please help

lmeleschko

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................ 1700
Partners monthly income after tax....... 2000
Benefits................................ 250
Other income............................ 380
Total monthly income.................... 4330

Monthly Expense Details
Mortgage................................ 1076
Secured/HP loan repayments.............. 350
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 50
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 15
Mobile phone............................ 100
TV Licence.............................. 15
Satellite/Cable TV...................... 65
Internet Services....................... 40
Groceries etc. ......................... 300
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 20
Car Insurance........................... 35
Car payments......... 290
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..................... 30
Contents insurance...................... 30
Life assurance ......................... 30
Other insurance......................... 45
Presents (birthday, christmas etc)...... 20
Haircuts................................ 70
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 3041


Assets
Cash.................................... 0
House value (Gross)..................... 200000
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 270000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 175000...(1076).....6
Secured Debt.................. 68000....(350)......7
Total secured & HP debts...... 243000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................9600......200.......20
loans..........................9000......311.......10
Total unsecured debts..........18600.....511.......-


Monthly Budget Summary
Total monthly income.................... 4,330
Expenses (including HP & secured debts). 3,041
Available for debt repayments........... 1,289
Monthly UNsecured debt repayments....... 511
Amount left after debt repayments....... 778

Personal Balance Sheet Summary
Total assets (things you own)........... 212,000
Total HP & Secured debt................. -243,000
Total Unsecured debt.................... -18,600
Net Assets.............................. -49,600

This calcuator says we have £778 spare a week but im not sure where it goes, We are probably left with around £300 spare which soon disappears.
We tried to get a £17000 loan from tescos to pay off our credit cards, pay a family member £4000 we owe and get an extra £3000 to cover maternity leave for the next few months.
We were turned down and now are not sure what to do.
Please help

Superbiatch

Do you really pay £290 a MONTH for car maintenance?

Also, I'd look into reducing those mobile phone bills just for starters. Then the satellite/cable could go or drop to the 3 for £30 deals etc.

£70 a month on haircuts?? I'm sure you could reduce this quite substantially or seek out your local college who usually do free or very inexpensive haircuts under supervision.

Thats just some things which initially jumped out on me, I'm sure the more experienced members can save you more £'s

elfen

lmeleschko wrote: »

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................ 1700
Partners monthly income after tax....... 2000
Benefits................................ 250 - are you getting all you can?
Other income............................ 380 - what is this?
Total monthly income.................... 4330

Monthly Expense Details
Mortgage................................ 1076
Secured/HP loan repayments.............. 350
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 130 - is this over 10 or 12 months?
Electricity............................. 50
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 15
Mobile phone............................ 100 - ouch! is this contract or PAYG? For how many?
TV Licence.............................. 15
Satellite/Cable TV...................... 65 - what does this get you? can it be reduced?
Internet Services....................... 40 - again, what does this get you?
Groceries etc. ......................... 300 - can be reduced if needed, are you sure this is all you spend?
Clothing................................ 0 - nothing here at all?
Petrol/diesel........................... 120
Road tax................................ 20
Car Insurance........................... 35
Car maintenance (including MOT)......... 290 - WOW! what is this for?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 - none at all?
Pet insurance/vet bills................. 0
Buildings insurance..................... 30
Contents insurance...................... 30
Life assurance ......................... 30
Other insurance......................... 45 - what is this?
Presents (birthday, christmas etc)...... 20 - are you sure this is right?
Haircuts................................ 70 - for how many and how often? this can be reduced - go longer between cuts/use colleges
Entertainment........................... 100 - who does this cover?
Holiday................................. 0
Emergency fund.......................... 50 - where is this?
Total monthly expenses.................. 3041


Assets
Cash.................................... 0
House value (Gross)..................... 200000
Shares and bonds........................ 5000
Car(s).................................. 7000 - for how many?
Other assets............................ 0
Total Assets............................ 212000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 175000...(1076).....6
Secured Debt.................. 68000....(350)......7 - what is this for? ouchkabibble
Total secured & HP debts...... 243000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................9600......200.......20
loans..........................9000......311.......10
Total unsecured debts..........18600.....511.......-


Monthly Budget Summary
Total monthly income.................... 4,330
Expenses (including HP & secured debts). 3,041
Available for debt repayments........... 1,289
Monthly UNsecured debt repayments....... 511
Amount left after debt repayments....... 778

Personal Balance Sheet Summary
Total assets (things you own)........... 212,000
Total HP & Secured debt................. -243,000
Total Unsecured debt.................... -18,600
Net Assets.............................. -49,600


Please help

OK, you won't be able to get a loan because you DO have a very high amount of credit available already.
If you're not seeing all the money that's meant to be left over , it would be worth doing a spending diary (basically note down all you spend over the course of 2-3 months, and this is EVERYTHING, even a 50p drink or a sweety at the shop, it adds up) and see where this excess is going.
Also, 290 a MONTH on car maintainence, what are you running? A Tank? lol
Are you sure the other amounts are correct? Do you do nothing with your child, no after-school clubs, outside clubs etc

Tixy

Hi

£778 a month is a lot to not know where it is going, so as a first suggestion can you both start keeping really detailed spending diaries for a couple of months. Could you even try to do them retrospectively for last month by working through statements etc?

lmeleschko wrote: »

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................ 1700
Partners monthly income after tax....... 2000
Benefits................................ 250
Other income............................ 380
Total monthly income.................... 4330

Monthly Expense Details
Mortgage................................ 1076
Secured/HP loan repayments.............. 350
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 50
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 15
Mobile phone............................ 100 could these be reduced? look for a cheaper deal or ask if you can drop a tariff?
TV Licence.............................. 15
Satellite/Cable TV...................... 65 could you reduce this, or look to combine internet & landline with this to reduce the overall cost.
Internet Services....................... 40
Groceries etc. ......................... 300 could be reduced a bit here if you need.
Clothing................................ 0 need to budget something here. Try to work out an annual spend and then put 1/12 in here.
Petrol/diesel........................... 120
Road tax................................ 20
Car Insurance........................... 35
Car maintenance (including MOT)......... 290 Hopefully this might be an overestimate or a mistake? Can you work out the annual cost for servicing, MOT, tyres etc and then divide by 12. Or does this include a car lease of something?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0 never anything?
Other child related expenses............ 0 never anything?
Medical (prescriptions, dentist etc).... 0 is this realistic?
Pet insurance/vet bills................. 0
Buildings insurance..................... 30
Contents insurance...................... 30 try shopping around at renewal to see if you can get cheaper for B&C combined.
Life assurance ......................... 30 have you tried shopping around to see if its competitive
Other insurance......................... 45 whats this for (and have you checked comparison sites recently).
Presents (birthday, christmas etc)...... 20
Haircuts................................ 70 possibly could be reduced if needed?
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 3041


Assets
Cash.................................... 0
House value (Gross)..................... 200000
Shares and bonds........................ 5000
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 212000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 175000...(1076).....6
Secured Debt.................. 68000....(350)......7
Total secured & HP debts...... 243000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................9600......200.......20 these are high APRs? is this more than 1 card? are they all the same APR? if not break down the debts and the overall repayments to see that you are focusing on paying back in the best order. Have you stopped all spending on these now?
loans..........................9000......311.......10
Total unsecured debts..........18600.....511.......-


Monthly Budget Summary
Total monthly income.................... 4,330
Expenses (including HP & secured debts). 3,041
Available for debt repayments........... 1,289
Monthly UNsecured debt repayments....... 511
Amount left after debt repayments....... 778 If this isn't being spent on extra debt repayments then you really do need to work out where it is going each month. If you can find that and put it all towards your debts then it may be that you don't even need to look to cut back your other expenses etc.

Personal Balance Sheet Summary
Total assets (things you own)........... 212,000
Total HP & Secured debt................. -243,000
Total Unsecured debt.................... -18,600
Net Assets.............................. -49,600

This calcuator says we have £778 spare a week but im not sure where it goes, We are probably left with around £300 spare which soon disappears.
We tried to get a £17000 loan from tescos to pay off our credit cards, pay a family member £4000 we owe and get an extra £3000 to cover maternity leave for the next few months.
We were turned down and now are not sure what to do.
Please help

Are you repaying anything towards the family loan? is this included in the above list of debts? do you have overdrafts and if so have you omitted the cost of those (interest or charges or whatever).
How much will your income reduce by once maternity kicks in? what outgoings might also reduce? petrol? Have you worked out what additional benefits you might get etc?

If the overall position is less than say £1000 less then finding that 'missing' money and making a few changes to your budget should leave you in a manageable position. If your income is likely to reduce by much more than that then you may need to consider other alternatives or seeking some debt advice from one of the charities.

CLAPTON

first two issues

-where does the 778 go

-why have 5k in shares and bonds when you have massive debts?

lmeleschko

well no we dont pay £280 a month on repairs its £280 a month to pay for the car I must have filled the form out wrong.:o
Plus we dont have £5000 in bonds I put that there because I thought that I did a garage sale thats what i might make if i sold everything, ill remove it.
As for the £778 a month spare cash it cant be right we are never that flush i must have missed something out, thought I thiunk the idea of writing everything down is a good one and will try it out for a couple of months.