New to DFW any advice appreciated

blackberrycurved_2

I'm new to this as a single mum mainly I seem to have always moved things around and juggled to survive so that's where the debt comes from but no excuse I have to do something about it any help appreciated.:j

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details[/b]
Monthly income after tax................ 500
Partners monthly income after tax....... 0
Benefits................................ 200
Other income............................ 0
Total monthly income.................... 700

Monthly Expense Details[/b]
Mortgage................................ 296
Secured/HP loan repayments.............. 118
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 34
Gas..................................... 52
Oil..................................... 0
Water rates............................. 34.64
Telephone (land line)................... 37.4
Mobile phone............................ 60
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 44.57
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 120
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 38
Contents insurance...................... 0
Life assurance ......................... 8.8
Other insurance......................... 12.5
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 29.99
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1241.9


Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 251000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 22000....(296)......5.2
Secured Debt.................. 400......(118)......4.7
Total secured & HP debts...... 22400.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
mbna...........................3604......45........0
barclaycard....................3347......75.32.....0
M&S............................1000......0.........0
Total unsecured debts..........7951......120.32....-


Monthly Budget Summary
Total monthly income.................... 700
Expenses (including HP & secured debts). 1,241.9
Available for debt repayments........... -541.9
Monthly UNsecured debt repayments....... 120.32
Amount short for making debt repayments. -662.22

Personal Balance Sheet Summary
Total assets (things you own)........... 251,000
Total HP & Secured debt................. -22,400
Total Unsecured debt.................... -7,951
Net Assets.............................. 220,649

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

[Deleted User]

Hi and well done for taking the first step!.

I can't really understand why you are only getting £700 income.

Have I missed something?

amorge

Hi, welcome to the board.
Firstly, how many hours a week do you work? You should be entitled to a LOT more benefits if it's over 16, if it's under 16 hrs then you really need to try ans increase to that...
Gas & electric are huge for only 2 people.
Are you claiming council tax benefit or repaying arrears, this also seems v high
Landline & mobile costs are high, try and negotiate cheaper packages
What are you other related child are costs? How old is your child? Again you will be able to reclaim costs through benefits as long as provider is registered

Anna

JulieGeorgiana

Although there is a lot of room to cut back on... there is a £500 shortfall after bills and before debt repayments.

Are your income figures correct? Are you claiming all your benefits?

blackberrycurved_2

It's complicated. I'm self employed and employed I work for 9 hrs as a university lecturer which gives me about £18 an hour but as I'm also self employed the Uni insist on taxing me full whack on that although I can claim any overpayments back when I put my self assessment in.

i work in the arts, self employed and I don't get a normal wage but get my money in chunks as and when. I always work full time 8 to 12hr days because I have to create things to sell and when I do I get a lump sum which I pay into my current account. On a good year I've earned £35k other years £0 but that's the business I'm in. The year before last I earned 26k last year hardly anything although I might sell the work I did last year this year at some point. Occasionally I might do a couple of masterclasses or something for the BBC at £40 an hour but the £500 is all I have guaranteed. My benefits are WT credit and CT credit about £220 a month. I'm not entitled to anything else because I am not in rented accommodation. I could get unemployment benefit if I tried but that would be less than my Tax credits and I'd have to be available for work and I aren't, I honestly do work every hour I can. i have had my house up for sale for over 12 months because downsizing would help but nothing is moving. Thanks

amorge

You should be entitled to council tax benefit, I get that and own my own home. Also does the 220 include the £80 per mth for child benefit...

Your earnings/tax must be an ongoing nightmare for you, not knowing what's coming in each month. Really do look at trying to reduce your bills.

Only other thing is do you not get an child maintenance from your ex?

Anna
X

blackberrycurved_2

Amorge sorry I didn't answer you. I'm not in arrears with my council tax and never have been I'm not entitle to council tax benefit other than the reduced figure for a single person allowance. This figure is with the allowance taken off. And I have changed gas and electricity supplier several times to get something cheaper. Generally I don't put the heating on at all from the middle of April until maybe the start of October but as I work at home I do have it on in winter. Everything is gas including the shower. I must be doing something wrong because I feel in such a mess right now - sorry.

blackberrycurved_2

amorge
No child benefit I forgot about that. Yes I get that, that pays for £9.50 per week bus pass for my girl to get to school £5 for her packed lunches + 312 drum lesson and £10 piano lesson because she's doing GCSE music.

blackberrycurved_2

That should say £12 drum lesson. She isn't entitled to a free bus pass as we don't live 3 miles away from her school 2.8 miles but it's too far for her to carry heavy books and stuff although she does cycle for the few summer months.

amorge

I'm sorry I really don't know what else to suggest. Perhaps contact your creditors and see if there's any possibility of them accepting reduced payment?
X

Tixy

Hi

well done for posting

With regards your income - you are obviously working long hours but it does look like you need to bring more money in. The work you create and sell - you have some items finished now? Are you actively trying to sell this?

Presumably you don't get any maintenance from child's other parent? Are you getting your child benefit and is that include in the benefit line?

Looking at your costs

blackberrycurved wrote: »

Monthly Expense Details[/b]
Mortgage................................ 296
Secured/HP loan repayments.............. 118
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 34
Gas..................................... 52 how recently have you shopped around for gas & elec to see if you are on the best tariff / cheapest supplier?
Oil..................................... 0
Water rates............................. 34.64 is this unmeasured? if so have you looked to see if a meter might be cheaper?
Telephone (land line)................... 37.4 is this including internet? if not maybe try shopping around
Mobile phone............................ 60 I guess this in part is business use? but when not in contract try shopping around to see if you can find something cheaper overall (I'm on an orange business tariff which is around £36 and is practically unlimited)
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 0 is this realistic with a child? maybe a small budget needed?
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 44.57
Car maintenance (including MOT)......... 0 you need to try to budget something for this so you can afford servicing, new tyres etc when needed
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 120
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 38 at renewal shop around for this as you should be able to find a cheaper deal for B&C I think
Contents insurance...................... 0
Life assurance ......................... 8.8
Other insurance......................... 12.5
Presents (birthday, christmas etc)...... 0 is this realistic for a whole year?
Haircuts................................ 0
Entertainment........................... 29.99
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1241.9


Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 251000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 22000....(296)......5.2 is this fixed rate? if so when does it end?
Secured Debt.................. 400......(118)......4.7 what is this for? at least its due to end soon which will help.
Total secured & HP debts...... 22400.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
mbna...........................3604......45........0 try to find out your APRs (if not actually 0%)
barclaycard....................3347......75.32.....0
M&S............................1000......0.........0 are you behind on payments to this?
Total unsecured debts..........7951......120.32....-
You don't have an overdraft included, if you have one remember to include it in your list of debts.

Monthly Budget Summary
Total monthly income.................... 700
Expenses (including HP & secured debts). 1,241.9
Available for debt repayments........... -541.9
Monthly UNsecured debt repayments....... 120.32
Amount short for making debt repayments. -662.22 how have you been managing so far? using the cards and the balances building up?

Personal Balance Sheet Summary
Total assets (things you own)........... 251,000
Total HP & Secured debt................. -22,400
Total Unsecured debt.................... -7,951
Net Assets.............................. 220,649

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

Obviously you do have a big problem from the lack of income and the house. Is there any way you could make some money from the house? would a lodger be a possibility? or running some sort of creative/art class from home?

Edit - sorry I see you've already answered some points.