Trying to save my family - SOA

lisalister

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................ 200
Partners monthly income after tax....... 1230
Benefits................................ 180
Other income............................ 5
Total monthly income.................... 1615
Monthly Expense Details
Mortgage................................ 435
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 3
Car Insurance........................... 39
Car maintenance (including MOT)......... 13
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 80
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 10
Entertainment........................... 36
Holiday................................. 0
Emergency fund.......................... 0
Family loan for buying house............ 80
Family loan for car..................... 100
Motor Bike insurance.................... 120
Total monthly expenses.................. 1483

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 1000
Total Assets............................ 134500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 105000...(435)......4.99
Total secured & HP debts...... 105000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Santander Loan.................9300......225.......15.9
Santander Loan.................1200......40........14.9
Overdraft fees.................1500......31........0
MBNA CC........................1000......25........5.9
Halifax CC.....................3400......60........0
Halifax CC.....................2496......25........0
Barclay Card...................2454......55........16.9
Tesco CC.......................311.......25........16.9
MBNA CC........................2345......25........6.9
Total unsecured debts..........24006.....511.......-

Monthly Budget Summary
Total monthly income.................... 1,615
Expenses (including HP & secured debts). 1,483
Available for debt repayments........... 132
Monthly UNsecured debt repayments....... 511
Amount short for making debt repayments. -379
Personal Balance Sheet Summary
Total assets (things you own)........... 134,500
Total HP & Secured debt................. -105,000
Total Unsecured debt.................... -24,006
Net Assets.............................. 5,494

relic

Can't find much wrong with it, to be fair!

We do live in a stupid country when a couple are allowed 6 credit cards between them!

anh1904

You might have put some annual figures in the monthly column? Unless you pay £1440 for bike insurance?
Do you really only earn £200 per month or is that benefits? If so, why are there childcare related costs?

willhelpifican

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................ 200
Partners monthly income after tax....... 1230
Benefits................................ 180
Other income............................ 5
Total monthly income.................... 1615
Monthly Expense Details
Mortgage................................ 435
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 105 - if you get benefits you may be entitled to some discount on your council tax
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 0
Mobile phone............................ 40 - is this just for 1 mobile? could possible reduce it to a £30/£20 contract?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 10
Petrol/diesel........................... 100 - Can you cut this down ?
Road tax................................ 3
Car Insurance........................... 39
Car maintenance (including MOT)......... 13
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 80
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 0 - you will probably need something here unless you get your prescriptions etc free?
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25 - Could reduce this to £15?
Haircuts................................ 10
Entertainment........................... 36 - Could reduce this to £20?
Holiday................................. 0
Emergency fund.......................... 0 - even if this is only £1 always good to have
Family loan for buying house............ 80 - can they put this on hold for a while or reduce to £50?
Family loan for car..................... 100 - can they put this on hold for a while or reduce to £50?
Motor Bike insurance.................... 120 - can this be reduced?
Total monthly expenses.................. 1483

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 1000
Total Assets............................ 134500

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 105000...(435)......4.99
Total secured & HP debts...... 105000....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Santander Loan.................9300......225.......15.9
Santander Loan.................1200......40........14.9
Overdraft fees.................1500......31........0
MBNA CC........................1000......25........5.9
Halifax CC.....................3400......60........0
Halifax CC.....................2496......25........0
Barclay Card...................2454......55........16.9
Tesco CC.......................311.......25........16.9
MBNA CC........................2345......25........6.9
Total unsecured debts..........24006.....511.......-

Monthly Budget Summary
Total monthly income.................... 1,615
Expenses (including HP & secured debts). 1,483
Available for debt repayments........... 132
Monthly UNsecured debt repayments....... 511
Amount short for making debt repayments. -379
Personal Balance Sheet Summary
Total assets (things you own)........... 134,500
Total HP & Secured debt................. -105,000
Total Unsecured debt.................... -24,006
Net Assets.............................. 5,494

Tixy

Hi Lisa and welcome to MSE
Well done for posting up yous statement of affairs. Has anything changed recently that has caused the shortfall each month (lost income/reduced hours etc)?

lisalister 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................ 200 would there be anyway to increase this?
Partners monthly income after tax....... 1230
Benefits................................ 180 are you getting everything you are entitled to - worth checking on the turn2us website for a quick check
Other income............................ 5 how big is your property? could you rent out a room to a lodger?
Total monthly income.................... 1615
Monthly Expense Details
Mortgage................................ 435 interest only or repayment?
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 25
Gas..................................... 25 have you recently checked out comparison sites to see you are on the cheapest tariff/with the cheapest supplier?
Oil..................................... 0
Water rates............................. 35 meter or unmeasured? if the latter have you looked into whether a meter might be cheaper?
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 10
Petrol/diesel........................... 100 is this all essential mileage? do you/partner make sure you fill up at the cheapest place and try to drive efficently etc?
Road tax................................ 3
Car Insurance........................... 39
Car maintenance (including MOT)......... 13
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 80
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 10
Entertainment........................... 36
Holiday................................. 0
Emergency fund.......................... 0
Family loan for buying house............ 80 how much owed?
Family loan for car..................... 100 how much owed?
Motor Bike insurance.................... 120 is this really £120 a month? is the bike used or a hobby?
Total monthly expenses.................. 1483

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 1000 what are these? anything you could sell? - ah, is it the bike?
Total Assets............................ 134500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 105000...(435)......4.99
Total secured & HP debts...... 105000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Santander Loan.................9300......225.......15.9
Santander Loan.................1200......40........14.9
Overdraft fees.................1500......31........0
MBNA CC........................1000......25........5.9
Halifax CC.....................3400......60........0
Halifax CC.....................2496......25........0
Barclay Card...................2454......55........16.9
Tesco CC.......................311.......25........16.9
MBNA CC........................2345......25........6.9
Total unsecured debts..........24006.....511.......-
what was the money spent on for these debts? anything that could be sold to put towards the debts now?

Monthly Budget Summary
Total monthly income.................... 1,615
Expenses (including HP & secured debts). 1,483
Available for debt repayments........... 132
Monthly UNsecured debt repayments....... 511
Amount short for making debt repayments. -379
Personal Balance Sheet Summary
Total assets (things you own)........... 134,500
Total HP & Secured debt................. -105,000
Total Unsecured debt.................... -24,006
Net Assets.............................. 5,494

The £379 shortfall is a lot to make up a month to just be managing minimum payments. If you cannot increase your income or obtain additional benefits then you may well need to seek advice from one of the debt charities. That said if they recommended a DMP you may have some issues with the family loans so make sure the charity are aware of these.

Is your income low because of the child? are they still pre-school and if so when might you be able to increase your hours/income?

CH27

£120 per month for bike insurance is ludicrous.
Is the bike essential o could it be sold?

lisalister

Thanks for all your fast responses, I have always stuck my head in the sand so far, but it's time to change! I'm sick of the worry

I used to work full time, but since having our little biy (he is now 2) I have only been able to work from home doing alterations on clothes etc for the general public. I would love to expand though...

My little boy goes into preschool now for 2 mornings a week, but thats where the extra £80 per month now comes in. It gives me more time to work, but more money coming out per month.

The motobike is a hobby, that my partner has always dreamed of and stupidly we got one of the loans increased to pay for it. As its his first year, the insurance is sky high at £120, but was the best we could get after searching around.

We own a 2 bedroom property and therefore have no room for renting out a room.

The mobiles are for both of us, on sim only contracts at £20 per month each.

Just recieved tax credits form, so hopefully we'll be entitled to some more maybe, but dont think they contribute to childcare costs at preschool until the child is nearly 3 years old???

Council tax is now spread over 12 months rather than 10 to reduce as much as we can.

Interest only mortgage.

Metered water at £35 per month, which I think is steep but Anglian Water are apparently quite high.

We owe £5000 to my mum for paying the HPI on my car off, to save interest, so £100 is what was agreed. We owe aprox £30,000 to my grandma for topping up our savings that went towards the house purchase and we only pay what she would be earning on the money, so £80 per month was agreed. I hate being in debt to my family, hence not really wanting to decrease these, but it is an option I suppose.

Entertainment is for my partner's gym membership.

I know that we could be debt free in about 5/6 years, but I just can't bear us all struggling and my little boy suffering for our past silly spending. I'm considering debt consolidation, not the IVA, but ideally would love to be able to add extra to mortgage and pay a little over the next 20 years. I know that in the long run we will be paying more interest, but the daunting truth of debt is starting to take its toll.....

CH27

I'd sell the bike.
You cannot afford dreams when you have so much debt.

lisalister

I know, can you tell him.....???? As I think I may have another tantrum throwing wanna be child in the house! I know you're right, but I wanted to see if there were any other suggestions as the majority of the debt is my own from previous years. I'm currently ready about DMPs, what are these?

anh1904

If you point out that the insurance and depreciation is as much as you are currently budgeting to spend on the family's food - it might help get things in perspective?

Otherwise, you're up against it. If you want £2000 per year hobbies and dreams, that's all well and good, but you will have to find a way to carry around ever increasing piles of debt to fund such a lifestyle.

Lifestyle choices, and to get your finances in order is going to take both of you, and will doubtless involve some pain and sacrifices.

CH27

lisalister wrote: »

I know, can you tell him.....???? As I think I may have another tantrum throwing wanna be child in the house! I know you're right, but I wanted to see if there were any other suggestions as the majority of the debt is my own from previous years. I'm currently ready about DMPs, what are these?

Show him this thread & i'll tell him:rotfl:

Seriously though, you need to make some important decisions about how you want to live your life.