Wife has lost her job

FCF

Hi there, this is my first post. My wife has lost her job. She will be getting wages until the end of this month and thats it. We will loose 1200 a month. We had been keeping out heads above water hoping my wife would move up the ladder shortly and then we could start getting debt free, but it has gone the other way.

I have spoken to CCCS and their advice was to change bank accounts and make a token payment to my unsecured creditors this month and I am going to enter into a DMP in August. I have never missed a payment before so July's will be the first.

Here is my SOA after the wages stop:

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1700
Monthly Expense Details
Mortgage................................ 560
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 9
Council tax............................. 90
Electricity............................. 47
Gas..................................... 0
Oil..................................... 75
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 13
Satellite/Cable TV...................... 60
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 340
Road tax................................ 25
Car Insurance........................... 90
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 14
Contents insurance...................... 0
Life assurance ......................... 22
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1680

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 132000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 100000...(560)......0
Total secured & HP debts...... 100000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
BOI Credit Card................3000......85........0
Santander CC...................4400......150.......30
Santander CC 2.................1500......35........30
Santander Loan.................6000......330.......14
Next Directory.................1000......100.......14
Total unsecured debts..........15900.....700.......-

Monthly Budget Summary
Total monthly income.................... 1,700
Expenses (including HP & secured debts). 1,680
Available for debt repayments........... 20
Monthly UNsecured debt repayments....... 700
Amount short for making debt repayments. -680
Personal Balance Sheet Summary
Total assets (things you own)........... 132,000
Total HP & Secured debt................. -100,000
Total Unsecured debt.................... -15,900
Net Assets.............................. 16,100


Any comments would be most welcome. Im not totally sure what im doing...

Thanks

Tommymax81

Hi,

Now I am also on a journey to be debt free ( check out my posts) but here is my take on your SOA -

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1700
Monthly Expense Details
Mortgage................................ 560
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 9
Council tax............................. 90
Electricity............................. 47
Gas..................................... 0
Oil..................................... 75
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45 - Can you reduce this??V Licence.............................. 13
Satellite/Cable TV...................... 60 - Freeview??
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 340- Will this drop now that you wife isn't working??
Road tax................................ 25
Car Insurance........................... 90
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 14- This seems low??
Contents insurance...................... 0
Life assurance ......................... 22
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1680

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 132000

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 100000...(560)......0
Total secured & HP debts...... 100000....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
BOI Credit Card................3000......85........0
Santander CC...................4400......150.......30
Santander CC 2.................1500......35........30
Santander Loan.................6000......330.......14
Next Directory.................1000......100.......14
Total unsecured debts..........15900.....700.......-

Monthly Budget Summary
Total monthly income.................... 1,700
Expenses (including HP & secured debts). 1,680
Available for debt repayments........... 20
Monthly UNsecured debt repayments....... 700
Amount short for making debt repayments. -680
Personal Balance Sheet Summary
Total assets (things you own)........... 132,000
Total HP & Secured debt................. -100,000
Total Unsecured debt.................... -15,900
Net Assets.............................. 16,100


How confident are you that your wife can get another job?? I know it must be so stressful. Hope all works out for you

TMX

Tommymax81

also, could you refinance the £6000 loan? £330 seems like a high payment?? Is it over a short period or is the £6000 the last remaining bit of a loan that was previously much bigger??

RAS

CAn your wife get contributions based JSA for 6 months?

elly-spendaholic

Hi and welcome to the board..sorry to hear about your situation. Just had a quick glance through (i'm in the middle of doing kids tea lol) and the things that stand out to me are: could you get rid of one car? Then maybe you could cut your petrol costs too, even if its just for the short term..also how about cutting your mobile tarrif and your sky to the basic packages? That could free up a bit of cash. Also go through your house for stuff you don't use and ebay/gumtree it, you could be surprised at what you could make! I'm sure more people will be along soon to give you better suggestions too x

sunshineangel

hi i agree with Tonymax but was wondering if poss to cut groceries cost down as well for 2 of you? x

jobdone1

hi welcome don't beat yourself up your debts in my view was within in your means with your wife's wage i can appreciate that you are a proud man for always paying your bills and debt with no problem but this country is going through the worst recession in living memory so you should not have guilt its not your faulty or your wife's everyone at some stage nin their life's has good and bad debt and i'm sure that with the help you have already sought will be a positive result from a difficult situation stay strong. With regards to your soa do you really pay over £300 for fuel a month and your car insurance is very high i take it this is to run both cars will you need both cars now only one of you work ?????? it my seem hard at first but for the first time in my 18 years of professional driving i no longer own a car in my name its in my wife's. Its great government can't any extra tax out of me i use the wife's car or walk p.s i work shifts and i still manage. not trying to be hard on you but its the little things that make a big difference also no contents insurance what would happen if god forbid you had a house fire both contents and buildings insurance might cost you a similar amount to what you pay for just buildings. Other good debt free people i'm sure will give you some very valuable advice through your thread i hope this is going to be of help for you and good luck

Horace

£200 on groceries is excessive for 2 people. Try cooking from scratch and using shops such as Aldi, buy what you need not what you thik you need. Look at the oldstyle board elsewhere on this forum for tips on groceries.

sistafromanothermista

:wave: firstly welcome to the board, secondly have a at least you appear to know which direction to head in now. Fingers crossed your wife finds another job soon. Is she looking already?

jules888

Will you still need 2 cars if your wife isnt working?
I would also get rid of sky or reduce package and reduce mobile phone bill,go pay as you go or if near end of contract threaten to leave and try to get a good deal.

afly

Sorry to hear that mate. Time to knuckle down. Some immediate thoughts...

Cancel sky, consider selling her car (you'll save and make money), reduce energy costs/switch provider, switch to giffgaff for mobile if not on contract.

These are costing you a fair whack month to month.


Can you get a 0% transfer to switch some of these? Your wife may be out of work but you may still qualify, it would give you some much needed breathing room

Santander CC...................4400......150.......30
Santander CC 2.................1500......35........30
Next Directory.................1000......100.......14

And that loan repayment is huge, get another over 5 years and clear it. Should be more like 100 a month then. Things should become more managable for this crappy but brief period