Work in progress to sorting my life out

TengoNoDinero

Hi everyone

This is just a quick one for now to try and get a few figures down on here. I am coming through a divorce and midway through a mortgage rescue so if some of my figures don't make sense it's mainly due to that. However, I am in a real pickle and want to try and get out of it ASAP and get my life back on track.

Current situation is I am about to be redundant from my part-time job, but have another lined up, although I don't yet know what effect that will have on my benefits. Due to ill health I have only been able to work part time and make up the rest from JSA and DLA. I do have a car, but it is motability and so that pays for the car, tax, insurance and all expenses other than fuel. I also get Council Tax Relief, so no payment there at present.

My solicitor has applied for my ex to make some interim payments to me whilst this is all going through as he is now back to working full time, after having been unemployed himself.

I had leaking pipes in January that meant I suddenly had to find £300+ and, although my contents insurance covered some of it, I still had to find almost £200, and I have no savings or contingency fund, something I urgently need to address.

So here's my current SOA, which is still work in progress as some rates and figures are likely to change (eg once the mortgage rescue has gone through I'll have rent and the interest rates will be changed)

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................ 208.79
Partners monthly income after tax....... 0
Benefits................................ 731.23
Other income............................ 150
Total monthly income.................... 1090.02

Monthly Expense Details
Mortgage................................ 18
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 120
Gas..................................... 77
Oil..................................... 0
Water rates............................. 43.82
Telephone (land line)................... 0
Mobile phone............................ 84.73
TV Licence.............................. 12.55
Satellite/Cable TV...................... 78.85
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 54
Buildings insurance..................... 0
Contents insurance...................... 35.78
Life assurance ......................... 51.47
Other insurance......................... 25
Presents (birthday, christmas etc)...... 0
Haircuts................................ 46.5
Entertainment........................... 74.27
Holiday................................. 0
Emergency fund.......................... 0
Unsecured mortgage...................... 2
Barclays Overdraft...................... 1
Barclaycard CCJ......................... 19
Total monthly expenses.................. 1263.97


Assets
Cash.................................... 0
House value (Gross)..................... 77600
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 77600


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 112299...(18).......6.09
Total secured & HP debts...... 112299....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard CCJ................4812......19........0
Barclays Overdraft.............2312......1.........0
Unsecured mortgage.............15647.3...2.........6.09
Student loan...................19069.9...0.........1.5
Total unsecured debts..........41841.2...22........-


Monthly Budget Summary
Total monthly income.................... 1,090.02
Expenses (including HP & secured debts). 1,263.97
Available for debt repayments........... -173.95
Monthly UNsecured debt repayments....... 22
Amount short for making debt repayments. -195.95

Personal Balance Sheet Summary
Total assets (things you own)........... 77,600
Total HP & Secured debt................. -112,299
Total Unsecured debt.................... -41,841.2
Net Assets.............................. -76,540.2

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

TengoNoDinero

Would help if I clarified that mobile phone includes my son's as well, and satellite/TV includes landline, internet and TV. My mum lives abroad so I need to have those to stay in touch with her as she is, herself, unwell.

[Deleted User]

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................ 208.79
Benefits................................ 731.23
Other income............................ 150
Total monthly income.................... 1090.02

Monthly Expense Details
Mortgage................................ 18
Electricity............................. 120 Both, this and below seem quite high - are you in arrears (if so when will it be paid back), if not, then check that you are not in credit with either or both of these companies (and claim it back if you are. If neither of the above - then check that you are on the cheapest tariff for your area (often online and duel fuel are cheapest) try somewhere like USwitch, and then if switching is cheaper go through one of the cash back sites (Quidco, topcashback, etc)
Gas..................................... 77 as above
Water rates............................. 43.82
Mobile phone............................ 84.73 This is very high, even for two mobiles - if stuck in contract drop a tariff on each, if/when out of contract look at SIM only/PAYG - I think tesco in particular have some good deals at the moment, but shop around
TV Licence.............................. 12.55
Satellite/Cable TV...................... 78.85 Look at freesat, freeview, or the very basic package if you are stuck in a contract
Internet Services....................... 0
Groceries etc. ......................... 350 For two, again this is high - drop brands, meal plan, batch cook, try lidl/aldi etc take a look over on the old style board for tips and advice on reducing this
Clothing................................ 20
Petrol/diesel........................... 100
Other child related expenses............ 50 what does this cover? Is it good value?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 54 Again, is this competative?
Buildings insurance..................... 0
Contents insurance...................... 35.78 Does this include buildings?
Life assurance ......................... 51.47
Other insurance......................... 25 what's this?
Presents (birthday, christmas etc)...... 0 never
Haircuts................................ 46.5 every month> See if there's a college near by that will give you trainee cut for free/cheap or go an extra week or two in between cuts
Entertainment........................... 74.27 what does this cover?
Holiday................................. 0
Emergency fund.......................... 0 perhapse something here
Unsecured mortgage...................... 2
Barclays Overdraft...................... 1
Barclaycard CCJ......................... 19
Total monthly expenses.................. 1263.97


Assets
Cash.................................... 0
House value (Gross)..................... 77600
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 77600


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 112299...(18).......6.09
Total secured & HP debts...... 112299....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard CCJ................4812......19........0
Barclays Overdraft.............2312......1.........0
Unsecured mortgage.............15647.3...2.........6.09
Student loan...................19069.9...0.........1.5
Total unsecured debts..........41841.2...22........-


Monthly Budget Summary
Total monthly income.................... 1,090.02
Expenses (including HP & secured debts). 1,263.97
Available for debt repayments........... -173.95
Monthly UNsecured debt repayments....... 22
Amount short for making debt repayments. -195.95 Hi, I think that you can probably make this up based on the info above, but to know for sure you will need to find out what your new situation will be (new job, benefits etc)

Personal Balance Sheet Summary
Total assets (things you own)........... 77,600
Total HP & Secured debt................. -112,299
Total Unsecured debt.................... -41,841.2
Net Assets.............................. -76,540.2

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.[/QUOTE]

Hi,

I have made some suggestiona above - hope that they are of use.

D9

curlytop12

Hi there,there are lots of cutbacks you can make with that soa.
Eg.check all insurances are best deals& go through cashback sites.
Use freesat/freeview-saving ££'s
get new package for landline/internet-approx £25 per month
water bill high-consider meter(2 of us,£23 per month)
gas and elec-check comparison sites.
Mobiles-drop tariff/go payg
haircuts-£46.50 a month-need to get cheaper i'm afraid.

Good luck with the new job,it will be easier for you to budget once you are settled/in new home etc.
Keep popping on here,there are loads of ways to help you on all the diferent boards eg.old style board/up your income/groceries/freebies etc.
G:)

gettingbackontrack

Hi

I'm no expert but didn't want to read and run. It seems you may be able to cutback (especially groceries and haircuts) which will ease your situation. Good luck with your new job and your mortgage rescue. I'm sure you want some stability and being able to stay in your home will be great.

TengoNoDinero

Hi
Thanks very much for your replies and for the food for thought. As I say, they're interim figures, so hoping to post a more accurate SOA very soon.

Just been given the gem that I need to come up with 4 weeks rent in advance on completion of the mortgage rescue! I believe I'm eligible for a rent bond so going to try and find out about that, as I don't have that sort of money available and have told them so.

Groceries is probably inaccurate. Haircuts is for two of us and I'm of an age where I need my hair colouring. I look ill enough already without the grey hair making me look like I'm already dead! But I will look into local colleges and seeing if I can have it done there. I'm already going to somewhere that's the cheapest in the area.

Gas and Electricity do include some arrears from January where the leaking pipes meant I wasnt able to pay a month, but are already reduced on what they originally were - £128 gas and £153 elec. Unfortunately, I had to use an electric wheelchair for a time which bumped it up, and currently my son's room has an electric heater and it's been a cold winter, which has made it so big. I've switched to an online tarriff and should be receiving a gadget soon which will show how much we're using so we can go round switching things off. As soon as the mortgage rescue goes through they are doing a lot of work to the house, including putting a radiator up in his room, so should bring the elec bill down a bit. Cooking and heating are gas.

All the rest are on contracts and include landline, TV and internet in the case of Sky and I'm getting Sport and 3 packages only.

Entertainment is gym membership for both of us, as I have to do a certain amount to keep myself looser, though I'm in a contract on this and will see when it ends as I believe gym membership will be included with my new job after 3 months and I may be able to get some help towards cost through prescription from my GP who I'm seeing soon. Also LoveFilm so I can watch films as I find it hard to go to the cinema.

Contents insurance includes buildings.

Think that's it for now.

RAS

Hi

Your expectations of what you can spend are at odds with your income. Expensive phone deals, satellite TV, harigdressing, gym membership etc, all need to be reduced and preferably cancelled.

HAve you spoken to any of the debt charities? Have you considered bankruptcy?

How old is your son?

albacookie

TengoNoDinero wrote: »

Would help if I clarified that mobile phone includes my son's as well, and satellite/TV includes landline, internet and TV. My mum lives abroad so I need to have those to stay in touch with her as she is, herself, unwell.

Can you use Skype to call your mum? Really easy and free.

beecher2

As has already been said, you should easily find savings in groceries (go down a brand), hair (dye your hair at home), Sky (cancel Sky sports and 3 packages), gym membership (go walking or running now that we have light nights), Love Film

You need to re-evaluate all of your spending I'm afraid.