Reactions of a mountain goat - or not!

Becks81

I have finally, after being a long term lurker bit the bullet and decided to get my finances in check. Having been in debt all of my adult life I feel I have reached a point where it is now time to tackle my debts head on and look to a more positive future.

A little background, I'm 31 recently seperated with 2 DDs. My husband has gone awol I have no contact with him, nor does he with my 2 DDs, however we are managing much better on our own (both financially and mentally!) My debts stand at £17,443.05 :eek: made up of credit cards, loans and a personally loan from my dear old mum.

Now my husband is out of the picture I can account for every penny, he had a serious gambolling problem and was out of work so what was mine was his and what was his was nothing...you get the picture.

So after all household bills have been paid, and food and other ad hoc payments I have the grand sum of £280 a month to throw at debts. According to the snowball calculator (see I have been lurking ) my debt free date is October 2017. But I am going to do my hardest to reduce this, and start saving for a mortgage as a bit of security for my 2 DD's. They are my world and have kept me going these last few difficult months.

I have so far kept a spending diary to see where my precious pennies are going, and plan to start up on a few of the challenges going on here.

My next post will be my SOA, if anyone else is reading please feel free to comment, I welcome any advice from fellow MSE users.

Becks81

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 950
Partners monthly income after tax....... 0
Benefits................................ 735
Other income............................ 0
Total monthly income.................... 1685

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 716
Management charge (leasehold property).. 0
Council tax............................. 120 (single person discount)
Electricity............................. 80
Gas..................................... 65
Oil..................................... 0
Water rates............................. 0 (landlord pays)
Telephone (land line)................... 15
Mobile phone............................ 0 (work pays)
TV Licence.............................. 12.12
Satellite/Cable TV...................... 22.5
Internet Services....................... 20
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 12 (car-share my contribution)
Other travel............................ 0
Childcare/nursery....................... 84
Other child related expenses............ 17.6 (ballet classes)
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 5
Entertainment........................... 5
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1404.22


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................697.02....60........29.9
Barclays Loan..................9309......100.......0
Cahoot.........................4092......40........0
Mum............................2607.03...60........14.9
Mastercard.....................738.......20........0
Total unsecured debts..........17443.05..280.......-


Monthly Budget Summary
Total monthly income.................... 1,685
Expenses (including HP & secured debts). 1,404.22
Available for debt repayments........... 280.78
Monthly UNsecured debt repayments....... 280
Amount left after debt repayments....... 0.78

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -17,443.05
Net Assets.............................. -17,443.05

Own_My_Own

Hi Becks, and Good Luck.
Do you not get help with rent and council tax. Amounts seem very high.
I am assuming benefits are Working T and Child T. If they are, you should be entitled to Housing Benefit and Council Tax Benefit to help with these bills.

Becks81

Thank you for your comments, I'm in the process of sorting out housing benefit, I have filled out all the forms and am just waiting for an invoice from my girls breakfast club at school. I don't know how much I will be entitled to but am just grateful for any extra help I will get.

Own_My_Own

Would advice you to take forms in as they are, asap. They can be amended when you get invoice from school. You may be missing out on help you are entitled too now. Better to have £x now than wait for £x plus £y later.

Becks81

Why is it when you're feeling all motivated and positive that something comes along and stops you in your tracks?!

My washing machine has stopped working, it is over 7 years old so it has had a good run, but with only £30 in my emergency fund this is not going to cover the costs of even a second hand machine. I need a washing machine!

Luckily the girls aren't at school for the next 2 weeks so I don't have to worry about having clean school uniforms, but I'm feeeling quite deflated at the moment. And don't see how I'm going to be able to afford one till at least I get paid at the end of the month

Own_My_Own

Do you live near anybody who could do some washing for you ? You could pay them in kind. Take dinner round to all eat while wash is on. Spag bog is cheap and easy to make large portion.

Becks81

Thank you On My Own, I am very lucky to have such a supportive family around me, I managed to take a load over to my mums to wash, but when my dad heard what had happened he took me out and ended up buying me a washing machine. It's from a seconds shop and has a huge dent in the side, but as the washing machine will be stored away in a cupboard I am not too bothered about it.

God I love my parents! He put it on his credit card but I have vowed to pay him back, so my debt has now increased by £179.99 but I do need a washing machine so am happy with this.

I get it delivered this afternoon.

Becks81

New washing machine has arrived!! Although I haven't had chance to put it to use yet, been so busy trying to get myself sorted.

I've handed the last remaining bits of information to the housing department, don't know what will happen here. I also heard on the news this morning about the changes to WTC. I work part time doing 20 hours a week, so this means I will lose this benefit - I wouldn't care but it didn't effect me before hand as I never claimed anything but now when I really need it and have just started to claim I'm going to lose it, this means I'll be down about £100 a month.

On a more positive note, I'm looking forward to the bank holiday, 4 whole days with my girls. I have an Easter Egg hunt planned and I myself cannot wait until Sunday I gave up choocolate for Lent again this year. So will look forward to gorging myself come midnight!!

Own_My_Own

Hi Beck, If your talking about having to work 24 hours instead of 16 you'll be fine. That only applies to couples.

Becks81

Thank you again On My Own, I realised this late last night when I had a look on the directgov website. That is a relief in itself that I won't be effected.

Had my first NSD of the month today, had a lovely day out with my mum. She took us out for a pub lunch and paid for it all. The girls enjoyed playing on the park and we made the most of the little sun we had.

The new washing machine is fab, it has a digital timer so I know exactly how long my washing is going to take. Much better than manually setting it to wash, then rinse and then spin. It means I can put washing on at night and its ready to go straight out on the line first thing in the morning much more MS in the long run.

Am planning on another NSD tomorrow, got a few bills coming out over the next few days. BT have annoyed me apparently we were cut off and re connected last month so they have added an extra £19 to the bill. I haven't accounted for this so at the moment it looks like either my council tax or BT DD will bounce. I'm sorry to say but I wish my benefit payments would get sorted quickly, was thinking I'd be fine on my own but it looks like I'm still picking up the pieces from when my husband was here. But will just have to wait and see what the next few days hold.