimum payments towards all the cards overpay any surplus you have to the first one on the list (Highest APR and costing you the most in interest payments) - once this one is paid off, put the surplus you have (including the payment you were previously paying to debt 1) towards the second one on the list and so forth until they are all cleared.

HTH

D9

EDIT: Also, do you have a good credit rating - could you move some of the more expensive debt to 0% credit cards, or a lower rate life of balance card?

tbourner

BonnieMGF wrote: »

Petrol/diesel........................... 80
Road tax................................ 18
Car maintenance (including MOT)......... 50
Car parking............................. 16
Presents (birthday, christmas etc)...... 30

I think these are all reasonable to be honest. We have £65 a month for maintenance on a car and scooter. When you take into account average 2 new tyres each year and older cars requiring repairs at MOTs I don't think £600 is too much.

BonnieMGF wrote: »

Groceries etc. ......................... 300
Clothing................................ 160
Other child related expenses............ 100
Entertainment........................... 70

THESE are the things you need to cut back on. If you could open another basic bank account without an overdraft facility and transfer say £550 (from £630 above) into it, then that's your money for shopping, daughters pocket money, clothes and going out. Don't take any other cards out with you and try to keep track of what you spend.
That way, if you go over what you say you spend, you know where to cut back, and if it's under you can pay less into that account next month and have more left over for debts!

BonnieMGF wrote: »

Car Insurance........................... 45
Buildings and Contents insurance..................... 49

If you can go on comparison sites and try to get these a bit lower it would help. It's worth spending an hour on it if it saves you £10-£15 a month - I don't earn £15 an hour!!!

BonnieMGF wrote: »

Haircuts................................ 0

Awesome!!!!!!!

BonnieMGF wrote: »

Monthly Budget Summary
Total monthly income.................... 1,832
Expenses (including HP & secured debts). 1,775
Available for debt repayments........... 57
Monthly UNsecured debt repayments....... 212
Amount short for making debt repayments. -155
Personal Balance Sheet Summary
Total assets (things you own)........... 181,500
Total HP & Secured debt................. -72,000
Total Unsecured debt.................... -13,993
Net Assets.............................. 95,507

Overall, you have positive equity, which is GOOD! You could consider selling the house and moving somewhere smaller if it's an option - start a fresh. Other than that you need to get details about your ex-husband's plans for sharing the debts, if you can both agree on who owns what and split them out accordingly, you can redo the SOA.

ms_london

Are the debts in joint names, or some yours & some his? I know you said you are still waiting to sort out the finances, but ultimately if most of them are in your name, you will be the one who will have to deal with them....

xx

theoretica

Will there be room in your house for a lodger? That might be worth thinking about.

How much of the £160 a month on clothes is your daughter? I suggest that at 16 she could manage her own clothes budget - her choice if she buys from charity shops/ebay/friends or fewer full price items. I think £20/£25 a month would be perfectly generous. If she wants more she can get a part time job (and maybe get clothes for presents too).

MFWannabe

BonnieMGF wrote: »

Hi, newbie here.
I've recently got divorced and am now in trouble with money from previous stuff. We haven't been through all the finances yet so not completely sure how much of this will be shared, but at the moment I want to know if I can cover it all and where to save money. At least if I've got a plan and a figure of how much money I've got left over for debts I'll be better placed to speak to my solicitor.

So, here's my statement of affairs. I'm new to all this but my son in law has helped with filling it in, he's said I overspend on shopping and clothes and bits, I blame my daughter (16yo). Just don't try to get me to go into charity shops!!


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1205
Partners monthly income after tax....... 0
Benefits................................ 327
Other income............................ 300
Total monthly income.................... 1832
Monthly Expense Details
Mortgage................................ 484
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 74
Electricity............................. 30
Gas..................................... 70 - This seems high; check comparison sites to see if you can get cheaper
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 20
Mobile phone............................ 81 - This is a HUGE amount; change to lower tarrifs or go payg
TV Licence.............................. 12
Satellite/Cable TV...................... 30 - Does this include internet? Change to lowest package or scrap it and just go freeview or freesat
Internet Services....................... 0
Groceries etc. ......................... 300 - This is a lot for 2 people; could get this down to £200
Clothing................................ 160 - Your son in law is right on this one; it's a HUGE amount to spend each month; even on a 16 year old!! You need to drastically reduce this; say to £60
Petrol/diesel........................... 80
Road tax................................ 18
Car Insurance........................... 45
Car maintenance (including MOT)......... 50
Car parking............................. 16
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100 - What is this for?
Medical (prescriptions, dentist etc).... 17 - you can get a yearly prescription for this if it is to cover prescriptions
Pet insurance/vet bills................. 0
Buildings insurance..................... 49 - This is high; check comparison sites to see if you can get cheaper
Contents insurance...................... 0
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 70
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1775

Assets
Cash.................................... 0
House value (Gross)..................... 181000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 181500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 72000....(484)......0
Total secured & HP debts...... 72000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Joint Account OD...............6700......0.........0
NatWest OD.....................2300......15........0
River Island...................78........6.........19.9
NatWest MC.....................1300......52........?
Debenhams......................1242......50........22.5
MK One.........................551.......16........25.9
Post Office CC.................887.......23........18.3
Barclaycard....................507.......22........24.9
House of Fraser................42........4.........18.3
New Look.......................164.......6.........28.9
Top Shop.......................222.......18........19.9
Total unsecured debts..........13993.....212.......-

Monthly Budget Summary
Total monthly income.................... 1,832
Expenses (including HP & secured debts). 1,775
Available for debt repayments........... 57
Monthly UNsecured debt repayments....... 212
Amount short for making debt repayments. -155
Personal Balance Sheet Summary
Total assets (things you own)........... 181,500
Total HP & Secured debt................. -72,000
Total Unsecured debt.................... -13,993
Net Assets.............................. 95,507
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi
I've made some comments above where you could make some cutbacks. Your son in law is right; you do spend a huge amount on clothes and a lot on food. Your mobile phone bills are also huge
With some cutbacks in these areas you could soon make up the current shortfall each month and start paying more off your debts.
Start with the highest APR debt first; in this case it's New Look which would be able to be paid off in one month with these cutbacks. Then move on to your next highest APR and so on

beanielou

$140 per month for clothes is way too high.
Your teen needs a job if she wants to spend that on clothes in a month.