Help with SoA

Keeping_Positive

drwho2011 wrote: »

They were "free" when I was haggling over price and got them included, saving just over £300 in total by buying cooker/washer/dryer/fridge/freezer all from same retailer who threw in the policies as an incentive with no extra cost.

Good bargaining :beer: but whats to stop you cashing in the policy (ies) value now? I got some money off doing this but then still cancelled the policy. They cant come back to you now and up the cost of the product.

Mikazaru

drwho2011 wrote: »

My wife has a job, unfortunately childcare costs mean she'd only have £129 left each month of which travel expenses would eat up £60, so unless a change in hours can be agreed its not viable for her to continue.

Given your overspending by £27 a month would it not be worth it her working for a while? The £69 a month she has left will cover your shortfall and one of the minimum CC payments, if either of you have childcare vouchers at work or if you would be entitled to tax credits towards the care you may end up with more left over.

patchwork_cat

I may be wrong, but it may well be that the OP's digital switchover hasn't happened yet, but may well be happening in apr? If so then your signal should improve then, if not then you need to complain OP.

debtfreeeju

Apologies if I'm repeating everyone else, but here's my two-pennies worth.

drwho2011 wrote: »

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.................... 0

Monthly Income Details
Monthly income after tax................ 1440
Partners monthly income after tax....... 0
Benefits................................ 430
Other income............................ 0
Total monthly income.................... 1870

Monthly Expense Details
Mortgage................................ 850 This seems very high in relation to your income. I can only manage about half of this on rent, on the same income. Is there any way you can reduce this or up your income to make things easier?
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0 You don't pay council tax?
Electricity............................. 45
Gas..................................... 34
Oil..................................... 0
Water rates............................. 43 This seems high, does it include arrears?
Telephone (land line)................... 10
Mobile phone............................ 50 This is quite high, can you drop down a tarriff?
TV Licence.............................. 14 This should be 12.12
Satellite/Cable TV...................... 10
Internet Services....................... 20
Groceries etc. ......................... 200
Clothing................................ 5 Is this how much you really spend?
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 13
Life assurance ......................... 48 Can you get this cheaper? It seems quite high.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0 Never?
Entertainment........................... 0 Nothing?
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1437


Assets
Cash.................................... 600
House value (Gross)..................... 175000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 175600


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 141000...(850)......4.7
Total secured & HP debts...... 141000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card 1..................765.......30........17.9
Credit Card 2..................1600......30........17.5
Credit Card 3..................2200......50........12.9
Loan 2.........................7400......200.......12.9
Loan 1.........................3000......150.......0 Is this really 0% interest?
Total unsecured debts..........14965.....460.......-


Monthly Budget Summary
Total monthly income.................... 1,870
Expenses (including HP & secured debts). 1,437
Available for debt repayments........... 433
Monthly UNsecured debt repayments....... 460
Amount short for making debt repayments. -27

Personal Balance Sheet Summary
Total assets (things you own)........... 175,600
Total HP & Secured debt................. -141,000
Total Unsecured debt.................... -14,965
Net Assets.............................. 19,635

I also just wanted to say a big well done for posting and asking for advice - for me admitting things weren't working was the biggest step. It's all up from here!

drwho2011

merlot123 wrote: »

Are you getting anything you are entitled too? Take the benefit calculator test.

http://www.turn2us.org.uk/

merlot123

Pretty much yes, we'd only have got Child Benefit if I hadn't ended up loosing my job and suffering the drop in income.

merlot123

Child benefit is a universal benefit, at this moment it is not means tested (different from April 2013).

Are you not entitled to child tax credits, you have to be on approx £55K a year not to get it (don't quote me on the exact figure but its somewhere in the 50's)

merlot123

drwho2011

debtfreeeju wrote: »

Apologies if I'm repeating everyone else, but here's my two-pennies worth.

Mortgage................................ 850 This seems very high in relation to your income. I can only manage about half of this on rent, on the same income. Is there any way you can reduce this or up your income to make things easier?

Council tax............................. 0 You don't pay council tax?


Water rates............................. 43 This seems high, does it include arrears?


Mobile phone............................ 50 This is quite high, can you drop down a tarriff?

TV Licence.............................. 14 This should be 12.12


Clothing................................ 5 Is this how much you really spend?

Life assurance ......................... 48 Can you get this cheaper? It seems quite high.

Haircuts................................ 0 Never?

Entertainment........................... 0 Nothing?


I also just wanted to say a big well done for posting and asking for advice - for me admitting things weren't working was the biggest step. It's all up from here!

Mortgage................................ 850 This seems very high in relation to your income. I can only manage about half of this on rent, on the same income. Is there any way you can reduce this or up your income to make things easier?

We live in London and £850 was the cheapest rent we could get on a 2 bed flat, we moved to a cheaper london borough and bought a 3 bedroom house and fixed mortgage for several years as rents keep going up. Property prices are now above their 2007 peak here so we bought a fixer upper.

Council tax............................. 0 You don't pay council tax?

We are also full time students but don't qualify for student loans so have been self funding.

Water rates............................. 43 This seems high, does it include arrears?

No

Mobile phone............................ 50 This is quite high, can you drop down a tarriff?

I'm on the cheapest orange tariff for my needs and stuck till October. I plan to cancel at that point. My wife uses 3 and has had same contract for 5 years, keeps getting discounts so will see at renewal. Previously as we were in rented accommodation it wasn't practical to have a landline due to frequent moves.

TV Licence.............................. 14 This should be 12.12

Your right, I round up to 13 so thats a typo.

Clothing................................ 5 Is this how much you really spend?

Me? I haven't bought new clothes in a year, prior to the birth of our second child we'd saved so bought everything we needed in advance. Clothes tend to be on our Christmas lists.

Haircuts................................ 0 Never?

My wife cuts our hair.

Entertainment........................... 0 Nothing?

Virginmedia, see TV, I do save my small change for the occasional luxuries or celebrations. My last job also gave regular performance rewards (13 out of 24 months) which were used for treats and yearly bonus which was partially saved.

drwho2011

merlot123 wrote: »

Child benefit is a universal benefit, at this moment it is not means tested (different from April 2013).

Are you not entitled to child tax credits, you have to be on approx £55K a year not to get it (don't quote me on the exact figure but its somewhere in the 50's)

merlot123

On a joint £40,000 approx income we got £545 in 2010-2011.

We didn't have childcare expenses as I worked flexible hours and wife worked a 6 week rota, unfortunately as this changes constantly and I was unable to find another flexible employer it makes full time child prohibitively expensive for us, especially as she has taken a 30% cut in salary (she works in the care sector).

I tried numerous scenarios and best solution is for her to resign and work part time around my job, so working on the principle that she won't have many shifts if any until she starts getting regular weekend or evening shifts.

Problem with her employer is they want people to work 7am-3pm, or 2pm-10pm but they won't fix set days off, so it could be work 7-8 days then have 3-4 days off. Nor is it set so that they work the same rota, it randomly shifts and I believe this is to stop the staff moonlighting or temping till they can join a new company.

Every childcare provider has said it would have to be fulltime or nothing, which for the baby comes to an average £210 a week, not counting the afterschool childcare which the school doesn't offer so that would cost £100-150 a week for the 7yr old till I get home

Total childcare £310-360 per week

drwho2011

Keeping_Positive wrote: »

Good bargaining :beer: but whats to stop you cashing in the policy (ies) value now? I got some money off doing this but then still cancelled the policy. They cant come back to you now and up the cost of the product.

Good point I hadn't thought of that, will dig out the paperwork tomorrow.

drwho2011

Mikazaru wrote: »

Given your overspending by £27 a month would it not be worth it her working for a while? The £69 a month she has left will cover your shortfall and one of the minimum CC payments, if either of you have childcare vouchers at work or if you would be entitled to tax credits towards the care you may end up with more left over.

Maybe if I thought she'd actually have £69 left at the end of the month .