Don't know where to start

CDemir

I have recently split up with my husband, we have debts of around £30k, all in my name as he couldn't get credit. These were built up when I was on maternity leave and during 3 years that he didn't work. I have a reasonably well paid job, but after all the bills and fulltime childcare I have -£200, which he gives to me in child maintenance, though this still leaving me with no money for food, petrol etc.
I have a car on a loan which I could sell and only owe about £500 and get a cheaper one (essential for work).
I own my own home but it is around £15k in negative equity.

Stuck for what to do,

Please help

sistafromanothermista

:wave: fill in an SOA and we'll be able to see a little clearer....

Hovel_lady

Link for SOA (statement of affairs) here...:)

http://makesenseofcards.com/soacalc.html

When you have clicked 'Calculate' on the Statement of Affairs form, click 'Format for MSE'. This gives you a popup window. Click 'highlight text', right click on the highlighted text and copy the highlighted textincluding all formatting codes. Paste the copied text into a post on this thread.

CDemir

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.................... 1
Monthly Income Details
Monthly income after tax................ 2048.72
Partners monthly income after tax....... 0
Benefits................................ 451.01
Other income............................ 200
Total monthly income.................... 2699.73
Monthly Expense Details
Mortgage................................ 750
Secured/HP loan repayments.............. 236
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 57
Gas..................................... 57
Oil..................................... 0
Water rates............................. 50.47
Telephone (land line)................... 10
Mobile phone............................ 35
TV Licence.............................. 13
Satellite/Cable TV...................... 30.5
Internet Services....................... 10
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 12
Car Insurance........................... 70.93
Car maintenance (including MOT)......... 10
Car parking............................. 390
Other travel............................ 0
Childcare/nursery....................... 502.33
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 18.82
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2611.05

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 126000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 136000...(750)......8
Hire Purchase (HP) debt ...... 5500.....(236)......0
Total secured & HP debts...... 141500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................1626.01...50........16.9
Sisters Loan...................18500.....284.......0
MBNA CC........................1305......10........16.8
H&M............................31.9......5.........0
Dorothy Perkins................45.95.....5.........26.48
Next...........................288.57....21.43.....25.99
Santander CC...................1253.67...43.85.....18

rising_from_the_ashes

CDemir wrote: »

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.................... 1
Monthly Income Details
Monthly income after tax................ 2048.72
Partners monthly income after tax....... 0
Benefits................................ 451.01
Other income............................ 200
Total monthly income.................... 2699.73
Monthly Expense Details
Mortgage................................ 750
Secured/HP loan repayments.............. 236
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 88 12 months or 10? Single persons discount incl?
Electricity............................. 57 On the high side when both are
Gas..................................... 57 added together
Oil..................................... 0
Water rates............................. 50.47 This is high - have you got a meter?
Telephone (land line)................... 10
Mobile phone............................ 35 End contract ASAP & switch to PAYG & use for emergencies only
TV Licence.............................. 13
Satellite/Cable TV...................... 30.5 Sorry not essential - switch to FreeSat
Internet Services....................... 10
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 12
Car Insurance........................... 70.93 Check comparison site at renewal
Car maintenance (including MOT)......... 10 Too low!
Car parking............................. 390 Seriously:eek:
Other travel............................ 0
Childcare/nursery....................... 502.33 Will this reduce anytime soon?
Other child related expenses............ 0 Honestly?
Medical (prescriptions, dentist etc).... 0 Need figure in here
Pet insurance/vet bills................. 0
Buildings insurance..................... 18.82 High when you add both
Contents insurance...................... 20 together - check comparison sites
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 Need something in here
Haircuts................................ 0 and here
Entertainment........................... 0 and here
Holiday................................. 0 and here - even just to cover additional costs for the kids
Emergency fund.......................... 0 Really important to get this set up ASAP
Total monthly expenses.................. 2611.05

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 126000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 136000...(750)......8 Is it a joint mortgage? If so, what's happening long term. Is the ratecoming to an end soon? (really high rate)
Hire Purchase (HP) debt ...... 5500.....(236)......0
Total secured & HP debts...... 141500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................1626.01...50........16.9
Sisters Loan...................18500.....284.......0
MBNA CC........................1305......10........16.8
H&M............................31.9......5.........0
Dorothy Perkins................45.95.....5.........26.48
Next...........................288.57....21.43.....25.99
Santander CC...................1253.67...43.85.....18

What's your ex saying about the debts - is he willing to contribute at all since they're mostly his?

Unfortunately by the time the missing things are added to the SOA, it's going to be really hard to balance the books.

If the car parking figure is accurate then you need to look at ways of reducing this / find alternative means to work as it's just ridiculous (sorry)

CDemir

:DCouncil Tax is 10mths on single person discount
:mad:No idea why gas/elec are so high, I have recently changed to a cheaper supplier. The house stands empty all day 5days a week, could do with cheaper heating.
:mad:Water is on a meter and my shower has broken, all three of us share a shallow bath, but it's every day.
:DWill cancel my phone and tv, although that is the only thing I spend money on for myself
:mad:Car insurance is always off a comparison site, £20 cheaper than last year, again dunno why expensive although only have 2years no claims
:pCar parking is me being stupid, it's £86 a month and not possible to reduce, I can't get into work on time on the bus as I can only drop my kids off so early
:mad:Only included enough for a yearly mot on the car maintenance
:mad:Childcare is the cheapest I can find most nurseries at £20 A DAY MORE!! Shocking! Will be reducing in 15mths.
:DDon't regularly buy prescriptions, haircuts, entertainment(that was my skytv)
:mad:Home insurance is again from comparison sites, sure if they actually saw my house they would lower it (was burgled 12mths ago)

Mortgage is in my name only and on an unfixed rate (can't get a new rate as in negative equity)

Ex has said it's all my problem, he is not even paying the minimum csa payment (I've been on to them).

Completely at a loss, been selling all my jewellery today to get some supermarket shopping

Will try and knock the dent out of my car tomorrow and have a go with some tcut, get that sold (lucky me the loan is actually same as value)

Thanks for your replys

rising_from_the_ashes

Awwww hun

CDemir wrote: »

:DCouncil Tax is 10mths on single person discount If you switched it to 12 months, it'd be around £15/month cheaper
:mad:No idea why gas/elec are so high, I have recently changed to a cheaper supplier. The house stands empty all day 5days a week, could do with cheaper heating. Sorry prob silly question, but nothing non-essential's being left on (hot water, heating etc) - ensure things are turned off in rooms when you're not in them (bedrooms etc)
:mad:Water is on a meter and my shower has broken, all three of us share a shallow bath, but it's every day. You should be able to do this with one tub of water (honest - when I was wee me & my cousins were all stuck in the bath together & then the adults would get in afterwards)
:DWill cancel my phone and tv, although that is the only thing I spend money on for myself
:mad:Car insurance is always off a comparison site, £20 cheaper than last year, again dunno why expensive although only have 2years no claims Hopefully it's go down a bit at renewal
:pCar parking is me being stupid, it's £86 a month and not possible to reduce, I can't get into work on time on the bus as I can only drop my kids off so early That's over £300 less than on your SOA tho' & makes a huge difference!:)
:mad:Only included enough for a yearly mot on the car maintenance
:mad:Childcare is the cheapest I can find most nurseries at £20 A DAY MORE!! Shocking! Will be reducing in 15mths.
:DDon't regularly buy prescriptions, haircuts, entertainment(that was my skytv)
:mad:Home insurance is again from comparison sites, sure if they actually saw my house they would lower it (was burgled 12mths ago)

Mortgage is in my name only and on an unfixed rate (can't get a new rate as in negative equity)

Ex has said it's all my problem, he is not even paying the minimum csa payment (I've been on to them). mmmmm

Completely at a loss, been selling all my jewellery today to get some supermarket shopping

Will try and knock the dent out of my car tomorrow and have a go with some tcut, get that sold (lucky me the loan is actually same as value) have you checked you can actually sell it - I think there are sometimes clauses in some contracts depending on whether it's car finance or a loan (sorry not something I know a lot about)

Thanks for your replys

Chin up - the £300 on the car parking does make things a lot better - if you can sell the car & get a cheaper one that would also save a fair bit.

Once your childcare costs drop, it should get a lot easier (but know that must seem a lifetime away atm)

CDemir

Thanks for the nice reply, can feel very alone and impossible at times like these.

The car is a separate loan, so should be able to sell it.
Really no idea what's using the electric and gas, water heating is on for an hour a day, central heating goes on in 2 rooms (when it's cold). Just have one light on (energy saving) and computer at the mo. Will have to sort out one of those meter jobbies to see how much is being used whilst we're out.

Thanks again

bouncydog1

Check things like your fridge in case the door doesn't close properly. Likewise freezer and oven if elec. also make sure that the compressor on the fridge/freezer is dust free as this makes a huge difference to the electric. You could monitor on a weekly basis on a spreadsheet to check unit usesge to see if you can identify the problem. Is the water heater heating the whole tank? If so could you switch to the part tank?

Have a look to see if you can up your income, look at old style board to cut grocery costs etc. And don't be soft on the ex - your children are entitled to his proper assessed support -not what he thinks is o.k

sistafromanothermista

:kisses3: Try and keep positive and remember we're all here if you fancy a rant and a moan

Gimpsdad

Hints about trimming a few quid here and there are all useful, but am I the only one who thinks £150 per month for groceries and £20 per month for clothes is far too low? The saving on car parking is useful as well, but should in reality be more than swallowed up by increased costs elsewhere. Your initial assessment of having a negative DI looks about right to me.

If you are in negative equity, then you can definitely make a case for BR. You are unlikely to lose your house as it isn't worth anything.

Some people can't face that though, or need more info, understandably, so I would advise you to speak to a money advisor at the CAB who may be able to prepare you a more realistic budget.