Newly single mum... need some guidance please... SOA attached!

MrsLK

Hi everyone

Bit of background... My husband has recently left (long boring story) and I am now dealing with things alone which is a bit scary!

Any advice greatly recieved

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2400
Partners monthly income after tax....... 0
Benefits................................ 342
Other income............................ 360 Maintenance
Total monthly income.................... 3102
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1190
Management charge (leasehold property).. 0
Council tax............................. 130 single persons discount applied
Electricity............................. 46
Gas..................................... 57
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 10
Mobile phone............................ 40 contract until 2013
TV Licence.............................. 12.12
Satellite/Cable TV...................... 30
Internet Services....................... 20
Groceries etc. ......................... 280
Clothing................................ 20
Petrol/diesel........................... 160
Road tax................................ 25
Car Insurance........................... 32
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 800
Other child related expenses............ 154 This is clubs for my daughter which I can't cancel this year as signed up for year!
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 28
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 3109.12

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Cap One........................1900......60........22.47
Next...........................980.......90........26.49
RW.............................1200......25........0
GL.............................800.......12........0
BoS............................3000......48........0
Total unsecured debts..........7880......235.......-

Monthly Budget Summary
Total monthly income.................... 3,102
Expenses (including HP & secured debts). 3,109.12
Available for debt repayments........... -7.12
Monthly UNsecured debt repayments....... 235
Amount short for making debt repayments. -242.12
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,880
Net Assets.............................. -6,380

shop-to-drop

Do you buy childcare vouchers through your employer for childcare? Does it still cost £800 a month if you do?

freshstart11

MrsLK wrote: »

Hi everyone

Bit of background... My husband has recently left (long boring story) and I am now dealing with things alone which is a bit scary!

Any advice greatly recieved

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2400
Partners monthly income after tax....... 0
Benefits................................ 342
Other income............................ 360 Maintenance
Total monthly income.................... 3102
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1190 is this a competitive rent?
Management charge (leasehold property).. 0
Council tax............................. 130 single persons discount applied
Electricity............................. 46
Gas..................................... 57 little on high side - any arrears?
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 10
Mobile phone............................ 40 contract until 2013
TV Licence.............................. 12.12
Satellite/Cable TV...................... 30
Internet Services....................... 20
Groceries etc. ......................... 280
Clothing................................ 20
Petrol/diesel........................... 160 is the car a need or can you walk/public transport?
Road tax................................ 25
Car Insurance........................... 32
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 800 tax relief childcare vouchers?
Other child related expenses............ 154 This is clubs for my daughter which I can't cancel this year as signed up for year!
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 28 can you not reduce, for contents thats high!
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 0 none? not even kids?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 3109.12

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Cap One........................1900......60........22.47
Next...........................980.......90........26.49
RW.............................1200......25........0
GL.............................800.......12........0
BoS............................3000......48........0
Total unsecured debts..........7880......235.......-

Monthly Budget Summary
Total monthly income.................... 3,102
Expenses (including HP & secured debts). 3,109.12
Available for debt repayments........... -7.12
Monthly UNsecured debt repayments....... 235
Amount short for making debt repayments. -242.12
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,880
Net Assets.............................. -6,380

few little questions. Also if I can have asked have you spoken to CCCS

MrsLK

Hi, thanks for responses so quick

My childminder doesnt take vouchers unfortunately, £800 per month is average... its £200 a week so some months its cheaper etc.

My rent is actually very competitive... i'm keeping my eye out for other places but they are generally £1350+

Gas is slightly overpaid as I had £150 extra to cover off from last meter reading... had a newborn in the house so heating was on extra over winter

Car is a necessity... I work over 12 miles away and would have to train into London and back out, would also mean longer childcare hours!!!!

Is contents high??? I've just renewed can I change mid year?

Kids entertainment is included in the other child costs (clubs etc.) and we do free stuff like parks/visit relatives etc. and as they see their Dad every once a week he normally spoils them with stuff which is fine by me

I havent contacted CCCS as I am determined to do this myself... is that silly? I get a bonus at work in July should be £500, should I split that across Cap One and Next or whole lot on Next?

Thanks again for tips so far

L
x

RAS

Have you checked if you can get any help with housing costs? www.turn2us.org.uk

freshstart11

I would say next def

I normally have paid £8-15 per month contents, also if you go through a Cashback site you may make some of that back.

I am doing my own DMP but have spoken to CCCS to get more advice and made a lot clearer in my head, I would recommend it

MrsLK

I haven't looked into housing benefit actually... I will do that now! thank you

MrsLK

With regard to contents insurance... I renewed in Feb... can I change it before the annual renewal?

freshstart11

I have before alternative have a look then call them say you found it cheaper and want it reduced x

antonia1

You really need to try the benefits calculator from turn to us as mentioned earlier, because you are most likely entitled to child tax credit.

ETA: Don't forget that maintenance isn't counted as income.

FBaby

I know you are here about debts, but I can't help commenting on the fact that despite your above average salary, your costs are such that you are just about making do at the end of the month.

I was in the same situation than you, earning a good salary, but once I added all the costs of working (mainly childcare and travel), I was much off than my friend on benefits. Most people don't realise this at all, they look at your salary and assume you must be wasting a lot of your money if you struggle.

Anyway, not here to rant, just wanted to wish you good luck. How much longer do you have until all your children are at school and yout chilcare bill goes down a bit?