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

FBaby

oops, just noticed your comment about gas cost and your newborn, so quite some time to go then I hope you can get some housing benefits. It is really shocking that even with no real luxuries, you are only breaking even. Also worrying that you are relying on maintenance (hope your ex is financially reliable).

adolphin10

Have you changed your tax credits claim from joint to single (or opened at all) because by my reckoning you should get quite a bit more than that each month as long as your childminder is registered.

MrsLK

Thanks for all the responses... I have used the calculator and apparently I should recieve £134 per week Tax credits and approx £100 Housing benefit!!! so if thats true that will help ALOT!!! have done the housing benefit form online and submitted it... they will call me to arrange an "interview" so hopefully that will happen sooner rather than later! I have also just phoned tax credits to do my change of circumstances... fingers crossed...

Thanks again for all your help... I am really trying to stay positive and not feel sorry for myself as I never imagined i'd be in this situation!!! and its such a shock but I seem to have gone into auto-pilot because i'm a mum and thats what we do lol!

L
x

dfwsometimesoon

for 3 children the csa calculations for maintenance are 25% of take home pay... have u worked his payments out using this or is this amount just an arrangement between u both? I have a very good relationship with my ex husband as far as the kids are concerned howeverrrrr when it comes to money he was always very cagey re maintenance etc i eventually went through the csa and received what was legally due.... caused some friction to start however 8 years down the line he has stuck to it and also has them review every so often..... i ended up with £200+ more per month after they calculated it correctly.

also are all the debts solely yours or are they both if so is he contributing to any of it?

shop-to-drop

Is your husband quite low paid as the maintenance seems quite low for 3 children?

shop-to-drop

Yes and also as above are all the debts just yours and not his?

lazer

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 - check if you have everything you are entitled to?
Other income............................ 360 Maintenance
Total monthly income.................... 3102
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1190 - this seem very high, although i cna see that you live London, but how many rooms does you house have - can you downsize at all?
Management charge (leasehold property).. 0
Council tax............................. 130 single persons discount applied - again, seems high, do you live in a large house/expesnive area?
Electricity............................. 46 - get an usage monitor and see what you can jut down, exaple dry clothes outside
Gas..................................... 57
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 10
Mobile phone............................ 40 contract until 2013 - phone them do see if they can lower the tariff at all?
TV Licence.............................. 12.12
Satellite/Cable TV...................... 30 - get rid - freeview is enough
Internet Services....................... 20
Groceries etc. ......................... 280 - have you tried cutting this down - drop a brand etc, its not unreasonably high but could be lower?
Clothing................................ 20
Petrol/diesel........................... 160
Road tax................................ 25 - £300 a year road tax, is this correct as its quite high?
Car Insurance........................... 32
Car maintenance (including MOT)......... 10 - this could be too low, as its seems like a old enough car based on value and could need more work done?
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 - should include something, even if only £2 a month
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 28 - very high for contents - should be able to get for around £100 a year or under
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 - cut to £20 - thats still £240 year, which should be enough,and its all you can afford
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 - Include at least £10 a month in here
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

Basically, you are living beyond your means, with housing costs of £1200 and childcare costs of £800, you are not left with much of you actual wages. and becasue of the debt repayments, you can't meet everyday expenses.

I think if you can't increase your income somehow (extra benefits, extra hours) or cut housing costs or childcare costs (find a new childminder who does take the vouchers?, what age are your children, are the child minder costs short term until they are school age?

lazer

shop-to-drop wrote: »

Is your husband quite low paid as the maintenance seems quite low for 3 children?

Remember he also takes the children out a lot for entertainment and spoils them with stuff, and the OP is happy is with this arrangement, so consider this before making any decisions about asking for more money or going down the CSA route.

MrsLK

We used the CSA to calculate the maintenance but we have a private arrangement if that makes sense? He earns about £1400 a month and pays for his daughter from another relationship too. We have a good relationship and I intend to keep it that way for the children, he buys clothes too.

I'm sorry but I really dont think I live beyond my means at all, being a single mum was never something I planned for and we were quite comfortable before the seperation.

He took one of the credit card debts with him so what I have listed is "mine" (even though there were some things purchased that were for both of us).

Childcare costs are actually BRILLIANT! if they were in a nursery etc. I would be paying well over £1500 for the 3 of them! plus my childminder doesnt mind if i'm late home or if one of the children has a common cold so. Yes it unfortunate that I cant utilise childcare vouchers but for the support I get in return I'm happy with that. She also does school runs and even after school club runs etc. which she does as a friend.

Really grateful for all the responses so far... thank you :T

With regards to the house... it is a 3 bedroom so not over sized for an adult and 3 children (1 boy, 2 girls). The rent is under the "standard" for the area (there is one up the road being let for £1400!!!). I certainly dont want to move out of the area because the children are very settled at school/childminders etc which are walking distance from our front door and I think they have enough to deal with at the moment... I'm really trying to ensure this split affects them as little as possible!

TonyMMM

MrsLK wrote: »

I'm sorry but I really dont think I live beyond my means at all, being a single mum was never something I planned for and we were quite comfortable before the seperation.

Yes you do, your outgoings exceed your income - it's a statement of fact, not a judgement on you.