My Soa

kelloggs1982

Here Goes

Income
Hubby Wages - £916
My Wages - £504
CB - £69.80
Tax Credits - £246.60

Total £1736.40

Outgoings
Mortgage - £602.96
Council Tax - £137
Gas - £35
Electric - £32
Water and Sewage - £26.50
Buildings and Contents - £22.94
My Life Insurance - £10.16
Hubby Life Insurance - £16
TV Licence - £10.95
Nursery - £190
Car Insurance - £46.37
Food - £200
Petrol - £165
Sky - £26
BT - £11
02 Mobile - £20
Orange Mobile - £35
02 Mobile - £20
02 Mobile PAYG - £10
Smoking - £20
Haircuts and Clothing - £28.12

Total £1665

Leaving a total of £71.40 to pay

Debts
Overdraft - £2400
Loan - £8967.24
Abbey CC - £4,305.81
Virgin CC -£3,760.55
Tottenham CC -£2,797.95
Overdraft -£2,400.00
RBS CC - £2,211.22

Total - £24,442.77

kelloggs1982

were tied into 3 contracts on the phones but as soon as we finish then we will get rid of two phones and have two payg!!

emzig123

kelloggs1982 wrote:

Here Goes

Income
Hubby Wages - £916
My Wages - £504
CB - £69.80
Tax Credits - £246.60

Total £1736.40

Outgoings
Mortgage - £602.96
Council Tax - £137
Gas - £35
Electric - £32 Is the elec and gas the cheapest you can get, check Uswitch
Water and Sewage - £26.50
Buildings and Contents - £22.94 Can you get cheaper?
My Life Insurance - £10.16
Hubby Life Insurance - £16Are these two policies the cheapest?
TV Licence - £10.95
Nursery - £190 are you using childcare vouchers thru work if applicable?
Car Insurance - £46.37 Why is this high, did you shop around?
Food - £200 How many are you feeding? Head over to old style and get more ideas for eating cheaper, those guys can work wonders!
Petrol - £165 wow, that is high! Can you cut down on any journeys?
Sky - £26 Not really necessary, atm it is a luxury you can't afford!
BT - £11
02 Mobile - £20 Why so many mobiles?
Orange Mobile - £35
02 Mobile - £20
02 Mobile PAYG - £10
Smoking - £20 give up, good for your lungs and wallet!
Haircuts and Clothing - £28.12 use Ebay, Primark, Charity shops etc

Total £1665

Leaving a total of £71.40 to pay

Debts
Overdraft - £2400can you add the min payments, APRs and limits for the CC's and OD?? ditto for loan inc no of payments left
Loan - £8967.24
Abbey CC - £4,305.81
Virgin CC -£3,760.55
Tottenham CC -£2,797.95
Overdraft -£2,400.00
RBS CC - £2,211.22

Total - £24,442.77

some ideas for you there, hopeit not too brutal!

aj3001

I'm guessing by the high cost of petrol and high insurance that you have a performance car of some kind? Either that or you work quite far from home!

Either way, could you change to a more economical car?

Also, with the smoking, can you cut it down further? (I know by the price you can't smoke that much!) or get cheaper cigarettes?

CLAPTON

basically your income is very low. with that income there are lots of 'normal' things that you can't possibly afford.

firstly can you increase your income ? parttime jobs etc?

otherwise you just have to accept that you can't afford things like
sky
any mobiles (well say 5 per month)
or 200 on food

because there are lots of things left out of your budget; like car related costs..car tax, servicing, repairs/replacements; house always cost things

you haven't listed your minimum debt payments but basically you can't afford to pay the debts.

how much is the house worth and how much the mortgage?

kelloggs1982

hiya,

we both use the car for work its only a 1.6 306 worth a £1000, but my husband is an estage and agent and im a home carer so it costs that much unfortunately.

we cant use childcare vouchers as my DD isnt old enough she is only 20 months and we get working tax credits for this.

Car insurance i have paid for the year for mine but my husband just getting a company car soon which they dont pay for the insurance on and he doesnt have any no claims so thats the highest.

i had a mobile phone but i dont trust myself with it as my bills were so high so i got a pay as you talk.

and my husband uses one for work and one for personal.

my husband works 55 hours a week and then every other saturday so he cant really do anymore work, and im working on the sundays that he isnt working and on a monday when dd is at nursery and cant afford anymore childcare.

our house is worth £175k and mortgage is £145k.

i really think my husband should look to find another job as his pay is awful for the amount of hours he works.

emzig123

Ok, can your husband claim for the work phone from work? Seems unfair if he is paying for an extra fone for work when it should be on the company!

kelloggs1982

no as its in his name, i think his company are being really tight with him!!! its very unfair.

but as soon as the contract ends he is going to go on payg so that will save a bit of money and i think that ends in june!!

shameless-about-money

It never ceases to amaze me the banks/building societies who allow a mortgage of nearly half the income (without benefits). This is sheer madness.

There is no other wonder that so many people in this country are so much in debt.

In the USA you are only allowed to pay one quarter of monthly income into a mortgage.

kelloggs1982

my husbands income was alot more than it is now, but he got offered a job in prague which he went over which was 100% commission,

we only owed about £3k but had to get a loan to cover my outgoings while he was over there and also his outgoings while he was in prague.

after a week he hadnt sold anything and the manager in the prague office sacked him and he had paid 3 months upfront for rent in prague plus airfayres etc etc.

and it all spiralled out of control, he was then out of work for 2 months and then finally got his job now.

but he needs to get a pipeline of sales which has taken so long!!!

just got worse and worse

KatrinaC_2

kelloggs1982 wrote:

hiya,

we both use the car for work its only a 1.6 306 worth a £1000, but my husband is an estage and agent and im a home carer so it costs that much unfortunately.

Can your husband claim bak any mileage for the use of his car? The other thing is that you an get tax relief on the cost of running a car for work purposes. If he isn't getting mileage this could add up.

kelloggs1982 wrote:

we cant use childcare vouchers as my DD isnt old enough she is only 20 months and we get working tax credits for this.

Are you sure about this? I get vouchers through the Busy Bees scheme running at work and I don't think that there is a minimum age specified so long as the childcare is provided by a local government registered care provider who has signed up to teh scheme. If your care provider isn't signed up for the scheme it might be worth speaking to them about it. It is separate to the Childcare tax credit scheme as I get CC tax credit and use the vouchers.

kelloggs1982 wrote:

Car insurance i have paid for the year for mine but my husband just getting a company car soon which they dont pay for the insurance on and he doesnt have any no claims so thats the highest.

When you insure his car, make sure that you shop around AND use a cashback site like Quidco so that you get the best deal and possibly money back too.

kelloggs1982 wrote:

and my husband uses one for work and one for personal.

If work aren't paying for his calls or contract, does he really need two mobiles?

kelloggs1982 wrote:

my husband works 55 hours a week and then every other saturday so he cant really do anymore work, and im working on the sundays that he isnt working and on a monday when dd is at nursery and cant afford anymore childcare.

Have you looked at the amount of extra childcare tax credits you would get if you did work more hours? The other thing is that you are paying £200 per month for one day per week of childcare - is that figure correct as when my son was that age we paid a registered childminder about £3.20 per hour. That was a few years ago, but even counting inflation £50 per day seems quite high

kelloggs1982 wrote:

i really think my husband should look to find another job as his pay is awful for the amount of hours he works.

If he is taking home about £950 per month and working 220 hours per month then he is being paid less than the national minimum wage and that is against the law. He is also working more hours than his employer can legally force him to work. It might be worth thinking about looking for another job with a better basic wage but less commission.

Kat