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what would you do?
dumb_blonde
Posts: 335 Forumite
Hi all, I have posted on here before when hubby was unemployed but then he found job and things seemed to settle down. Its now all changed again and i would like to know what others would do in my situation.
S.O.A for 2 adults & 2 kids aged 16 and 17
basic take home wages £1120
c.t.c £157.78
c.benefit £134.80
Total income £1412.58
outgoings
mortgage £581
secured loan £294.45
build ins £14.84
council tax £138
gas&elec £124 (includes some arrears)
water £48.22
t.v licence £12.37
ph/bb/tv £40
car ins £35.87
petrol £140 (sounds a lot but 1 hr commute everyday)
food and clothes
everything else £320
mot (£50 per year)
Tax (225.50 per year) £22.95
Debts
AA loan £7000 - pay £1
Natwest loan £17,000 - pay £1
Overdraft £1,000- pay £1
B.Horse £12,500- pay £1
taxman £10,000 - pay £20
total outgoing £1795.70
Deficit £383.12 !!!!!!!
at the moment,hubby is doing all the overtime he can and we are getting help from parents with food bills, but doing the overtime it meant his wages in tax year were £24,000,so credits were cut.They will obv go down again soon cos of kids ages.
I am looking for work but no luck.
Hubby has recently found some lumps and we are waiting for another scan to see what happens there.
The mort and secured are up to date and the other creditors are not really chasing us at the mo,but if hubby needs time off work we are stuffed.
The mort is for £103,000 and still has 20 yrs on it
We are considering selling house,(valued at £185,000),paying all off,renting and starting again,we will still be broke but because we own we cannot get any help if he is ill or loses his job.
would you do this or try to struggle on until it comes crashing down?????
S.O.A for 2 adults & 2 kids aged 16 and 17
basic take home wages £1120
c.t.c £157.78
c.benefit £134.80
Total income £1412.58
outgoings
mortgage £581
secured loan £294.45
build ins £14.84
council tax £138
gas&elec £124 (includes some arrears)
water £48.22
t.v licence £12.37
ph/bb/tv £40
car ins £35.87
petrol £140 (sounds a lot but 1 hr commute everyday)
food and clothes
everything else £320
mot (£50 per year)
Tax (225.50 per year) £22.95
Debts
AA loan £7000 - pay £1
Natwest loan £17,000 - pay £1
Overdraft £1,000- pay £1
B.Horse £12,500- pay £1
taxman £10,000 - pay £20
total outgoing £1795.70
Deficit £383.12 !!!!!!!
at the moment,hubby is doing all the overtime he can and we are getting help from parents with food bills, but doing the overtime it meant his wages in tax year were £24,000,so credits were cut.They will obv go down again soon cos of kids ages.
I am looking for work but no luck.
Hubby has recently found some lumps and we are waiting for another scan to see what happens there.
The mort and secured are up to date and the other creditors are not really chasing us at the mo,but if hubby needs time off work we are stuffed.
The mort is for £103,000 and still has 20 yrs on it
We are considering selling house,(valued at £185,000),paying all off,renting and starting again,we will still be broke but because we own we cannot get any help if he is ill or loses his job.
would you do this or try to struggle on until it comes crashing down?????
0
Comments
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hi,
would you be able to do the SOA from the sticky above the posts please?
its a lot clearer to see whats what,especially for the "everthing else £320" scenario!
am sure people on here will be helpful,good luck
and hopr the scans are all clear.0 -
Do the kids have part-time jobs?? If not might be time to start encouraging it, will help you out if they buy their own clothes with wages and also a great time to teach them about moneysaving so they don't end up like most of us on here;):)
Can you knock mortgage onto interest only for the time-being??
Also fill out the SOA again using this link as it's easier for everyone to read and work out what the 'everything else' might be
1.11.09 - debt = £45k:eek:
[STRIKE]Car Loan = £0[/STRIKE] CCCS Total = £30,246.88 Total Debt Paid off - 32.78%
DFD [STRIKE]Nov[/STRIKE][STRIKE]Sept[/STRIKE]Aug 2018:o Only 75 payments to go:)0 -
S.O.A for 2 adults & 2 kids aged 16 and 17
basic take home wages £1120 and how much overtime is he recieving at the moment?
c.t.c £157.78 Are you claiming everything that you are entitled to? Job seekers allowance?
c.benefit £134.80
Total income £1412.58
outgoings
mortgage £581
secured loan £294.45 when will this be fully paid? How much is outstanding? what's the interest rate being charged?
build ins £14.84
council tax £138
gas&elec £124 (includes some arrears) When will the arrears be fully paid? and what will the cost be then? Review when arrears are ally paid, as another company might be cheaper (but unlikely you'll be allowed to switch until up-to-date)
water £48.22 Is this a standard payment? Or are you on a meter?
t.v licence £12.37
ph/bb/tv £40 Reduce to basic home phone and internet - cancel TV )should get both for approx £20-£25pm (e.g. TalkTalk)
car ins £35.87
petrol £140 (sounds a lot but 1 hr commute everyday) would public transport be cheaper?
food and clothes How much do you spend here?
everything else £320 What does this cover? -If you are not sure where it goes, keep a spending diary and note down everything that money gets spent on so that you can account for everything.
mot (£50 per year) do you put a little away every month to ensure that you have it when needed?
Tax (225.50 per year) £22.95 do you actually put this away every month?
Debts
AA loan £7000 - pay £1
Natwest loan £17,000 - pay £1
Overdraft £1,000- pay £1
B.Horse £12,500- pay £1
taxman £10,000 - pay £20
total outgoing £1795.70
Deficit £383.12 !!!!!!! Currently, does the over-time account for this, or are you getting this much further in debt every month?
I would recommend that you speak to one of the debt charities for further advice, as at the moment you are struggling quite a bit, and if your circumstances change again, it might tip you over the edge financially - try CCCS, CAB etc They will be able to give you free, impartial, non-judgemental advice on the specifics of your situation.
HTH
D90 -
hope i have done this right.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1120
Partners monthly income after tax....... 0
Benefits................................ 292.58
Other income............................ 0
Total monthly income.................... 1412.58
Monthly Expense Details
Mortgage................................ 581
Secured/HP loan repayments.............. 294.4
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 138
Electricity............................. 64
Gas..................................... 60
Oil..................................... 0
Water rates............................. 48.22
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 40
Groceries etc. ......................... 320
Clothing................................ 0
Petrol/diesel........................... 140
Road tax................................ 18.79
Car Insurance........................... 35.87
Car maintenance (including MOT)......... 4.16
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..................... 14.84
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1771.65
Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 185600
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 103328...(581)......3.75
Secured Debt.................. 22403....(294.4)....11.89
Total secured & HP debts...... 125731....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
natwest overdraft..............1112......1.........0
natwest loan...................17118.....1.........0
black horse loan...............12478.....1.........0
tax bill.......................10000.....20........NaN
blair,oliver,scott.............7013......1.........0
Total unsecured debts..........47721.....24........-
Monthly Budget Summary
Total monthly income.................... 1,412.58
Expenses (including HP & secured debts). 1,771.65
Available for debt repayments........... -359.07
Monthly UNsecured debt repayments....... 24
Amount short for making debt repayments. -383.07
Personal Balance Sheet Summary
Total assets (things you own)........... 185,600
Total HP & Secured debt................. -125,731
Total Unsecured debt.................... -47,721
Net Assets.............................. 12,148
Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1120
Partners monthly income after tax....... 0
Benefits................................ 292.58
Other income............................ 0
Total monthly income.................... 1412.58
Monthly Expense Details
Mortgage................................ 581
Secured/HP loan repayments.............. 294.4
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 138
Electricity............................. 64
Gas..................................... 60
Oil..................................... 0
Water rates............................. 48.22
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 40
Groceries etc. ......................... 320
Clothing................................ 0
Petrol/diesel........................... 140
Road tax................................ 18.79
Car Insurance........................... 35.87
Car maintenance (including MOT)......... 4.16
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..................... 14.84
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1771.65
Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 185600
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 103328...(581)......3.75
Secured Debt.................. 22403....(294.4)....11.89
Total secured & HP debts...... 125731....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
natwest overdraft..............1112......1.........0
natwest loan...................17118.....1.........0
black horse loan...............12478.....1.........0
tax bill.......................10000.....20........NaN
blair,oliver,scott.............7013......1.........0
Total unsecured debts..........47721.....24........-
Monthly Budget Summary
Total monthly income.................... 1,412.58
Expenses (including HP & secured debts). 1,771.65
Available for debt repayments........... -359.07
Monthly UNsecured debt repayments....... 24
Amount short for making debt repayments. -383.07
Personal Balance Sheet Summary
Total assets (things you own)........... 185,600
Total HP & Secured debt................. -125,731
Total Unsecured debt.................... -47,721
Net Assets.............................. 12,1480 -
sorry looks like it came out twice.0
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Hidumb_blonde wrote: »hope i have done this right.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1120
Partners monthly income after tax....... 0
Benefits................................ 292.58 are you getting all you can here? are you getting JSA, child benefit, tax credits etc? it looks low
Other income............................ 0
Total monthly income.................... 1412.58
Monthly Expense Details
Mortgage................................ 581
Secured/HP loan repayments.............. 294.4
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 138
Electricity............................. 64 this looks very high, are you paying off arrears? have you checked the comparison sites recently to see if you can get cheaper? have you tried reducing your usage?
Gas..................................... 60
Oil..................................... 0
Water rates............................. 48.22 is this metered or unmeasured? looks quite high
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 40 could you cancel tv and get a cheaper package just for line & BB? or see if you can drop to a lower sky tariff?
Groceries etc. ......................... 320 should be able to reduce this a little - maybe aim for £250? check out the oldstyle board for loads of tips on cheap, healthy meals and reducing the costs
Clothing................................ 0
Petrol/diesel........................... 140
Road tax................................ 18.79
Car Insurance........................... 35.87
Car maintenance (including MOT)......... 4.16 is this enough to cover mot, servicing, tyres etc?
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..................... 14.84
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1771.65
Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 185600
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 103328...(581)......3.75
Secured Debt.................. 22403....(294.4)....11.89
Total secured & HP debts...... 125731....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
natwest overdraft..............1112......1.........0
natwest loan...................17118.....1.........0
black horse loan...............12478.....1.........0
tax bill.......................10000.....20........NaN
blair,oliver,scott.............7013......1.........0
Total unsecured debts..........47721.....24........-
Monthly Budget Summary
Total monthly income.................... 1,412.58
Expenses (including HP & secured debts). 1,771.65
Available for debt repayments........... -359.07
Monthly UNsecured debt repayments....... 24
Amount short for making debt repayments. -383.07
Personal Balance Sheet Summary
Total assets (things you own)........... 185,600
Total HP & Secured debt................. -125,731
Total Unsecured debt.................... -47,721
Net Assets.............................. 12,148
Obviously your debt repayments are as low as they can be - its really your mortgage and secured loans that are the issue - unless you can up your income or get more in the way of benefits then I'm struggling to see how you can manage to stay in the property.
How large is the house? would a lodger be a possibility to help out?
Whilst its never an easy decision I think I would seriously consider selling the property - or at least putting it on the market whilst you make a decision (after all it could be a while until it will sell).
Would mortgage co let you switch to interest only for a while?A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
thankyou for all your suggestions.
It is a 3 bed house,no chance of lodger as have boy and girl. Have just got new 12 month contract for ph/bb/tv (it used to be £60 so i thought i got good deal).
The kids dont have jobs.D still at school doing exams at the mo,son at college.They do buy their own clothes etc as they got a fair sum of money from relatives last xmas and they use that.Son also gets ema (runs out soon.)
I cant claim contribution based jsa as i havent worked in the last two tax years.
Public transport isnt an option as not available near hubbys work (cant save on petrol)
Mortgage wont switch to interst only, already enquired.
It would be tough to get food shopping down,everyone has packed lunches,so save a bit there, but this amount also includes cleaning,toiletries and any things like b/cards.
I dont buy clothes,I have 2 jeans, 3 tops, 1 jacket. I cut my own fringe.(badly).
I will phone the gas and electric and check up on that.
We have no provision if anything goes wrong with the car,we haveto cut out the food shopping bill or my parents help out if they can (pretty embarassing for a 45 yr old) but our fault for getting in this mess.
I think we haveto realise that we wont be any better off renting but at least our debts will be paid,we might be able to get some life insurance in place for the future and if anything happens to hubbys job ( he already got laid off once a couple of years ago) then we might get some help. We have no money to maintain our house (it is 1930s) so that will also be problem in future.
It is a big step as we have been here for 20 yrs and we want to be sure we are doing the right thing.
Thanks for everyones comments and suggestions0 -
dumb_blonde wrote: »
Have just got new 12 month contract for ph/bb/tv (it used to be £60 so i thought i got good deal). See if you can downgrade further, even if you are not allowed to cancel
The kids dont have jobs.D still at school doing exams at the mo,son at college.They do buy their own clothes etc as they got a fair sum of money from relatives last xmas and they use that.Son also gets ema (runs out soon.) Perhapse you son & your daughter after her exams could start looking for something part time.
I cant claim contribution based jsa as i havent worked in the last two tax years. can you not claim, non-contribution based JSA?
Public transport isnt an option as not available near hubbys work (cant save on petrol) what about a car share with others at work?
Mortgage wont switch to interst only, already enquired.
It would be tough to get food shopping down,everyone has packed lunches,so save a bit there, but this amount also includes cleaning,toiletries and any things like b/cards. Take a look at this link, it will show you how a family of four can eat nutritionally balanced meals for £100 a month: http://www.cheap-family-recipes.org.uk/
I dont buy clothes,I have 2 jeans, 3 tops, 1 jacket. I cut my own fringe.(badly).
I will phone the gas and electric and check up on that.
We have no provision if anything goes wrong with the car,we haveto cut out the food shopping bill or my parents help out if they can (pretty embarassing for a 45 yr old) but our fault for getting in this mess.
I think we haveto realise that we wont be any better off renting but at least our debts will be paid,we might be able to get some life insurance in place for the future and if anything happens to hubbys job ( he already got laid off once a couple of years ago) then we might get some help. We have no money to maintain our house (it is 1930s) so that will also be problem in future.
It is a big step as we have been here for 20 yrs and we want to be sure we are doing the right thing.
Thanks for everyones comments and suggestions
Comments above,
HTH0 -
OP wont be able to get Income based JSA, her hubby earns to much, so they class him as responsible for keeping her. I have been there myself in the past when I couldn't get Contributions based JSA.0
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Hi, I was in a very similar situation this time last year and know just how stressful the whole thing is.
Thought I was a strong person but it made me seriously ill.
Remember if you do decide to try and sell that also costs quite a lot. We did find a buyer quickly thank heavens , I shudder to think what would have happened if we hadn't.
Looking back it was definitely the right thing to do even though it was incredibly hard.
Good luck with whatever you decide and feel free to pm me anytime if you want a chat.0
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