Had a bit of a shock & need to get debts sorted

ikkle87

Sorry to hear about your OH's job. You've been given some great advice so far, especially about what cuts to make, it might seem hard at first but it's worth it in the long run. Definitely take a look at the old style board lots of tips and advice on how to save money xx

mildredalien

Hey icklepiggle, well done for realising that you need to get a grip on your finances! You've already got some good advice here from peeps, it will be useful to see your new SOA and see where you are without your husband's wage and with the reduced travel/HP costs associated if you get rid of his car. As it stands if you can make the savings people suggest you could save well over £500 a month! It's surprising how much you realise you can have spare to throw at your debts if you look at what you are spending - I went from paying bare minimums to over £550 a month towards my debts with barely a change in my lifestyle just thinking a lot more carefully about what I bought, the deals I was able to get and what I actually needed or wanted.

Even if DH does get a new job quickly (fingers crossed!) you are spending more than you both earn each month, so it's worth figuring out what is essential, what is desirable, what you can learn to live without, and what you are frittering money away on

Also check you have covered for all your child expenses (pocket money, school expenses etc.) within your other areas in the SOA (you may already have put this into entertainment or somewhere)

icklepiggle

We have:

rewritten DH's CV & applied for a couple of jobs

taken a picnic to the park today & not bought anything while we were there; used loyalty points to buy a coffee

To do:

look at selling car

JSA application

re-do SOA without DH in a job

thx
Emma

icklepiggle

icklepiggle wrote: »

We have:

rewritten DH's CV & applied for a couple of jobs

taken a picnic to the park today & not bought anything while we were there; used loyalty points to buy a coffee

To do:

look at selling car

JSA application - DONE!

re-do SOA without DH in a job

thx
Emma

progress already....

ms_london

Hi Emma

Sorry to hear about your misfortune...

Even by halving your grocery spend, putting a stop on the clothing and home improvements budget temporarily that leaves you nearly £500 a month better off, not to enticing the other areas you could cut down on.

Well done on doing the JSA application so fast.

Have you got enough groceries at home to stretch out or a while? If you head to the Oldstyle board thy can help with cutting your food bill amongst other things xx

icklepiggle

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 2325
Partners monthly income after tax....... 0
Benefits................................ 442 inc JSA & Child benefit
Other income............................ 0
Total monthly income.................... 2767
Monthly Expense Details
Mortgage................................ 805
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 119 averaged £143 p mth for 10 months
Electricity............................. 115 gas & electric
Gas..................................... 0
Oil..................................... 0
Water rates............................. 33.5
Telephone (land line)................... 0
Mobile phone............................ 41 just got new iphone 24 mth contract £31 p.mth + £10 sim only
TV Licence.............................. 12.5
Satellite/Cable TV...................... 40.65 line rental + broadband+ sky
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 150
Road tax................................ 15
Car Insurance........................... 40
Car maintenance (including MOT)......... 50
Car parking............................. 15
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 25
Buildings insurance..................... 33
Contents insurance...................... 0
Life assurance ......................... 31mortgage life insurance £9 for DH; £5.50 for me; £17 p. mth family life policy - monthly amount paid out - not sure if need this one
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60
Haircuts................................ 37 kids are free as do it myself - might need to space out my hair colour more (!)
Entertainment........................... 100
Holiday................................. 50
Emergency fund.......................... 25
Cleaner................................. 71.5 on 3 month notice period
Lovefilm dvd rental..................... 6
Household improvements.................. 25
Endowment............................... 81.13 part of mortgage is interest only
Boiler cover............................ 27.25loathe to get rid as our boiler breaks down twice a year without fail & hence price keeps going up
Total monthly expenses.................. 2422.53

Assets
Cash.................................... 0
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 10000
Total Assets............................ 202500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 145000...(805)......6.19
Total secured & HP debts...... 145000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Nationwide credit .............2222.7....80.39.....17.9
Barclaycard gold...............7560.01...173.1.....6.9
M&S credit.....................5137.3....103.5.....18.9
Nationwide (2).................4800......99.71.....17.9
Halifax credit.................1558.22...16........0
MBNA...........................850.......25........0
Hilton Hhonors.................3450.13...101.......16.9
Total unsecured debts..........25578.36..598.7.....-

Monthly Budget Summary
Total monthly income.................... 2,767
Expenses (including HP & secured debts). 2,422.53
Available for debt repayments........... 344.47
Monthly UNsecured debt repayments....... 598.7
Amount short for making debt repayments. -254.23
Personal Balance Sheet Summary
Total assets (things you own)........... 202,500
Total HP & Secured debt................. -145,000
Total Unsecured debt.................... -25,578.36
Net Assets.............................. 31,921.64
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.




So what to do next guys? We are still £250 short a month. Wondering about a mortgage holiday but would rather not.

DH is being very unhelpful & still hasn't sorted selling the car so we just had to pay £570 insurance & £340 monthly payment & tax due at end of month!!!!!! I may lose my cool with him very soon....

savingmummy

icklepiggle wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 2325
Partners monthly income after tax....... 0
Benefits................................ 442 inc JSA & Child benefit tax credits?
Other income............................ 0
Total monthly income.................... 2767
Monthly Expense Details
Mortgage................................ 805
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 119 averaged £143 p mth for 10 months change to 12 monthly for now.
Electricity............................. 115 gas & electric Try and cut back here, make sure they are not estimating bills for you. Give true reading if so.
Gas..................................... 0
Oil..................................... 0
Water rates............................. 33.5
Telephone (land line)................... 0
Mobile phone............................ 41 just got new iphone 24 mth contract £31 p.mth + £10 sim only
TV Licence.............................. 12.5
Satellite/Cable TV...................... 40.65 line rental + broadband+ sky call and haggle explain your in a bit of difficulty sometimes they do an offer for 3/6mths to avoid losing you!
Internet Services....................... 0
Groceries etc. ......................... 300 you can easily reduce this meal plan buy no luxeries you can`t afford
Clothing................................ 50 is this needed for now? Thats a lot a month!
Petrol/diesel........................... 150
Road tax................................ 15
Car Insurance........................... 40
Car maintenance (including MOT)......... 50
Car parking............................. 15
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 25
Buildings insurance..................... 33
Contents insurance...................... 0
Life assurance ......................... 31mortgage life insurance £9 for DH; £5.50 for me; £17 p. mth family life policy - monthly amount paid out - not sure if need this one
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60 I would cut this back and just do cards/small gift except your own children. You can`t afford to buy for others.
Haircuts................................ 37 kids are free as do it myself - might need to space out my hair colour more (!) DIY/check out local colleges needing models.
Entertainment........................... 100 cut back here a bit more!
Holiday................................. 50
Emergency fund.......................... 25
Cleaner................................. 71.5 on 3 month notice period How long left?
Lovefilm dvd rental..................... 6
Household improvements.................. 25 you can`t afford to do this unfortunately put on hold!
Endowment............................... 81.13 part of mortgage is interest only
Boiler cover............................ 27.25loathe to get rid as our boiler breaks down twice a year without fail & hence price keeps going up
Total monthly expenses.................. 2422.53

Assets
Cash.................................... 0
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 10000
Total Assets............................ 202500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 145000...(805)......6.19
Total secured & HP debts...... 145000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Nationwide credit .............2222.7....80.39.....17.9
Barclaycard gold...............7560.01...173.1.....6.9
M&S credit.....................5137.3....103.5.....18.9
Nationwide (2).................4800......99.71.....17.9
Halifax credit.................1558.22...16........0
MBNA...........................850.......25........0
Hilton Hhonors.................3450.13...101.......16.9
Total unsecured debts..........25578.36..598.7.....-

Monthly Budget Summary
Total monthly income.................... 2,767
Expenses (including HP & secured debts). 2,422.53
Available for debt repayments........... 344.47
Monthly UNsecured debt repayments....... 598.7
Amount short for making debt repayments. -254.23
Personal Balance Sheet Summary
Total assets (things you own)........... 202,500
Total HP & Secured debt................. -145,000
Total Unsecured debt.................... -25,578.36
Net Assets.............................. 31,921.64
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.




So what to do next guys? We are still £250 short a month. Wondering about a mortgage holiday but would rather not.

DH is being very unhelpful & still hasn't sorted selling the car so we just had to pay £570 insurance & £340 monthly payment & tax due at end of month!!!!!! I may lose my cool with him very soon....

Hope you manage to find some cutbacks somewhere.
Its very hard but you can do it!


Do you have things you can sell on ebay? Old childrens bits/clothing etc.

ellesbellesxxx

Have you looked on price comparison sites for elec/gas? Going via quidco would help too!

ellesbellesxxx

You could sell iphone and get basic phone if just started new contact too?

ellesbellesxxx

* contract