Time to restart!!

Aston83

Hi all,

I have been part of MSE website for a few years now and had started making my life better. However, since then my life has turned and even though i am not in what martin would say 'Debt Crisis', I do have problem debts.

I have had my wife walk out on me (Not financially related) which left me with my debts and two children to look after. Since then, my debts have racked up, my credit score has tumbled and i have a real spending problem.

Now my children are being taken away by my ex after a year, and even though it hurts like hell, i know that it someways it will give me the opportunity to sort my finances out.

I am currently a serving member of the armed forces, who earns a good living. I have a military house. but with children and doing everything myself has affected my money and my career.

I was due to move in with my girlfriend next month but i can't risk her or her children with my debts so have decided to move onto camp instead.

My ex wife has also demanded that i pay her child maintenance at £350 per month so that she can pay off our joint loan as it is managed and linked to our bank account. This coupled with my debts and bills leaves me with effectivly nothing.

But i am here, i have had my LBM, and i wanna do more about it. I will put up a statement of affairs in my next post.

Thanks for listening

Aston83

So guys, here is my statement of affairs:

Monthly Wages: £1474 p/m
CTC: £252 p/w
CB: £33.70 p/w


Childcare: £220 p/w
TalkTalk: £41 p/m (Internet and Anytime Calls)
Sky: £24 p/m (Kids benefit only)
Car Ins: £71 p/m
Pet Ins: £8 p/m
Electricity: £26 p/m
Gas: £80 p/m
HMRC: £15 p/m (over payment on CTC)
House Ins: £8 p/m
Life Ins: £34 p/m (Required for my job)
TV Licence: £13 p/m
Vodafone: £40 - 70 p/m (includes Unl texts, 900 mins, 500mb Internet)
Child Main: £350 p/m

MyClaimsExpert DMP: £246pm Cover all debts in my signature less the HSBC Managed Loan. No progress yet though

Shopping: £65 p/w
Fuel: £40 p/w
Fags: £38 p/w

Also included is family debts. I am taking these and my joint loan as my ex can't afford it on benefits with the kids:

HSBC Managed Loan: £155 p/m
Mother In Law: £60 p/m
Brother In Law: £105 p/m
If i think of anything else i will include it. Unsure wether or not to put up how much my minimum repayments would be without the DMP. Will include if anyone asks.

katsu

Can you try using the SOA template in the sticky threads so we can see everything more clearly as you have some weekly and some monthly info and no overall sumary. Also surely you will no longer get ctc and cb?

Also - go with a free dmp if you need one - CCCS or Payplan will not take a fee and do the same job.

curlytop12

Aston83 wrote: »

So guys, here is my statement of affairs:

Monthly Wages: £1474 p/m
CTC: £252 p/w-you won't be getting this soon
CB: £33.70 p/w-you won't be getting this soon


Childcare: £220 p/w-you won't be paying this soon
TalkTalk: £41 p/m (Internet and Anytime Calls)-high-reduce package
Sky: £24 p/m (Kids benefit only)-cancel and go frreview(use skybox,no need to buy new freeview box)
Car Ins: £71 p/m-very high-try comparison site and cashback sites
Pet Ins: £8 p/m
Electricity: £26 p/m
Gas: £80 p/m-very high-monitor usage
HMRC: £15 p/m (over payment on CTC)
House Ins: £8 p/m
Life Ins: £34 p/m (Required for my job)
TV Licence: £13 p/m
Vodafone: £40 - 70 p/m (includes Unl texts, 900 mins, 500mb Internet)-reduce,use talk talk internet allowance
Child Main: £350 p/m

MyClaimsExpert DMP: £246pm Cover all debts in my signature less the HSBC Managed Loan. No progress yet though

Shopping: £65 p/w
Fuel: £40 p/w
Fags: £38 p/w-can't afford!see if you can cut down/roll your own

Also included is family debts. I am taking these and my joint loan as my ex can't afford it on benefits with the kids:

HSBC Managed Loan: £155 p/m
Mother In Law: £60 p/m
Brother In Law: £105 p/m
If i think of anything else i will include it. Unsure wether or not to put up how much my minimum repayments would be without the DMP. Will include if anyone asks.

well done in looking into getting sorted.
recommend you use the SOA from this site.and do it from when children have moved,as theres a bit of both at the mo which makes it hard to advise.
it will be hard re.the children,bless you.
am sure they will know you still love them etc and hopr you will maintain a good relationship.
good luck and best wishes
G

Aston83

Hiya, This is my new updated SOA for when i have moved out:

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1700

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 70
Management charge (leasehold property).. 0
Council tax............................. 20
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 41
Mobile phone............................ 70
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 170
Road tax................................ 0
Car Insurance........................... 71
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................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 36
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Child Maintenance....................... 350
Total monthly expenses.................. 1041


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................5347......180.......8
Vanquis........................167.......55........39
Aqua...........................460.......40........29
Mother In law..................5000......60........0
Brother In Law.................2500......105.......0
HSBC Managed Loan..............7000......155.......0
LLoyds OD......................1200......0.........0
Natwest OD.....................572.......0.........0
Pounds To Pocket...............990.......96........0
Total unsecured debts..........23236.....691.......-


Monthly Budget Summary
Total monthly income.................... 1,700
Expenses (including HP & secured debts). 1,041
Available for debt repayments........... 659
Monthly UNsecured debt repayments....... 691
Amount short for making debt repayments. -32

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -23,236
Net Assets.............................. -21,236


Reproduced on Moneysavingexpert with permission, using other browser.[/i]

[Deleted User]

Hi, It would really help if you used this SOA: http://www.makesenseofcards.com/soacalc.html

It will also help you make sure that youhave accounted for everything.


Monthly Wages: £1474 p/m
CTC: £252 p/w
CB: £33.70 p/w - does your ex not claim this now if she has the children?


Childcare: £220 p/w- Are the children not now looked after by their mother, I understood that she was on benifits - does she work as well?
TalkTalk: £41 p/m (Internet and Anytime Calls) - See if you can get a better deal shop around, compare different companies - for home phone and internet you should be able to get this for abour £20pm
Sky: £24 p/m (Kids benefit only) - cancel and go freeview
Car Ins: £71 p/m - this seems high, check comparison sites at renewal
Pet Ins: £8 p/m
Electricity: £26 p/m
Gas: £80 p/m - this seems high, check that you are on the cheapest tariff for your area - online and duel fuel are ofter cheaper
HMRC: £15 p/m (over payment on CTC) - what's the total debt, and when will it be repaid by
House Ins: £8 p/m
Life Ins: £34 p/m (Required for my job) - is this competative?
TV Licence: £13 p/m
Vodafone: £40 - 70 p/m (includes Unl texts, 900 mins, 500mb Internet) this is very high, especially given that you also pay £40 for home phone - if in contract reduce, if out of contract, look at SIM only or PAYG
Child Main: £350 p/m

MyClaimsExpert DMP: £246pm Cover all debts in my signature less the HSBC Managed Loan. No progress yet though - what is "myclaimsexpert", is this a pay for DMP? If so contact one of the charities for advice, who will not charge you for managing the DMP - look at CCCS, Payplan, call the National Debtline,

Shopping: £65 p/w - is this groceries and does it realistically cover all you buy/eat?
Fuel: £40 p/w - such a low fuel consumption, is it worth your while having a car - you spend a fortune on car ins.
Fags: £38 p/w - might be a good time to give up - will be better for your finances and your health - look at free NHS stop smoking services (who will give you free or cheap nicotine replacement), or contact your GP directly

Also included is family debts. I am taking these and my joint loan as my ex can't afford it on benefits with the kids:

HSBC Managed Loan: £155 p/m - what's the total debt, and when will it be paid off
Mother In Law: £60 p/m - again how much do you owe, and when will it be paid off
Brother In Law: £105 p/m - same as above

If i think of anything else i will include it. Unsure wether or not to put up how much my minimum repayments would be without the DMP. Will include if anyone asks - has the interest been frozen on all of the debts?

D9

Aston83

I have now added my statement of affairs for when i move out. Still doesn't look great. I have also contacted the CCCS and awaiting thier call back.

curlytop12

hi,thanks for new SOA.yes,it doesn't look good but if you decided to follow advce so far it would lok better!
eg. stop or cut down fags- saving up to £38 per month.
cut down mobile phone package,even by half would save £35
cut groceries to £150,saving £50-easily do-able-get yourself over to Old style moneysaving board.
total saved from just these £123!!
good luck

p,s. is that child maintainence correct-
CSA-15% of net wage for first child,and I THINK(??)- 20% of net wage if its for two children.

Aston83

I fully intend on following all advice going. The child maintenance is what my ex is demanding, but following a phone call to CSa today, discovered that due to the distance I have to travel to see them, my total is £188 per month to do it officially so I will go to them myself. Will head over the the other board to check out some tips. Only just upgraded my package, so unsure if I can reduce my plan. Will try though.

curlytop12

good luck,try and keep positve!theres usually someone around here available when you hit a stumbling block:)

Aston83

Thanks gem68. Great words of encouragement. I have also started another thread reference a problem debt that may make this situation easier. Didn't know whether or not to include it here.